Ann: Quarterly Activities Report, page-5

I suppose it's each to their own - it is titled 'NSR less All in Costs' - these hedging losses are being paid out as a cash transaction - one needs to know their cash pile is shrinking and the reasons why.
It is important to know that they start off July22 with around $79mil cash in bank and that decreases to $68mil by the end of September and that further decreases to $51mil at the end of December - these losses are coming about because of hedging losses being paid out and final invoicing negative adjustments on June quarter shipments - and this is after my predictions of them selling 70kt of concentrate in each of the Sept and Dec quarters which is above their sales made in each of the previous four quarters in FY22.
They can't finance the in-situ development from surpluses in the tailings operation as they don't exist - I'm sure shareholders will shortly be asked to contribute as I can't see Argo/Macq Bank giving up their security to another lender.