yes thats correct - it doesnt have 5 yrs proven and probable...

yes thats correct - it doesnt have 5 yrs proven and probable reserves. resources are not reserves

reserves are key because they can only be defined within an economic mining framework - so high reserves give high certainty of maintaining a given aisc

companies with low reserves high resources tend to have aisc that bounces around a fair bit.

its not that gold isnt there - its that the economies of extracting the gold are less well defined and so more slippage can occur if mineralisation grade/continuity changes

low reserve high resource is particular common in u/g high grade veined systems

high aisc is high aisc.

insto investors know the volatility of gold price and in normal markets buy lower aisc producers because they have higher certainty of being profitable all the way through the cycle

that - + intrinsic value of assets - is why NCM rerates first and fastest vs nearly any other ASX insto grade gold stock every time sector troughs

all this is why SLR still trades at a big discount to other 'mid scale' peers like NST, RRL, SBM, SAR

hence why im buying now - because
- those superior stocks have rerated
- SLR is now flagging it expects to increase ounces output and reduce aisc
- aud earnings should continue to make aus gold miners a natural target for global gold investors who want exposure to gold but are leary of a strong USD
- mgt has delivered good returns despite those issue i pointed to - starting to unwind some of the reputation problems

think i just said all this pretty much