Ann: Closure of Hedge Book, page-55

Sorry good sir, but you’re definitely reading this wrong. Do you really think the MD, head of PR, CoSec and everyone else got their calculations wrong when they made multiple references to this in their announcements?

Look up the per annum hedge book figures and stop focusing on the amount they closed the hedge book out for. It’s irrelevant to the point they are making. Their point is that with 120,000oz per year being sold at $1,571 and a gold price at $3,000 they were leaving close to $180,000,000 of cash flows on the table. Not talking about profit so ignore your margin figure.

Yes it cost them $98M to close it out and yes one can absolutely question the sanity of waiting this long before closing it out, but their point is true - that $1,500 per oz of gold sold is no longer going to another party. That’s the simple point of the $180M comment.

I hope this helps, will leave it there.