What about...

Once agreement on purity level is achieved, the refined gold is exchanged for certificates which are accounted for as a marketable security and ultimately sold to fund operations.

$67,481 of gain in the quarter ($68,964 YTD) was recorded in revenue for the increase in the market value of gold certificates held

.

It looks like sgr is holding back some percentage of gold certificates, and selling these certificates when it, and POG, suits them. Which might be good....building up an inventory of gold certificates (on real gold).

They did well in Q2 with 15koz production, so really did divert energies away from production. Probably they milled more the 33kt in Q2 ? Hinge tonnage not included? They recovered 33453x0.233 in Q2 = 11,039oz, which means a *115%* recovery rate on 9561 contained oz, or a 73% recovery on 15koz - I'm ready and waiting to be de-baffled on this one.

Q4 50,485t x 0.231 = 11662oz recovered

contained oz Q4 11984 > recovery 11662/11984 = 97%

sold 9,999oz of 11662oz recovered = 85% sold

there's a wonderful mystique around sgr's figures, and this reprot is no exception....opaque..... no production costs per oz.

Selected operational metrics

Yours, confused.