I appreciate your analysis and the quality you bring to Alkane,...

I appreciate your analysis and the quality you bring to Alkane, but I'm sorry - I am not on board with your bald assertion that there are "plenty of ways to structure a finance agreement".
Debt is a risk, and the higher the risk, the more controls the financer will demand.

Using two of your examples:
PNR made somewhere in the order of 5 smaller capital raises during the time that I held them.
Maybe they didn't hedge them, but they certainly did dilute every holder HUGELY. from 392m shares in 2015, to 4.7billion this year. It looks like they are finally about to make some money and expand their ops, but the cost to holders has been devastating.

Westgold raising $100m against existing annual production of 270,000oz (with $189m cash and bullion April 2022 report) is a very different risk proposition from Alkane raising $50m against annual production of 60,000oz.

I get that you don't like hedging, but the hedge will be profitable (unless we are all doomed), and Alkane retains some 60% exposure to the spot market upside.