Amapá Iron Ore Mine, Brazil [KDNC] [Flair]

• Cadence owns 30% of the Amapá Iron Ore System which is an integrated mine, railway and port which was previously owned by Anglo American, the mining operation generated profits of $171m in 2011 and $77m in 2012.
• The mine is a major source of employment in the state and when operating previously was the largest employer in the state and represented the largest contributor to the GDP of Amapá amounting to 20% on a turnover basis and 1-3% based on profitability. The mine will employ 600-800 workers and indirectly 4000 workers. The economic prosperity of the region is linked to the success of the mine.
• 2023-01-07 Recent progress podcast:
  • PFS Completed $949m NPV with 10% discount rate and 16 year mine life at 5.28mtpa with profit after tax of US$2.96 billion over Life of Mine
  • PFS allows Cadence to engage with off-take partners, possible JV partners and strategic investors at a project level.
  • "If there is a good opportunity from a strategic investor, the joint venture partners would consider taking that money and for us that would prevent any further dilution in terms of funding going into it by selling off investments that we didn't wish to or raising capital in the market"
  • Options to substantially increase the NPV by reducing CapEx at the port, and increasing mine life.
• 2023-03-01 Corporate Update:
  • DEV Mineração S.A. ("DEV") was unable to meet the 2022 payment schedule as per the settlement deed and although the bank creditors have reserved their rights, the settlement deed remains in full effect with all parties in discussions with a view to agree a new timetable in order to rephase payments so these can be met in light of market conditions.
  • With improving iron ore prices and stability returning to shipping costs, the sale of the 58% iron ore concentrate stockpile is now economically viable. We expect shipping to recommence in the next six months, with the net revenues being used to pay the bank creditors, as per the settlement agreement.

Sonora Lithium Project, Mexico (Ganfeng Joint Venture) [KDNC] [Flair]

• Cadence has a 30% Joint Venture interest in several of the tenements in the Sonora Lithium project. The DFS envisages a total of 3.6% of ore associated with Cadence being mined in years 9 to 19 in the current 17.5kt/35ktpa LCE mining plan. Should Ganfeng accelerate production or increase mine life then the Joint Venture areas will be required sooner and in greater volume. Cadence has 839Mt LCE of mineral reserves associated with its Joint ventures which is 18.58% of the total 4,515Mt LCE of that defined.
• 2022-07-02 Recent highlights:
  • Ganfeng plans to accelerate construction
  • Ganfeng reviewing plans for a production rate above 17.5ktpa and an additional 500 hectares of land acquired at the eastern end of the plant site location to allow for future plant expansions.
  • Sonora Phase 1 plan massively increased to 50kt/yr Lithium Hydroxide
  • Ganfeng eyes US OEMs for “strategic” stake in Mexican lithium project. Elon Musk tweets Price of lithium has gone to insane levels! Tesla might actually have to get into the mining & refining directly at scale, unless costs improve.
• 2022-08-14
  • BN Americas reports “Mexico looks to buy out existing additional rights held by UK exploration giant Bacanora”
  • US Inflation Reduction Act to benefit Mexican Automotive Industry
• 2023-03-01 Corporate Update:
  • In 2021, a decree was passed by the Mexican government to reform the domestic energy sector ("Decree"). The Decree stated that lithium would be included among the minerals considered strategic for an energy transition. As a result, no new concessions for lithium exploitation by private companies would be granted. Earlier this month, the Mexican government passed a presidential decree confirming that within a 900 square-mile lithium mining zone in northern Sonora state, existing concessions would "remain safe". This aligns with the general opinion that the Decree passed by the Senate only impacts licenses, concessions, or contracts to be granted, not already those granted, as is the case for the Sonora Lithium Project.

Hastings Technology Metals, Australia (ASX:HAS) [KDNC] [Flair]

• 2023-03-01 Corporate Update:
  • On 25 January 2023, Cadence completed the sale of its 30% stake in several mineral concessions forming part of the Yangibana Rare Earths project for a consideration of 2.45 million Hastings shares, equating to approximately 1.9% Hastings issued share capital. This consideration was a premium over the Net Present Value ("NPV") of the Cadence portion of the mineable material, based on the definitive feasibility ("DFS") updated by Hastings on 21 February 2022
  • Hastings recently published an update on the Yangibana Rare Earth Project, highlights of which are as follows:
    • Significant progress during the last two months on enabling construction and ordering long lead critical items.
    • A total of $146 million in contractual commitments has been made to date, demonstrating the high degree of confidence by the Hastings Board in the future of the Yangibana project.
    • Ore Reserves increased 25% to 20.93Mt at 0.90% Total Rare Earth Oxide (TREO) grade, increasing mine life to 17 years.

Evergreen Lithium, Australia (ASX:EG1) - [KDNC] [Flair]

• 2023-04-13 Notice of Initial Substantial Shareholder in Evergreen Lithium Limited
  • Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
  • Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder.
  • A further AS$3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved.

European Metal Holdings, Cinovec, Czech Republic (LSE:EMH) [KDNC] [Flair]

• 2022-07-02 Recent highlights:
  • Soft debt / EU grants and financing deals
  • Potential plans to double production (by using two shifts)
  • Updated PFS 75% increase in NPV to S$1.94B, using $17/kg. 16% production increase to 29,386tpa. 30% increase in Lithium Hydroxide to $22.1/kg would increase the NPV8 (post tax) to over $3B.
• 2022-10-31 Expect 10-20% reductions of the Lithium Chemical Plant CapEx and OpEx as a consequence of using a simplified hydrometallurgical process, for which a patent application has been filed.

