This is an example of Jensen's official "Certificate of Analysis." When you send your scrap to Jensen, after it's settled, you'll receive a copy like this one that explains, in great detail, the value of your lot and the charges associated with processing it. (Click on the certificate to see an enlarged version.)

Description
This is the weight and description of the raw scrap received by Jensen from the customer. It is in troy ounces. (16 avoir-du-pois ounces equals one pound. 14.58 troy ounces equals one pound). The balance the company uses to weigh incoming lots is calibrated every six months to ensure accuracy and the log in process is videotaped as a trained technician describes the contents of the package.

Net Lot Weight
This is the weight of the metal in the lot after it has been processed (Refining Tour). Final calculations of the material are based on this weight. If copper was added during refining to facilitate a better sample, the ounces added will be listed above the net lot weight.

Pure Metal Content / Payable Content
Pure Metal Content is the amount of metal found based on the assay results (Refining Tour). The Payable Content is the amount of metal to be purchased by Jensen. It represents 95% of the Pure Metal Content. Due to inherent losses involved in the refining process, reclaiming 100% is impossible. The Payable Content is the amount of metal that Jensen is accountable for.

Rate
This represents the prices paid for the different precious elements.

Refining Charge
Our Refining Charge is currently 10% of the subtotal. These charges represent the bulk of the work done to process, assay, and report the results to the customer.

Processing Charge
The non-metallic components in scrap lots vary. The best technology for ascertaining the precious element composition is based on sampling metal. This requires processing techniques that remove the non-metallic material to separate and isolate the metal for assay. There is a cost associated with these processes that is partially offset by treatment charges.

Freight Charge
Jensen picks up packages that weigh up to eight pounds and ships them "second day" for a nominal charge. Lots that weigh more and/or have used alternate shipping arrangements are reviewed with the Account Manager to ensure packages are sent to Jensen in a cost-efficient manner.

Revision 0, 2/26/99