hey oz hope you are well,
hedges are ~12-13k oz p.qtr so at 16k for the last qtr we did sell a nice chunk at spot.
having said that if you think we will continue at this current production level, then this thing is a drifter for the time being and your theory of questionable investment is valid
i think differently, I expect ~18k oz for June qtr and steadily climbing from there.
More oz produced has a higher % improvement to profit and cash flow than others (admittedly off a low base). More income to start, that income at a higher price, whilst aisc decreases due to volume.
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Ann: March Quarterly Production Report, page-54
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