• Completing all of the Merchant's Requests will allow you to buy the unbreakable Elite Knife from the Extra Content Shop for 1,000 points. This will be usable in any playthrough, including your first one.
  
• Yellow Herbs are used to increase your maximum health, however they can only be consumed when mixed with other herbs. To make the most out of them, combine a Yellow, Green, and Red together, then consume it when you are low on health, as the Green+Red will usually heal you to full health.
  
• You only need 6 Yellow Herbs in order to max out Ada's health bar. The seventh one can be sold.
  
• Combining Yellow Herbs into a mixture with a Green and Red herb will allow you to sell them for 10,000₧.
  
• Some rarer gems can be dropped by tough enemies, such as the chainsaw wielding villagers, red robed zealots, or pig-masked chaingunners. These won't be mentioned in the guide.
  
• Common gems can also be dropped by Novistadores (the flying bugs), or randomly found in breakables barrels/crates. These also won't be mentioned in the guide.
  
• If playing on New Game+, any weapons you've picked up in a previous playthrough will be replaced with Gold Bars.
  
• When trading Spinels with the Merchant, the priority should be: Treasure Map (if you want it, though it should be unnecessary with this guide), Small Keys, Ada Charm, Exclusive Upgrade Tickets (if you want them), Treasures, Gems.
  
• Most chapters will only have one Yellow Herb and one request. The exeptions to these are Chapter 1 (which has no Yellow Herbs or Requests), Chapter 2 (which has two Yellow Herbs), and Chapters 5+6 (which both have two Requests)
  
• You may notice some breakable barrels/crates are painted red in these screenshots. I'm using a mod that changes the paint color.[www.nexusmods.com]

Gemstone Bonuses
Some treasures can be sold as-is, but others can be inlaid with gems to increase their value.
Some gems are more common than others, with Rubies being the most common, and Red Beryl being the rarest.
The rarity of the gemstone can determine the price you get for the combined treasure, but also keep in mind that different combinations of gems get different bonuses. See the following chart for those:
Be sure to consider whether it's worth using multiple rare gems for a bigger bonus, or one of each for slightly less in exchange for not using up all your rare gems at once.
From the treasures menu, you can inlay gems, check the price, then remove them and check others.

I've done a similar guide for the original game and that version of Separate Ways here: https://gtm.steamproxy.vip/sharedfiles/filedetails/?id=3529537335
I may make a version of this for the main story of RE4:Remake, but no promises!

Treasure: Elegant Headdress (7,000₧)
When you leave the castle and jump down onto the fort, head across the bridge and go through the small building to find a chest containing the Elegant Headdress.

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Treasure: Splendid Bangle (Combinable)
Go down to the lower floor and open the small chest next to the gazebo to find a Splendid Bangle.

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Weapon: SR M1903 or
Treasure: Gold Bar (10,000₧)
Next to the circular room where you shoot the weight holding down the cannon, you'll find the SR M1903 Rifle on a table. You'll also find the Scope beside it. Make sure to combine them if you wwnt to use it!
If you've picked the rifle up in a previous playthrough, it'll be replaced with a Gold Bar.

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Ruby (Gem)
Before grappling up to the next area, go down the stairs to the West and grab the Ruby from the small chest.

Treasure: Red Gemstone Ring (6,000 ₧)
Partway down to the bottom at the beginning of the chapter, cross a bridge to the Eastern side of the area to find a large treasure chest with the Red Gemstone Ring inside.

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Yellow Herb #1
Passing through the gate that the Pig-Masked man bursts through, you'll see the first Yellow Herb sitting on some wooden boards.

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Treasure: Flagon (Combinable)
After leaving the villa (the one where Leon and Luis held out against a bunch of villagers in the main game) through its front gates, turn to the right and take the side path round to the back of the villa to find a treasure chest containing the Flagon.
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Merchant Request #1: Eradicate the Blue Medallions
Turning around after reaching the locked puzzle door, you can grapple up to a higher point to find the Merchant's Request. Note that you don't have to actually pick up any of these requests in order to turn them in, but they'll still be shown in this guide.

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Medallion #1 can be seen from where you picked up the request.

Turn around to shoot Medallion #2

Look below the previous one to find Medallion #3.

Grapple back to the area with the puzzle door and turn around to see Medallion #4.

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Yellow Herb #2
Once you've gotten past the front gate of the church, the next Yellow Herb will be directly ahead of you.

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Treasure: Ruby (Gem)
Grapple up to the side of the church and shoot the bird nest to get a Ruby.

