Lump sum of $12.2 million sales unreported over gold sales..STGO's gold sales begun Q2'2020, around 5 quarters they sold gold & silver. Q2'2020 to Q2'2021......but my calculation shows $12.2M unreported sales. Or they don't know how "average realized price" is calculated? Simple, by dividing recognized cash sale to real oz sold..
Here is my calculation basics:
1. Reported sales -> from MD&A & Financial statement
2. Oz sold -> from MD&A
3. Declared average realized price -> from MD&A
4. Calculated total sales -> average realized price x oz sold
5. Difference between Reported sales & Calculated sales -> Sum of reported sales - Calculated sales based on average realized price
6. BoM (central bank) average purchasing price -> (Max price + Min price)/2 = Average price per gram (in MNT) / forex average rate MNT/USD over period = Average price per gram (in USD) x grams per troy ounces = Central bank's average purchasing price per Oz
Below table:
| Indicators | Q2'2020 | Q3'2020 | Q4'2020 | Q1'2021 | Q2'2021 |
| Sales in total $ from MD&A/FS | $19,520,000 | $19,360,000 | $52,097,000 | $1,634,000 | $10,771,000 |
| oz gold sold | 12,458 | 11,352 | 31,733 | 945 | 6,558 |
| oz silver sold | 3,728 | 6,553 | 13,710 | 861 | 693 |
| MD&A average realizable price oz gold | $1,714 | $1,930 | $1,822 | $1,938 | $1,852 |
| MD&A average realizable price oz silver | $15 | $24 | $20 | $26 | $26 |
| Calculated total sales (oz gold x avg.price) | $21,353,012 | $21,909,360 | $57,817,526 | $1,831,410 | $12,145,416 |
| Calculated total sales (oz silver x avg.price) | $55,920 | $157,272 | $274,200 | $22,386 | $18,018 |
| Total calculated sales $ | $21,408,932 | $22,066,632 | $58,091,726 | $1,853,796 | $12,163,434 |
| Difference between MD&A sales & calc. sales $ | ($1,888,932) | ($2,706,632) | ($5,994,726) | ($219,796) | ($1,392,434) |
| Estmated average realized price per oz gold | $1,567 | $1,705 | $1,642 | $1,729 | $1,642 |
| Central bank's purchasing price - average $ per oz | $1,674 | $1,909 | $1,849 | $1,812 | $1,795 |
| Central bank's purchasing average price - gold | Q2'2020 | Q3'2020 | Q4'2020 | Q1'2021 | Q2'2021 |
| Max price per gram in MNT | 160,610.51 | 188,984.59 | 177,640.93 | 177,873 | 174,106.35 |
| Min price per gram in MNT | 140,578.94 | 160,344.52 | 161,299.30 | 154,096 | 154,756.70 |
| Average price per gram in MNT | 150,594.73 | 174,664.56 | 169,470.12 | 165,985 | 164,431.53 |
| Average forex rate during period MNT/USD | 2,798.89 | 2,846.33 | 2,850.04 | 2,849.73 | 2,849.57 |
| Average price per gram in USD | 53.81 | 61.36 | 59.46 | 58.2 | 57.70 |
| Grams per troy ounce | 31.10 | 31.1035 | 31.1035 | 31.1035 | 31.1035 |
| Average realized price per oz in $ of Central bank | 1,673.53 | 1,908.66 | 1,849.49 | 1,811.65 | 1,794.79 |
Used reference: 1. BoM Bank of Mongolia (Central bank's) gold/silver daily purchasing prices:
https://www.mongolbank.mn/eng/dblistgoldsilverprice.aspx?vYear=2020&vMonth=4 2. BoM Bank of Mongolia (Central bank's) monthly average forex rate:
https://www.mongolbank.mn/eng/dblistofficialaveragemonthlyrate.aspx?vYear=2020&vMonth=07 Definitions:
What is average realized price? Here is definition: ".....
Price realisation is the average selling price per unit of the product / commodity for the business. It is
useful in computing sales realisation over different periods and different geographies for the same business and different businesses in the same sector...." ..... So, average realized price is an estimated price based on dividing sales amount $ by oz gold/silver sold. It's very important information because investors/shareholders see average calculated realized price then benchmarking with market / central bank purchasing price.......