operating costs, page-18

coppashaft, I'm not sure you're missing anything. At least you are reading from the company's announcements rather than from an out-of-date broker's report, so you have the data from the horse's mouth.

The 62% to 68% recoveries are typical for this type of operation (it isn't a gold mine). No worries there. The problem is how long it takes to leach 65% out of the ore. Some of the ore has been leaching for 18 months. Obviously the costs will be less the quicker the 65% recovery is achieved - and the silver sales will be greater.

The other thing you are doing right is actually reading the report. Nowhere do AYN tell us what the actual recoveries are. Rather, as you quote, it is based on the admin cost model of $30/oz and a recovery of 65%.