Hi again T3XI believe you are asking about the hedging ?Gold...

Hi again T3X
I believe you are asking about the hedging ?
Gold miners will hedge for the following reasons.
In the case of Red 5 I believe our first hedge was formed as part of the capitol funds raised to initiate KOH plant.
The agreement would have been part of the financial requirement imposed so as to receive the funds.
Call this hedge book # 1 at a rate of 189,650 ounces to be supplied 1/4ly to September 2026.

Hedge book # 2 as per annual report 30 June 2023. Forward contracts of 196,389 ounces at $2,797.00 per ounce up to September 2026.
Hedge book # 2 much improved in Aussie dollar terms and understandable given the gold price at that time.
Both hedge books as forward contracts are simply future fixed prices as security and payable upon delivery.
As you can see with hedge book 2 Red 5 is beginning to have some sway in hedging price and we are more able to negotiate price.