Ann: Exclusive option to Acquire Renard Project, page-227

I think the 80% recoveries is referencing the 20th Feb announcement on met testing. The recoveries were all based on producing SC6, which has a less efficient recovery than any of the lower grade spods. If you look at the table below, all 3 tests done in the Main Zone (speculating this could be the 30Mt high grade starter pit), the average Recovery % is 80.2%.

If you look at the graph below, if we were producing SC5.5 from the Main Zone (so excluding the grey and light blue lines) then based on the graph below, the tested recoveries look to be 82-86%, so call it 83% recoveries for SC5.5 production.

Did anyone else look at the Al2O3 content here as well (20-25%) and wonder if there is another potential revenue stream here?