Ann: Pilot Hydromet Plant Delivers Exceptional Recoveries of MREC, page-12

You are decades behind mineral processing technology then. The WIM style deposits of Victoria are ultra fine and now all being reported as mining reserves at >20micron, instead of historical <38micron slimes cut-off, given spiral improvements. SFX Thunderbird deposit is reported at >38micron, the D50 not being as fine as the WIM deposits though deposited in similar but apparently higher energy deeper water setting.

VHM reported ~40% THM grade uplift going from a >38micron down to >20micron cut-off for slimes (slimes <20micron). This is an astounding uplift essentially for free, though I haven't read how recovery to spirals and dry-plant con's differ between the <38 and >38 micron? 40% THM lift in grade also brings in much more low-grade ore that was below 1% cut-off but now reports above 1% THM. End effect is more to add tonnes to the MRE than grade, because the higher high-grade ore is diluted by more lower grade ore into the MRE.

ATR also report MRE for Donald at >20micron, however ILU report >38micron for Wimmera deposit. This means ILU has more upside if the 20-38micron THM recovers to product in acceptable off-take spec... or they don;t think it will? My guess is because they did all previous assay samples at >38 micron they are not bothering to retrofit grades with some uplift factor, simply leaving it as upside once operations are underway. SFX TB deposit also has this possible uplift factor, though not being as fime grained, TB may not have so much HM <38micron, and met test work to date didn;t imply much greater HM recoveries from bulk sample test work than was expected from drill assays.

I think between VHM, ATR, and Wim Resources lab and pilot plant test work we can assume reported recoveries are feasible. Doesn't mean it all goes to plan in practice, especially when pushing the limits of technology at scale. Plenty of reports over time on met work if you want to read up and catch up. Plenty in the feasibility studies that's probably improved over time as well. Don't have time tbh unless you disagree with something specifically in the company's feasibility studies.

Cheers