Ann: September 2023 Quarterly Activities Report, page-23

Hey Joel,
hmm.. I struggle to see any synergies (though.. if they had been able to acquire Gwalia and Tower Hill, things would be vastly different).
I mean... there would be some savings due to a larger production profile, the investment community is likely to pay a higher premium for a 400-450k p.a producer (500k+ with Sugar when it comes online). Though... if you look at RRL... it's hardly receiving a premium for a 400k p.a production profile (though again, more caveats, as it's only got 1 good asset in actual production).

If the hedges were wiped... and replaced by options like what CMM recently did. Huge wad of cash, but... it has already proven to be a very savvy move and added millions to their bottom line. IF.... IF SLR/RED did this, then I would have a much more positive view on a merger.



I still feel on balance though, SLRs continued refusal to explain to the market the mine lives of Mt Mun and Deflector, forces the market to not trust them.... I mean, why would RED shareholders want SLR assets if they are going to be closed in 3 years time?

Something dramatic would have to change in the SLR management team, and.... I just don't get the feeling that it will.

Just some idle thoughts of course!