I find myself in furious agreement with most of your sentiments...

I find myself in furious agreement with most of your sentiments - but I'm not sure there's any mischief with the VE yoyoing .... its what passive funds do ... their buying of a particular stock is dictated by market cap & liquidity of the stock. SLR's has this in spades as they are no longer in the ASX 200, and hence institutional support is very much reduced, and they have problems with their ASIC's. Now the latter is falling as new high-grade resources come online, and not forgetting that SLR pay's as it goes, and hence remains debt free.
So, if they meet their previous guidance, then SLR's CF/MC will look very cheap compared to peers (?).
More expensive peers, like NST and SAR, have better ASIC & mine life, and hence the premium. (?).
Being increasingly and underground mining operator, SLR will never have long LOM or large reserves (?), but geologically gifted UG mines can be profitable for decades longer than open pits.
I think there's a strong case for a merger with a suitable quality company that would (more than) double their MC & liquidity - that would result in a significant rerate and catapult them into the ASX200. Somewhat disturbing is the recent downgrade by longtime influential analysts support to a "hold" from a "buy". But, I don't like the idea of RMS. They have a short mine life, although they have announced their intention to be a 200k oz/yr. I'm not sure the Edna May purchase will replicate the NST successful formula of turning big company discards into new company maker El Dorados.
Somewhat disturbing is the recent downgrade by longtime influential analysts support from "buy" to "hold".
But, I don't like the idea of RMS. They have a short mine life, although they have announced their intention to be a 200k oz/yr. I'm not sure the Edna May purchase will replicate the NST successful formula of turning big company discards into new company maker El Dorados.
Technically SLR has been forming a base at 40c for a considerable time, and to call it 'crucial key support' would be an understatement. If the next quarterly report is a good one, and it should be to set up the next AGM for the board, then a relief rally may well ensue, but if not, then a further selloff may occur and 40c may turn into 'key resistance' .... surely not!
Let's hope Luke Tonkin truly encompasses the old saying "still waters run deep". I understand in part LT's reluctance to perform to an audience that appears to be not listening, but as Keating once said, when you cant get through at an intellectual level, you have to flick the switch to vaudeville.
The next AGM date & agenda is due to be announced soon, and I'd be surprised if there isn't a recommendation for a bonus for LT and the board. Needless to say, I for one will be voting against it if it's not linked to SP performance .... it should not be merely a KP retention bribe. LT has repeatedly said that SLR is important to him as a legacy for his reputation.... SMTM LT !!