Well the whole sentiment around M&A and also IPO's is not good...

Well the whole sentiment around M&A and also IPO's is not good at the moment, too much insecurity and volatility in the market. The goldies have the additional disadvantage of a low Comex gold price.
Usually M&A activity will peak when the market peaks because dumbs CEO's think they can buy the whole world.
So, SLR has to be patient until Gold is up, and/or Comex collapse or Chinese takeover of the 'gold price'. This may take another 5 years. Sure SLR can make it that far, just shareholders won't be seeing any return soon in that case.
I am still waiting for a bid from NCM or NST merger. But probably won't happen although it is dirt cheap.