My interpretation is that they have 1/3 hedged over the next 3...

My interpretation is that they have 1/3 hedged over the next 3 quarters.

"The average realised gold price for the quarter was $1604/oz, reflecting the final close out of the mandatory hedging contracts related to the Project debt. As announced previously, this debt was retired in February 2016. At 30 June 2016, the Company’s remaining hedge book comprises discretionary hedging of 22,625 ounces to be delivered by 31 March 2017 at an average forward gold price of $1703/oz"

Last quarter 22,760 oz so currently hedged 22,625 ounces is roughly 1 quarters worth so they only have 1/3 hedged (1 quarter worth of gold hedged over the next 3 quarters) and hedged at $99/oz higher price than last quarter.  

Lets assume average gold price remains at (time of writing) current $1778 (which is $174 higher than last quarters realised price):  

1/3 * $1703 + 2/3 * 1778 = $1753

$1753/oz is $149/oz more than last quarters realised price.

22,760 oz at the extra $149/oz is an increase of $3,391,240 per quarter.

With the extra money coming in and if we keep getting good deep drill results this will be a great stock to hold long term IMO.