Composition and coverage basis. Figures are published monthly below.
Reserve & Coverage
This page sets out what backs XAUg and how coverage is measured. XAUg is backed by the physical assets of a producing mine and its monthly gold-equivalent output, on three layers: physical line assets, the operating-settlement right and the gold delivery right. Figures update monthly; history is kept for independent reconciliation.
Backing composition
Physical line assets
Equipment, leasehold to the ore source, processing-plant and mine leases; accounted per line, isolated from CREC's existing business.
Settlement right
Distribution and redemption funded by the line's revenue less on-site operating cost — never from later participants' funds.
Gold delivery right
Each XAUg is proposed to carry a delivery claim on 0.01 g LBMA-standard gold (≥99.99%), accrued by agreed ratio and settled at maturity in gold or equivalent.
Independent custody
Brink's-grade custodian, independent of the operator; name on the Compliance & Security page.
Coverage definition
Coverage disclosure cadence
| Stage | Status |
|---|---|
| Raise / build (current) | No certificates outstanding; coverage not applicable (N/A). First disclosure awaits the first line's production. |
| First production month (from M6) | First disclosure of gold equivalent behind certificates, available assets and coverage. |
| Each month after | Rolling disclosure; all months retained for monthly reconciliation. |
Audit & reconciliation
| Frequency | Detail |
|---|---|
| Monthly reconciliation | Capacity, shipments, gold-equivalent and coverage computed monthly on one basis; reconcilable by participants. |
| Annual external audit | By an independent third-party auditor, annually. |
| On-chain reserve proof | Planned; goes live after mainnet deployment, see Verification & Transparency. |