They have to receive the money for the raise before they can obviously use it buy out the hedges.
"The Placement shares are expected to settle on Thursday, 17 April 2025 with allotment and trading on the ASX on a normal settlement basis on Tuesday, 22 April 2025"
"The volume (ounces) of commitments capable of close out after the equity raise (and before close of business on 30 April 2025) is dependent on the prevailing gold price at the time of the transaction. Consequently, the final outcome is highly dependent on the prevailing gold price at the time the transaction takes place. This will not be known until after the receipt of equity raise proceeds. Accordingly, exposure remains to movements in the gold price (and other market risks) until such date."
So with the big jump in gold price over the last 2 days, that is yet another thing working against them as it will cost them more.
BGL Price at posting:
97.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)