From the half year report, the realised price dsiscount to the...

From the half year report, the realised price dsiscount to the 62% IO price is 23.25 % for the last 3 years.
So 96 AUD at 23.25% discount is ...96*76.75=73.7 and cost is 52, so margin is $21.7. This more than 1/2 your forecast. Open for forum to realsie the correct discount %.

1/2 yr margin of 66-52=14. this qtr forecast 21.7. forecast increase this Qtr of 7.7 margin or >50%.
The hedging 20mill loss from last qtr, could be absorbed by the extra contractor payout of 25%.
Last qtr contractor payout was +20mill, so this qtr maybe 25% of 31 mill or extra $8mill off ago earnings.