I think you got it wrongly interpreted here.
The REFERENCE PRICE is "locked in" at the time of the 5% pre-payment transferred into the drawdown account. The 372k ounces contracted so far has been locked in at average REFERENCE PRICE of USD $1900 per oz. Quantum will get a discount of 10% from this REFERENCE PRICE (USD $1900), not future spot price at time of gold delivery. In other words, QUANTUM will pay BESRA USD $1710/oz for future delivery of that contracted 372k oz. No more no less.
Next lot of contracted gold quantity will be locked in at around USD $2000-$2050 REFERENCE price I believe.
And hopefully contracted gold delivery from around mid-2024 will be higher than USD $2100 and I think it is very likely as central banks start looking at cutting rates by mid-year or early.
Hope that helps.
I think you got it wrongly interpreted here.The REFERENCE PRICE...
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