11-Dec-2023: Regis Resources (RRL) had a diabolical hedgebook that would have seen them continuing to sell a good portion of their gold at around half the current spot price through until the middle of 2024. However they've just closed that hedgebook out - see here: Closure-of-Hedge-Book.PDF
That's a very positive move by a management team that has made their fair share of mistakes. It's not the same management team who were there during the Duketon build-out when Regis were fast growing and also one of the best dividend paying gold companies in Australia - no, those people all ended up at either Capricorn (CMM) or Emerald (EMR) - see screenshots from their websites below - and that former management team would NOT have signed up for such low priced gold hedges that didn't even gurantee profitability in the recent inflationary cost environment. But this lot - that are in charge now - have finally bitten the bullet and closed out all of their hedges - and are now fully exposed to the high spot price.
Not before time!
Their (RRL's) share price didn't rise, but it also didn't fall today, which was actually a good result, because there was a sea of red across the Aussie Gold Sector.
![76d1899078f150e18bed7deb62c454297a6db9.png](//strawman.com/member/uploads/objects/64/76d1899078f150e18bed7deb62c454297a6db9.png)
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Here's where the early Regis management (prior to 2020) ended up. Some of them were together at Equigold before Regis:
I've highlighted some of the Regis experience in orange and Equigold in blue.
![ec1d0542892e8d4b0b4f85f89e67bd740b7eb2.png](//strawman.com/member/uploads/objects/af/ec1d0542892e8d4b0b4f85f89e67bd740b7eb2.png)
![589c25d8fbc9566271f4be5f17899c10bde83e.png](//strawman.com/member/uploads/objects/97/589c25d8fbc9566271f4be5f17899c10bde83e.png)
![d3463811a543fd2b956c909ab5d625974c642b.png](//strawman.com/member/uploads/objects/c7/d3463811a543fd2b956c909ab5d625974c642b.png)
![74d4d70de5195d4e6c1e5044de234876e4a90a.png](//strawman.com/member/uploads/objects/89/74d4d70de5195d4e6c1e5044de234876e4a90a.png)
![500d4f0613981624d907a88f49fdd98a97e92e.png](//strawman.com/member/uploads/objects/ff/500d4f0613981624d907a88f49fdd98a97e92e.png)
![7e2e9b9def9350458a3516cce8fcc6c5842203.png](//strawman.com/member/uploads/objects/34/7e2e9b9def9350458a3516cce8fcc6c5842203.png)
And here is a link to the list of current Regis Board and Management: Our Leadership - Regis Resources
DYOR if you are interested enough. Disc: I hold Regis (RRL) in my SMSF as part of a group of gold miners, but nowhere else currently. I hold CMM shares here on SM, and have held both CMM and EMR in real money portfolios previously, but do not currently hold any shares in either of them.
I am bullish on Regis IF they can get McPhillamys (in central NSW) up and running, but they're a few years away from that at this point. This news today about them now being unhedged is a definite positive. Imagine how much better off they'd be now if they'd done this last year!