"Rev = *'dry' tonnes x grade% x accountability% x Ni price x 2204.6"

Plus recovery %

So our formula, all combined, is:

Revenue = 97.5% x wet tonnes x grade % x recovery % x accountability % x Ni price x US/CDN$ x 2204.6

I had everything in my spreadsheet but the wet/dry ton conversion. 2.5% isn't a lot, but it does chip down the revenue forecast very slightly. On the flip side, the higher recovery rate for the low grade ore easily offests that.

I particularly enjoyed Gary's in-depth explanation of how the milling process works, from the ball mill, through the flotation circuit to becoming concentrate.