UMZ Recovery $ Value With such low recoveries it is hard to imagine what they are leaving in their tailings.
Silver alone is ~$50 million annually that they do not recover despite crushing all that ore. That's 54% at 83.2g/t, 76,422 tonnes in July. That is 1,470,000 ounces of silver in the waste each year.
Perhaps they are re-feeding some of the tailings through the circuit with fresh ore. But hopefully they are coming up with a second run to recover more. In any case they are profitable now and they will only become more so as they figure out how to recover more. I expect some of those stock options to go to the guy who does figure it out, not the idiots that delayed the UMZ commissioning a year.