Doesnt make sense, page-3

Here’s the main reasons:

- Management generally poorly regarded (although I think getting better)
- Small reserve life (resources not really valued by the market)
- Limited growth options aside from incremental ounces being added around current operation
- High cost producer and capital intensive to maintain production (costs hopefully should come down over next couple of quarters as they’ve invested in new ore sources )

With A$ gold at $1750 the market will start taking notice of these high cost producers shortly. SLR has historically been devastating on the downside but explosive on the upside.