mf tempted at current price, page-32

From the recent quarterly.

SLR has been able to show 4 consecutive quarters at an average of AUD$1168 AISC. If you exclude non-cash items (quite important as stockpiles mining costs incurred already) then you will see the cost at AUD 1032$

Draw up the 1 year chart for australian dollar gold price and you will see that it was around 1300$ AUD when gold hit 1180$.

Any lower than 1100$ USD and you will see supply side shrink and physical demand return. It won't remain there for long.

Even if gold dropped to 1200$ AUD SLR can still survive at their current cash costs due to being debt free and future capex requirements secured. There is also the hedge.

Sentiment is bad and that suits me fine. We definitely close to the bottom. No point trying to pick the bottom. You won't get it right all the time. One or two years from now sentiment will improve.