Ann: Quarterly Activities Report, page-138

Precisely the point - no one knows the specifics of the hedge- yourself included - but I can’t imagine it was 50k @$230dmt for any old grade or product type - i imagine it would make business sense to hedge the lower value fines and stockpile lump - although the fines would need to meet the specific grade of the contract and as it didn’t a discount may have been put on it... which would need disclosure. Lots of people are trying to make the numbers fit, when the quarterly is meant to do that for us. It ought to be disclosed if the hedge was lump only in the recent IO environment - which would inform the market of its economics and that would make it easier to forecast and actually get some actual analyst coverage explaining how this hedge is working in comparison to the industry norm.

I’ve been bullish on Fex for a long time, but it seems as always on HC if you don’t drink the cool-aide all the time and have a bit of independent thought and ask questions of the story - suddenly you know nothing about the stock or the industry or the macro environment. Like others have said damage is already done - and it could’ve been mitigated a lot better as we near 52wk lows If shareholders accept this sort of stuff from management than they have absolutely no reason to lift their game and improve. Every shareholder owns a piece of the business and should know what the real position of the company is due to disclosure rules as part of its listing on capital markets.

Anyways good luck - it truly is a bit of a speculation play with markets and economies doing their thing.