Ann: June 2024 Quarterly Activities Report, page-10

I disagree with you. NST refers to its hedging in its quarterly report (as it should). It is therefore very appropriate to refer to its hedging in a thread relating to its quarterly report.

NST’s hedging is in accordance with a voluntary policy of its board. It is not a condition of any financing arrangement.

I can understand an argument in support of some hedging when significant capital works are being undertaken. However, I cannot understand hedging of the magnitude undertaken by NST, particularly in light of its underlying financial strength, and the outlook for the price of gold.

The amount of revenue which NST is foregoing through its hedging represents a significant proportion of the cost of the capital works it is undertaking. That is hardly a glowing reflection on the company’s board.