Ann: Annual Report to Shareholders, page-14

TBR use a "First In First Out" inventory valuation method. As it suggests the gold siting on the shelf the longest is first to be sold. RND have more gold than TBR in inventory relative to it's size so when they sell gold the bars are older, were mined when margins were much higher, and therefore have a much lower cost associated to them..... This led to RND adding cost to inventory and TBR releasing cost from inventory.

I agree, however, the $33M amount released by TBR is concerning. I've had an issue with the accounts for years because I don't believe they provide a 'true and fair' view of the company. It is possible that TBR are very close to having to make inventory cost write downs when the gold price is down around $2,500. If it wasn't for the older/cheaper gold held by RND, and that it is consolidated into the TBR numbers, I think the auditors may have had to address the issue in their report and/or force a write-off.