Inventories, net

6 Months Ended

Jun. 30, 2020

5. Inventories, net

At June 30, 2020 and December 31, 2019, inventories, net consisted of the following:


	2020		2019

	(in thousands)
Stockpiles - underground mine	$	520	$	3,968
Stockpiles - open pit mine		321		833
Leach pad		15,227		9,103
Concentrates		1,937		1,340
Doré ⁽¹⁾		1,879		1,581
Subtotal - product inventories		19,884		16,825
Materials and supplies ⁽²⁾		7,150		7,306
Total	$	27,034	$	24,131

(1)	Net of reserve of $378 and $478 at June 30, 2020 and December 31, 2019, respectively.

(2)	Net of reserve for obsolescence of $1,264 as of June 30, 2020 and December 31, 2019.

In addition to the inventory above, as of June 30, 2020 and December 31, 2019, the Company has $4.0 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 June 30, 2020, using a gold price of $1,768 per ounce, the Company recorded a net realizable value (“NRV”) inventory adjustment of $2.0 million for inventories at its Isabella Pearl Mine. For the six months ended June 30, 2020 the Company recognized a total of $3.6 million NRV inventory adjustments. No NRV adjustments were made during the three and six months ended June 30, 2019.