Management's role is to run a successful mining business, not to...

Management's role is to run a successful mining business, not to speculate on gold prices. While predicting gold prices offers a 50/50 chance of being correct, running a business requires a more strategic approach. Management understands that significant investments are already committed to getting operations up and running, scaling mining and processing, and exploring ways to extend current mine life and secure new projects. This ensures the company's future beyond the depletion of current resources.In hindsight, it may seem like the company "lost" money, but when the hedging decisions were made, they were based on market prices at the time. In fact, management deserves credit for securing profits by locking in those prices—especially considering that most feasibility studies (DFS) were based on gold prices nearly half of what they are now. This prudent approach ensured that working capital was available to continue building value for shareholders. It's likely that discussions were held about gold prices, and after years of bullish growth, the risk of prices falling may have outweighed the potential gains from further increases. As a result, the company increased its hedging activities to manage those risks effectively.