question regarding cash costs per ounce, page-7

Another concern for these guys is that the marked to market value of thier hedge book is neg $14 mil. If for some reason they could not deliver the gold promised to someone they would be forced to buy at spot prices or try to roll the delivery dates forward. Their hedging isn't huge but neverless the position is a negative for the company and the share price. They wouldn't be the only gold miner with a negative hedge book right now. Definitely something to consider when investing in gold mining companies. Having the gold is one thing, maximising revenue is another.
I don't own PSV.