CLA Technical Analysis, page-17

I'll admit straight up that this isn't my area of expertise but I will try and answer the questions anyway.

It's a two stage process and my understanding is that COB are getting 92% recovery for stage 1 and 96% for stage 2. So their overall recovery would be 92% x 96% = 88%

At the moment we are looking at 80% x 95% = 76%. So this is a bit lower.

But if we dig deeper. We have stage 1 as follows:

If COB did 2Mt of flotation at 0.10% grades and 92% recoveries they will generate 353kt of 0.52% concentrate.

CLA at 2Mt, 0.14% head grade and 80% recoveries would produce 149kt of 1.5% concentrate.

So for stage 2 we have:

COB are turning their concentrate into cobalt sulphate with 20% contained cobalt at 96% recoveries. Which means basically 40 tonnes of 0.52 concentrate per tonne of sulphate. So 353kt/40 = 8.82kt of sulphate.

For CLA 20% Co Sulphate would be 14 tonnes of 1.5% concentrate per tonne of Sulphate. So 149kt/14 = 10.64kt of Sulphate.

So a decent extra return from same plant size which means lower processing opex + we have Cu credits.

But as I said not my specialty and I don't want to mislead anyone so if things need correcting happy to learn along with everyone else!