Ann: Half Yearly Report and Accounts, page-20

As IGO well knew, if you are depleting an asset (reserves) you have a big hit to the P&L each period. RRL paid a fortune for Tropicana and has to depreciate its costs including the ridiculous price they paid to buy the asset (mine cost) and the plant and equipment. The only real measure of profitability is statutory NPAT which has gone from $85m last year to $26m this year.
Talking about gold revenues is a furphy. It's about how much profits you make.
Whenever a company talks about EBITDA it's a sign they are hiding poor profitability. In this case, it is quite clear that their margin is 9% compared to 22% last year. The Board should be fired.

The write-down of stockpiles is a concern too. Somebody doesn't seem to know what they are doing. How did they ever get recorded at such a high level that this is required? Did they fudge the purchase cost of Tropicana and drop some of the cost here which the auditors picked up?
Either way, you have to be incompetent. There is a reason you never see this happen in producers(they're not incompetent). I never had it happen with any operation.

This shows NPAT down by 69% at the beginning which is honest and hits you in the face (probably statutory).
https://wcsecure.weblink.com.au/pdf/RRL/02489382.pdf
But otherwise their 3 different reports deliberately hide what the % changes are on the results from last year. Hiding bad results in 2022 just isn't good enough.

But they have 27% of their executive and senior management positions held by women and they released their Modern Slavery Statement (for a company with all Australian operations) so clearly, they have their priorities right!