Ann: Quarterly Activities Report and Quarterly Cashflow Report, page-159

One would think it would be incompetent to extrapolate the past gold price rises into the future and base your cashflow projections on this. Prudent risk management is to assume a lower gold price when projecting future cashflows and manage costs around this.

It is irrelevant anyway as the current production is nearly fully hedged at $2,368.

Also, as cashflow is the immediate problem, one may also think that any notion of a royalty would only diminish cashflow further as a royalty payment would also be required to be paid??? I wouldn't be too upset if a 25% placement to sophisticated investors was made at the maximum allowed 15% discount to market price as per the AGM, if necessary instead of other options.