Jaguar vs. Julimar, page-4

This is THE key point. The recoveries overall from CHN are much much worse.



There high grade zone is as follows:



So call Pd 80% which is in line with our Ni recoveries, Pt is around 70%, lose half the gold, Nickel and Cobalt at around 70% and Cu not bad. Mixed cons payability going to be questionable.

CTM will be 80% recoveries and 100% payability if we go to Sulphate (at extra cost to produce).

Point being Eq grades (after recoveries which is how they should be reported) will be better for CTM and a much simpler flowsheet

Edit: Oops used old data - recoveries even worse now maybe: