Ann: FY 2022 Unaudited Financial Results and Appendix 4E, page-5

Thanks for your input.
It almost appears as though, by not selling the bullion they kept the NPAT artificially low so that it looks bad at first glance.

But when you add the 17 Mio USD profit - which they would have incurred by selling the remaining bullion - to the bottom line and also add the Ten Sixty Four acquisition write off of 12 MIO USD (which is a one time write off), you end up with around 32 Mio USD NPAT which is the number I had in my head.

Which is not bad as it translates into 46,37 MIO AUD NPAT and would easily provide room for a 2c - 5c dividend (4,56 Mio AUD - 11,4 Mio. AUD).

I wonder what they are planning on doing with the cash pile. Tiger Way is easily covered by cashflow (4,5 Mio USD/quarter), so why sit on 117 Mio AUD cash and not return any of that to shareholders and keep them happy?