Passive Equity Investments - Notable Developments [KDNC] [Flair]

See the above menus for company links and announcements - noting that additionally Macarthur holds 20% of spin off Infinity Mining ASX:IMI

Analyst Reports and Recommendations [KDNC]

Date	Link	Who	SP	Summary / Price Target
2023-02-28	Kemeny Capital	Kemeny Capital (investment research)	12.9p	"Cadence Minerals has built a robust portfolio of base and battery metals with ample opportunities for shareholder value creation. Recent developments have helped to substantially increase the potential of two of the group’s asset positions, while adding to the overall corporate valuation. Our sum-of-theparts (SotP) indicative fair value is 43.6p."
2023-02-02	W H Ireland Research	W H Ireland (broker)	14.5p	WHI View: Our assessment is that the Amapá mine could be company-maker for Cadence. We are firmly of the belief that the current market cap is more than covered by the legacy investments that Cadence holds in various new technology metal companies and projects and that the addition of the Amapá stake to its portfolio can only be value enhancing. In our opinion, the development of Amapá will be transformational for Cadence and we see fair value at 71p/sh with plenty of upside potential.
2022-07-24	Reddit Post	u/EV-BULL (private investor)	10.75p	Due diligence short term price target: 60p-80p; 1-2 year price target: 130p; Long term bull case price target: 300p+
2022-07-02	Reddit Post	u/Observer842 (private investor)	10.4p	Due diligence Near term: £37.5m (21.5p) - £92m (53p); Medium term: £160-420m; Longer term: £1-2B+
2022-02-18	Daily Mail	Anne Ashworth for the Daily Mail (Journalist)	20.4p	"The white gold rush appears to be an inviting prospect. But if you want to join, remember that fortunes are far from guaranteed in any foray into commodities. Options include the Aim-listed businesses Cadence Minerals and Zinnwald Lithium."
2022-02-18	Edison Group	Edison Group (investment research)	20.4p	QuickView report
2022-01-01	Daily Mail	Justin Urquhart Stewart (fund manager)	28p	Top pick for the Brave in 2022

ICYMI [Previous]

Date	Article	Comment & Quotes
2023-04-21	Cadence Minerals Q&A session with Kiran Morzaria	Most recent of the presentations and interviews with CEO Kiran Morzaria.
2023-04-13	The Vox Markets Podcast / Kiran Morzaria of Cadence Minerals: Evergreen had a very successful IPO and we are the largest shareholder
2023-03-29	Cadence Minerals Investor Presentation March 2023
2023-02-28	Cadence Minerals - value waiting to be unlocked - SoTP indicative fair value 43.6p	6 page analyst Research report from Kemeny Capital which can be obtained for free by qualifying investors.
2023-02-02	WH Ireland Research Report: Cadence Minerals - Developing Amapá iron ore mine and strategic new technology metal interests (sees fair value at 71p / share)	To obtain this 34 page Analyst Research Report for free, (optionally) first register for Research Tree, then whilst logged in, register for WH Ireland (optionally) using your Research Tree account.
2023-01-03	Completion of PFS on Amapá Iron Ore Project	Post-Tax Project NPV10 US$949 million, Internal Rate of Return of 34% and a Project Maiden Ore Reserve Estimate of 195.8 Mt (Cadence attributable of 58.74 Mt) at 39.34% Fe Declared

Anything missing or incorrect? Let us know in the comments or LSE chat - the mods.

I am doing a new diet for a month seafood greens turkey and eggs only rice agave syrup for sugar no cane sugar no sugar except agave and date sugar oat milk and walnut milk only fruits veggies no pineapple basically fully alkaline/vegan with turkey fruits/veggies eggs & seafood & plant milk no almonds & carrots have no nutritional value but you can use them because it’s not acidic it’s just good to taste

Buckle up, this is a ride.
My clubs were stolen out of my (open) garage March 2021, and I hadn’t played since the prior summer. Old bag was a set of Ping Eye2s 3-W, R11 driver, white hot putter, Cleveland 56, a “winning wedge”, some 3W I hated, and a sandy I made with a neighbor down the street.
In all, it was really sentimental value that was stolen; they were all handed down by either club pros or family members who taught me the game. I learned how to hit the clubs the way they were, and dealt with the weirdness it made my swing have to do. It got me to a 6 handicap when I was working at a course and playing upwards of 72 holes per week in HS. That bag was with me for 12 moves / 6 states / 5 girlfriends. I was so upset about the fact that all those rounds, the relationship with the clubs, and the people who helped me build them…that thing where you’re rushed through time when you pulled the club out of the bag…was gone.
So I set out to save up enough to get properly fitted with a new set. Sure, I hadn’t hit a ball in a couple years, but I knew I still had a swing. I set up two 75-minute sessions at PGASS (come on, guys) for irons and drivers/woods back in April. Walked out with D, 3W, 50, 54, 58, Putter. Irons 4-P are still in the mail, but my closest golfing buddy had a tee time for this morning, and I couldn’t miss this opportunity to enjoy a nice holiday weekend. So I borrowed some TourEdge Bazooka irons to fill in.
Prior to this morning, I’ve been hitting up a local range that’s grass-only to get used the new bag. Typically, I’ll hit 50 balls on the range; 35 wedges, 15 3Ws. I’ll spend probably 20-30 chipping, same putting. I’ve been doing that 2x per week working out the rusty/lazy bits of my game.
Onto today.
Tee time: 7:50. I’m up at 5 out of excitement and BMs. I can’t wait to hit the course and shouldn’t have ordered Chinese last night. I start packing my sh*t and do some warm-up stretching. I’m in the parking lot at 6:45. Temperature in my car reads 57 degrees, Toy Story wallpaper sky.
After paying / carting up, I work through some putting drills while waiting for my +1 to roll up. We hit some range balls, talk some shit, and ready for a beautiful morning of golf. Meet our paired twosome and it’s a father-son who’s already chirping at each other. Swing feels smooth, reminding myself to be ready to dial in when necessary; have some fun. 64 degrees at this point. Could not ask for a better vibe.
1: start out by topping my 3W into garbage. Second shot hits the fairway and we’re off. After the penalty, I end up hitting +2.
2: Short par 4, 5-iron into light rough, 84 yards and 2-putt.
3-4: missed fairways, but GIR and two-putts. I’m feeling really good within 140
5: 95-yard par 3. My 58 wedge has been all over this number on the range. I stick it past the whole by 4 feet, roll it back to 3 feet the other side for up hill bird shot. Never have I had that kind of backspin on the ball. Drain it. I’m -1 thru my past 4, +1 thru 5.
6: Fade my tee shot right, and hit my 2nd perfect to where I thought green would be, but misread the flag placement and end up in rough. 1 on, 2 putt for bogey
7-9: +2 / +2 / +1 nothing of note other than rusty green-side work.
10: 305 over water. Pull out a 4 hybrid (and I never / can’t hit hybrids). End up 30 short of the green. Up and 2-putt for par
11: 145 yard Par 3. every member of our group hits it within 20 ft for birdie. All pars. Everyone starts trash talking about leaving it short.
12-17: Bogeys caused by green-side inefficiency
18: par 5. Most beautiful tee shot somehow rolls into water. 3 into sand, 4 further into sand, 5 out and two putt to finish the round.
Overall, I walked away extremely happy. Aside from a few nervous mishits, I’ve got a game and finally some clubs that I can fall in love with. It was so nice being out on the course and sharing the time with a dear friend. God I love this itch and am so happy to be scratching at it again. Thanks for listening.

