The great news.. gold now over $3300 per ounce... we did have an...

The great news.. gold now over $3300 per ounce... we did have an $1150 ASIC prior to covid.. cant imagine it will blow out to $2000 like others have said.. oil is down since then and we should have purchased a big fleet vs renting previously... anyway its interesting and either way we should have a big cash build.

The Bad..
Beacon Minerals Limited (ASX: BCN) (Beacon or the Company) advises that the Company has entered into a 14,000 ounce forward gold contract to be delivered in monthly instalments from November 2023 to June 2024 (Forward Sale Facility Agreement). Beacon advises that the forward contracts are a significant increase on the sale price from the 30 September 2023 quarter average gold price of A$2,924 and is a material increase on the sale price realised for the twelve months ended 30 June 2023 average gold price of A$2,703. The average of $3,112 oz for 65% of Beacon’s budgeted production for the months of November 2023 to June 2024 is a significant improvement on the previous quarter.

Losing around $200 per ounce now for 65% of our gold until June (where will the gold price be then? i was furious the last 2 hedges is a sore point for me!).. should we just mine less to stop the discount sale? Either way its a slap in the face locking in a gold price but also speaking to the additional costs blowout (how they reconcile this in an inflationary environment makes me wonder about there basic economics knowledge but im hear for their mining skills i hope!).

A consolidation will only make manipulation worse as this is a very illiquid stock based on shares on issue vs daily traded stock therefore until buyers step up we can continue to be rag dolled. I think a compelling case of proven dividends and LOM gold reserves build with a fast rising gold price will make this irresistible.. suggest its a screaming buy for those that trust management the rest is a no-brainer.