Also, I don't think ALK will have too much trouble to borrow more and I don't think they will need to add more hedges as they already locked another 140799Koz with their puts which allows them to deliver them at $3k in an event POG falls below that price. Otherwise they let the puts expire and sell at spot price. That would be enough for the bank to approve the loan.
Even if POG falls below $3k ALK will still score around $100m in profits by delivering these ounces at $3k with AISC at around $2300. The puts are dated between 2025 and 2027.
If POG stays where it is over those years then we are looking at lot more than $100m of profit for those same ounces.
Ann: NMPP Regional Exploration Update, page-73
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