Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Dive - i know. I was responding to pecten about not hedging previously.
Captain Swag
The put option cost $3.4m. It's in the RNS.
Should guarantee at least $90m revenue for the rest of the year.
pecten- whatever the hedge would have cost it would have been a lot less than the loss with oil price crash. Covid was known about in January and should have rang alarm bells - if finance is your job. They are supposed to do risk assessments and keep them monitored. Was a poor decision not too.
I still suspect this was down to stobie and possibly one of the bullets used to fire him.
Like the ESP not being commissioned beforehand - there was not enough foresight by the old board. If things had gone swimmingly it would have not mattered but as soon as issues came out the management failings were exposed.
this board look a lot more in control
Fact is it’s in place now and this is something IIs look for.
You just get a feel rather than tinkering around we are seeing a step change to a serious producer.
Re Dr T my opinion was and is he was a great geo but unsuitable as ceo as the company grows into what should be a mid tier producer..
Big bear it would have been far harder for Dr T to put a hedge in place considering it was early in the production profile (some may say it still is early), it could have been massively costly by not being able to acheive the target volume (especially with oil price pre Covid)
Hindsight is easy
I think it’s risk management and most oil companies do some form of hedging.
Enquest at $33 Recently
All well run companies have hedging in place. A sign of how poor dr t was at this side of the business is HUR had none in place and hence exposed badly to volatility. You are assuming POO will stay over 40...
that hedge is a nonsense , waste of money