Ann: OceanaGold Full Year 2019 Results Presentation, page-12

Just to clear up a few things here.
First of all I've said it before and I'll say it again.There is absolutely no connection between the two strategies apart from the time of implementation.
The puts were/are a hedge and the call options were/are a one way gamble.They cannot even be classified as a hedge.No responsible management in their right mind behaves in such a way.
In 2011 the NZ dollar gold price exceeded $2300 so there was already recent history of higher prices.