Outstanding.There's so much contingency everywhere you look...

Outstanding.
There's so much contingency everywhere you look within the financial and structural mechanics of this epic company. It's a masterpiece.
If you look to the horizon..... you see the potential for our next unencumbered mine which likely won't require hedging. And if it does, I won't be the slightest bit concerned. It's good downside POG movement protection - insurance - sleep easy.
Karlawinda reserve and LOM still increasing. 161k oz left on the hedge @ 13k p/qtr. You can say it's $2295 for the next 3, or you can say that it's $2260 for the entire remainder (12 qtrs) due to contango resulting from the loan restructure. Either way it's gone by June 2025 along with the bullet payment and the last of the project debt. It's a perspective thing - "We spend $1150 (AISC), in order to deduct $2260 off our facility"
When you look at what the group reserves are at present and what they will be after the Mt Gibson ORE comes out this year, the hedging that remains - 148k - will seem fairly insignificant. I'm thinking something like 6.7% of reserves if MGGP is 1.5moz and KGGP is 0.9moz.
What is really significant is the dilution that we avoided when Mark resurrected relations with Macquarie and took on the hedge which led us here.
Still sub 400m SOI. 155m EOFY 2018. I salute you Mark.
Macquarie has a few concerning investments in the sector... I think they deserve to make a bit of bank off the hedges here. They allowed Capricorn to leverage a fast development of Karlawinda. Macquarie would undoubtedly have high regard for our company and board members.
With > 5k oz on hand leading in, I've done my napkin numbers and can see that we will almost certainly fall within guidance.
@speculator101 has always been a strong proponent of big ROM?. There's 2.9mT sitting there. Looking at a lot of flexibility and contingency right there. Me thinks that perhaps- should we get a bit tight on guidance over the next two quarters (unlikely) we might have to just mix in a little a bit of the higher grade end of the stack and / or sell a couple extra from >5k bullion on hand. You should know that Sir. Teachers do tend to over-dramatise at times don't they?
Lastly - The staff member that called out the noisy pinion bearing on the ball mill deserves a carton and an ounce... Legendary
That could have been a doozy if left unnoticed.
Buyers gloves will be going on post Powell bloodbath if there is one - if not, I got plenty already anyways