You need to be careful that you are not double counting...

You need to be careful that you are not double counting byproduct credits, as they stated that the total site expenditure of $36.6 mm last quarter was net of byproduct credits.

I also wouldn’t want to be assuming that nickel payability was as high as 80%, nor would I take the short cut of assuming byproduct credits offset payability deduction (regardless that byproduct credits appear to have already been used as an offset on the cost ledger).

I believe you are being overly optimistic.

EL