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Treasure: Glasses (3,500₧)
Once you leave the front gates of the church, take the left path until you run into a bunch of villagers who are slowly walking towards the church. One of them will be wearing the glasses owned by the one of the police officers at the beginning of the game. Kill him to steal his stolen glasses.
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NOTE:
You'll soon run into the Merchant. With the spinels you've earned for completing his request, make sure to pick up as many Small Keys as you can. You can also buy the treasure maps if you want, I won't be hurt.
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Treasure: Velvet Blue (2,500₧)
In the building next to where the Merchant has set up shop, look up at the ceiling to find a hanging lantern. Shoot it and it'll drop a Velvet Blue.

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Treasure: Elegant Perfume Bottle (10,000₧)
When you arrive in the village square, go round the side of the big barn to the Northwest and grapple in through the upper window. Open the treasure chest to get the Elegant Perfume Bottle.

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Treasure: Gold Bangle (8,000₧)
In the house next to the big barn you were just in, use a Small Key to open a dresser containing the Gold Bangle. If you don't have a Small Key, head back to the Merchant and trade your spinels for one.

You may notice that there's another treasure on the map to the Northeast, but that area is inaccessable at the moment, so we'll have to grab that later.
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Treasure: Sapphire (Gem)
In the house to the South, open the case in the back room to get a Sapphire.

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You may notice that there's another treasure on the map to the Northeast, but that area is inaccessable at the moment, so we'll have to grab that later.

Treasure: Extravagant Clock (Combinable)
In the Village Chief's Manor, pick up the Extravagant Clock sitting above the fireplace.

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Note:
There's a treasure in a chest outside the manor, but don't worry about it on your way out this time, as you come back here later.
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Treasure: Emerald (Gem)
Before entering the abandoned factory next to the Merchant, take the Southeast path and shoot down the hanging lantern near the end to get an Emerald.

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Merchant Request #2: Jacket of All Trades
The next request can be found just next to the doors to the Abandoned Factory.

One of the villagers you encounter inside will be wearing a familiar jacket. His position can vary depending on whether you've alerted any enemies, but if you've been stealthy, he should be standing in the same place as the screenshot. Kill him to steal his stolen jacket.
To complete the request you'll have to sell it to the Merchant. While you're speaking with him, make sure to trade some more Spinels for a second Small Key if you haven't already.

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Weapon: Blast Crossbow or
Treasure: Gold Bar (10,000₧)
In the middle room where Leon got his gear back in the main game, you will find a Blast Crossbow sitting on the table. If you're playing New Game+ and already collected it in a previous playthrough, it'll be replaced with a Gold Bar.

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Treasure: Gold Bar (10,000₧)
Another gold bar can be found in the locked dresser next to the table where you found the Blast Crossbow. If you haven't already gotten a Small Key by trading in Spinels to the Merchant, you can open the door to your right and go back to him quickly.

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Yellow Herb #3
Outside the room all the way to the South (where Leon and Luis were chained up in the main game), a Yellow Herb will be sitting in the corner.

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Treasure: Red Beryl (Gem)
Now you've returned to the manor, exit using the back door and open the large chest to the left of the well to find a Red Beryl.

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Treasure/Healing: Gold Chicken Egg (9,000 ₧)
In the Northern house where you found the locked dresser in Chapter 2 (as a reminder, if you didn't open this with a Small Key yet, this will be your final opportunity), check the bed to find a Gold Chicken Egg that has been laid since your last visit. This can be eaten to restore a huge amount of health, or can be sold for 9,000 ₧.

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Treasure: Antique Pipe (7,000₧)
Now that you can access the Northeastern part of the Village Square, you can enter one of the small shacks to find an Antique Pipe inside a case.

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Treasure: Pearl Pendant (5,000₧)
Behind the fence as you enter the farm, take a look at the small windmill. There will be a lantern hanging from it, but be careful. If you shoot the lantern into the muddy water, Ada will refuse to pick it up. Shoot it down as it's on the right side of the windmill to make it drop onto the floor instead.

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Treasure: Yellow Diamond (Gem)
There is a lantern hanging from the side of the giant windmill too. Shoot it down to get a Yellow Diamond.

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Treasure: Sapphire (Gem)
Before crossing the bridge that has a bunch of villagers beyond it, enter the room to the right and reach the end to find a case containing a Sapphire.

Treasure: Gold Bar (L) (15,000₧)
After following Luis through the fire and the flames, follow him to the top of the stairs, then turn around before climbing the ladder. Grapple to the nearby ledge and open the large treasure chest to get the Gold Bar (L).

