the current puts cover the debt and anything else is a bonus....

the current puts cover the debt and anything else is a bonus. even if POG falls down to $2k the puts cover the debt as ALK will deliver that gold at $3k.

At current prices those $98m profit are actually $168m.
And now ALK is scaling up the production and more and more ounces are being sold on the spot market.

agree 100% about the MOY assets. CAI's idea was ok regarding what they wanted to do but CAI's problem is they can't stabilise their own operation which is proving to be a dog without additional higher grade resource.

I already suggested to Nic to have a look at MOY assets - to simply run the ruler over them and see if it's worth. ALK can perhaps pick up few of the CAI's ground that is closer to MOY's assets and can truck the material to the MOY plant. Blue Spec for example. Administrators will try to recover Mac's money first and worry about rest later.

I think there is genuine opportunity there.

MOY went down because of debt and too high AISC vs POG at that point of time. Yes, they stuffed up the grade control and did not have enough understanding of what they have in order to better plan the mining. The risks of starting to mine too early without having enough visibility of what you have in the hands. CAI made same mistake and on top of that CAI got caught with their hedge book which amplified their problem.