Paul - I don't want this to sound rude as I believe that you...

Paul - I don't want this to sound rude as I believe that you inject some much needed sanity on to this thread much of the time BUT you are using assumed recovery rates rather than rates that have been proven by the recent systematic testing that the company has been conducting. I sincerely hope that recovery rates can at the very least stay where they are at the 80% feed rate when they crank thinks up to 100%. God forbid but at 90% there is even a good chance that they are even better than 53% - with any luck the sweet spot is going to be well above 80%.

So, if your recovery numbers are correct then I totally agree with your calculations. Even if the best that we can do is 53% at 80% feed rate then we still have a profitable company - though $10Mil pa less than your calcs currently suggest.

I have only been in PGI for the past 2 years and have to admit to trading in and out a bit but I do fundamentally believe that this is a good story and as a result always keep a core position that I trade around.