Okay, I now understand these notes - the volume hedging allowed sets the limit on how much they can defer the hedges.
So they had 359,494 oz outstanding at the end of Dec:
They have to clear them all by end of June 2023, 10 quarters away: an average of around 36K oz per quarter.
So they may still have some hedging in place at planned start of McPhillamys production at the end of 2022, but likely not much. Possibly they can use the cap rasing for McPhillamys to also raise funds to settle the hedges with MBL.
RRL Price at posting:
$3.64 Sentiment: Hold Disclosure: Held
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