Please go back to your stock....
They claim a 77.7% recovery, and even though mining a 2830ppm reserve, claim the ore used will be 4933ppm in phase 1 and 3063ppm in phase 2.
I've got news for anyone holding that, after dilution that happens in all mines the average grade mined will be closer to 2700ppm throughout mining, and the recovery is likely to be way below the 77.7% which is way higher than any other Niobium miner.
Araxa has a 60% recovery at 2.5% ore grade and that's the percentage recovery I've been using for all my work recently. Using a higher recovery for an ore that's a fraction of the grade is beyond belief..
Add these together, and phase 1 if it ever gets off the ground will lose money, let alone phase 2 that will probably never attract the capital needed.
BTW the capital costs are based on 2018 estimates, according to DFS in 2021. It's all going to cost the same according to them......
High grading a mine with a reserve of only 2830ppm to 4933ppm will rapidly lower the grade of the remaining ore, so they will definitely not be mining an average 3063ppm in phase 2.
I'm surprised it's as high as a $50m Mcap...
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