" ignore the volume of HMC potentially sitting in stockpile...

" ignore the volume of HMC potentially sitting in stockpile before being processed into final concentrate product?".. yes, but I don't have those figures and in the scheme of things it shouldn't change much Qtr by Qtr compared to product concentrate production. The products are simple cons, so not a lot of inventory in progress to worry about from a step-back view, though of course the mine geo would include everything for their monthly reconciliation.

We are looking at a mine with "approximately 30% OS instead of 13-14%, producing ~85% of design instead of ~75% on account of more HM reporting to the U/size than sterilised in the O/size, with higher than design recoveries, lower than design ZrO2 in zir-con than design..." etc, etc. I'm just trying to get a handle on the rough situation from insufficient released information to understand how deep the sheet is we're in... all sorts of small variances, all sorts of assumptions and extrapolations into the future. I mentioned a dozen of them, including " rectification improvements from each tonne ore moving forward".

The 4.83% in my table is the percentage of Ilm Mag Con produced per tonne of ore, as a simple proxy to compare against the BFS. The BFS assumed the following ratio's for Ilm and Zirc con as below. The % difference in my table is against the annual average Con/Tonne vs Year 1 Ilm 5.95%, Zir 1.59%


The insitu grade of Ilmenite is the actual % of ilmenite in ore, which is similar to the Ilm Mag Con % produced per tonne of ore on account of dilution with iron-oxides in the Mag Con, less recovery losses, which also comes out not too far away from the Ilmenite in ground to start with. Obviously it should be higher than the Ilm in-situ %, but it's not because of OS issues.

Cheers