Ann: World Class REE Recoveries at Ema Project, page-43

Pretty obvious from the data in the ANN that grades and recoveries both increasing with depth has a multiplicative effect on the recovered grades ($ value) as depth increases with the best grades at EOH.

You can see this in the differences in the slope of the curves. The recovered grades with the shallower slopes (green & yellow) are increasing faster than the TREO grades as the recovery increases (orange) with each metre drilled. This will look even better when we get the met data back for the higher grade ground (currently being analysed at ANSTO).

Great work by BCM to already have intersected huge tonnages and decent recovered grades from the rapid, very low cost hand auger programs. Plenty of obvious upside on the way that will have us nipping at the heels of the bigger operators.