put options, page-7

It means IGR can force the counter party to pay the quoted price, useful for gold companies to ensure they can at least earn a margin over cost

however, factors to note:

- the project financing hedging is still being concluded

- this hedging arrangement has effectively cost IGR $104 per ounce ($3m cost over 30k ounces), which will be a sunk cost if the price of gold stays above the hedged price