Ann: 2017 Financial Year Results, page-105

Well, this is a flaming long waffle with a few home truths and lots of unsubstantiated wishful speculation.
The reason directors didn't buy in 2014 was because the company was near bankrupt and its future (and their jobs) was very uncertain - the scale of mismanagement was astounding, and radical surgery was required to avoid a near death SLR becoming moribund .... but SLE remains stunted by these expensive amputations.
It has improved, is debt free, is internally funding exploration and development, and now is a regular producer, albeit with a limited capacity to increase production, from its current portfolio of assets, and it remains a high-cost producer. Daisy has been the bedrock, but is mature, deep & technically challenging, and in hence needs to be supplemented with additional ore sources of similar quality just to maintain the status quo!
Hence, very careful, considered and skillful management is needed for this low margin company (hence high risk) to maintain its slow emergence from purgatory. How this makes SLR attractive to big boys and who those big boys might be is mere fanciful self-serving speculation.

Thank god SLR has substantial hedging in place - a retrace of the gold price will be devastating for high-cost, producers, and the rising AUD may be the first cap on the gold price. Also, if the market crashes, gold goes with it .... it's not merely a simple matter of people jumping out of stocks & RE into gold WTSHTF.

Now, unlike 2014, the golden parachutes are packed & secure, and the base salaries remain 'attractive'.
Now we are assured by management that we're on an even keel and under valued. They maintain they're fully invested in SLR, even though they don't buy shares in SLR. BUT as we all know the share market loves directors buying, especially when linked to a solid, well articulated "under valued" story. But, SLR is simply not a compelling investment case, rather management is at pains to relate how important good management is to remain on the high wire which still doesn't have a strong adequate safety net below it (to be a place where they would invest).

There seems little doubt that Luke Tonkin is a very competent, hard headed, hands on MD, and his departure would be a body blow for the SLR. There's more chance of him being head hunted than SLR being 'taken over'!
But pilots are well paid to fly competently, even in bad weather .... that's their job FFS.

The clamor for dividends will be ignored as the cash reserves of SLR are still relatively small, and besides having the need to remain debt free and capable dealing with the inevitable 'pot hole' on the yellow brick road, SLR needs to remain debt free as its credit rating is still low and debt would be expensive and very conditional. And the need to have a 'war chest' if an 'opportunity arises' is probably vital to SLR longevity prospects.

Now if any accumulation was occurring why no substantial share holder notice(s) ?? Because probably NOT happening. Show me the money ... As long as SLR is stuck in the ASX300, many if not most institutions are precluded from buying companies like SLR. So, until/unless SLR gets a bevy of "Strong Buy" recommendations (rather than the current "hold") and hence gets into the ASX 200, not much insto buying will occur. Sooooo, (moooore) patience will be required .... probably another couple of years, unless they strike 'oil'. SLR may pull a rabbit out of the hat, but it will probably have to be someone else 's hat.
Sooooo, much (moooore) patience will be required .... probably another couple of years, unless they strike 'oil'. SLR may pull a rabbit out of the hat, but it will probably have to be someone else 's hat.

PS I checked around the various free sources quoting unnamed brokers have SLR as a "hold". I also heard that RBC has a 70c valuation but can't get hold of a copy, RBC were spectacularly wrong about SLR previously, and that analyst has since moved on .... as they say. The valuation by Vector Vest at 83c is a number pulled out of an algorithm's a .... so folk, badger your brokers for some numbers, and post them.
My impulse is to top up but that would be my reptile brain, not my cerebral cortex calling the shots .... SLR is simply a non-compelling case technically or fundamentally at this point in time.