From the AFR published on Jul 30, 2020 - /markets/equity-markets/how-some-gold-miners-missed-the-rally-20200729-p55gez
"Regis Resources has a hedge position of 399,494 ounces at an average delivery price of $1614 an ounce. That's around $1000 less than the Australian dollar gold price.
The $3 billion miner said it delivered 19,014 ounces into its contracts in the June quarter, and that over the full year the impact on revenue of delivering into these hedges was approximately 6 per cent.
Regis, which has forecast production of between 355,000 ounces and 380,000 ounces in the 2021 financial year, says the rate of delivering into the lowest-priced gold hedges "will continue to be assessed for adjustment"."
This means the yield was limited over this time, and much more appealing opportunities in the market, and funds likely invested elsewhere.
The POG was $1957 on this date - https://goldprice.org/gold-price-today/2020-07-30
That is a lot of profit left on the table, and is sure to be a significant factor in the rerate of the share price in as the hedge closes.
For me, this is a significant reason for the SP decline, but not the only reason.
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