PINL:VITFF - Post by User
Comment by
Greatdaysaheadon May 11, 2023 5:11pm
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Post# 35444147
RE:RE:RE:AGM Meeting Minutes
RE:RE:RE:AGM Meeting Minutes FS are out.... 0.02cad per share !!!!
cost of good sold is huge but has to be analysed.
Associated Documents (sedar.com)
Cost of goods sold
Cost of goods sold was $57.9 million for the three months ended March 31, 2023 compared to $20.1 million for the previous year’s comparable period. The increase in cost of goods sold is attributed to the higher number of gold ounces sold combined with a higher cost per ounce of gold within inventory. The cost per ounce of gold sold is based on the average cost per ounce held within gold inventory on the heap leach pad. The average cost per ounce of gold in inventory is higher year over year due to inflation combined with high production costs per ounce incurred in previous periods, specifically the second half of 2022.
Production costs incurred during the current quarter will affect inventory valuation which will impact cost of goods sold in future periods. Cost of goods sold was also higher year over year due to a reduction in the inventory adjustment as the net ounces added to the heap leach pad (inventory) during the current quarter were less than the net ounces added to the heap leach pad in the corresponding quarter during the previous year