Ann: Silver Lake and Doray Merger Presentation, page-68

From the SLR Chairman's address to shareholders.

Doray Merger

On the 14th November Silver Lake announced a merger proposal with Doray Minerals.As I mentioned earlier Mr Tonkin will be taking you through the proposed merger in some detail with his presentation so I will limit my comments to the following:

- the board believes there is compelling rationale for the combination of Silver Lake and Doray to create a new, mid-tier gold producer;

- it is a transaction which we believe will favourably position the Company for further growth;

- the proposed merger has the unanimous support of both the Silver Lake and Doray boards. This support is obviously conditional on no superior proposal being received by Doray and the appointed Independent Expert concluding such a merger is in the best interests of Doray shareholders;

- Doray’s primary asset is the high grade underground Deflector Gold Operation in the southern Murchison region of Western Australia;- The combination of Silver Lake and Doray will have pro-forma 2019 sales guidance of approximately 240,000 ounces gold equivalent at an AISC of A$1,182 / ounce;

- This step up in production sets a solid base for the Company to be recognised as a new mid-tier gold producer with two substantial operating centres in a tier 1 jurisdiction; and finally

- when combined, the merged group will have a platform with multiple high grade mining and processing centres that the board believes will further lower production risk and provide opportunities for greater efficiency