Ann: Corporate Presentation, page-5

I see that SAR remains "hedged" with the commitment of 419Koz at A$1840 and has refused to add prudently to its hedge book with an aussie dollar gold price that exceeded $2300.
The hedge book debacle is no doubt part of the reason for the weakness in the share price along with the liquidation of 25% of his holdings by Mr Finlayson for "tax purposes"