Lowest exploration budget, as % of revenues, 3.4%

Silver Lake's exploration budget, as % of revenues (3.4%) is by the lowest of the fourteen miners I follow closely.

For comparison, the highest is Canada's Wesdome, at 14.9% (and Wesdome's production and share price is growing like a weed). Kirkland Lake's is 7.3%, but that corresponds to a $180 million exploration budget.

One could argue that with Deflector West and Rothsay coming online, SLR has plenty on their plate right now. But the areas around Deflector look quite prospective, and miner after miner has shown that growth comes from the drill bit. IMO, SLR is stunting it's growth, and being inefficient, by not putting considerably more of that treasury and cash flow to work.