Given we are currently in trading suspension due to an...

Given we are currently in trading suspension due to an acquisition, I believe the hedge may have been taken to facilitate that purchase - some necessary security. Regardless, we are about half way through the hedge and with the hedge effectively set at about $2750 for the remaining 4000 oz, on average we are about $175 per oz worse off based on the 50 day average spot price. The rapid rise in POG may continue, stall, or even reverse, but the hedge is security none the less. Short-term the hedge is moderately impactful, long-term it is relatively unimportant. We can jump up and down about that all we like, won't change it. Management need to address the elephant in the room, hopefully this is the acquisition they were referring to to do that, but I have my doubts.