RE:RE:RE:2024 Q1 Highlights...You can't look backward to conclude the foregone profit makes the prepaid sales not so great because gold spot went to record all time high. I would not credit them as genius if gold dropped $425 per ounce either. The terms are what they are, at the time and can't even be compared to prior or subsequent financings if the seniority is different or if the bond market yields changed significantly between the two being negotiated. Almost the entire Canadian energy industry went bankrupt during the Covid crash because so few were hedged. Then when the evil banks forced 5gem to hedge at stupid low prices they all reported huge hedging losses. Hopefully they all learned to never rely on the bank to support you when you need them. They are your bff only when you don't need them at all. Same goes for gold. G9ld producers all use futures market to finance for the same reasons. It's cheaper than bank financing with fewer covenants and you can't trust the bank. Again, all else being equal. Unsecured or second mortgage always costs more than fully secured head of the line. Keep it apples/apples as best you can and you'll see.