#include  #include  #include  #include  #define SCREEN_WIDTH 128 // OLED display width, in pixels #define SCREEN_HEIGHT 64 // OLED display height, in pixels #define OLED_RESET 4 // Reset pin # (or -1 if sharing Arduino reset pin) Adafruit_SSD1306 display(SCREEN_WIDTH, SCREEN_HEIGHT, &Wire, OLED_RESET); #define GAS_SENSOR_PIN 34 #define MOTION_SENSOR_PIN 12 #define BUTTON_PIN 32 #define RED_LED_PIN 27 #define GREEN_LED_PIN 15 bool isGasLevelHigh = false; bool isMotionDetected = false; bool isButtonPressed = false; int gasThreshold = 20; // Adjust this threshold value as per your requirement void setup() { pinMode(GAS_SENSOR_PIN, INPUT); pinMode(MOTION_SENSOR_PIN, INPUT); pinMode(BUTTON_PIN, INPUT_PULLUP); pinMode(RED_LED_PIN, OUTPUT); pinMode(GREEN_LED_PIN, OUTPUT); Wire.begin(); // Initialize the display if (!display.begin(SSD1306_SWITCHCAPVCC, 0x3C)) { Serial.println("SSD1306 allocation failed"); for (;;) ; } display.clearDisplay(); display.setTextColor(SSD1306_WHITE); display.setTextSize(1); display.setCursor(0, 0); display.println("Gas Levels:"); display.display(); Serial.begin(9600); // Initialize the serial monitor } void loop() { // Read gas sensor int gasLevel = analogRead(GAS_SENSOR_PIN); displayGasLevel(gasLevel); Serial.print("Gas Level: "); Serial.println(gasLevel); // Update isGasLevelHigh based on gas threshold if (gasLevel > gasThreshold) { isGasLevelHigh = true; } else { isGasLevelHigh = false; } // Read motion sensor isMotionDetected = digitalRead(MOTION_SENSOR_PIN) == HIGH; Serial.print("Motion: "); Serial.println(isMotionDetected); // Read button state isButtonPressed = digitalRead(BUTTON_PIN) == LOW; Serial.print("Button Pressed: "); Serial.println(isButtonPressed); // Handle LED and display based on conditions if (isGasLevelHigh isMotionDetected isButtonPressed) { digitalWrite(RED_LED_PIN, HIGH); digitalWrite(GREEN_LED_PIN, LOW); } else { digitalWrite(RED_LED_PIN, LOW); digitalWrite(GREEN_LED_PIN, HIGH); } delay(1000); } void displayGasLevel(int gasLevel) { display.clearDisplay(); display.setTextSize(2); display.setCursor(0, 10); display.print(gasLevel); display.print(" ppm "); display.display(); } 

Hi, I have a lab result that concerns me. All lab parameters are ok, except my creatinine levels and urea:creatinine ratio. My creatinine level is 127 umol/l and my urea level is 4.1 mmol/dl. My urea: creatinine ratio is low (32.3), 5hat is smaller than 40 (normal ratio would be 40-110). I consume usually 100g meat for lunch, 100g meat for dinner and 2 eggs for breakfast, and some nuts during the day. (not always, but these values are usual for my amount of protein intake). I weight 65kg, and my total protein intake per day is about 100-110g calculated from the above, it equals about 1.5g/kilo. I usually go to gym 4 times a week. My last workout was about 40hr before the lab test (almost 2 days). I tried not overload myself, but had a very little chest pain/soreness due to excersize. Should I concern? Why is my urea: creatinine ratio so wrong? I also was mildly overhydrated (drank about 3.5 L water the day before, urine specific gravity was 1.009. I also take 2g Mesalamine daily due to ulcerative colitis.

