RE:2240 CAD Gold No, impossible. The option is not with the seller of the call.
For the record, the protection is done by buying put option... The put option gives you the "option" to sell Gold at its strike price.. In this case, C$ 1500.. Obviously Victoria won't exercice the "option".
To finance the cost of buying these put options, Victoria sold calls option strike price 1936.. They gave to Macquarie the "option" to buy Gold at 1936 whatever POG is.
Usually, the call option buyer doesn't want the physical delivery of the underlying (Gold here). The settlement being that the seller pays the difference between the strike price of the call and the real price of the underlying at the time it has to be exercised.
So in other terms.. Their hedge will expire with no value (their puts will expire with no value, as POG is higher).
But they have to pay the call owner..