My understanding it's always the price for a finished products on the ground after milling, processing at the mill, and further processing/purification to bring the product to various price levels, depending on the requirements.

One company indicates run-of-mill concentrates of ~94% after flotattion and minor processing including drying would fetch over 1000/tonnes, the price would depend on the size on the flakes. This is the product coming straight out from the mill. Further upgrading (acid, or caustic) to improve the carbon content would fetch more money. If the product is upgraded to high purity battery grades then they would expect $4000-8000/tonne.

For ZEN, I would say the $8,500/tonne is a conservative number in ZEN's view for its product after the caustic bake. But, ZEN will have to come up with a number (could be better) in the PEA. Just a guess on my part. ZEN could be contacted to confirm this.

goldhunter