Disclaimer- You are responsible for any trade you make. These are my values and estimations based on my interpretation of the market. The market changes frequently, and this is meant to serve as a guide, not an end all be all. Some or all things may sell at, over, or under the posted value. ALSO, I know many will disagree with my junk values, but I personally feel that at the rarity junk is sold that price values need to be increased to account for market changes.
Apparel............................
-Tattered field jacket 800k
-Red asylum 700k
-Leather coat 600k 🔥
-Traveling leather coat 535k
-Forest camo 475k
-Responders set 550k 🔥 (this value is way up near tfj this past week)
-Responders outfit 300k
-Loon 265k
-Reverse usa fsa. 220k
-Fiend 180k
-Bos jump 130k
-Hag 150k
-Demon 150k
-White powder jump 120k
-Responders helmet 140k
-Buffoon 120k
-Brahmin 110k
-Fsa (forest scout) 100k
-Usa ( urban scout) 90k
Level 50 ONLY prototype hazmat 80k
-Deathclaw 40k
-Crazy guy 35k
-Winterman 35k
-Forest asylum 35k
-Raven 35k
-Yellow asylum 20k
-Pink asylum 15k
-Hunters long coat 10k
-Longshoreman 8k
-Blue ridge set 8k
highs.....................
-Q2525 Rail is trading around 2.5 mil
-Q2525 fixer is around 2.5 mil
-Q2525 handmade is around 1.6 mil
-B2525 aligned auto is around 1.5 to 2mil ( with perfect mods)
-Qe15r or qe90 lmg 1.4 mil
-Q2515r or q2590 peppershaker 1 mil (up to 2mil based on rarity)
-Qe15r or qe90 50 cal 1.25
-for q50 versions of commando ADD or REMOVE about 500k from whichever type they are of the 2525 price as these have been higher and lower than 2525 as well. Also, qe is selling cheaper than q50 and 2525 currently
Things on the rise......................
-Enclave flamer mods are trading between 40 and 200k crazy
-Two Shot flamers (not enclave) and cryo have a jump in price now around 200 to 250k based on upcoming patch still a gamble
-Cobalt flux is trading closer to 200 caps. ( often see posts for 125 to 150 go unfulfilled)
-Crimson seems to have recovered to 90 to 100 caps
-Leaders are closer to 550 to 650 each.
-ALL apparel above a bos value seems to be moving up in value except fas masks, especially this week's 🔥 item, the responders set.
Things on the fall..................
-Eprs unrolled down to around 60k to 80k from 120k
-Godroll eprs epfs epp eps all down in value because of recent market flooding.
-Two Shot everything regardless if it is being nerfed price falling ( except actual flamer, cryo, alien blaster) because people are afraid it might get nerf even if it isn't supposed to
Quick values.........................
-Maps 100caps ash heaps and cranberry bog are typically considered rarer and may sell slightly higher
-All bobbles except named 50 to 100c
-Leaders 550 to 650c
-Small guns 200 to 250c
-Explosive, energy, big guns 200c
-Melee 150c
-luck 100 to 125c
-berry mentats 60 to 75 caps
-mixed flux is 100 caps per
Junk................... ....
-aluminum 3c
-ballistic fiber 10c
-black titanium 5c
-bone 2c (edited up 1 because of cutting fluid ingredient)
-ceramic 3c
-circuits 3c
-coal 1c
-concrete 2c
-copper 5c
-cork 1c
-crystal 2c
-adhesive 5c
-fiber optic 10 to 12c
-fiberglass 1c
-glass 1c
-gold 6c
-lead 4 or 5c
-gears 4c
-screws 3c
-springs 6c
-plastic 3c
-nuclear waste 1c
-asbestos 3c
-cloth 2c
-fertilizer 3c
-leather 1c
-rubber 1c
-silver 6c
-steel 1c
-ultracite 18c
-gunpowder 2c
-acid 6c
-waste oil 7 or 8c
-wood 1c
Ammo.....................
-Regular .5 to 1 cap
-Ultracite 1 cap Rarer ammo like fuel, cryo, 2mm ect can go for 1 to 2 caps
-Missile, mini nuke, 40mm look at junk cost to make, divide total caps by number made with max legendary ammo craft, then prolly divide by 2 or 1.5
-mutations serum 250
If your new and need help please feel free to chat me. I'll try to answer or respond to comments as well, and if this gets enough traction, I'll try to do a weekly update. Also, for anyone who tries to start an argument over prices, I'll just ignore you cause if i need toxicity, I'll go see Larry. I hope everyone has a wonderful day
CLOSING NOTE: just because 2 things are equal does not mean it has the same TRADE ABILITY as the other item. Also everyone please have fun trading this is just to add another level of fun to a game we all enjoy.
Thank you for the awards kind people I wasn't expecting anything like that!

Warning: This will be a long nerdy post with a lengthy explanation of Magic Find mechanics, including math and graphs. (18 graphs, 4280 words, 20342 characters).
If you don’t want to read this wall of text, you can Ctrl+F and search for TLDR
​

• This Post is meant as an Advanced Guide to Magic Find. You should already be familiar with the basics of Magic Finding before continuing with this post. Or if you like nerdy Diablo stuff, go right ahead.
• This Post delves into the mathematical formulas and code behind Magic Find. It’s NOT about “clear speed vs MF” or “best place to farm X item” or “full zones clearing vs elite sniping” or anything like that.
• Its purpose is to provide a comprehensive overview of Magic Find mechanics. This is a summary of Magic Find knowledge so you, the player, would have more understanding on how it all works.

Frequently, people inquire about the optimal amount of Magic Find. The typical response is that more Magic Find is generally better, but there are diminishing returns. Often, an EffectiveMF graph is referenced to illustrate this point. For example, one of such posts from a month ago.
However, relying solely on EffectiveMF graphs and diminishing returns can be highly misleading! Effective Magic Find is just one small component of the overall Magic Find formula! The Complete Magic Find formula takes several values from the game into the account when calculating your chances to get Unique / Set / Rare / Magic items. The final results are intricate and influenced by various factors. it is not as simple as this graph:
https://preview.redd.it/7uwnr9sa1n2b1.png?width=792&format=png&auto=webp&s=563dcea5172691d997c4c5c59f5e9905a009dae2
Why is this graph misleading? What does it actually tell us? Effective Magic Find is a rational function, grows rational but it has diminishing growth! Great! So, what does that mean? How does Magic Find and EffectiveMF actually affect our chances to get Unique, Set, Rare items? How many rare items do we get with 100 MF vs 500 MF? EffectiveMF for blue Magic Items grows linearly. Great, but what does that mean? How many more Magic items do we get?? Is there a limit to MF? This graph doesn’t tell us much unless you are very knowledgeable about the Magic Find process!
To answer all these questions, I have developed my own Drop Calculator with some advanced functions that showcase the actual distribution of items based on player Magic Find stat. My Drop Calculator takes into account all possible variables of the Magic Find function and displays the results in nice Graph form. Before showing the Item distribution graphs, I will first try to explain the complete MF Formula.

