Overall the report is around my expectations.No real profits but...

Overall the report is around my expectations.

No real profits but surviving.

Need AUD POG at 1600 to generate some real profits.

Murchison is a disaster, and I am not sure if they can turn it around.

If the POG goes under AUD1300 for an extended period then I think they will actually be cashflow negative from all their activities.

Murchison is still a major worry. I do not think they can turn it around without a major cut in wage costs.

I know this is viewing things in hindsight, but they made a major error in not fixing up the Mt Monger operations to operate at the planned 200k ounces per annum level prior to going ahead with Murchison, let alone merging with IGR. SLR needs one major mine to be a significant cash cow to help carry the load from less well performing operations.

I hope they have a plan to fix up Mt Monger/IGR operations and close Murchison.

Things are tight financially and another capital raising could happen - net cash is below $10m (not counting payables, which could be a significant amount).

The best thing SLR (and the other goldies) has going for it is Yellen and the dysfunctional US govt).

loki