Ann: Mine Extension Drilling to Commence at Kanmantoo, page-52

Hgo was very lucky back when copper prices crashed in 2016 and it was able to cash in its forward hedges for $13.5m and get rid of its secured debts and retake control of its destiny.

I learned late in life that if cash flows aren't certain debt can be a disaster. Not nice when your banker demands his money back just when you need him to give you a cash injection to survive. Being transferred from the business side of a bank to Asset Management is a borrower's worst nightmare.

I guess hedging is best described as an insurance policy which costs money to get certainty. It's seems to be a condition precedent to debt funding of mining projects just as pre sales are in property development.

Even when you're using equity and are free to make your own decisions locking in a sure profit early beats suffering a miserable one if markets turn down. One can't go broke making a profit.