Latest Update 100321, page-74

25 March 2021

COMMENCEMENT OF INTERNATIONAL ARBITRATION AGAINST CONGO

Sundance Resources Limited (“Sundance” or the “Company”) wishes to announce today that, through its

subsidiary Congo Iron SA (“Congo Iron”), it has referred its dispute with the Republic of Congo (“Congo”)

to arbitration in London under the rules of the International Chamber of Commerce (“ICC”). The dispute

arises out of Congo Government's unlawful expropriation of Congo Iron's mining permit in the Sangha

region of Congo and related rights and interests (“Nabeba”).

As announced on 3 March 2021, Sundance, through Congo Iron, agreed to extend the period of

negotiations with Congo by 30 days (that was until 18 March 2021) to allow discussions to progress with

Congo. Having extended the negotiation period, there was no meaningful engagement with the Congo

Government, and indeed during the extended negotiation period the Congo Government saw fit to deal

with Nabeba in the manner described below.

On 13 March 2021, Congo announced through its Department of Finance that it had signed agreements

with Sangha Mining Development SASU (“Sangha Mining”) to exploit the iron ore from three tenements

in the Sangha region of Congo – Nabeba, which was expropriated from Congo Iron, and two other projects,

Badondo and Avima – and export the ore through the Congo port of Pointe Noire. The announcement

included a potential capital investment of $US18.5 billion to generate an iron ore production rate of

100Mtpa (“Sangha Mining Project”). The announcement stated that commencement of exploitation was

scheduled for Q4 2021, with exports of iron ore to begin in 2023. The Department of Finance disclosed

that Chinese parties were involved in the signing ceremony with Sangha Mining though their identity and

role were not disclosed.

Sundance makes the following observations regarding the Sangha Mining Project and Congo’s definition

of the new iron ore project:

• The Mining Convention between Congo and Congo Iron, covering the Nabeba Iron Ore Project, still

exists and has the force of law in Congo;

• The Sangha Mining Project will require a railway line of some 1400km, which is almost three times

the length of the railway required for Sundance’s Mbalam-Nabeba Iron Ore Project, and which will be

through uncharted regions in the Congo Basin (including significant nature reserves);

• There is no evidence of any engineering work to support the Sangha Mining Project’s proposed

production rates, costs and iron ore reserves. The only company that has ever delivered reserve

numbers and engineering work in Congo is Sundance (through Congo Iron), as part of the Company's

work to develop the world-class Mbalam-Nabeba Iron Ore Project;

• In Cameroon, where Sundance has a fully engineered rail route, the schedule for construction of the

rail route is four years using Chinese contractors with world-class capabilities;

• The Sangha Mining Project timeline is impossible to meet, which supports Sundance’s belief that no

engineering work has occurred; and

• Sangha Mining is an unknown company, recently registered in Congo and operating under a number

of $1 shell companies in Hong Kong and Anguilla, a low-transparency jurisdiction in the Caribbean.