From a quick reading, they state that they expect to sell 120,000 in FY15, or roughly another 60,000 before end of June 15. They've hedged 65,000 over 18 months, so dividing that by 3 is roughly 21,000 of the 60,000 is hedged from the 60,000 remaining for FY15. That doesn't concern me too much, until I read this:
"Quarterly gold sales from Mount Monger Operations totalled 25,833 oz. Unaudited all in sustaining costs
were slightly higher than the previous 2 quarters at A$1,400/oz. "
With 1/3 hedged at 1486 and AISC at $1400, that's a paltry $86 difference for 1/3 of their sales.
No wonder the market has reacted negatively to this report.
