"Which means the remaining 55% production is all profit."
Only assuming they can sell it for a profit. If the IO price drops below their "C1 cost" (+ overheads) then there isn't much reason for them to sell any of the non-hedged quantity, as they'll just be losing money. As it stands the current IO price is dangerously close to their C1 costs already.
Their 'average' C1 costs for the project to date (as of June FY 2021) was A$88.80 (from the last annual report)
Shipping costs have increased a lot since then as well. (hopefully temporary)
On the plus side, as far as I can tell, the hedged portion alone should be netting them a suitable profit overall.
FEX Valuation, page-429
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