RE: Tellurium PRi. I'm not an informed poster so stop reading now...
It's too early to tell. The tellurium can be used as a credit - that is it can be considered to reduce our cost of gold production. But as you correctly perceive - there will be a cost associated with the extraction and an associated % recovery rate. Without these two unknown variables (and the average concentration across the M&I resource) it is impossible to know the extent to which this increases our earnings potential.
Either way, on book value alone NGG is now a bargain. Well, unless we run out of cash first...