Is there a pilot at the controls of VAU ?, page-16

No need to get so exited. I recon it is the hedges that are putting people off from buy VAU. These will run off over the next year. By direct comparison, on production oz's and resources, VAU could be trading around double the current share price if valued the same as other producers or near producers of half to a similar size as VAU. Perhaps the thing is just being punished for the mistakes of the past(hedges). If you believe there is screaming value to be had and that the valuation will adjust over the next year to year and a half(if the gold price holds up... many ifs), the you should in fact be grateful for the opportunity that is presenting itself.
VAU's enterprise value(deduct cash and bullion - no debt from market cap), is around $2.4bn at the moment, probably even less after the current quarter. The rise in the gold price alone over the previous half year and change in deliveries into hedges could see EBITDA up by more than $200m over that of the 1st half. Annualised EBITDA currently could be running at an annualised rate close to $1bn for H2FY25 and H1FY26 combined. Hedges then steps down substantially in H2FY26 to almost nothing. If the gold price stays at the current level for a year, then either you will see VAU taken over, at a premium, or it will re-rate substantially, pay big dividends, or sit with a $1bn+ cash and gold soon on the balance sheet. This won't be ignored for too long. Money and gold will eventually speak the loudest. If you believe this, then either be patient or buy more if you are convinced the value is there. Else if it makes you unhappy, perhaps sell and then be happy. No need for unhappiness in your life. Make a choice that will make you happy: buy, sell or hold, your choice.