Thank you @Talchior for the inquiry at CEO.CA. I have understood it very well now:
"Recovery": Technical term
The mill recovery is the percentage of metal that is recovered during the process, (...)
"Payability": Market term
Payability is the percentage that can immediately be sold to a buyer. A payability of 75% Ni implies that 25% cannot be sold immediately and is thus sent to storage.
The 92% payability in summer 2022 was pure "wishful thinking" or negligent handling of facts. Disruption of the (international) supply chains but especially the Covid lockdown in China were a fact and therefore it was logical that only a part of the produced metal (nickel/cobalt) could be sold.
But the payability refers only to the "short term" profitability. This is because the "unsold" metal goes into a warehouse (Storage). If demand picks up, this metal can be sold. Consequence: higher cash flow relative to production for nickel 28. Which probably happened in H2 2022. We will get production and sales figures towards end of Jan 2023.
@Talchior
Now I would have one more question for @Anthony Milewski. In order to estimate future potential cash flow it would be interesting to know how much (produced and unsold) metal is stored at any given time. This figure should be disclosed by the operator at least on a semesterly basis. 8.56% and later 11.3% would be owned by Nickel 28. It would be great if you could ask Anthony at CEO.CA about this Key performance indicator. Thank you very much.
urai58