Ann: FY21 Financial Results Summary, page-9

The following 3-year chart shows that gold miners’ SP generally followed the trend of physical gold ETFs on ASX. Considerable misalignment occurred during the first wave of Covid Feb-May 20 and the current second wave. For whatever reason, the likes of SLR and RMS have been punished more severely than most despite their solid operational performance. Hopefully, their SP will catch up once the second wave subsides.

ASX: XGD S&P/ASX ALL ORDINARIES GOLD (SUB INDUSTRY)

ASX: GOLD ETFS PHYSICAL GOLD