Just rechecked their expansion announcement - they assume 53% recoveries for FY20 and 62% from Q3FY21. Looks reasonable however as you mentioned they only achieved the 55% for a few days so remains to be seen if they can maintain this consistently.
The fact is if they had brought this project online in 2016 they may have been able to get away with lower recoveries or bedding down the recoveries at lower throughput as they would have still been cashflow positive due to higher zinc prices/lower TCs. In the current price/TC environment it is very problematic if they have hiccups on the recoveries as well.
NCZ Price at posting:
29.5¢ Sentiment: Sell Disclosure: Not Held
