A bit tough here guys!
For starters, the 126k of hedging was a requirement of the Mac Bank lending. At the time this looked okay given we will be a low cost producer and very profitable at the $1300 rate.
Who was to know gold would go parabolic as it has.
A better way to view this is to look at it through the "glass half full" lens.
We have some 700k of Au equiv unhedged and therefore exposed to spot at the right time
Not long now till the production starts and the dough begins to pour in.
First stop...pay back Mac Bank and then onto other projects with the free cash flows.
A bit tough here guys!For starters, the 126k of hedging was a...
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