Ann: Appendix 4E and Annual Financial Accounts , page-15

re: Ann: Appendix 4E and Annual Financial Acc... the impairment is calculated on a spreadsheet. you just plug the numbers in, the most important is the price of gold

each day the loss changes depending on the price of gold. the price of gold at 30 June was around the low for this year to date. on which basis the loss would have been calculated plus the futures curve and exchange rate assumptions

during the week the AUS gold price briefly touched 1600 , at that moment the spreadsheet would most likely say there is no impairment loss, probably 1650 is the real tipping point

the market knows that and couldn't care less about this impairment loss

one thing the market would care about is how close to the line these guys came to a serous financial crisis, which shows in the annual report

the problem is now solved and everyone remembers the ageold lesson, ambition to grow quickly with debt can destroy you

it is clear from the recent presentation that SLR is now choosing a slower and more sustainable growth trajectory funded from cash flow