Ann: AERIS UNDERTAKES ADDITIONAL A$ GOLD HEDGING FOR CRACOW, page-85

What about SBM and RRL? I'm not sure of their exact hedging % but I seem to recall they were quite heavily hedged as well. And their share price shows it.

Hedging is stupid because:

A) people have brought into the fallacy that 'inflation is dead' and the fallacy that production costs can be tightly controlled and are predictable, Covid19 and the recent Ukrain action with the after-effects of screwed up logistics/supply chains, wildly fluctuating exchange rates and energy prices and restrictions of movement on people have shown up these fallacies. Costs can increase quickly, and faster than your inflexible hedging arrangements, people who have ignored this possibility include the management of Pasminco who are on the "hedging wall of shame" who managed to send profitable mines into administration because they got their hedging wrong.

B) if you get it wrong, you are mining your orebody, depleting it and taking all the risk and all the effort to make the middlemen/finance guys rich. Last time I checked mining companies were supposed to make the shareholders rich...... If you want to make middlemen and bankers rich - why not just write them a cheque instead of taking all the risk and sending your workforce and capital to work every day to deplete your orebody and line their pockets?