Ann: Mineral Resource and Ore Reserve Statement, page-18

?? SLR acquired Sugar Zone.

Whether one thinks it was a good move (I do) or not, it's a lot more than nothing (which is what I assume you mean by "bugger all").

OTOH, spending $100M on stock in Red5, OTOH, utterly baffles me.

In terms of running a business, buying Sugar Zone, and capitalizing it enough to give it a chance, makes sense. Again, that assumes that the acquisition was smart in the first place. Once a business owner has decided to make a move, he either has to back it, or reverse course.

Spending more than a quarter of your capital on someone else's business - that I don't understand at all.