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Treasure: Velvet Blue (2,500₧)
In the room that holds the first ingredient, before picking it up, look up at the ceiling and shoot down the hanging lantern to get a Velvet Blue.

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Treasure: Vintage Compass (8,000₧)
In the room with all the suits of armor once you've opened the gate with the Crimson Lantern, check behind one of the cabinets to find a treasure chest with a Vintage Compass inside.

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Treasure: Ornate Necklace (Combinable)
After using the Silver Bottle for the first time, turn to the right in the hallway before taking the stairs down, and use a Small Key to open the dresser.

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Treasure: Alexandrite (Gem)
Once you pick up the Gold Bottle, you'll be stuck in a room for a little while. Eventually, the back of the room will open up, where you can find a small chest containing the Alexandrite.

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Treasure: Elegant Chessboard (13,000₧)
In the same room, instead of placing the Silver Bottle to open the left door, instead place the Gold Bottle to open the right one, which will contain a treasure chest with the Elegant Chessboard inside.

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Merchant Request #3: Eradicate the Blue Medallions 2
Shortly after the bottle room, you'll climb a ladder and meet up with the Merchant once again. On the barrel to the left of him will be a notice for the next request.

This request is to shoot more Blue Medallions in the garden maze, but before that, we still have a couple more treasures to find.
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Treasure: Velvet Blue (2,500₧)
Once you've left the Merchant's room, approach the fountain and you'll be able to grab a Velvet Blue sitting on its edge.

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Treasure: Red Beryl (Gem)
Before entering the hedge-maze, go through the archway opposite from its entrance. You'll find another fountain behind a door, which will have a small chest next to it that contains a Red Beryl.

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Merchant Request #3: Eradicate the Blue Medallions 2
Once you've dealt with the enemies in the maze, you can begin your medallion hunt.

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Medallion #1 is found in the center of the maze, up the stairs.

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Turn around from the previous medallion in the center of the maze and look up to see Medallion #2.

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Grapple to the Southwest part of the maze to find Medallion #3 in one of the dog cages.

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Medallion #4 is found by climbing up the ladder to to the tower in the Southeast corner of the maze.

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Medallion #5 is found outside of the staircase where you found the first one. From the Southeast corner, travel North under the stairs then turn around to shoot it. You'll also find another treasure close by.

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Treasure: Butterfly Lamp (Combinable)
In the Eastern section of the maze, there will be a small side room with a treasure chest that contains the Butterfly Lamp.

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Note:
Before continuing, speak to the Merchant again to get your reward for completing the request, and trade your Spinels for another Small Key.
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Treasure: Sapphire (Gem)
Immediately after entering the door using the Blue Moonstone, you'll find a small chest on a table that has a Sapphire inside.

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Yellow Herb #4
Now that you're outside, you should see the Yellow Herb immediately in front of you, resting on a box. Grab it before grappling up the wall.

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Treasure: Ruby (Gem)
After the cutscene, instead of climbing down the side walls, go down the stairs and head to the lowest floor of the section you're currently on to find a small chest with a Ruby inside.

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Treasure: Golden Hourglass (10,000₧)
On the broken pathway with multiple Sun and Moon doors, go down to the middle floor and switch the lever to "Moon." Drop down further to the bottom enter the Moon door to find a large treasure chest with a Golden Hourglass inside.

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Treasure: Yellow Diamond (Gem)
Just outside the Collection Room will be another small chest containing a Yellow Diamond. Make sure to grab this before getting the Blue Butterfly in the next room.

Treasure: Pearl Bangle (12,000₧)
When the chapter starts, instead of following the footsteps down the stairs in front of you, immediately turn to your right and go outside. Turn around again and climb the ladder to the top, where you'll find a treasure chest with a Pearl Bangle inside.

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Treasure: Elegant Crown (Combinable)
Following Luis's footsteps, you'll see a broken hole in the floor, which you can go through to get a couple of items, but it'll just loop back here. When you come back, instead of dropping through the hole, go through the path to the left this time, and continue into the lower room. After encountering a few enemies, you'll find the Elegant Crown in a treasure chest.

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Treasure: Velvet Blue (2,500₧)
After seeing Luis's message, Ada will descend a tall tower. Once you reach the bottom, instead of progressing forward, go back up the stairs as far as you can and you'll see a Velvet Blue on a small ledge.

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Yellow Herb #5
In the waterways, you'll face a trio of zealots. Just behind them will be a Yellow Herb sitting on the ground.

