"I think hedging or forward selling sucks."

Bob,

We hold very similar views. I suspect we have shared thoughts on another board some years back. I have made conscious decisions to avoid hedged miners in my portfolio, as I'm sure you have as well. But answer this - what alternative does a late stage developer have with under a $50 Million market cap to get the $100MM to $150MM necessary to build mines, a mill, and processing facilities? It is a quandary that has no perfect solution. Banks aren't going to lend the big bucks with perceived risk tied to POG. So the choices are 1) Find a partner as GORO did 2) Sell the company to the highest bidder, or 3) Hedge a year's production to get off the ground. What would you do?