Ann: December 2022 Quarterly Report, page-74

Since no one has talked about hedging, lets talk about that.
Why no one talks about it is beyond me. ??

Looking at the Australian hedging only.

From the December quarterly.

"Deliveries into the Australian hedge book totalled 25,000 ounces at an average price of A$1,903 per ounce"
"The remaining 126,804 ounces were sold in the spot market comprising 113,796 ounces delivered at an average price of A$2,685 per ounce"

For this quarter only, shareholders have missed out on 19.55 Million dollars of revenue just because we were hedged. (782*25000=19.55M)
This alone could have increased net mine cashflow from 75.7 up to 95.2 which is a 25% increase.
Also, it's probably reasonable to assume similar differences for the next 2 quarters.
Therefore, shareholders could be missing out on a stunning 60M of revenue over just 3 quarters.
I haven't even included any analysis over the last 3 years since this hedging was set.

This shows what an epic failure management are at maximising shareholder return.
I don't buy any reason directors and management spin to make it sound positive or required.
It's woeful and a disgrace.

I know their hedging is expiring end of June, so existing shareholders should put a high amount of pressure on directors NOT to rehedge.
Directors need to be more accountable to shareholders!!

Last observation.
Ironically, Copper revenue is totally saving this "Premier Gold Company" from being even more cashflow negative.
About 70% of the Ernest Henry revenue is Copper.