Of course gold price matters. The longer AUD gold stays at A$3,500 the more likely investors/lenders are to run their models on a gold price of say $2,750 being a margin of safety. Hedging can be done at $3k+ for the first couple of years of a project etc. That locks in a set payback period, it defines a NAV, it quantifies risk to an extent. Then we trade at some discount to NAV (with discount getting smaller as we approach production). To say it is irrelevant is ridiculous
Ann: Proposed Consolidation of Capital, page-134
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