SLR – Macquarie rates the stock as Underperform

An asset impairment charge led to a miss for Silver Lake’s profit result although underlying earnings were slightly better than expected. A $39m placement was announced to assist in placing Murchison in care & maintenance and to provide capital for the Mt Monger project. The broker sees the Murchison closure as pragmatic but it does mean forecasts take a hit, and it will be 18 months before SLR is generating cash.

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