$1.50, page-7

Dear Owenod,

Questions? $1.50 at end of March 2014?

Extract from Macquarie's analyst report
"Initiating coverage with an Outperform We are initiating coverage on Sundance Resources (SDL AU) with an Outperform rating and a A$0.15 price target. SDL owns the largest scale iron-ore development project outside of the global majors. The Mbalam-Nabeba project has the potential to produce up to 35mtpa of high grade DSO product with production starting in 2017. The project has a pre-production capital cost of nearly US$5bn, hence securing a funding solution for the project is a key catalyst for the stock. The key risk to our A$0.15 price target is the level of ownership dilution SDL will endure at the asset level to secure a funding solution.
Our price target is based on the sale of half its interest in the project for US$500m, which is sufficient to provide SDL’s equity financing requirement for the development.


Extract from Patterson's analyst report
"We expect finalisation of an exclusive agreement on the port and rail infrastructure in April 2014 and we anticipate a major re-rating of SDL’s share price to more closely align it with our $0.26/share valuation".