Ann: Quarterly Report March 2013 , page-31

FY11 was the last full year reported before the commencement of the mine/mill redevelopment.

Using the same methodology for all-in costing:

A: NPAT = $110.355m

B: Gold sold = 96,217 oz

C: Average gold price = $1,371/oz

D: Profit per oz = A/B = $1,147 per oz

E: All-in costs = C - D = $224/oz

note: cash costs that FY were quoted at $184/oz


re exploration costs:

Exploration costs which are directly part of operations (ie grade control, vein advance before stoping, etc, are expensed as part of OP costs.

All wide area exploration (Bananghilig, Saugon, Lingig, et al) are correctly capitalised (and shown in cash flow statement) and will either be written off if tenement is abandoned (ie Anoling) or eventually expensed (in profit & loss) if the tenement is put into operation.
CPDLC