One thing in relation to the high AISC is this number is...

One thing in relation to the high AISC is this number is effectively "artificially" inflated by the hedges.

in order to produce the gold that pays back the hedges, the company needs to move and process many hundreds of thousands of tonnes of dirt.

I believe at 2g/t grade, the company needs to move about 15.5 tonnes of dirt. They effectively get nothing for all this work.

In order to pay back 25,000 ounces per quarter, or whatever it is, the company needs to move and process about 387,500 tonnes of dirt.

Obviously higher grade will mean less dirt to be moved.

As this has now been somewhat set by the company as the standard amount the company will pay back each quarter, the reduction is AISC won't come into effect until the hedges are paid down.

With interest rates so low, the company should consider borrowing to pay back the hedges now and benefit from all of the upside.

Or do a raise and share a buy back.

The cost of these hedges get worse as the gold price goes up.

Just my thoughts.