With respect, you've completely missed the point of my post....

With respect, you've completely missed the point of my post. Obviously low grade ore sells for a discount. That's not my issue, or question.

My understanding is when MGX kicked off the low grade sales program, they forward sold and priced all the material. You can see this from the June 2020 quarterly below, where the price of the low grade lump and fines barely moved, even though the benchmark actually fell.


Then as pricing started to move up, MGI only enjoyed very little price participation and when the benchmark increased by US$45/tn, MGI's price on the low grade moved very little. That's because the price MGI received in the December quarter was not based on the spot price at the time, but had been locked in 6/9/12 months earlier.

My question is have MGX previously forward priced any of the Shine production at higher prices when they took FID on the project last year because that seems to be their normal way of operating. That would fit with their announcement that the first two years of development was definite, and would give a buffer to current prices, and if so, there is no panic to shut it down.