Ann: Beer and Co updated research note, page-15

So they have reduced hedging by approx 30000oz between Dec 14 and Sept 15. These all "out of the money" by, from above chart and hedged value,  roughly $100/oz. So a $3million hit, presumably one of the items to be deducted from "$5.2m free cashflow before financing costs" in the latest annoumcement.
Then another 43000 oz out of the money at present gold price also, by June 16. ( hopefully quit a bunch in Decembers low?)

So their incredibly low market capital value / free cashflow ( a crude but effective comparative value with their gold producing peers ) will be dented until this hedge is cleared out. But this company will then be by far the most undervalued producing goldminer on the ASX. Only RMS comes close after their projected production increase and lowered costs, with NST, EVN, SAR, even SBM, etc way higher.

That is, if share price stays where it is.  
Which I am willing to bet it will not, needs multiples higher just to get in same p/e range as other profitable producers.
And then if AUD gold keeps going up after June....
Maybe the sooner the hedge is gone the better.