Firstly, we need to change the thread name from boring.
SLR vs IGR, value shift
Market Cap
IGR with 483M , $0.64
SLR with 432M , $2.40
Shares on offer.
IGR has about 3 times the shares on offer with 755m vs 180m of SLR
SLR tight register, plenty of direct shares held by directors.
Skin in the game can not be underestimated.
Hedging
IGR has a 92,000 o/z hedge at a$1359
IGR has put options of 57,000 o/z at $1237
Makes talk of pulling in A$1600 near term a story just to put the kids to sleep
Typically hedges like this are pushed from finance companies for their own cover.
SLR , no hedging.
Resource Estimates / Totals
IGR (from annual report) 1.8M o/z
IGR due for increase
SLR Already 2.5M o/z
Grades
IGR (annual report - total estimate) - 2.7g/t
SLR 4.4 g/t
Debt & Near Term Debt
IGR, $45M senior debt facility for construction and development, currently $0
SLR No debt
There are plenty of pats on the back for mgt in here.
Snr mgt generally look after themselves quite well and don?t need any more encouragement to put their hands in the coffer.
MD
IGR MD, 2010 $784k package
SLR MD, 2010 $303k package.
Total Director Packages
IGR 2010, 2.1M
SLR 2010, 1.2M
You need to pour plenty of oz?s to cover the overhead.
Cash Costs
IGR A$575
SLR A$553
Cash & Bullion
IGR 30M
SLR 36M
Someone else can add in production profiles and guess future gold prices, forex etc.
Whilst both are very good companies, for me the value has shifted towards SLR with this comparison based on a proven team, poured 100,000 ounces, no debt and no hedging.
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