Yes or No, page-36

You're wrong @JoeKing2

It's not about taking a consensus view, it's about doing a proper sensitivity analysis.

BDO used a gold price of $USD2060 on page 171 and then on page 176 did a plus or minus 10% sensitivity analysis of what SLR would be worth based on a gold price that is circa 15% below the current gold price.

So in other words their high point valuation is still 5% below the current gold price in USD. This is deliberately understating the value of SLR.

The proper way to value a company is to take the current gold price and then extrapolate out 10% either side of the gold price. Yet BDO did not do this, using a gold price already 15% lower, and the company directors have breached their fiduciary duties by letting them get away with it. The 10% discount factor takes into account future risks including changes in gold price below that. Does BDO really think that the gold price will decline by 10% year on year. I don't think so.

BTW I'm an accountant with a Masters in Applied Finance. The assumptions and methods used by BDO are wrong and to the detriment of SLR shareholders. It's a disgrace the Board accepted this valuation. They are breaching their fiduciary duties.

GLTA/IMHO