Northgate Minerals Corp (NXG)

[junctioncity]

One possible explanation for not closing the hedge:

This is pure conjecture on my part but I wonder if they have kept the hedge as a defense mechanism against an unsolicited takeover bid. If Northgate is truly undervalued at its current stock price, maybe they think the hedge acts as some kind of deterrent to any potential suitor.

Only my guess (and a weak one at that).