here we go, page-36

Simon,

Nice read, seems people are repeatedly stuck on $1700 POG and also 50,000oz hedged, good to see you pointed out the downsize of 100% hedge.

The fwd sell prices in table 13 shows that the $1700 which a few have dismissed as optimistic and able to be locked in (over $1700) currently for two plus years forward.

I am a believer that either to hedge or not hedge is a gamble, with hedging you have more control of your gamble.

It would seem that any financing must be accompanies by another hedge, perhaps even 100,000oz.
That would give us a total of 150,000oz @ around $1,750 (est).
Leaves us a long way from 100% hedged and a healthy profit as well.