Ann: Greater than 99.99% Alumina purity achieved, page-124

Just to ensure anyone who hasn't ignored me is on the same page:
6th November 2019 KRR added Al2O3 to the resource by getting CSA to populate the blocks with the aluminium assays. It also converted V to V2O5 and Ti to TiO2 in the resource by mathematical conversion.
So, that's just the facts. The aluminium hasn't been hiding, it's just not been quoted before because it hasn't been assigned to the blocks in the model prior to 2019. This was done so it could be quotes on the ASX as a resource. Can't talk up 1.24Gt of resource of 12.7% if you don't get someone to sign off on it.


Not much variation there, really. 12.2 to 13.2%. Not sure where you'll get a "high grade" zone from. Just all the same boring **bro stem to stern.
Remember, removing the magnetite bumps this up to 15-16%, a whopping 25%.

Now, on to the recoveries. You've got two options so far having been investigated; column vat leach and the TSW microcleach.
Column vat leach showed 40% aluminium recovery after 14 days.


Microleach


This showed 70% Al extraction after about 6 hours, but was done on the magnetite concentrate (4% Al2O3). So, let's assume (badly) that the non-mag fraction containing 15% Al2O3 is leached at 106 microns, and has the same kinetics as the TSW Microleach in that 70% of the aluminium is dissolved within 6 hours.
You then get 76% recovery by the initial alum precipitation, and 80% overall.

15% x 0.7 x 0.8 = 56% overall recovery end to end. It's just maths guys, you work it out.
15% x 0.7 = 10.5%
10.5% x 0.8 = 8.4%
8.4/15 = 0.56 = 56% recovery.

Remember, and this is crucial, to read what the company actually says. The test work recovery of 80% (comprised of 70% and 95%) is *from solution*. You only get, at best, 70% of the aluminium *into the solution* from the rock.

So, Yak52, AlexanderJ and my alphanumeric detractor, what does that do to your calculation of NPV over 500 years? What does it do to the economics, given only a little better than half the aluminium oxide is leached from the **bro by taking the best case extraction from the **bro lump test and the best kinetics from the fines tests?

Until and unless KRR produces a proper metallurgical flow sheet end to end - with workings - I will have me significant doubts about how this will stack up against the apparrent incumbents of A4N, ATC, FYI etc etc. Compare the A4N recoveries end to end, or the FYI recoveries end-to-end with an 80% recovery *from solution*.

Caveat emptor.