without the hedge they would have booked a profit north of $100million. The gold is delivered into the hedge and they book the hedged price as revenue...ie its a hedge disaster now but not in 12 months. I bought today now I know the hedges are gone in 12 months.
Looking forward they need to develop McPhillamy , lets call it $350million Capex. The hedge ruined the ability to cash flow finance this project short term, but LT its easy with more borrowed money given that FY25 cash flow increases by around $150million pa with hedges gone thus making debt repayments manageable.
without the hedge they would have booked a profit north of...
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