"there are way more better opportunities in the market than...

"there are way more better opportunities in the market than SLR."

Others also argue that SLR's cash costs are too high and therefore there are better opportunities.
That depends on your point of view.
Someone also mentioned instos will not want to buy SLR.
They already own the stock, with some no doubt having reduced holdings and will buy again when they decide the time is right.

If you want stronger margins you can buy something like RRL.
A very strong company with arguably less downside risk if gold falls further but it comes at a premium valuation to reflect this.
Therefore upside with higher gold prices will be good but not as good. If gold goes back up to $1700-$1900 it might be reasonable to expect RRL to get back to around its all time high. If it does, it won't even double. If SLR does the same, it would come close to quadrupling.

For anyone that gets confident that gold has bottomed, (whenever they may decide that), they may prefer the better run companies that offer more leverage to a rebounding gold price- especially those that can expand production again to take more advantage of higher gold prices and with plant that can be readily expanded to take even greater advantage of a very large resource base. Many hedge funds and instos will fall in this category. SLR is a well run company. They have cut back on lower grade production to maintain margins- i.e. cash costs will drop significantly from recent quarters. If they have too, they can probably get cash costs much lower still by targeting the highest grades only. They have plenty of very high grade ore so are not at much more risk of going under than even RRL. They also don't need to spend tens of millions on exploration considering the large resource/reserve base. Production will be lower with high grading, but even at lower throughput higher grades do compensate to some extent for ounces produced. All of the negatives from the lower gold price may be factored in to the sp.
SLR should easily get through this with the right management and they have that.
RRL has low cash costs but has those thanks to bulk mining of what is relatively very low grade ore. They will have much less flexibility to cut back on production to improve margins although they will have less need to do so.
Others large gold companies will also have less flexibility to high grade in the event of lower gold prices so are more likely to close whole operations that do not have that flexibility. Supply will fall rapidly from current levels if gold goes back below $1400 for any amount of time. Supply for anything other than paper gold is already critically low and demand for physical has jumped with lower gold prices so I think we may have already seen the bottom.
Those that want safety and gold exposure will look to companies like RRL. Those looking for much stronger upside from well run gold producers will look to companies like SLR.