chukI understand your concerns re SLR on face value possibly...

chuk

I understand your concerns re SLR on face value possibly paying too much for IGR but consider IGR hasn't gone underground yet (Cock-up Bob trial excluded) That's where the big bucks are

IGR has already spent tens of millions on capex at Maxwells and Majestic open pits and now SLR come along and use their expertise to go underground. Much of the hard work and the dollars (resource definition, waste stripping) have already been spent. And there's also a juicy 1.8Mt stockpile to play with

Look at the Mount Monger land package as a whole and you'll see how much ground SLR is picking up there relative to what they already own. Ask yourself the simple question: how many Daisy Milano's could there be under IGRs ground?

When comparing SLR to IGR I'd be inclined to leave out the PRH transaction (1Moz and 2,500sqkm) This was only a $15m acquisition (which I am really happy with by the way) but a long way off production, and requiring a fair amount of capex. The IGR assets are either producing or production ready. Adjusting for the above bring the metrics clearly back into SLR's favour

And something else for your analysis. Over the past 2 years, SLR has only traded above the 6.28 IGR ratio since June this year (i.e. only during the past 2 months) The ratio conveniently blew out to 9 just before the merger was announced. So the 40% premium really isn't that. The IGR cap raising and some production woes enabled SLR to pounce

Love your analysis but adjust it for PRH assets for a more realistic view

Cheers