Ann: Red 5 and Silver Lake Resources to Merge, page-41

"as currently holding SLR, and really happy with the synergy both Cos bring to the table"

The only synergy I see is some eventual reduction in Admin costs at head office with rent and head count there .
There is an advantage from a hedge book perspective assuming gold is in contango or at least higher going forward than the hedge , but for RED return on equity becomes less as a combined entity , as substituting a loan for SLRs equity that includes their treasury .

geographically the relatively low grade assets are distal from each others processing centers so where is the synergy ?