Selecting the Base Item

Selecting the Base Item is the initial step before the game applies the Magic Find formula to determine the magic quality of the item (Unique, Set, Rare, Magic). Examples of Base Items are: Diadem, Shako, Short Sword, Long Staff, Mage Plate, Sacred Armor etc..
Magic Find has no effect on Base Item selection! The Base Item is decided through Treasure Class selection and random roll mechanism. It is a fairly complex topic and deserves a post on its own. I won't go to much into details since Treasure Class selection is not the main focus of this post, but in short:
Each monster in the game from Act Bosses through Elite Packs to white trash monsters is assigned a “Treasure Class”. A Treasure Class is essentially a group or collection of items that can drop from that particular monster. There are many different TCs in the game typically comprising combinations of Item Drops (Base Items), Gold Drops, Junk Drops, Rune/Jewelry/Charm Drops, and NoDrop (indicating that no item will drop).
With random rolls, the game determines the type of item that the monster will drop, be it equipment, potion, rune, gold, etc. Once the item type is established, the game then checks if the item can be upgraded to Unique, Set, or other rarities. For the purposes of further discussion about Magic Find formula, we will assume that the game has selected an equipable item (Base Item, be it a Weapon or Armor). So what happens next? How does the game decide which quality to drop?

Selecting the Item Quality

Now that the game has the Base Item (Diadem, Shako, Mage Plate, etc.), two functions are called one after another to give the Base Item a specific quality. (There is some other stuff in between these two functions but this is the gist of it). Functions are pseudonym named: RollMagicQuality and MakeItemUnique (or MakeItemSet, MakeItemRare etc. depending on the roll from RollMagicQuality function). RollMagicQuality function is the main function that determines if the items will be a Unique, Set, Rare, Magic item. But let's first talk about MakeItemUnique:
MakeItemUnique (or Set, or Rare, or Magic) function confirms the roll from RollMagicQuality and double checks if the selected Base Item can drop as a Unique item. This is where you get those “Failed Uniques” as triple durability Rare item drops.
The MakeItemUnique function also determines which Unique item will drop if there are more Unique items for the selected Base Item. It adds up the Rarity value from the UniqueItems.txt file and rolls a random number to pick a Unique item. Examples are Tyrael’s or Templars Armor for Sacred Armor, The Cranium Basher or Earth Shifter for Thunder Maul, Azurewrath or Lightsabre for Phase Blade, etc.. Selection is fully random and can not be influenced by the Player.
There are 3 ways that Unique Item can fail to pass the MakeItemUnique check:

1. A Unique item will fail to roll if the Quality Level (qlvl) is higher than Item Level (ilvl). Quality Level refers to Level value from UniqueItems.txt file and its fixed. Each Unique item has a predetermined fixed Quality Level. Item Level is a different stat, basically ilvl is a level of the monster that dropped the item. When ilvl is lower than qlvl, a Unique item will fail to drop! Example of this is: Arachnid Mesh can not drop from Pindleskin! Qlvl of Arachnid Mesh is 87, Pindleskin is a level 86 monster that drops items with ilvl 86. Since qlvl of Arachnid Mesh is 87 and always higher than ilvl of Pindle items, Base Item Spiderweb Sash will never be a Unique item.
2. A Unique item will fail to roll if Base Item has no Unique version. The Item can pass a Unique check of RollMagicQuality function, but MakeItemUnique is the one that actually makes the item Unique. If there is no Unique version of the selected Base Item, the Base Item will fail this roll. Examples of this would be the Unique Archon Plate. There is no Unique Archon Plate, so every time the Base Item AP drops and passes the RollMagicQuality check for Unique item, it will drop as a Rare item with triple durability.
3. A Unique item will fail to roll if the same Unique item has already dropped in the current game session. Everytime the MakeItemUnique function makes the Unique version for a selected Base Item, it logs the Unique drop in a special List of dropped Unique items. The function checks the List every time it tries to roll a Unique item. If the Unique item is already on the list, the selected Base Item will drop as a Rare item with triple durability.

Base Item needs to pass all 3 checks of this function for the item to successfully drop as a Unique Item! Same thing applies for MakeItemSet, only now the Failed Set Items drop as a Magic Items with double durability.
Before the MakeItemUnique function is called, the Base Item needs to pass the RollMagicQuality selection.

RollMagicQuality Function

RollMagicQuality is where the magic happens! (pun intended!). RollMagicQuality is the function that actually picks the quality of the Base Item, based on your "% Better Chance of Getting Magic Item" stat and other variables in the game. This function determines your Unique / Set / Rare / Magic / etc probability.
Based on your %MF and other variables, RollMagicQuality function will first try to roll for a Unique item. If that random roll is lower than a certain number, the Base Item will not be a Unique item and RollMagicQuality will try to roll for a Set item. If that fails, the function will try to roll for a Magic item and so on.
The order for selecting Item Quality is always: Unique > Set > Rare > Magic > Superior > Normal. This order will be very important later on. If the Base Item passes one of these checks, the RollMagicQuality function stops and the above-mentioned MakeItemUnique(or MakeItemSet, or MakeItemRare, etc) will be called.
Step by step walkthrough on how RollMagicQuality function actually works. After the explanation, I will use my Drop Calculator to showcase the drop rates of different quality items based on Player Magic Find.
Step 1) Chance = (BaseChance - floor((ilvl-qlvl)/Divisor))*128
This is the code of the Magic Find Formula. Game reads the required values from a few sources, the main one, and the most important is itemRatio.txt file. This file determines your drop rates of Unique, Set, Rare and Magic items more than your Magic Find stat!

