Based on the fact the company has never developed or operated a mine. The point is that if one of the criteria to make it to the second round of the Buckreef bidding was that the bidder had to be an experienced operator then TNX would not have been a finalist.

You should go read what IAM Gold said when they abandoned the project. It had nothing to do with derivatives or hedging activity. It was that the project did not meet their expectations and that the estimated cost was significantly higher than expected. You can verify both by reviewing the financial statements in their Annual reports and reading news reports.