Steady state production assumes a higher silver grade with the same mill throughput yet a lower silver metal production? So theyre expecting a lower extraction of silver from the flotation cell?
TJ also STATED in the inerview that once they were passed the initial entry block of the orebody the grade should improve to as previously expected, but they have also lowered the expected grade for steady state which contadicts this. I also have no idea how he can say that when he has just said that they had misinterprited the geology of the entry point of the ore body and only discovered this when they did grade control, and yet havent done any grade controll on the rest of the body. So how can they be confident that the grades will improve? (well clearly they arent, as they have downgraded the average grade without really mentioning it).
They've also assumed a higher lead price and lower exchange rate for steady state for no other reason than to massage the numbers and reduce the drop in EBITDA. Any minute change in these would result in significant drops of the NPV and EBITDA as shown in the sensitivity analysis, as these are the two biggest levers of sensitivity.
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