New hedges would be at the current gold price so the margin is dependent upon the future (i.e does gold price go up or down) and inflation. The error with the old hedges was that they were "spot deferred" and RRL put off the evil day for repayment and eventually they got a reminder from Macquarie that they had a deadline of 30th June 2024. The problem was that RRL took advantage of the PoG when it suited them and put off the evil day for re-payment. Hopefully with any future hedges they will be on a schedule for re-payment which would force management to re-pay in a timely manner and not "dress up" the current years cash flow so as to incur problems in future years
Ann: Full Year Results FY2023 Presentation, page-21
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