Another way of looking at the hedge book is that you will knock...

Another way of looking at the hedge book is that you will knock out a further 100,000 ounces (plus) profitably, and a further 200,000 ounces out extremely profitably this calendar year. The call option exercises are also profitable but am at a loss to see how they unwind from an operational point of view.

Net net net, first half profit to June will be a ripper based on cash flow. Leaving aside the stupidity of modern accounting positions that ignore one's ability to deliver into a hedge book profitably-mark to market should be a contingency rather than being washed in and out of the P & L each reporting period.

A 300,000 ounce plus per annum producer in the lowest cost quartile will overcome balance sheet queries fairly quickly in this current market IMO.

Cheers,TAS