It looks like this is headed to the option call price of $0.25 per share. There is no money to drill and this play is not economic at current prices. Each year that passes without new wells reduces the "projected" net present value of this trust due to the term limit.
Or keep deferring drilling projects that are part of this trust for 3 years, buy out the trust for $0.25 per unit and have no royalty burden that they otherwise have for the last 15 years of this trust agreement.
There has been much discussion about the $10 call right after June 30, 2018, which has zero chance of happening now. But FCX also has a call right to purchase all of the shares at $0.25 per share after June 30, 2018 "if the volume-weighted average price is $0.25 per share or less for the immediately preceding consecutive nine-month period." It is not out of the question now.