" I take your point Esh" do you mean this earlier statement: Ore...

" I take your point Esh"
do you mean this earlier statement:
Ore milled has increased by 47% but profit is down 65%.
that should say :
Ore milled has increased by 47% but statutory profit is down 65%.
which technically, should say :
Ore milled has increased by 47% but the profit figure derived for the purposes of compliance with the current accounting standards is down 65%.
And what rules is Ramelius applying today ( not next week and not last year) in the accounting for stripping costs pre- production at Mt Magnet , at Edna May ? How much goes into the P&L and how much onto the balance sheet as a development asset? Here is what a recent Ernst & Young paper had to say on the topic :
Profit & Loss
Production stripping costs allocated to inventory will automatically end up in cost of goods sold within profit or loss. However, the depreciation or amortisation of a stripping activity asset will now form part of total depreciation, depletion and amortisation on mine properties. And such amounts may normally fall outside of many operating/EBITDA sub-totals. However, an entity may choose to present the depreciation or amortisation of a stripping activity asset as a part of cost of sales or elsewhere in profit or loss.
Cash Costs
Cash costs are a common non-GAAP measure used in the mining industry. As a non-GAAP measure, the way these are calculated may not be consistent. However, some industry bodies have issued guidance on how to calculate cash costs to try and achieve some consistency. For example, the Gold Institute1 defines total cash costs as including onsite mine production costs, transport and refinery costs, general and administrative costs, movement in production inventories and ore stockpiles, transfers to and from deferred stripping (where relevant), and royalties. Such amounts generally exclude non-cash costs such as depreciation, depletion and amortisation and other costs not incurred at the site level.

My conclusion... the accounting standards in the gold industry for amortisation, depereciation, inventory movements and cash costs are as loose as the morals of the prostitutes on Hay street.
So, ConnerEx I don't believe that RMS generated a half year profit of $7million ...I think it is $15million higher ( being the reversal of the $15million in inventory movement from P&L to Balance Sheet ). The number that I can believe is : The net cash from operations for the half-year was $63.5 million compared to $59.6 million in the prior corresponding period
which explains the jump to $108million for cash & bullion ( and yes, I believe that number ).

and, ConnerEx I'm pleased you've taken out that $300K easy and so predictable profit ...I'm hopeful and expecting that you've sold to a buyer who will be buying RMS stock at 80 cents and beyond.