Accounts don't reflect this due to requirements of accounting standards and a lack of explanation, but the company performed a lot better than the P&L indicates.
Gold on hand has increased by 10k ozs. around $14M at current prices.
By my calculation if you add back the currency loss and value the stock of gold at the same cost per oz as last year the profit would be $30M higher. The reason for the appearance of a poor performance is all due to the way cost per oz has effected the accounts. Cost per oz for gold in the balance sheet is nearly $200 less than last year - this makes both the balance sheet and the P&L look weaker for the year ie. gold ozs held have gone up but it's value in the accounts has gone down.
Gold on hand worth $169M(Tribune share $132M, up from $110M last year) Raleigh coming back on line and Pegasus about to fire up.
There is no reason for the share price to have done what it has - it really was a good result.
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