Ann: Challenger Strategic Review , page-5

Yeah it's amazing about the hedging. I note that OGC is doing the same for its NZ operations.

It's like buying insurance after your house has burnt down.

I have dealt with a very credible company called Noah's Rule based out of Sydney and Perth when I was a Director of another ASX listed gold company years ago. Their business assists miners hedge risk through various tools.

Their comments to me were exactly in line with what is now transpiring - Company Directors get caught up in the blue sky dreaming just like the rest of us and Boards/ Management are reluctant to hedge when times are good to lock in technically and cyclical/ historically favourable prices and then they tend to panic after the event, locking shareholders into years of cyclically low commodity prices.

Needless to say the Company that I was a Director of fell into this category (despite my efforts) and is now suffering like other gold/ silver miners as their risk management decisions were sub-standard.

It's ridiculous but common.

Cheers
John