Ann: 2016 Full Year Statutory Accounts and Appendix 4E, page-29

Profit after tax of $22.4M.
Add back $10M for movement in USD relating to borrowings. Adjusted for tax say $7.5M
Profit for the year $15m.

Then you have to make a determination on the $50M added to inventories over the 12 months. Should any(all?) of it have been expensed, .....when the number of tonnes stockpiled actually declined by 500,000 tonnes and the gold contained in those tonnes declined by 16,000ozs. Less stock on hand but treble the value.

.......So did they really make a profit.

.........And if this is true, it does not reconcile with SJ's statements that unit costs last year to this have declined. The same qty of inventory has trebled in price.

In addition with $41M in loans falling due in the next 6 months, they had no option but to raise funds.

This is not a good report.