RE:I Think it's Better to Tell the Whole Story Psych01, your posts are always somewhat repetitive. It might be more insightful to consider the forward contract from the viewpoint that gold prices may not hit record highs, but could instead fall below the 10-year average of US$1.5k per ounce. This scenario would make the contracts beneficial for the company. The 10-year average gold price of $1.5k per ounce is considerably lower than the average price of the forward contracts. These contracts span 5 years of production. Given that the company produced 200k ounces in 2023 and the remaining balance of forward contracts by the end of 2023 is projected to be 350k ounces, if they sustain a production rate of 200k ounces per year for the subsequent 4 years, that would amount to 800k ounces. This suggests that about ~40% of the production has a realized sale price exceeding Magino’s All-In Sustaining Cost (AISC). Moreover, with 450k ounces sold at $2k per ounce, and 350k ounces sold at $1.83k per ounce, the average realized sale price comes to $1.92k per ounce. As this simple example illustrates, the forward contracts don’t significantly affect the realized sale price. The most pragmatic way to view the forward contracts is that they will bolster cash flows if gold prices fall below $1.83k per ounce.