Ann: Corporate Presentation - November 2023, page-18

Hi Spec always enjoy hearing your perspective even more so when it differs to my own opinion.

I think you will find that there are several metrics that place SLR ahead of WGX.

Let's look at a few...

Resource grade
SLR wins top 10 shoot out 8 to 2.



Reserve grade comparison

SLR wins 6 to 4



You're right about needing to look into the past.
Let's look at my favourite metric when valuing producers (Cashflow)


Cashflows FY23
SLR ahead on pretty much every metric.
SLR Invested more, bought back stock, Gained less from financing, paid more debt, made more operating cashflow etc etc etc





What else are they ahead on?

Not an exhaustive list but...

Lower AISC (6 years running)
Average Head Grade (every year since WGX listed)
Guidance history (9 vs 1)
Liquid Assets (not even close)
FY 24 Mid guidance FCF per ounce
FY 24 Mid Guidance OPCF per ounce
FY23 EPS
Current EV SLR 577m WGX 725m
Projected CAPEX Budget FY24 SLR 128m WGX 155m
Sunk Mining Cost Capitalised Stockpiles SLR have a more valuable, higher-grade stockpile inventory.
SLR carried over tax losses approx 500m WGX zero.
Last Q Deflector mined over 30% more ore than milled (Last Q all WGX assets mining less than milling).

GLTAH
DYOR