The invention described herein is directed to (a) slurry hydroprocessing (SHP) of a feed under SHP conditions; (b) deasphalting, under deasphalting conditions the product obtained from said step (a) and recovering a solvent deasphalted oil and solvent deasphalted rock; (c) calcining said solvent deasphalted rock at a temperature of ≦about 1200° F. to produce an ash catalyst precursor; (d) recycling said ash catalyst precursor to said step (a).