Full year result, page-9

Kinzu, why do you state they have exhausted their inventories?

In the 2013 FR they reported GaW of $2.881m, so approx 2,000 oz in their bullion account. Their gold inventory was reported as $5.463m (at cost). So with reported cash costs of $315/oz that made c. 17.3koz of gold held in inventory as of 30/6/2013. Therefore total of GaW and Inventory of c. 19koz. Over FY14 they have sold 6,000 oz above their production level which would infer they still have c. 13koz. This should appear as c. $5.43m in gold inventory (at $418 costs) in the final financial report due soon, so worth looking out for in the notes to the accounts!