22/04/2016 JRV Shareholder Letter, page-15

Fancypants, removing the Board of JRV is what this is all about.

SDI has tried to work with JRV for 2 years.

JRV has refused to provide SDI with a scandium oxide sample.

Without a scandium oxide sample, how is Mr. Karn supposed to advance off-take discussions?

Would you sign an agreement to buy a scandium product you have not seen or tested to see if it meets your requirements?

And we must do mathes differently: Karn would get $480,000 from the sale of SDI to JRV from at the low end estimate or $720,000 from the high end estimate in JRV shares—not $1,000,000.

And if SDI does not deliver, the JRV shares will be of little value, which means SDI is taking a huge risk.

I have owned JRV shares since 1998, but I have become more involved since 2012.

I’m not Mr. Karn, but I agree JRV needs someone like him.

And before you ask: No, I m not receiving anything for helping to remove the Board of JRV—though I expect to see the share price go up as a result.