Ann: Quarterly Activities Report-SLR.AX, page-5

I'm only knowledgeable on DRM, so I can't compare the other 2.

SLR has 0 debt and a good cash balance. DRM has more debt then cash, even after today's cap raising.

DRM has really dropped the ball at Andy Well while focusing on Deflector. There is still questions about Deflector. In contrast SLR has sold non core assets to focus purely on its Mount Monger mine. They have been implementing a cost cutting program which is beneficial for the company. AISC has on average dropped, this Q was higher, with capex development which will drop the AISC for the rest of the FY and beyond.

Both companies are spending around the same annually on exploration. DRM is more focused on greenfield exploration which is more a high risk/reward spend, compared to SLR's near mine exploration spend which has been proven year after year to deliver.

SLR have less ounces hedged, which allowed an average sale price of +$1700 p/o this Q.

SLR directors haven't sold share holdings recently.

SLR hasn't conducted any capital raisings recently.




Overall this is a strong report, which has followed a string of strong reports this calendar year. A hold rating for me due to gold uncertainty, but a safe bet compared to other goldies. I'll be looking to top up before the end of the year.