agm - excellent confidence, page-19

Taoist

Very much agree with your comments about the board. GJ in my opinion spoke with real confidence re the future of SDL.

Yacheng gave thanks to GJ on behalf of Westcott and Hotcopper posters which was received with a tremendous applause by attendees.

Approx 50 Million in the bank (correct me if im wrong) with cash burn of 2million per month over next 6-8 months. Capital raising issue was spoken about with GJ stating more or less that if all was to plan then partners would be putting money into SDL bank account.

Emphasis placed on the current iron price ($160) and the conservative DFS figure (approx $62) . The potential to pay off project alot quicker than the 4 year projected time. GJ mentioned words to the effect that he had never seen or been part of a project that could potentially pay for it self in so quick a time.

Those in attendance please correct me if needed.

Cheers
DPH