horrible reality

The reality is:

SDL are getting low on cash. Talk of a capital raising will start to raise its ugly head.

They are unable to develop this deposit on their own or find a JV partner.

It's probably pointless to spend more money on exploration to increase the size of the deposit. They should be trying to reduce their expenditure.

They may be in discussions with other interested parties regarding a takeover but if an offer were to appear it certainly will be less than 45c. Going on SDL's current price maybe 20c? But discussions could drag on and on. Holders will get impatient.

Could the African governments issue a "use it or lose it" edict?

Holders are in a horrible position.