Ann: June 2024 Quarterly Activities Report, page-19

I didn't mean to say buy out the entire hedge book, even it was, for some reason, offered for sale.

I was suggesting to buy out the hedges available, perhaps swapped for gold bullion so no cash changes hands - maybe 25% of the hedge.

These are not normal times, and as I said, I suspect gold will double in the next four years.

I agree with your figures of 25% of production, unless the hedges are taken over a longer period, say seven years. Mr Tonkin did claim at a General Meeting that the hedge book was only 17%.??

Let's say John is right about the hedging strategy, but the gold price doubles in four years. Now a projected $870 million dollar loss, has risen to something astronomical!