Ann: Production growth strategy commences at Bellevue, page-11

They have hedged about 19% of production?
That of course is correct as long as production targets are met. If production turns out to be only half what was anticipated, then they have hedged 38% of production! That hedged gold has to be the first extracted and delivered and if production does not meet targets then costs per ounce goes up proportionately.
Hedging is the Achilles heel of startup producers who invariably hit snags with lower than expected grades, recoveries and equipment failures which turn their optimistic initial estimates to mush.
I expect BGL grades will be high enough to see this through (I still hold the stock) but it will be more of a struggle than it would have been if they had avoided hedging when they are going to be most vulnerable in the first couple of years.