plough - not sure why you'd compare it to gold. Processing gold...

plough - not sure why you'd compare it to gold. Processing gold and tungsten would be different.

I agree that it works out to be about 1g gold / ton. I think their Big Hill resource was about 0.11% WO3.
So at 90% recovery, $35-40/kg concentrate, it'll come out at $35-40 / ton. 1g of gold is about $50 / ton.

However, their processing cost (according to the PFS) is $11.39 / ton. The deposit is near the surface, and so is much cheaper to mine and process than gold.

There are other tungsten projects out there with higher grades. However, Big Hill would still be quite a profitable venture. And the key part of the picture is that HAZ have an operating profitable smelter. HAZ is still cheap purely on that asset alone.