Looking at the number you have to assume that the hedging doesnt...

Looking at the number you have to assume that the hedging doesnt start until after 2nd qtr production ( ie 3rd qtr) Otherwise they will need to be producing more that 75K gold PA to meet both Hedge and Put volume for first two qtrs.

Modelling on 1363( todays approx AUD) spot price has them selling into spot price ( very marginal over puts).

Again comparing with first 8 qtrs of production using 75K PA and even spread of volume( note they themselves estimate about 41K production in first two qtrs see their Put notice for details) with todays spot v's their contracts it is negligible diff. Increase gold price to 1500 AUD it costs them 11 Million AUD over the 8 qtrs.