So for the next year (Oct 2019 - Sep 2020), forward sales are 34,000 per quarter
or 68%-75% of production guidance of 45-50,000 oz per quarter.
75% / seventy five percent (!), is this intentional??? Our debt facility had better be low cost with minimal or no security then.
IF spot prices remain at $2,200/oz
then foregone revenue at $1900/oz forward sales prices is $300/oz
Revenue forgone next 12 months = 34,000 oz * $300 * 4 = $40 million
that’s a lot of dividends right there!
is the Board saying that no other hedging strategies are better???
Forward Sales hedging
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