'further mined ore'.This says so me that they're feeding mined...

'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.