Change of hedge protection strategy Stew's interview in July stated that TKO uses puts for insurance and does not want to limit the upside...
Q2 Financials... "During the quarter, the Company extended its copper price protection strategy by purchasing copper collars for the first half of 2022 which secure a minimum copper price of US$4.00 per pound and a ceiling price of US$5.60 per pound for 43 million pounds of copper. These 2022 collar contracts supplement the existing put option protection at US$3.75 per pound in place for the second half of 2021 for 41 million pounds of copper"
Usually, collars like this are designed to sell as many options as you buy just to zero out the expense; and I'm fine with a ceiling of $5.60 I suppose, but it's still a change in expressed strategy.