Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-11

The question was asked about the discrepancy in recovery of HM in ore mined vs final products compared to recoveries in the DFS first few years. BG rightly noted that HM in HMC was excluded from the variables reported, and so the actual recovery during Q423 cannot be accurately calculated. He went on at some length to say how difficult it was and a waste of time trying at this stage...

I disagree. HM recovery to wet plant HMC is one of the most important metrics monitored in a min sand mine. How much HM is recovered and how much goes out to oversize rejection or WCP tails is the first part of the critical reconciliation process. 100% they have that data. Likewise they know the grade and recovery to final products. Why not release that data? They released tonnes and THM% of ore mined, they released final products tonnes... if they released the tonnes and %HM of HMC in stockpile, recovery of HM to HMC, then we'd all would know the answer.

Clearly there is a stockpile of HMC that hasn't yet been run through the CUP, so my recovery calc of 35% is under the actual figure. If TB was recovering 56% of higher HM to final products during ramp up most companies would be shouting it from the rooftops. Early days but they know and, until they report enough info to prove otherwise, I'm inclined to think losses of HM to oversize is an issue to keep an eye on.

Overall and as usual, a confident realistic performance by BG. Has to be one of the best MDs in the business!