To be fair, I think I understand what you are saying. Yes, they...

To be fair, I think I understand what you are saying. Yes, they essentially are paying the difference in hedge price to actual price in cash as the ounces are "delivered." However, this does not preclude the ultimate reversing of the liability over time - just as increases in ounces hedged and an increasing price increases the derivative liability as an estimate of future outflows, the reverse happens as OGC is getting less for their overall gold production.

Nonetheless, my discussion on accounting is CORRECT.