my guess is they probably didn't purposely hold high grade gold back for vats.. they couldn't make that error could they?? no my view / guess is the head grade ore is very low, generated by poor grade control or definition drilling before and during the mining phase. the fact that they continue to not report any numbers around the head grade but happy to share a process recovery number means they know the head grade but not telling us. so if grade is lower then expected. it's either not in ground in first place or you diluted it. can't be anything else. it's doesn't dissolve , oxidise, get stolen (not usually) or evaporate.
but unfortunately the above doesn't mean they are doing something worth strippy pyjamas, it's just incompetent and very bad mine management decisions. normally these guys would not get a job in mining in a month of sundays but somehow ended up all in one company.. go figure !
why I'm kicking myself was we could see the writing on wall mid last year after they pivoted on the Lorena purchase and got into bed with the tru north group / GAM plant and went off on different tangent. (ps I wonder if they are another group of like minded , birds of a feather etc) also other things which started to reflect poor board and management. unfortunately I thought it couldn't be too hard, irrespective of this and held on too long .. sometimes the horse is decent but simply the jockey was riding backwards because didn't know arse from elbow.
(20min delay)