Share buyback, page-8

Colinchi
Not sure what "buy out makes sense" commercially means for you. I think you're confusing what ... you would like to see, versus ... what makes actual commercial sense. I would like to see a buy out if it means a quick dollar made, sure. But it just doesn't make commercial sense for anyone to do it. Looking at SLR with this view;
- no debt
- increasing mine life
- multiple mine sources
- increasing gold price (for now)
- 40% hedging that's at over $1700 aud for next 2.5 yrs
- continuing to build cash at $50m
- looking at a record year in 2018, and strong YoY given machinery breakdown last year
- SLR are not distressed
- not looking at political issues
- don't need to leverage capital ... at all
- and I can't see any mutual strategic benefit. SLR couldn't leverage cost-out improvement with any merger, nor could the buyer. Rather a buyer would wcompletely ruin their ROE and P/E if they are existing producer, are not buying expertise, or IP, or the promise of untapped resource potential.

You want MC to go up. Fine. But what you say makes no sense from a commercial or from a corporate governance perspective. It's ridiculous and not going to happen.