5. Inventories, net

At March 31, 2020 and December 31, 2019, inventories, net consisted of the following:


	2020		2019
	(in thousands)
Stockpiles - underground mine	$	3,301	$	3,968
Stockpiles - open pit mine		165		833
Leach pad		11,542		9,103
Concentrates		1,826		1,340
Doré (1)		1,233		1,581
Subtotal - product inventories		18,067		16,825
Materials and supplies (2)		6,738		7,306
Total	$	24,805	$	24,131

(1)

Net of reserve of $378 and $478 at March 31, 2020 and December 31, 2019, respectively.

(2)

Net of reserve for obsolescence of $1,264.

In addition to the inventory above, as of March 31, 2020 and December 31, 2019, the Company has $4.8 million and $4.7 million, respectively, of low-grade ore stockpile inventory included in other non-current assets on the accompanying Condensed Consolidated Balance Sheets.

During the three months ended March 31, 2020 and 2019, the Company recorded a net realizable value inventory adjustment of $1.6 million and nil, respectively, for inventories at its Isabella Pearl Mine.