My understanding is that while the hedges are "spot deferred" they are nevertheless subject to limits as outlined on page 14 of the half year presentation. If this understanding is correct then The current policy of selling into the lowest price hedges at a rate of 10K oz per quarter will not meet the limits stated. The calculated shortfall will be 2021 149K oz, 2022 60K oz and 2023 80K oz. which will need to be additionally sold into the hedges in those years. This is a fair chunk of their production the AISC of which will include the higher royalties due to higher gold price.
Ann: Quarterly Activities Report, page-5
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