Valuation and SWOT Analysis SLR, page-6

Agree - the comparison is apt - especially when DCN's SP is seen as depressed and outstanding value .... because of its resources & takeover attraction. Mergers of the weak like SPI + EXG won't do the trick, but mergers of the strong like SLR / ???? DRM are synergistic rather than merely an exercise in inflating production numbers & reducing overheads. With RBC being SLR corporate advisers, one can assume they have the best intelligence on the gold market, both domestic & international. I don't think one can over emphasise the value of SLR's cash ..... debt is expensive and dangerous .... but without an aggressive sophisticated expensive exploration program, acorns never become oak trees. SLR/DRM EV/prodn oz/yr is 1/5th of SAR .... for the same production and the same exploration potential ??

So if SLR/DRM SP doubled they still be very cheap compared to SAR ? (and DCN for that matter.) 

January rallies are common, and if the POG rallies and the market doesn't crash, then the SLR/DRM merger will complete in a rising market where bargain hunters won't be able to ignore SLR?DRM ..... what an addition to the NST portfolio it would make ??

If you think SLR is cheap, have a look at RED5 EV/prod 1/2 SLR/DRM .... potential of KOTH mind blowing (to say nothing about that at Darlot too ...plus Siana coming back online)