Ann: Half Year Accounts, page-9

I've gone thru and adjusted the half's P&L to reflect the real profit if ALL the gold credited to the perth mint was sold. This would mean sales of 46,864ozs instead of the actual gold sold of 34,068ozs. The result is profit goes up to 33c per share for the half year on an after tax basis.

At a share price of $3.77 and assuming a full year profit per share of 66c, equates to 17.55% return AFTER tax.

My calculations are included below and you will see the average price received was $1,529 per oz of gold.

Gold is currently $1,652 per oz.

About time the price started to increase.