Yep, but I understand it is still about 275,000 ounces at $1,000...

Yep, but I understand it is still about 275,000 ounces at $1,000 per ounce.

That $275m represents a bit more than 1/5 of our total market cap at the moment.

So whilst you are right, it is simply a price adjustment, it still needs to come from somewhere, and if it means share holders get less by having the hedges being paid out upfront, then I think many share holders would likely demand a higher price or prefer to wait it out.

With McPs is 3 years away (hopefully - AND at this stage) and hedges are due to be paid out in 3 years, it makes a pretty compelling case to "wait it out" if you were a holder who could afford to hold for that period of time as the company should be producing 700,000 oz per year with no hedges at stupid low prices.

The problem with the hedges is they get more expensive the higher the gold price gets (meaning they go from costing us $800/oz to $1200oz), and they also get more expensive the higher the AUDUSD price goes (meaning the AUD gold price goes down if the gold price stays consistent, and it means we make less money per Oz in AUD terms).

I think there are about 750m shares on the register, which means about $0.35c per share to pay out the hedges in the event of a take over.

I am happy for anyone to correct me as I am just working from memory and not fact checking myself.