Well, the good news is that there appears to be no bad news. They have maintained guidance and solidified resources, reserves, mine development and appear to have completed amputating non-viable assets (at an unstated humungous loss)(does this mean SLR won't pay tax for the foreseeable future ?).
There was a hint of some 'external' investments' presumably M&A, to mollify shareholders with the prospect of a 'takeover premium' being injected into the SP .... tell'em they're dreaming (?)
Obviously, SLR's staff long-term employment longevity prospects have improved, and the board and executives are very pleased with themselves as reflected in another Absolutely Fabulous remuneration report, which to add insult to shareholder injury, the vote at the AGM is non-binding for the executive FFS !
BUT the AISC remain way too high, and other than a short vague expression to 'continue cost improvement' there's no indication of profitability that will flow to the bottom line for shareholders ..... LT, SMTM FFS.
John Hussman repeatedly states that proper share valuation should be based on future income stream over a long period of time, and using this simple law of finance, the stock market is historically overvalued.
It would seem that SLR is not within cooee of paying dividends or doing buybacks or whatever, that may benefit the SP or shareholder real returns, as LT is intent on maintaining core financial strength and keeping institutional investors happy ... profitless prosperity for shareholders .... note most of the board aren't shareholders, aren't interested in share option packages linked to the share price ... they maintain that they're invested in SLR merely by working for SLR albeit it at industry standard (high) remuneration.
So, from my simplistic viewpoint, SLR remains a trading stock and is not investment grade ... I will endeavor to speak to the SLR 'powers that be' before the AGM vote is due, but my feeling at this point is to vote against all the motions..... which doesn't seem to bother the SLR politburo as they're a law unto themselves.
