Ann: Annual Report to shareholders, page-22

So in summary there are a number of apparent oddities in IMAs financial reporting that I'd want to see cleared up. Doesn't change the inherent project value, but if the public financial reporting has some apparent oddities and is short on disclosure then does, for example, project appraisal information that is then put to market? Summary:

- deferred tax classification is incorrect and they should have none as a current asset. This is factually inaccurate and not permitted under the relevant framework

- strange unexplained accounting with regards the FX on their borrowings. They have kept this out of normal earnings and pushed it through OCI with no mention of hedge accounting (which is the only potential way that I could see this could be achievable - e.g. formulating a stated hedge strategy to hedge future sales denominated in USD for example). Anyway hedge accounting is a privilege not a right and requires disclosure and documentation and I see none of that.

- no mention of FX risk and sensitivity in the financial risk management note. I would have thought that other than liquidity this is probably one of the larger items and larger than the interest rate risk that is disclosed.

- NRV write down in inventory (heavy mineral concentrate) appears to have been recycled from the P&L back into the inventory value or never went there at all (it's unclear). They didn't sell it so it wouldn't be part of the net proceeds from selling the inventory during the testing phase that might be included in PPE and capitalising initial operating losses isn't permitted.

- old language used in financial asset disclosures and potential inconsistencies on the sale of certain items where those retained have mark-to-market amounts included in reserves (which must mean the irrevocable election for such equities has been take), but miraculously that wasn't take for those sold (the P&L has some gains and where the election is taken no recycling of gains and losses on sale is permitted under the new rules). Peanut amounts but illustrative of the attention to detail.

I sold my holding for a small profit as I can't trust what I am reading when I see a number of issues and disclosure shortcomings from a short read of the accounts

DYOR blah blah blah