I have invested in gold juniors where directors have substantial...

I have invested in gold juniors where directors have substantial "skin in the game" only to see them go into VA! In fact the only reason I invested in these juniors was because of the significant cash directors had also put in.

SLR holding its own in current ASX gold equity pullback from overvalued prices, which is because relative to the others SLR is not overvalued.

Market still has concerns over costs. Still if we assume AISC 1300 in FY2020 and 1750 gold that's roughly a $400cash margin and we could have close to $250million in cash by 30 June 2020.

The next question is can they pull off a M & A to get them into the 350,000 ounce pa league. With the cash build they could take over a capital starved junior with a $100million CAPEX project needing funding ( ala RMS and EXU) . Trouble is there are not a lot of juniors you would want to take over. Really the best returns still come from exploration and SLR has plenty of ground to drill or a merger of equals to get to the next level in market cap and institutional / ETF index demand

I think we have a bull run in gold equities starting end of CY 19 based on gold hitting US1400 and AUS2000. In that scenario, all things being equal, SLR will certainly crack $1 and possibly spike to $1.50 with some significant exploration success... and a dividend.