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Treasure: Ruby (Gem)
Directly above the Yellow Herb you just found will be a hanging lantern. Shoot it down to get the Ruby inside.

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Merchant Request #4: Lord of the Waterway
Just outside the Merchant's room will be a new request. Pick it up, though there's still a few other things to get first, so we'll get back to this request later.

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Weapon Mod: Biosensor Scope (Rifle) or
Treasure: Gold Bar (10,000₧)
In the room where you have to turn the valve to lower the water, there will be a case next to it that contains a Biosensor Scope for your rifle. If you're playing on New Game+ and already collected it in a previous playthrough, it'll be replaced with a small Gold Bar.

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Treasure: Gold Bar (L) (15,000₧)
Also in the room where you turn the valve is a locked dresser, which can be opened with a Small Key. Inside you'll find a Gold Bar (L). If you don't have a Small Key, you will be completing a new request soon, so you can go back to the Merchant and trade some Spinels for one once it's complete.

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Treasure: Mirror with Pearls & Rubies (10,000₧)
After draining the water, keep going through the room and take the right exit. Ahead of you will be a treasure chest containing the Mirror with Pearls and Rubies.

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Treasure: Alexandrite (Gem)
Go back to the Merchant's room and climb down the ladder. Go through the hole in the wall ahead of you. Keep moving forward until you reach a ladder. Climb it to reach the treasure chest you may have seen when you first entered the waterway. Inside will be an Alexandrite.

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Treasure: Yellow Diamond (Gem)
From the Merchant's shop (or the opposite side), drop into the water and then go into the long room through the hole to the Southwest. Near the end of this room, you should see another lantern hanging undera bridge. Use your knife to knock it down and get the Yellow Diamond inside.

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Merchant Request #4: Lord of the Waterway
Just beyond where you got the Yellow Diamond, we can finally complete the Merchant's request. At the end of this pathway will be a small crawlspace below some hives. Your objective is to kill and sell the big fish that's hanging around in this hole. It'll be a lot easier to spot if you've equipped the Biosensor Scope to your rifle.

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Merchant Request #5: Bug Buster
After climbing the Clock Tower, you'll find the Merchant once again. Nearby will be another request. This request involves killing three camouflaged Novistadores (the flying bugs you've been fighting). Unlike others, these will stay camouflaged even if you get pretty close, so using your Biosensor Scope to find them will be a big help.

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Request Target #1
Once you pull the lever that starts moving the rocks, look at the ceiling between the first and second rock to find the first Novistador.

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Treasure: Depraved Idol (15,000₧)
To find the next treasure, return to the center of the area and start heading back to where you pulled the lever to start moving the rocks. Instead of climbing the ladder this time, you can now access the East passage guarded by a moving rock, which contains a treasure chest with the Depraved Idol inside.

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Treasure: Emerald (Gem)
On your way out, you'll have to pass by two crushing rocks. In between the two of them will be a hanging lantern. Shoot it down to get the Emerald.

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Request Target #2
As you go up the stairs leading outside, another camouflaged Novistador will be on the ceiling.

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Request Target #3
The final Novistador will be outside. Before you climb the ladder at the top of of the fort, turn around and shoot the Novistador hanging on the wall.

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Treasure: Brass Pocket Watch (8,000₧)
In the room with the Typewriter after taking the elevator, you can find another hanging lantern in the room that'll drop the Brass Pocket Watch.

Treasure: Crystal Ore (14,000₧)
The Northwest of the Amber Storeroom will have a treasure chest that contains the Crystal Ore.

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Yellow Herb #6
Immediately after leaving the Amber Storeroom, you'll see a Yellow Herb sitting on the ground. If you've found and used all the others so far in this guide, this one will max out your health. There's one other Yellow Herb to be found in Chapter 7, though that can be sold to the Merchant, who'll buy it at a high price.

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Treasure: Alexandrite (Gem)
Before taking the elevator down, shoot the hanging lantern to get an Alexandrite.

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Treasure: Red Beryl (Gem)
Shoot the lantern hanging from the wrecking ball crane to get the Red Beryl inside.

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Merchant Request #5: Beautiful Beetles
The next request can be found just by the Merchant inside the building. Your objective is to find and sell two Ornate Beetle treasures. One of them will be a lot easier to obtain if you have a rifle with a Biosensor scope attached.

