Ann: Half Yearly Report and Accounts, page-165

The entire industry is waking up to the corrosive effect old school hedging has in an inflationary environment.
ALK's CFO clearly has not read the memo.

As annoying as the hedge book is, it's hardly a company destroyer.
Forward sales will still generate FCF even using a conservative AISC estimate of $2,200 per oz.
An estimated 322 million Operational Free Cash Flow generated over the next 3 calendar years.
I used an ultra-conservative operating margin for spot sales of $700 for March Q and $800 for June Q.
All other quarterly spot sales have a equally conservative $1,000 operating margin estimate.
Hedge sale margin is simply forward price - AISC $2,200