Hedging Hedging Hedging - hair on fire, hair on fire, hair on...

Hedging Hedging Hedging - hair on fire, hair on fire, hair on fire .... my simple mind says the hedged ounces are profitable, but not as profitable as the unhedged, which become ever more profitable as the POG rises, all other factors remaining largely neutral.
If the hedges are left alone, they'll be gone completely by June'26 - But each year that passes makes it cheaper to buy them out.
RED can dilute the hedging effect by increasing gold production, either by 'high grading' (short term) or increasing production capacity (long term).
MW repeatedly said that minor increases in capital expenditure casual result in KOTH producing more than 7 mtpa, and with a extra capital could ramp up production (by adding another crushing circuit and expanding the power plant) to 10 mtpa.
This for a plant that probably has multi-decade ore sources .... whats not to love.
In a recent commentary, the Petra analyst opined that RED could be paying dividends as early as mid 2025 ??
So DH, I'm with you - I hope that the merger with SLR (which doesn't offer regional synergies) doesn't go ahead and that RED Genesis does.
But I would be very surprised if the SLR shareholders vote it down, and also not surprised if SLR got into a competitive bidding war with GMD if the latter put an offer on the table. SLR is still below its 12month high, and way below its all-time high - without M&A it will continue to wither on the vine IMHO.