lack of confidence, page-14

I don't believe that management have kicked too many goals during the last 2 years. However, if SLR was really highly free cash flow constrained I imagine that managment would have hedged many more ounces than the 50,000 that they hedged earlier this year at a very good price relative to the current spot price?

The company seems to be well placed for when the POG moves north and they have plenty of cash at bank and plenty of gold reserves.

The market is waiting for some announcements that indicate that management has turned the corner.