What a load of rubbish. The SLR isn't binding because the board...

What a load of rubbish. The SLR isn't binding because the board has refused to let SLR due diligence. SLR can't make a binding offer until they perform due diligence. It would be reckless for SLR to make a binding offer sight unseen.

One can only speculate as to why, but from an outsiders perspective it seems obvious that the board isn't acting in the best interests of the shareholders by refusing to SLR to perform DD.

The board are the ones who have drove the company into the ground not SLR. The idea that SLR are playing games is laughable. It's the SBM directors who are speaking out of both sides of their mouth. They can let SLR do the DD and put in a binding offer. Nothing is stopping them.

By refusing to do so is not allowing proper price discovery to take place. This is not acting in the best interests of the shareholders.

The question is what are the board hiding? It's not just the board either that will have to explain themselves - whoever is propping up GMD shares will be in the firing line as well. It wouldn't surprise me to see GMD struggle to maintain their share price over $1 once the deal goes through, while I expect SLR to bounce back to $1.50. Their EV is now well below than many of peers despite having higher hedging, cash and comparable production ounces and costs. On the other hand, GMD will have a lot of capex with very little free cash flow coming in for at least the first twelve months if not longer.

The look through value of SLR shares is much higher than GMD which is effectively the old Dacian company that went broke because of its underperforming assets. SMB holders would be much better off with SLR shares going forward in my opinion.


GLTA/IMHO


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