It's not only the hedges but Deflector. 138Koz gold sales in FY24 falling to 95-105Koz in FY25. 60Koz were sold in the first half, which means only 35-45Koz in the second, with concomitant increase in AISC maybe to $3000/oz. No guidance yet for Spanish Galleon in FY26 but maybe half the production of FY24 from the Deflector region on a forward basis? Sugar Zone should make up some of the shortfall (in a year or two) and MM/KOTH will be improving. As always, more questions than answers I'm afraid. Just wish they'd ramp up their drilling across all operations and kept us better informed.
VAU Price at posting:
44.5¢ Sentiment: Buy Disclosure: Held
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