Ann: Quarterly Activities and Cashflow Reports, page-35

Fair value hedge accounting is very generous to NCZ as it discounts the losses that are being incurred:
Losses to 31Dec21 as per the half yearly accounts:
Realised losses to P&L on the current swap contracts: 30Jun21 $1.84mil, 31Dec21 $26.94mil = $28.78mil
Unrealised losses on Balance Sheet at 31Dec21: Current Liab: $65.65mil, Non-current: $40.87 = $106.52mil

Actual losses(at historical cost) to 31Dec21 as per attached schedule:
Realised losses incurred for six months to 31Dec21: $9.43mil
Unrealised losses as at 31Dec21: $192.15mil

The second batch of hedging kicked in from Jan22 and so the realised losses per month have increased to around $8mil/month. They are currently hedged for around 74% of quarterly production based on Dec quarter payable production which is expected to drop in the March quarter due to the problem with the mill that will cause lower recoveries this quarter.