You raise some good questions nbbirch and I’ve just emailed the company to find out definitively whether the gold is hedged (even though they did state in the annual report that bullion was sold at spot).
One thing that I did notice is they have a large stockpile of ore waiting to be processed.
Doing some rough calcs on Tribunes ore entitlement:
27800 * 37.5% = 10425 (tonnes)
8500 * 75% = 6375
41000 * 75% = 30750
Total ore stockpiled 47550 and say 35% of that will be converted to gold means they have potentially 16642 ounces out of the ground (say 16642 * $1000 = $16,642,000 – processing costs)
This might be the reason behind some of these discrepancies? Mind you I might be completely off the mark with my understand here.
All the best
corps
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