Hunter, the $8.5m isn't that valuable unless PGI does something useful with the money today, not tomorrow to get more through put. If nothing happens in the next two years, then PGI only ever received what we expected a year ago i.e. $1200/oz on 85,000 oz.
For some reason you think this is a free lunch. It isn't, its just the bringing forward of future cash flow. Unless it simultaneously brings forward new cash flow to the day the hedge is cashed, we are chewing away the benefits of the future cash flow the larger the gap between cashing in and establishing the new cash flow.
Ann: New Polaris Metallurgical Test Work Results, page-8
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