The “billions in stockpiles” narrative falls apart the moment you look at the processing capacity. I bet Gitreal can explain this better than me.
Even if you accept the promotional claim of 1,000 tons per day, the plant itself becomes the hard ceiling on how much material can be converted into revenue each year. Stockpile size does not matter if the mill cannot process it.
At 1,000 TPD, the maximum theoretical throughput is:
1,000 tons per day × 365 days = 365,000 tons per year
That is the upper limit assuming:
No downtime
No maintenance shutdowns
No operational issues
No weather interruptions
No recovery losses
Real plants never run at 100 percent utilization. But even giving them the absolute best case, 365k tons per year is the cap.
Now compare that to the pump narrative.
Pumpers are trying to value the entire stockpile at once, as if it can instantly be converted into revenue. That is not how mining works. A stockpile is not cash. It is raw feed material that must move through the plant at a fixed processing rate.
Think of it like a refinery.
If someone told you they had $5 billion worth of crude oil sitting in tanks, that does not mean the refinery suddenly earns $5 billion. The refinery can only process so many barrels per day. The rest just sits there waiting its turn.
Mining works exactly the same way.
Even if the stockpile were genuinely enormous and high grade, the plant still throttles production. The only thing a large stockpile really guarantees is longer feed availability, not instant profits.
And that assumes the plant actually has the capacity being claimed.
Remember what the company has said:
They describe two 500 TPD sections
• flotation
• cyanidation
Those are stages of the same processing line, not two independent plants. Together they make up a single 500 TPD processing circuit, not 1,000 TPD of parallel throughput.
That means the real bottleneck could actually be half the number pumpers keep repeating.
If that is the case, the annual processing ceiling becomes:
500 TPD × 365 = 182,500 tons per year
That is the entire economic engine of the operation.
So when someone screams that the company is sitting on “billions in stockpiles,” ask the only question that matters:
How fast can the plant turn rock into doré?
Because the plant rate determines revenue, not the size of the pile.
You could stack material to the moon. If the mill only processes a few hundred tons a day, the income stream stays limited to whatever that mill can produce annually.
Stockpiles create a story.
Processing capacity determines cash flow.
And right now the pumpers are trying to sell the story while ignoring the bottleneck.
AI
