Yeah, delivering the hedge book into a single year and then...

Yeah, delivering the hedge book into a single year and then using that as the basis for future cash flows is always going to look awful.

Incidentally, Capricorn's hedge programme will commence in September 2024 at circa 10,000 ounces/QTR ( 26 June '23 ASX announcement).

For mining companies you just can't annualise single year figures and put multiples on them as basis for valuation.

Regis management has stated that cash flow will be circa $150M/annum better off when the hedge book is finalised in 12 months or so. It would be miss-leading at that point to assign them an historical cash flow number (projected into perpetuity) to compare to other companies. This is why DCF's, as time consuming and difficult they are to properly construct, are the fairest way of comparing companies on a valuation basis.