• BaseChance = value from "Unique/Rare/Set" column from itemRatio.txt
• ilvl = "item level" is level of a monster that dropped the Base Item
• qlvl = “quality level” value from "level" column from Armor.txt and Weapons.txt
• Divisor = value from "Unique/Rare/Set Divisor" column from itemRatio.txt
• Floor = division of integers, result is rounded down. (that is how the game works)
• 128 = multiplier for better precision.

itemRatio.txt and values within it are extremely important. The game utilizes different values depending on the Type of the Base Item. In other words: Class Specific items, Exceptional/Elite and Normal items have different chances to become Unique items. If we look at itemRation.txt we can see 6 rows:

• 1st Row refers to Normal items from Classic Diablo.
• 2nd Row refers to Exceptional/Elite items from Classic Diablo (there are no such items so we can ignore this row)
• 3rd Row refers to Normal items from Expansion.
• 4th Row refers to Exceptional/Elite from Expansion (has same values as 3rd Row)
• 5th Row refers to Class Specific Normal items
• 6th Row refers to Class Specific Exceptional/Elite items. (has same values as 5th Row)

From this, we can conclude that there are 3 types of different Base items: Normal Base Items, Exceptional/Elite Base Items, Class Specific Items. When the Base Item drops, the game checks item version values from weapons.txt and armor.txt and class specific values from itemTypes.txt. Based on those values, the game loads required BaseChance and Divisor values needed for the Magic Find formula and calculates your Chance: Chance = (BaseChance - floor((ilvl-qlvl)/Divisor))*128
Step 2) Chance= floor(100*Chance/(100+EffectiveMF))
After the first step, the game adjusts your chances with EffectiveMF. EffectiveMF is calculated with the formula: EffectiveMF=floor(Factor*(MF-100)/(Factor+MF-100)) Where

• Factor is: 250 for Unique items, 500 for Set items and 600 for Rare items
• MF is: your Characters Magic Find that is your "% Better Chance of Getting Magic Item" from your items with added values of 100: Magic Find = Better Chance of Getting Magic Items + 100. You basically have a base MF value even with 0% BCoGMI stat on items. EffectiveMF is only calculated if you have more than 10% Better Chance of Getting Magic Item but that's not really that important.

This is where that intial Graph comes from. It shows the EffectiveMF with diminishing returns. Here is the Graph again in more detail:
https://preview.redd.it/y3t2x7pd1n2b1.png?width=1408&format=png&auto=webp&s=0f1e43f98d5de4c9ba6a4652cc1a793cfa5755d6
Here, we can see something interesting for the first time in this post. Graph is NOT continuous but has rather discrete jumps. This is the result of the game using integer division for its calculation. For example:

1. You have 697% Better Chance of Magic Items on your gear. To calculate the EffectiveMF for Unique drops, you first add 100 to get Character Magic Find and then use this formula: floor(250*(797-100)/(250+797-100)) = 184% EffectiveMF for Unique items
2. You get two more Small Charms with 7% mf and now you have 711% Better Chance of Magic Items on your gear. EffectiveMF for Unique items is now: floor(250*(811-100)/(250+811-100)) = 184% EffectiveMF for Unique items! Exactly the same!

Going from 697 MF on your gear to 711 MF on your gear did nothing to improve your chances of getting Unique items. There are “Break Points” for Magic Find!
So, the game calculates your EffectiveMF and uses that value to get your new Chance: Chance= floor(100*Chance/(100+EffectiveMF))
Step 3) Chance=max(Chance,minChance)
Where the minChance is the value from the "UniqueMin" column from itemRatio.txt. Game checks if you have reached the maximum Chance for selected rarity. There is an upper limit on how many Unique, Set, Rare, Magic items you can get even with millions and millions of Magic Find on Hero Edited items!
That limit is unreachable for Unique items with standard game gear. But it is easily accomplished for Set, Rare and Magic items. Effects of this upper limit will be seen later in the Graphs.
Step 4) FinalChance=Chance-floor(Chance*QualityFacto1024)
Game adjusts your chances once again based on the QualityFactor of the monster that dropped the Base Item. Higher the QualityFactor of the monster, the better chance you have of getting Unique, Set, Rare, Magic items from that monster. This QualityFactor has a huge influence on your overall chances.
QF of 1024 means that ALL dropped Base Items will roll that quality and QF of 600 means that 4.8% of dropped Base items will become the desired quality at best. Here is the table with all monsters that have specified QualityFactors:
https://preview.redd.it/3j1hx4te1n2b1.png?width=587&format=png&auto=webp&s=4089a11e6ae143aa850130e038109c0212740121
You can see that Andariel has the highest QF of them all. That is because of “Quest Bug” that now became a feature in D2R. Act Bosses also have high QualityFactor. QF of 1024 for Magic items means all these monsters will always drop at least a Magic item and won't drop standard White items.
Final Step 5) random(FinalChance)<128 than: item is Unique
Game randomly rolls a number between 0 and your FinalChance. If that number is lower than 128 then the selected Base Item will become an Unique item and the above-mentioned MakeItemUnique function is called to double check if the selected Base Item can become an Unique.
If the randomly rolled number is higher than 128, selected Base Item fails and the game goes back to Step 1 and redos the process all over again for Set Item check. If that fails, the game redos the process for Rare Item check and so on. Again, the order for selecting Item Quality is always: Unique > Set > Rare > Magic > Superior > Normal.
Now that we know the process, let's look at one example: Let’s say you have 500 Magic Find on your gear, you just killed Hell Baal and the game dropped you a Diadem as a Base Item. What is the chance for that Diadem to be a Unique Diadem (Griffon’s Eye)? Lets go step by step while looking at itemRatio.txt file:

