While $2 would be a stretch given present value approx $1.60, I...

While $2 would be a stretch given present value approx $1.60, I would agree SLR would be trading significantly higher with near term production growth from 90,000m definition drilling at sugar resetting mine plan to circa 270kozpa - 280kpza with low capital intensity. On the other hand Red's proposed long mine life requires massive capex for open pit cut backs (the strip ratios don't exactly scream low opex either). The catalyst for red was simply the bid by slr at $0.265, without it hard to see how it could possibly trade at $0.50 near term with 0.10c NTA, large capex and that hedge book. If we're going to have these discussions let's at least have them grounded in some type of factual reality.