SLR rallied another 3.5% on Monday as the WA gold miner continues to regain some of the lost ground since COVID. The stock hit a 12-month high on strong 3Q gold sales, reporting that both Sugar Zone and Mt Monger are on track to hit the top end of guidance in FY24 – a welcome surprise for the sector. Like a number of our preferred miners in 2024, SLR has an attractive mix of copper and gold, having YTD FY24 sales of 187,244 oz of gold and 872 tonnes of copper.
- We see no reason to take profit on SLR even after its 65% recovery. Our initial target is the $1.50 area—MM owns SLR in our Emerging companies Portfolio.
MM remains long and bullish toward SLR
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