We stockpiled much of our high-grade gold and silver concentrates produced during the quarter in preparation for pouring Doré bars in our new Doré facility, which we began commissioning at the end of the quarter and which increased our unsold inventories. We recorded a $(0.03) per share loss which was contributed by unsold concentrate inventory as a result of stockpiling the high-grade concentrates for the Doré facility process. These inventoried ounces are planned to be processed and sold during the fourth quarter as Doré bars.
However, when 4q14 came around there was no catch-up of gold sales, in fact for a second quarter running gold sales were substantially less that the reported production. Precisely, GORO produced 8,865 oz gold and sold 6,026 oz gold. And I thought that was rather strange. However, I thought the extra retained gold may wash out through the next couple of quarters, so I waited through the 1q15 numbers and to tonight, when GORO announced its 2q15 financial results.
- There’s still no sign of the missing gold.
- It’s not in the inventories any longer.
- GORO hasn’t made a single mention of the shortfall in 2015
- And that’s not just a shortfall from 3q14, there’s one in 4q14 as well.
- When you add up those numbers, GORO has produced 30,524oz gold in the last four quarters.
- But in the same four quarters GORO has only sold 24,732 oz gold.