Goldex Mines expects to mine 21,000 ounces of gold in May. In December, when the spot price of gold was $1310./ounce, the Goldex CFO hedged the entire planned May output with futures contracts at 1301.

Goldex lifts the hedge in May. The spot price of gold is now $1399./ounce and the futures are trading at 1396

Goldex's profit (loss) on its futures position is $ ....

Goldexs revenue (expenditure) on the spot market is $ ....

Goldex's net revenue (expenditure) is $ ....

Goldexs effective price per ounce is $ ....