Ann: Change in substantial holding, page-12

Hi Gold Bull
SBM's hedge book jumped with the Atlantic Gold acquisition.
It moved from 117,000oz to 274,000oz over Q1 19 to Q2 19. With circa 400oz production in FY 20 still a lot of upside exposed to these gold prices though. $US 1560 overnight, new high.

Regis are the ones who have given away all their upside, 420oz hedged at AU$1574 - Jan 2019 announcement.
They sold a June 2019 expiry call option at AU$1830 strike as well for 25k oz.
Agree on SAR they hedged 419k oz with some tenured June 22 and circa AU$1815 prices.

NST, EVN and NCM look most hedged versus total production but they are trading on much more expensive multiples.
SBM to me became unloved with the Gwalia incident, especially bu the institutions and they have put that behind them. DYOR but I invested thinking over the next 3 years gold increases due to already well talked about structural economic and trades issues and a serious re-rating of earnings on SBM's part.