Plenty to be happy about, with exciting 6 months ahead, page-6

Only the ounces of ore stocks are shown in the quarterlies. In the annual report, the value but not the ounces are shown. Therefore not easy to get a clear understanding. In June ounces were 19014 and the value in the annual report was $A 5977k = $ 314 per ounce. June 23 gives similar numbers. In other words, the quarterlies were misleading - by using 19000 of contained gold you get the impression there is a lot of value....

The drop from ~ 19 k ounces to ~ 4k ounces will partly be due to toll production, but I think it also means increased transparency....which is a good thing. They are showing lower volumes of contained gold stocks so that the reader doesn't think there is vast value in the stockpiles - which there never was. Quarterlies don't get audited but annual financial statements do.

What a crock to show 19000 ounces of contained gold and then value the pile at $ 314 per ounce. I see this down ward statement of contained gold ounces as an attempt to report more accurately.