Ann: Earl Grey Maiden Resource, page-188

Well the resource is measured in terms of Li2o and it is impossible to determine how much spodumene will be recovered until the metallurgy has been done. I created my model based on what the company has provided in their resource estimate. They assume a metallurgical recovery of 70% which presumably accounts for the Li2o in other mineral forms and any spodumene lost to the tailings.

I've only based my model on what is know and the assumptions given by the company. Effectively the concentrate that you sell contains spodumene but when you assay it all you measure is Li2o so once the concentrate has been made you are effectively describing the same thing. A 6% Li2O concentrate is understood to contain the same amount of spodumene as a 6% spodumene concentrate but when talking about the input costs you have to be careful to differentiate what you are talking about. Esh