Hedging Information, page-12

Hey Flaming, cheers for the summary btw.
The hedging is indeed horrendous for this quarter, with basically, RSG forgoing $50m AUD in extra sales revenue, which cannot be ignored, albeit, after June, RSG does indeed become much less hedged, with the following 12 months, seeing them have 120,000 hedged around US $1550, which while ok, still sees RSG miss a further $30m in AUD, but... obviously that is nothing compared to this quarter.
I still reiterate my question as to why RSG continues to only use hedging, and not purchase put options. Pretty sure that if they had used them, their opportunity cost would have been far less.

Perhaps there is less security or increased counter party risk? Little bit above my pay grade, but perhaps others have more experience?