Looking at the balance sheet there are some things I don't understand although they are minor.
1. How can inventories be non-current assets? There is $1m of non-current asset inventories. Note 5. says these are "Korean materials at cost".
2. I'm curious to know what the $1.5m of biological assets are. These have increased in value. I also see that there is a line item for Pastoral company expenses. Are ASM running a pastoral operation on the land at Dubbo? Do they own cattle or sheep?
I also note that there is $105m assigned to exploration and evaluation under non-current assets. I assume this is exploration expenditure which has been capitalised and which will need to be depreciated over time once production has commenced at Dubbo. Just shy of $1m of depreciation expense was booked over the half year.
ASM Price at posting:
$1.25 Sentiment: Hold Disclosure: Not Held
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