1. Chance = (BaseChance - floor((ilvl-qlvl)/Divisor))*128. Diadem is an Elite Expansion item, so BaseChance will be 400 and Divisor will be 1. Qlvl of Diadem is 85 and ilvl is 99. Chance = (400 - floor((99-85)/1))*128 = 49408
2. Chance= floor(100*Chance/(100+EffectiveMF)). To calculate EffectiveMF we use =floor(250*(600-100)/(250+600-100)) = 166 Now we can calculate the Chance= floor(100*49408/(100+166)) = 18574
3. Chance=max(Chance,minChance) minChance for Elite Expansion items from itemRation.txt is 6400. Our number is higher so we use 18574
4. FinalChance=Chance-floor(Chance*QualityFacto1024). The QualityFactor of Hell Baal is 983. So we now have: FinalChance=18574-floor(18574*983/1024) = 744
5. random(FinalChance)<128. we randomly roll a number between 0 and 744 and compare it to 128. It's basically: 128/744 = 0.1720430108

Everytime you kill Hell Baal with 500 Magic Find on your gear and it drops a Diadem, you have a 17.204% chance for that Diadem to be a Griffon’s Eye. With 100 Magic Find on your gear you have 11.063% chance for that Diadem to be a Griffon’s Eye. Going from 100 MF to 500 MF will increase your Unique chance by 6.141%!

Graphs, Graphs, and more Graphs

Now that we know how to calculate our Unique chances, it's time for some Graph! Please keep in mind, these graphs do not show your chance to get a specific item. These graphs show your chance for the Base Item to become an Unique item based on your Magic Find on your gear!
Drop Calculator goes through the complete Treasure Class list for the selected monster, pulls all Base Items that can drop and their probabilities, goes through all necessaries files like treasureclassex.txt, itemRation.txt, weapons.txt, armor.txt, itemTypes.txt, uniqueItems.txt and gets all needed values we talked about and calculates the probabilities for each point of Magic Find and for more or less, each monster in the game… But let's start with something simple:
Chance for a Base Item to become an Unique item (Boss)
Above graph shows the chance for a Base Item to become an Unique item when killing the Act Boss (Duriel, Mephisto, Diablo, Baal). Nothing abnormal here. The more Magic Find you have on your gear the better chance you have for a Base Item to become an Unique item. With 300 MF you have a pretty high chance to get a Class Specific Unique item at 25%! Here are some key details:

• We still have Break Points. There are discrete jumps in the graph. The more MF we have, the more we need for the next jump.
• With 0 MF you still have 6.7% chance for a Normal/Exceptional/Elite Unique Item and 11.2% chance for a Class Specific Unique item.
• With 167 MF you have double (x2) the amount of Unique items then with 0 MF. You chance is now 13.4% for Normal/Exceptional/Elite Unique Item ans 22.4% for Class Specific Unique item
• With 1000 MF you have triple (x3) the amount of Unique items than with 0 MF. You chance is now 20.1% for Normal/Exceptional/Elite Unique Item ans 33.6% for Class Specific Unique item

