Ann: Investor Presentation - August 2018, page-10

Hi Flaming good to hear from you !
Hope you’re well. I’m good.
You made a great call to sell in mid 60’s. Am very happy that you did, and with a watching brief to come back in.
We both predicted it may come back to 50’s. My problem is trying to get the timing right when I believe there is further upside. Nothing worse than trading the range to miss out when it launches higher. So these days if I am buying into fundamentals & value, I am happy to sit medium to long term. I bought quite a large position in Feb at 0.38c so makes it easier physiologically. If you remember I made the call when it fell to .35c it would be at 0.70c to $1.20 by May 2019. I still firmly believe in that view . In fact my range is now $1 to $1.20 by May 2019.
I think AUD has further downside. Will test 69c by year end. RBA may be forced to drop rates (not just hold) in Q1 - Q2 2019. And may start changing their narrative towards the end of the year. I don’t think Gold Price will drop further than $1100 USD either. AISC for SLR will moderate at about $1200 AUD by 2020. Just need to get rid of low quality stock and dig through to higher grade zones (that we know are there) through good exploration work. Even with AUD GP at $1600 we are looking at adding to cash position another $30m - $40m in 12 months. So will be sitting at $150m cash!! And overall I have been happy the way SLR has been holding up overall. Especially with USD at 95c. Gold demand comes back in September, so hoping that will provide Gold Price support in the short term. And surely inflationary concerns will hit the US sooner rather than later. Will seriously consider buying more if SLR drops below 0.50c
Cheers
Pez