Ann: Trading Halt , page-40

Capital Raising was always going to happen, when they announced that they were going to continue drilling.

Yes, there seems to be a delay in the securing of strategic partners, however I think the delay will be more of a positive then a negative in the long term.

To me, it just seems that the project continues to grow and grow, and rather then committing themselves to something when the circumstances continue to change, they are deciding to be patient and take their time to explore their resources and fully understand their options prior to making a committment.

Examples of the project growing include:

- The port having to now be constructed to allow CHINAMAX ships
- Talk of a rail newtork now being a multipurpose rail network.
- Continuing increases to the amount of resources
- New tenements and permits
- Increases to estimated Tonnes per year

It would have been irresponsible of the Board to Committ to things so early on, only to find that it limited the potential of their operation into the future.

I know that the a lot of holders would prefer to just get funding in the bag, however the more scope the project has, the more bargaining power SDL will have when negotiating a deal.

Prior Preperation Prevents Piss Poor Perfomance!