General discussion, page-213

"Hedging
During the quarter, the company executed USD forward hedge contracts with Macquarie Bank for 636t of nickel metal to protect a portion of the cash flow from the second and third shipments of concentrate. The hedge volume is 62% of the combined contained metal from both shipments and on a payable basis leaves the company with a modest unhedged position with full exposure to movements in the nickel price. The hedges achieved a price of US$23,734/t for the settlement of 386t in April and US$30,559/t for the settlement of 250t in June 2022. The intent of these hedges is to manage metal pricing risk and cash flow during the period from provisional invoice / cash receipt through to final invoice."

Looks like PAN are still hedging shipments.

https://wcsecure.weblink.com.au/pdf/PAN/02513705.pdf