Ann: Silver Lake and Doray Merger Presentation, page-33

Lets face it - both DRM and SLR are stocks that are discounted by the market as "disappointing".
Nevertheless, SLR is actually valued lower than DRM on a EV to resource basis and an EV to production basis.
The only factor that is favourable to SLR is that it has good cash and equivalents without any debt while DRM carries debt, albeit with net cash balance; and that SLR has a positive PE looking backwards vs a negative one for DRM.
Even the forward looking AISC favours DRM over SLR ($1100/oz mid range for 2019 vs $1370/oz, respectively).