I don't believe they have a margin of over 4k at current price even at their lower end of AIC guidance of US$3.6. Also, note that they have over 7.9kt hedged at AU$14k between now and September CY2026. Which means that they have a margin of AU$1226 for 28% of their production for CY2025 and 2026, assuming they produce 14kt of copper each year.
Just like you pointed out, it is very frustrating that there is no information regarding what price they sold they sold their product for. Most annual reports at least have an average price.
HGO Price at posting:
3.5¢ Sentiment: None Disclosure: Held
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