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Chance for a Base Item to become an Unique item (Unique monster)
Above graph shows the chance for a Base Item to become an Unique item when killing the Unique monster in Area level 85. (standard Pit run, CS run, AT run, WSK run), just for the reference point, Our chances are much lower than from killing an Act Boss. It is because the QualityFactor for Act Bosses is 983 while QF for Unique monsters is 800. (all other values are basically the same except qlvl-ilvl difference which does not affect drop rates that much).
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Chance for a Base Item to become an Set item (Boss)
Above graph shows the chance for a Base Item to become a Set item when killing the Act Boss. Now things are starting to look interesting! Why does it look like this? Because you can reach the maximum chance for Set items easily with enough Magic Find! After reaching that limit, your chances won’t increase any further. In fact, your chances for Rare items start to drop off with more Magic Find! It is because the game always checks for Unique > Set > Rare etc in that order. So more Base Items will become Unique items before they can become Set items.
For Normal Items, it maxes out at 290 MF, for Class Specific items it maxes at 255 MF and for Exceptional/Elite items it maxes out at 520 MF. After those values, you will see less Set items.
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Chance for a Base Item to become an Rare item (Boss)
Above graph shows the chance for a Base Item to become a Rare item when killing the Act Boss. Now things are starting to look really strange! You reach the maximum chance for Exceptional/Elite and Class Specific items early on; you never reach the maximum chance for Normal items. Your chances for Rare items start to drop off with more Magic Find! More Base Items can become Unique items and Set items (or Failed Set items) before they can become Rare items.
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Chance for a Base Item to become an Rare item (Unique monster)
For reference, chances for the Base Item to become a Rare item from a Unique monster are more flat but they still have maximum values and very slowly drop off with more Magic Find.
Now that we know the chance distribution per Unique / Set / Rare, let's look at some graphs for Normal, Exceptional/Elite and Class Specific items per monster kill.
For this part, we can pick the Monster that we are interested in, we can pick an Item Type we are interested in and the quality level of the item (qlvl). If we look at the initial formula above, the quality level is used in the calculation for a Base Item upgrade. Qlvl only affects the drop chance a little, but I wanted to be accurate as much as I can:
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https://preview.redd.it/vujwr8ft2n2b1.png?width=351&format=png&auto=webp&s=3214af2f3708fcaea6684bf86a714fd07e9fd8fd
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Chance for a Exceptional and Elite items to upgrade to specified magic rarity (Boss)
Above graph shows the Chance distribution for all Exceptional/Elite Items that drop from Diablo. Something looks strange… After 420 Magic Find, NO Magic quality Exceptional/Elite Item will drop! But you are sure you saw some Magic items when you were farming Bosses, right? That is because the vast majority of Magic Exceptional/Elite items are Failed Set items! (when farming bosses). There are very few Set items compared to all Base Items. So when RollMagicQuality Function is successful for Set check and calls MakeItemSet, the MakeItemSet function can’t successfully make a Set item because there is no Set item for selected Base Item. Value of 71 for qlvl is used. It is a median level value of all Exceptional/Elite items that can drop from Diablo.
We can see chances for Unique Diadem (Griffon's Eye) is about 17.181% while chances for set Diadem is 46.292%. Ratio between the two is 2.69. If we go to any Online Drop Calculator, Maxroll Drop Calc for example, and we pick Baal (Baal because Diablo can't drop Diadems Base Items) and we compare the chances. We can see the chances for any Player count has same ratio as 2.69.
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Chance for a Class Specific items to upgrade to specified magic rarity (Boss)
Above graph shows the Chance distribution for all Class Specific Items that drop from Diablo. Same thing is true for Class Specific drops. Vast majority of Magic quality Class Specific drops you see from Act Bosses are actually Failed Set items. Value of 43 for qlvl is used. It is a median level value of all Class Specific items that can drop from Diablo.
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Chance for a Normal items to upgrade to specified magic rarity (Boss)
Above graph shows the Chance distribution for all Normal Items that drop from Diablo. Things look a little better for Normal Items. Magic quality items slowly drop off but never reach the bottom. It is because of Divisor value for Magic quality in itemRatio.txt file. Value of 28 for qlvl is used. It is a median level value of all Class Specific items that can drop from Diablo
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Chance for a Exceptional and Elite items to upgrade to specified magic rarity (Unique monster)
Above graph shows the Chance distribution for all Exceptional/Elite Items that drop from standard Unique monsters from Level 85 Area. Just showcasing the upper limits of monsters that are farmed regularly. After 490 MF your chances for Unique items will continue to increase, but chances for every other quality will flatten out or start to decrease. Same goes for Class Specific items, while Normal items for Rare quality will continue to rise slowly.
Now, let's combine all Graphs per Item Type into one Graph that shows Base Item chance to upgrade for selected monster and its Treasure Class:
https://preview.redd.it/ssro5blt3n2b1.png?width=376&format=png&auto=webp&s=035e84edee488ea5daaeaf05f33254ee1c7514c9
Based on selected settings; (what monster are we looking at, Player and Party Settings and if the monster is Terrorized or not), the Drop Calculator picks the corresponding Treasure Class for that monster. It calculates the probabilities for each single Base Item drop for that selected Monster. it checks what Type each Base Item is (is it Normal, Exceptional/Elite or Class Specific item) and calculates the cumulative upgrade Chance for each Unique / Set / Rare / Magic version based on Normal, Exceptional/Elite or Class Specific distribution…
For Diablo kills (for Act 5 (H) Equip A Treasure Class) Item distribution is:

• Normal Items: 67.84870452%
• Exceptional/Elite Items: 20.29650961%
• Class Specific Items: 11.85478587%

If we apply what we have learned so far, we get a Final Graph that looks like this:
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Final Chance Graph
Above graph shows the final Chance for Base Item upgrade. I would like to point out that the reason we are seeing Magic items here it’s because Normal Base Item drops make up 67.85% of all Diablo item drops. Normal Items like Clubs, Maces, Flails, Cap, Quilted Armor, Light Plate etc.
We know that not all Base Items have Unique and Set versions. If we apply that to our calculations and move every item that will always Fail the Unique check and Set check, we get the Final Item Distribution percentage per Magic Find with our gear:
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Item distribution
Let's look at Andariel's final Chance for Base Item upgrade and Item Distribution percentage:
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Final Chance Graph (Andariel)
Item distribution (Andariel)
Because Andariel is now “quest bugged” by default, her Quality Factor for Rare items is 1024. Which means, technically, no Magic item will drop from her. ALL Magic items from Andariel are Failed Set items.
Let's look at Unique Monsters final Chance for Base Item upgrade:
Final Chance Graph (Unique monster)
Chance for Unique upgrade flatlines rather quickly. It goes from 3.510% at 500 MF to 3.959% at 1000 MF. Chance for Set upgrade basically maxes out at 300 MF. Chance for Rare continues to rise slowly but it is because of Normal item types. Exceptional/Elite reaches max around 490 MF and Class Specific reaches max at 220 MF.

TLDR

More Magic Find is always better for Unique items. But for everything else (Set, Rare, Magic items), more Magic Find can mean less! No matter your clear speed or players in the game!
If you want to maximize your chances for that elusive item you are looking for you need to have the optimal amount of Magic Find for that specific item
Just considering EffectiveMF graph is misleading because it doesn't show the true extent of diminishing returns of your Magic Find Gear.
If you have any questions or remarks, please let me know.
EDIT:

Drop Calculator

Since few people have asked for a link to Drop Calc I made, here it is. But before you try it, please read this:
The sheets that you will use are "mfGraph" and "drop". All other sheets are used for calculating.
mfGraph sheet is the one you want. Pick the monster, pick a item type you are looking for (Normal, Exceptional/Elite or Class) and pick the items qlvl. Graph should update. Everything works here
drop sheet gives you overall chance and item distribution for selected monster. Some monsters do not work here: Duriel, Countess, Cow King, Super Uniques, Champions and trash monsters. It takes about 15sec for Google Sheet to update the graph, keep that in mind.
https://docs.google.com/spreadsheets/d/1AlCaXvXqKbpfPTUCzKUUZJ6rMH2esyVWPvNCONXFivk/edit?usp=sharing

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