Most hard rock operations in Aus between 1% and 1.5% is my...

Most hard rock operations in Aus between 1% and 1.5% is my understanding, so yes commercial grades... Noting that the pegmatite only needs to be beneficiate to circa 6% to form spodumene concentrate - currently circa $7k USD (+$10 aud per tonne) (a recent PLS auction of 5.5% spodumene)...

Assuming this price isn't sustainable long term, (lets say this is more sustainable at say $3,000 aud (less than a third of current pricing)) ... at a 1% grading and assuming a 60% recovery rate, need 10 tonnes of 1% pegmatite to produce a tonne of 6% spodumene.... So can 10 tonnes of pegmatite be moved and process for less than the $3,000 aud... Yes, note.

PLS annual report showed costs, including shipping of $845aud per tonne on a circa 1.14% resource... .... So +$2k per tonne of EBITDA per tonne on $3k sale price from a 1% grading resource... Yes very prfitable, as long as there is scale to justify the capex... I thought had upside with the nickle alone, this is like a free option into perpetuity... Great work AZS team!