Ann: Investor Presentation June 2020 - ASX Release, page-18

Real reason why the price is lagging is that great bulk of production hedged at a bit over A$2000/oz, well out of the money. The additional production coming in now from Big Bell is not out of the money hedged. This will provide a boost this quarter and more next. They (mgt.) have played a conservative hand needing to secure cash flow with all the development and redevelopment activity going on. It has though, provided opportunity for those who are prepared to play the long game and invest to get a gold mining hedge at a comparatively cheap price compared to assets. Now with no debt to speak of and sharply rising production, its likely that rollover hedging will be less proportionally and that which is hedged will be at a much higher price in $A. Depends on GP of course. Right now its in a safe place, with the icing going on and some cherries on the top. The cake is coming out of the oven at last.