will SLR hit $1.27, page-29

When you look at the increased number of shares on issue your should also be aware that most of these additional shares were issued as a result of the "all script" bid for Integra Resources (IGR). The current mines (Imperial, Majestic, Maxwells and CEB) were all IGR resources as also was the Randalls mill; without these SLR would be stuffed. The SLR's Daisy Milano is now getting old, the Lakewood mill has been sold (for a pittance), Murchison was a fiasco. Impairments of non current assets over 2 years was $176,618,000 not including substantial production losses - this is SH money spent (and lost) during those years - it's a misnomer to say that impairments are not cash, they a SH assets lost from previous years. What's happening now is that management are (correctly) focusing on exploiting the IGR assets, looking for more around Daisy Milano and putting the Murchison (and Philips river) out to JV's where any potential upside will be shared with our partners. The major factor that has helped SLR (and most other goldies) is the rising PoG in A$ terms; not the management. I would accept that LT correctly adopted a conservative strategy which with the rising A$ PoG has saved the company after the old management nearly killed it (Les Davies is however still there as an NED). Thank god we have those IGR assets.