Ann: Silver Swan Resource Update, page-89

(For you, SB. Reply acting up again.)

Agreed.

I prefer to use 'very conservative' rather than 'cute', based on my view that his '+'15kt pa contained Ni conc. enterprise production signalling is based on early BS (ex-W) running at 1.1Mt pa + early LJ running at ~900kt pa (of its 1.5Mt capacity).

I'd also like to add that the 92% recovery rate was for the 'sweet' (my term) high-grade BS u/g ore, not the low-grade open pit ore, whixh has historically been much lower (per LionOre's historical production reporting). The SST blending with BSD should improve the low-grade BS recoveries -- hopefully into the mid-80s.

It was good to see PH openly signalling those percentage inputs, as applied to the historical high-grade SS maiden Resource estimate, presumably for the benefit of earnest retails who might want to run their own estimates but might otherwise struggle without them.