Ann: Agate Creek Gold Production Update, page-315

IMO, Maroon hedged the gold because they have more skin in it than LNY and they paid LNY at time of hedge.
If you re-read the early May anns you will see that the gold was in dore ingots at the end of April yet LNY
has reported gold sales revenue for April.This would also explain the sub spot average price/oz, again IMO.

Had LNY done the hedge, it would have had to make an announcement to the ASX but since Maroon is not
a listed entity, there was no need for it to report the hedge, IMO.

Apart from this "anomaly", this company has been less than forthright in its reporting. For example it reported that about 25%
of the dore was silver but as yet it hasn't reported any silver sales. IMO, if the Maroon deal permitted Maroon to
keep the silver, then LNY should have announced this to the market.

Shareholders implicitly trust this company by buying shares and, IMO, the company ought to return the complement.