A research note from Haywood Securities suggests that exploration and development company Midas Gold (TSX:MAX) could see delays in the development and production schedule for its Golden Meadows project. However, despite that threat, analyst Geordie Mark commented positively on Midas' metallurgical processing update, released this week, and on the company overall. This Wednesday, Midas provided an update on an extensive independent metallurgical test program being completed at its Idaho Golden Meadows gold-antimony project. The company completed its preliminary economic assessment (PEA) for Golden Meadows in 2012, and has been working on a preliminary feasibility study (PFS) for the project; it's slated to be completed later this year. Metallurgy The test program focused on defining the metallurgical parameters for Golden Meadows, and the results form a key factor in the PFS. As Midas Gold's president and CEO, Stephen Quin, said in Wednesday's release, "[s]uccessful completion of this program marks a major milestone on the road towards completion of the Preliminary Feasibility Study." To be sure, the test work conducted by Midas and its independent metallurgical consultants over the past two years has had favorable outcomes. Quin stated, "[o]verall results of the metallurgical test program support excellent overall gold and antimony recoveries from all three deposits." In other words, Midas was "able to demonstrate, to a level of confidence required to support its planned PFS, metallurgical parameters that are generally comparable" to those set out in its 2012 PEA, considering the different types of mineralization, deposits and processing methods contemplated. That's good news according to Mark, who believes the results show "gold and antimony recoveries that [are] marginally better than our expectations." Midas is anticipating gold recovery to dore of roughly 88 to 91 percent from Hangar Flats, 90 to 92 percent for Yellow Pine and 81 to 84 percent for West End — all a few percentage points higher than what the Haywood analyst predicted.