There have been manyof comments about the opaqueness of the accounts but I think that the questionof the actual value of the gold holdings is not in dispute The auditor’s report states:
As at 30 June2023, the group’s inventories are mainly comprised of:
-Gold bullion of$183,753,736
-Silver of$6,355,699; and
-Ore stockpilesof $9,238,386
Furthermore the auditorsstate that their judgements included “Obtaining third party confirmationon existence of gold bullion and silver on hand at reporting date”.
So I am tending tobelieve that the accounts as far as the gold holdings go are accurate but would be interested to hear yourcomments.
Relax guys. The EV as currently calculated for a share price of $3.01 and June 23 account figures is zero!
Ann: Annual Report to shareholders, page-30
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