Exploration-stage companies can't record the gold as revenue, but it is still required to be disclosed elsewhere.
Investors need to know how much was recovered and/or sold. First of all, it would show up on the Cash Flow Statement, or if not sold, it would be held for sale on the Balance Sheet.
And they would still need to show how much they spent on "exploration" in total, which means they would be required to show how much the gold sales offset the expense.
Under GAAP and SEC rules, they can't hide it. Any gold sales WILL have to show up in the financials AND the SEC filings.
Period.
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