RMS Chart, page-29

Ramelius' strategy to do that (including hedging as a component) has been highly successful in this regard as evidenced by the SP move up.

Hi arsenic
I am not against hedging per se but it's the level of hedging that irks me.

Let's look at the latest information we have.

In the Dec 19 Quarterly they stated that Hedging for the Mar Q was 34,7o0 @ A$1,822 but also stated additional forward sales were entered into in January without detailing for which quarters they covered.

Forward to the Mar 20 Quarterly they stated that 53,173 ozs were sold at an average of A$1,937.

So hedging to gold sold was at least 65% but I expect it was higher as the spot price for gold during the Mar 20 quarter averaged over A$2,450 and to average only A$1,937 from sales seems very low, unless further hedging was added in January 20 at about A$2,100 max.

Admittedly the SP has moved up but it could have been even higher imo with more cash on hand, due to a balanced hedging policy but that has now been foregone.
AIMO.

Jim.