Ann: Production and cashflow guidance increases, page-15

I find this interesting...



Bond financing? perhaps management is considering continuing with reducing the hedge at the current rate and using a bond to finance development costs?

If 22,000 oz of the hedge was rolled forward that provides about $13M extra cash flow.... but the sticky bit is gold is looking decidedly as if its going much higher from here. I came up with the same ballpark estimate of $50M operating profit next year which basically covers the debt repayment with not much left over.
If CAI goes down the path of issuing a bond (to fund capex) I would be perfectly happy to see the debt repaid and the hedge delivered.... knowing the company is exposed to a blue sky PoG.