Ann: Precious Metals Due Diligence Update, page-12

Good Crab however

1. we dont know what the high grade waste streams cost per tonne. If you think the sellers arent aware of what they contain then think again. They will sell it to NMT based on recovery and probably leave a 20-25% margin to the refiner - which is generous

2. We dont know how consistent the waste streams are with respect to grade so 1. above applies around recovery per tonne and perhaps a profit share to the provider and a profit share to the refiner with most going to the provider to cover the contained metal at a discount plus a margin on sales.

3. If NMT cant do a satisfactory deal with the provider they will just go elsewhere where the refiner is happy for a lower margin

Thats the reality!