Ann: Silver Lake and Doray Merger Presentation, page-25

I think SLR shareholders are the ones being screwed here. SLR has a lower EV than DRM yet has almost five times the resources and twice the reserves. Most importantly it also has circa $120 million in cash and investments - compare that to DRM who basically has no cash whatsoever.

The only good thing to come out of this is that SLR is even cheaper than before - we've now got a market cap of around $238 million with close to $120 million in cash and $430 million in tax losses. As I've said before SLR could be taken over at these prices and the buyer would get the reserves, resources, mill and locked in hedging for free.

Only DRM shareholders get to vote on this deal. For it to be successful 75% of votes and 50% of shareholders must approve if I'm not mistaken. See below

https://www.minterellison.com/artic...rrangement-structuring-a-friendly-acquisition

Very disappointing as I thought SLR was getting its act together with cash, reserves and resources all increasing over the last 12 months through good operational performances and exploration drilling.

GLTA/IMHO