Ann: September 2020 Quarterly Report, page-170

Like the crux interview/video because it shows the trouble Pru is in:
Market expects growth and is sceptical about the hedges.
Growth: Acquisitions cost big money which Pru for sure could afford via capital raise, markets don´t like, or a loan but here I expect that banks would insist on further gold hedges, market also critize at the current environement. From this point I really like the recent Exore deal as it is not too big but could bring huge benefits by significant extension of the Sissingue mill investment. Parallel to that Pru continues drilling which is always big risk because one never knows the results.
Hedging: Off course it costs but if one looks back a couple of years when gold was already at 1900 USD people already predicted >> 2000 USD and it fell back to ~ 1000 USD! It´s what I expect from a CEO: Manage the risks and consider some unlikely cases like lower Gold prices even if it means that we give away some of the benefits.
I´m really happy with the performance since JQ took over. He managed to steer the company through rough sea and even managed growth. Now with Yaoure just around the corner the next milestone. Let´s enjoy this next step with Gold in the 1900 USD region for already some time helps. Big addresses are needed to make Pru share price further heading north and they ask for continuity + a proven track record which JQ definitley represents.