Copper Fox Metals Inc.

The position in the growth pipeline depends on a number of items including project economics, de-risking, project life, metal fundamentals and others. QB2 is an expansion of an existing project and Teck has already made significant dollar investments on the project. They submitted the SEIA last fall and have a feasibility report filed on SEDAR. While I recall the project economics weren't that great they also consider the 12 billion lbs of recoverable cu over 38 years as a steady revenue generator. SC does not have an FS accepted by Teck(maybe they will resolve this with the optimization and resource model) so no reserves booked and they haven't filed for their environmental permits. Both of these things need to be done before SC moves up the pipeline. Teck needs to have a project ready for sanction by the time the cash flow is generated from Fort Hills by the end of 2018. I think the market just needs some clear signs of activity at SC to get the share price moving .