I don't know much about SRZ, however a quick look indicates it is much earlier in it's development. To (over)simplify it - SRZ is an explorer, when compared to ELT who is (arguably) a developer. Therefore, there is much more potential upside on SRZ, however more risk and, you are exactly correct, dilution. That is not to say there isn't still a fair bit of risk (and dilution) in ELT's future (it isn't a producer yet, like say MLX).
I think it depends on your risk appetite and how this fits your portfolio. Do you have other shares with different risk profiles so you want to take more/less with this one? Alternatively you could buy a little SRZ and a little more ELT (representing their relative risk) to diversify. Again you could load up on SRZ and shoot for the fences, with a little ELT to (hopefully) cover any miss there.
All in all, you'll have to make your own decision as the two companies are not perfect comparisons and one isn't better than the other, they are just different. It is more about how they fit your portfolio.
I hope this helps but please remember, this is my own musings, not financial advice. I have no idea of your personal circumstances and could not hope to give good advice that suits you.
ELT Price at posting:
45.0¢ Sentiment: None Disclosure: Held
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