Gold miner SLR was hammered ~20% at the end of July after disappointing investors with its quarterly update which unfortunately puts Mondays +4% rally into perspective. Again, last month it was the miners FY24 guidance that was the catalyst for the sharp drop with SLR flagging a slowdown compared to FY23 numbers however we see good upside in the miner after its rerating from above $2 in 2022.
- We can see SLR bouncing ~30% if/when the gold price rallies back above $US2,000/oz – we hold a 4% SLR weighting in our Emerging Companies Portfolio
MM is neutral/bullish toward SLR
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