Ann: Ramelius H1 FY2019 Results, page-67

The $43.9 million is the cash costs of production less amortisation and depreciation and inventory movements and the $37.5 million is not profit.

Profit from EM for the 6 months to Dec 2018 was $10.8 million as per the report. If you add this to the previous profit reported for this mine the total is $32.9 million, still short of the $40 million paid. Before you shoot your mouth off about other people's accounting skills you better check your own. So after exhausting the open pit they are still not there. They are left with an UG reserve of ~60koz which they currently plan to mine over a period of 2.5 years. Mining rate 398kt/2.5years = 159.2kt/year. Mill utilisation based on the ore coming out of the UG at EM 0.1592Mt/3Mt *100= 5.3% and a satellite pit stuck in environmental approvals. The half year report says there will only be a "small contribution from the underground operation as this mine is developed" in the second half of the 2019 FY. EM will be relying largely on stockpiles for the remainder of this financial year so shareholders better hope the performance of Mt Magnet improves. The profit for Mt Magnet for the last 6 months of $3.6 million seems particularly low to me. How people can't see how marginal these operations have/are becoming I don't know. People will see whatever they want to see. That's just market psychology. We all have a right to our opinions.Esh