Recovery is insane. 87% compared to ~70% in PFS is almost 25%...

Recovery is insane. 87% compared to ~70% in PFS is almost 25% improvement - that alone means way more production of concentrate and therefore lower cost. Amazing. IRR will be much higher as a result.

On top of this, iron is categorically a non-issue. Mica is also super low. Best price for concentrate can be achieved with these metrics.

No DMS means potential savings on plant equipment as we skip an entire step. Possibly.

In summary:
- Concentrate will attract higher end of spod prices.
- Opex will be lower from economies of scale
- Capex could be lower
- IRR of project will likely be much higher

Nothing short of an exceptional announcement.