A small hedge is not the end of the world, agreed.But hedging is...

A small hedge is not the end of the world, agreed.

But hedging is insurance. And you pay a margin for insurance - someone else profits from the transaction.

So clearly like all insurance, if your project is robust enough and can get finance without hedging, or find a cashed up partner, you don't have to lose that margin that is the financier's profit.

Whether IGR hedge part, or none of their production doesn't influence my view of their value at current prices.

But why would anyone want to buy a gold company unless they were bullish on gold...?