And just as a counter balance, if they didn't put the hedges in...

And just as a counter balance, if they didn't put the hedges in place, the business would not have the monetary flexibility/power to undertake all that is happening within the business, to operate a mine, expand that mine (and LOM) and continue exploration.

Without that flexibility, they'd struggle to justify the underground drive to Roswell, undertake permitting to move a major highway, continue to extensively drill out Boda/Kaiser, undertake drill programs throughout the NMPP, increase capacity at TGO. Sure, they would want to do all that, but a business needs the financial muscle to do it, and without having an adequate fall back for contingencies, is a sure recipe for business failure/distress. Attempting to do all that they've done and achieved over the past 12-18 mths, on revenues/profits alone would have been foolhardy, and unnecessary.

Sometimes when operating a business (and not just pandering to what a mkt may think it wants) the BoD and bean counters have to put in place a safety net to allow the business to continue to operate efficiently and to expand - and to allow them to sleep at night!. Maybe they could have done it a different way, but they've chosen the way of the hedge. From a business perspective, it appears to be working.

If the mkt doesn't understand that at this point in time, then that's just a benefit for those of us still accumulating.

@Antipater_100