MikeMI think you underestimate Les. I think it is better not to...

MikeM

I think you underestimate Les. I think it is better not to be beholden to the bankers who could force him to hedge at any time! This way, the company is in control of its own destiny. Yes, Murchison is a F-Up, but it'll be OK with POG over $AUD1800. I wouldn't be surprised to see a little bit of this new cash heading south toward Ravensthorpe. That could be a very good thing.
Sure, things got loose when $2500 POG was "a certainty", but there has been a "reality check" in the sector. The rally of the last 2 months was the difference between life and death for more goldies than I care to mention. It is a more focused industry now; one that realises that trees, actually don't grow to the sky. I believe things will be better going forward. We had a "pucker moment" and survived it. The CR is not poorly timed in my opinion. The market didn't think so anyway. The days ahead will provide more clarity.
We now have war in our sails, although I'm sure we all have very mixed feelings about that.
I have been invested in SLR from 20.5c, but I've also bought at higher levels on the way up. I haven't added at all on the way down, but plan to take up my allocation in full.