Ann: Quarterly Activities Report, page-6

I don't think it's a question of "right". It's all about assets and, ultimately, funds. The mineral resource, ore mined but not processed, gold produced but not sold, cash from sales are all assets. Mining converts the resource into ore. Production converts the ore into a gold asset (less costs). Selling the gold converts the gold asset into a cash asset (less costs).

The company will make tactical decisions about how much gold to sell and when based on:

• funding requirements
• expected gold price movements
• hedging commitments (doesn't apply to WAF)
• contractual arrangements with buyers

So the number you look at depends on your focus:

• exploration → mineral resources and grades
• mining operations → ore mined
• production and quality of ore → gold produced, recovery
• operational and capital funding → gold sales