I'd say that it's more worth $10.5 million with 110,000 ounces, if they sold on that hedge to to market. What their minimum cost is after that hedge runs out is the big question.
This stock hasn't really moved, largely on a lack of detail on how "comfortable" they are with their production. Plus the previous announcements indicating that they were doing a slow ramp up of production.
Full detail of what their ounces flow to and from the ROM are what is needed really, rather than a bunch of general words.
no news = bad news, page-23
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