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I'm not a professional accountant by trade, although I keep books for business. It seems to me that they made a mistake in their Production costs section (a big and daring call, I know).
Opening inventory: $530,000. That would be a "current" market value of the opening ore, transferred from 2016. "Current" however it was priced the same in 2016. What market price is it based on?
Total of their expenses for labour, earthmoving, laboratory,..: $387,670. That as outgoing expenses should be in brackets.
Closing inventory: $917,670. This sum equals opening inventory + expenses. $530,000 + $387,670 = $917,670! That's wrong or do they aggregate expenses among their inventory?!
I don't think they meant to say how much are they recovered at all. What the report says, in my opinion, is how much worth of ore they had at a start and how much they have spent so far on recovering more without mentioning how much new (dug out 2017) ore they've added to the old one. When do they actually find out how much new ore they have processed? I guess only when the pile looks big enough (there will surely be some estimates/calculations on how much goes through the plant per hour/day), so they can load it on trucks and send the trucks on a weight bridge. Or the weighting might happen when handing over the load to traxys.
I suppose that production costs section was meant to say this:
Opening inventory: $530,000
Employment and..: ($221,859)
Chemicals and co..: ($18,296)
Earthmoving : ($37,690)
Laboratory exp..... : ($10,140)
Ore processing : ($99,685)
Closing inventory : $530,000 + whatever is new. Not recorded yet
Total production c.: $142,330 value of the 2016 ore - production costs.
They put the same sum $917,670 into their consolidated statement of financial position on page 29 though. It's a big number in their current assets though. Either I don't understand it at all (I'd be rather wrong) or they made a trivial algebraic mistake in their production costs summary which they copy pasted to their consolidated FP statement. I dare not to say they they have misleading accounting practices such as Slater & Gordon though.
Happy to be corrected.
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