Ann: 17% Increase in May Production, page-86

@VYR gives us a useful reminder that hedging too much (and particularly too much too early in the life of a newly-producing mine) can threaten a company, particularly when its product price is going up (which is otherwise brilliant).
One of my companies (Highlands) had a near death experience more than a decade ago with a brilliant (massive projected NPV) high-grade gold mine development at Kainantu in PNG for exactly the reason of not producing its product (gold) early enough and in sufficient quantity to fulfil its hedges (in a rapidly rising gold price environment). The gold hedges protected its bankers/debt-holders but cost Highlands the mine, and very-nearly the company itself.