I did not read the Note accurately re the July 2023 closure....

I did not read the Note accurately re the July 2023 closure. Realistically, the current legal arrangement can be extended (Macbank would lick their lips as the POG is only going north). The issue is the total hedging position. Given that it is very likely that the POG is going to increase, it is prudent to close as many hedged ounces as possible or alternatively to use financial instruments (options or the like) to offset the current hedging losses as much as possible. Now is a very good time to act.

I believe that if the company allocated $100m to closing some of the hedge book that it would easily obtain finance for future Capex. A small capital raise may be required but it would not be very dilutive as the future cash flows would easily support repaying a loan. In a worst case scenario the company could pull the trigger on the dividend so there is some flexibility to play with.