Pleasing to see the increase resource and reserves tonnages -...

Pleasing to see the increase resource and reserves tonnages - but disappointing to see the head grade to fall so much

What is far more concerning - and it is very surprising that the ASX has not questioned them - is how they can justify and get away with not reporting metallurgical recoveries? It is a fundamental economic factor...and they (effectively) have disclosed a West Perth special like 'we have done a lot of test work, and don't worry, it is all good'

It is clear that the recoveries at Mt Weld are low....the tailings grade is 7.3%??? So many questions...

Why would the grade of the tails be higher than their reserves? Why drill, blast, crush, grind expensive feedstock....when you could mine higher grade in your tailings pond? Do they have a large hole in the process plant? Has there ever been an operating mine on the ASX with a tailings grade higher than total reserve grade?

It is shocking that a large proportion of their so called 'high grade' resources and reserves simply reports to the tailings dam - and most would expect this to get worse as they are now feeding in lower grade (apatite blend) ROM

This appears to be the equivalent of a refractory gold deposit? Approx 50% recoveries? Or less?

No wonder they don't want to disclose that data