As a side-note, make sure to get another Small Key from the Merchant if you haven't already got one.
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Treasure: Ornate Beetle (12,000₧)
When you drop into the room with the four purple stasis chambers, walk forward to bait out the three soldiers in the next room. Once they're dealt with, aim at the stasis chamber that has a Regenerador inside. If aiming with the Biosensor Scope, you should be able to see its weak points, along with the Ornate Beetle it seems to have eaten. Killing the Regenerador will get you the first of two Ornate Beetles for the Merchant's Request.

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Treasure: Ornate Beetle (12,000₧)
The next Ornate Beetle can be found in one of the Dissection Rooms. Break open the glass to grab it.

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Treasure: Velvet Blue (2,500₧)
A different Dissection Room has a Velvet Blue inside a breakable glass cabinet.

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Treasure: Golden Lynx (Combinable)
In the Kitchen area after picking up the Power Unit, you can find a treasure chest in a small alcove that contains the Golden Lynx.

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Treasure: Illuminados Pendant (18,000₧)
After the kitchen, you'll encounter another Regenerador. In the hallway beyond that one is a tougher variant called an Iron Maiden. If you manage to kill this one, it'll drop the Illuminados Pendant.

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Treasure: Gold Ingot (20,000₧)
Before grappling up to the next area, check the room to your right to find a locked dresser with smiley faces on it. Use the final Small Key to open it and obtain the Gold Ingot. If you haven't got a Small Key, grapple up to the next room and you'll loop back round to the Merchant from earlier. Sell the two Ornate Beetles to complete the request, then use the Spinels to buy the Small Key.
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Merchant Request #7: Bug Buster
The final Merchant Request is to kill three more camouflaged Novistadores. While the first one can be shot now, I'd suggest killing the two gunners aiming their laser sights at you before you try getting any others.

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Request Target #1
Before jumping down into the open area, turn to your left and shoot the camouflaged Novistador.

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Treasure: Gold Bar (L) (15,000₧)
After destroying the two gunner nests, go back to the wide area you started in and open the dumpster. Inside will be a Gold Bar (L).

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Request Target #2
The next camouflaged Novistador is all the way up in a tower, which you can see from a few places, particularly by the tent where the Pig-masked Chaingunner emerged from.

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Request Target #3
The final camouflaged Novistador is just behind the third gunner nest. You can either shoot it from the bridge, or get a lot closer for an easier shot after you've grappled to the other side of the area.

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Treasure: Sapphire (Gem)
After you push aside the broken wall and enter the labs, you'll see a window into a room with a lot of green lights. In front of that window on your side is a hanging lantern that holds a Sapphire.

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Treasure: Ornate Necklace (Combinable)
After grappling up to escape an enemy, you'll find yourself near that green hallway you saw earlier. But before you pass through it, head through the small door to the left to find a case on a table that contains the Ornate Necklace.

NOTE:
Almost immediately as this chapter starts you'll run into the Merchant. Speak to him to turn in the Bug Buster request, and assuming you completed all the other requests too, you can now unlock the unbreakable Elite Knife.
To do so, save your game (if you want. You may have already saved at the beginning of the chapter) and return to the title screen. Choose "Bonuses", then "Extra Content Shop".
From here, you can buy the Elite Knife in the Separate Ways section for 1,000 points. Once you load your save, the knife will be in your typewriter storage. Feel free to sell any other knives you have in your inventory, as this is the only one you'll really need.

Yellow Herb #7
As soon as you exit the elevator, the final Yellow Herb will be behind you. Assuming you collected and used all the previous ones, your health should already be at its maximum. This is still worth picking up, as a Yellow+Green+Red mixture can be sold for 10,000₧.

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Treasure: Velvet Blue (2,500₧)
Turn around from where the Yellow Herb was and face the elevator. Hanging from the top will be another lantern, which drops a Velvet Blue.

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Treasure: Beret (10,000₧)
As you walk down the stairs from the elevator area, a soldier wearing a familiar looking beret will attack you. Kill him to steal his stolen hat.
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Treasure: Staff of Royalty (25,000₧)
At the bottom of the steps where the beret-wearing soldier attacked you, you'll find a treasure chest to the left that holds the Staff of Royalty.

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Treasure: Justitia Statue (12,000₧)
After riding the next elevator, there will be another treasure chest just before the Merchant's final shop. Open it to get the Justitia Statue.

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Treasure: Ruby (Gem)
While you may have just seen the final Merchant in the game, there is still one more treasure to collect. In the middle of the next room, a lantern is hanging from the ceiling. Shoot it down to get a Ruby, the final treasure in Separate Ways. With this, you should go back to the Merchant and make your final sales and purchases.


Good luck with the rest of the final chapter!