Doesnt make sense, page-11

SLR should outperform due to the rising gold price in AUD$, now 1750
AISC of 1400
margin +A$350 per oz x 150k ozpa = free cashflow of +A$52.5Mpa
PER = 200/52.5 = 3.8
very cheap compared to gold industry average of 13.9 or NCM at 40.9 PER



problem with SLR is its a 3 bagger above its 2 year lows so done its dash already like RSG RRL SAR SBM did and also at or near its annual lows and its got too many dancing partners dancing the same dance  RMS PRU RSG and the INSTOs run it up and down with the others regardless of fundamentals. We saw this in the mid Jan runup.

Its bounced off the 33-35 annual lows with slightly higher lows, worth watching/trading like the INSTOs.