The hedging is very interesting. They did say that they had the...

The hedging is very interesting. They did say that they had the right thought not obligation to hedge under the debt facility so its not unexpected.

It does however fit with my interpretation of tight cash flow at todays gold prices. I mean they are putting up to $75-93m cash on the balance sheet, depending on the take up of the $15m, and based on the all in sustaining costs guidance they should be generating $130m cash a year. Why need to be prudent exactly?

They give the reason as partly due to putting in place the $50m revolving credit facility. What? Should they even need to draw it in next 12 months. Even if it is drawn, at say, 10%, that is only $5m a year interest. Not really material. Is it amortising? "Revolving" would imply it is not. Although its possible the limit drops in steps. Is it short dated?

What is really going on here? A good starting point would be the terms of the credit facility. What are they, price and maturity at the very least should be given.

I see the new stock was issued on Friday. That means in a couple of days we will find out how many shares were bought by management. They said management will buy lots, can't remember exact phrase used. The fact they have announced actual numbers makes me think its not gonna be huge despite the discount to market.