"Where did the 4m ounces of au equiv go in the past 2 years?"It...

"Where did the 4m ounces of au equiv go in the past 2 years?"

It would depend on what cut-off grade you use. Choice of cut-off should reflect price expectations but it pays to be conservative in times of volatility. So many resource projects are being held back atm because investors aren't convinced that current pricing is realistic longer term. Perhaps it isn't but even a small amount of hedging ought to help with this.