PGI, page-31

"(number of ounces outstanding in the hedge * (the difference in the actual price with the hedge price)) exceeds $2.5m."

Yes that is how I remember it. Although I am not sure if it works both way or it is just in the Swiss's favor.

"And as that is the case at the moment, no more hedging can take place for the next few weeks.
We can expect that after the next 10 weeks or thereabouts, the low priced part of the hedge will be gone"

I have not crunched the numbers but they must be close to getting under 12000 oz's left in the hedge with a price gap of about $200. At that point I would be selling what I could at the spot price and banking the extra cash in preference to clearing the low hedge early.

That could add a few hundred thousands to the profit this quarter.