Discussion of hedging has really been done to death on these forums. Were you a shareholder in 2013-15? Hedging pretty much saved Perseus, including 70koz in 2015 at US$1600/oz at the absolute depths of spot sub US$1200/oz.
The point is the gold price can go up and down. No one likes the hedge when spot is higher and everyone loves it when spot is lower (sometimes a lot lower). Partly the excess hedge position for the next 12 months is due to Yaoure startup (which holds extra risk) and I think was a condition of the debt facility. After that they’ll hedge at lower rates.
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