It's a good question and perhaps a soothsayer would be best able...

It's a good question and perhaps a soothsayer would be best able to answer it, already since some people took the risk when the merger project was announced and after its conclusion, without much success...!

We must already remember that the shareholders of SLR were the big losers from this merger or rather from the gift given to RED by Tonkin. Indeed, a very rare occurrence, despite the fact that SLR brought in addition to its assets, a sum of several hundred (!) millions of dollars in cash, they not only received no premium on the last price, but suffered a loss !

More than past performances, it is rather the present performances (end of July - obviously fantastic 2nd quarter results) and future performances which will determine the 2025 outlook.

On the present :
- The fact that Tonkin has sold millions of shares is not definitely a good sign.
- Vanguard has become a significant shareholder, but at a price higher than the current share price. To see if Vanguard stays or leaves if they recover their stake ?
- The other institutional investors seem very suspicious and are not chasing RED, not a good sign either.

On the future :
- What about the gold price if Trump is elected ?
- He promised to bring peace to Ukraine...(?) which could bring down the price of gold and would "clog" all the gold mines !
- Finally, it would be interesting to know the future of RED and if this SLR/RED merger is not just towards a larger operation with a major company, GMD for example ?
- Hoping then that the deal will be honest with a bonus and not a scam like with DCN !