As of Sept 19 end
Volume Price $AU Company Ticker FY20 production (EST) % hedged 1 375,000 1850 Evolution EVN 725,000 51.72% 2 439,000 1615 Regis RRL 355,000 123.66%
Bit more detail on Regis below. Basically they have a very large out of the money hedge book but are selling the vast majority of their contracts at spot hence they report a higher "price received" number in their quarterly reports versus their hedge price. RRL have utilised (over utlised maybe...) options before in their hedging strategy of note, RRL sold a June 2019 expiry call option in January 2019 for 25,000 ounces at a strike price of AU$1830.
Sept Quarter - REGIS
The Company delivered gold into a combination of spot deferred contracts and at the prevailing spot
price during the September 2019 quarter. The total hedging position at the end of the September
quarter was 438,510 ounces, down from 451,514 ounces at the end of the June quarter with an
increase in the average delivery price from $1,611 per ounce at the end of June to $1,615 per ounce
at the end of the September quarter. These hedges are all on a spot deferred basis, meaning there
is no fixed maturity date obligating a sale.
As previously noted Regis is undertaking a strategy to reduce the exposure to approximately 200,000
ounces of its lowest priced hedges. It is doing this by delivering into these hedges at a rate of at least
10,000 ounces per quarter. The Company plans to continue this approach for the near future. Factors
that may drive a review of this approach include the prevailing AUD gold price, Company cash
balances and potential upcoming capital requirements.
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