Ann: Chatree Gold Mine Update, page-78

'further mined ore'.

This says so me that they're feeding mined ore into the plants. This should be obvious, but not so, after so much over-promising.

Grade has been stuck at 0.4g/t.

This says to me:

- Stockpiles started out at 0.4g/t. We were feeding 100% stockpiles.
- Stockpiles gradually fell to 0.3-0.35g/t. Mined ore of 0.5-0.9g/t was fed into the plants, but at a ratio of 20% ore with 80% stockpiles. This was limited by blasting and mining equipment availability. Though vehicle availability doesn't explain why they couldn't even fill a single plant with decent ore. There should have been enough trucks for that. Grade averaged 0.4g/t.
- Stockpiles fell to 0.2-0.3g/t. Mined ore of 0.5-0.9g/t was fed into the plants, at a ratio of 40%:60%. The fleet was partially delivered. Grade averaged 0.4g/t.
- Now the fleet is fully delivered, but not fully commissioned. When we finally jump to 100% mined ore, average grade will quickly jump to 0.5-0.9g/t (no longer mixing in ever weakening stockpiles). Optimistically, that could happen some time next quarter - some weeks for vehicle commissioning, then some weeks or months for any remaining grade control and stripping.


What was the tonnage of the stockpiles? Would they be running low? As I feel like their grade has been falling, causing grade to be stuck at 0.4g/t even as they introduce more mined ore. But again, why not some transparency from management: state the milled stockpiles vs milled ore each quarter.




I guess we've used up half of them. You'd expect it to be the better half, and the remaining half is not very good - 0.2-0.3g/t.

So as we ramp up the mining, we'll still be mixing in that very low grade, but not for too long, I think. We just have to get the mining up to 6mtpa+ (of ore) to keep the plants full, and even refill the stockpiles. All main vehicles delivered, so it could happen fast.