Ann: Project Update, page-274

Don't be upset to face the truth and reality...coming soon.

Why should noteholders liquidate the company? It is a suicide decision to liquidate SDL since noteholders will get nothing i.e.,. LOSE LOSE SITUATION. In the worst case scenario, noteholders will take over SDL. This is a win win solution.

If the Mbalam convention is reinstated, SDL will own again a very high valuable intangible asset i.e., Mbalam iron ore mining permit with all exploration knowledge. SDL will be re-rated. Note: SDL has spent more than $200 million to develop this intangible asset.

In the SDL announcement on 2 Nov 2018, noteholders have given the deadline that the Mbalam convention extension and SDL shares trading must resume by 1 July 2019. SDL is more likely to resume trading in July 2019 after the reinstatement of Mbalam convention. On the other hand, ANS is presently locked by WAPRC until 31 Dec 2019. This is another fact.

If the Mbalam convention is re-instated this month or in June 2019, the acquisition deal by ANS is less likely to be completed by 30 June 2019. Please prepare the milestone.

If the acquisition deal is off on 1 July 2019, SDL and noteholders will go back to original agreement signed in July 2018 that noteholders will convert the notes to shares by owning around 68 per cent of SDL. No liquidation would happen (READ THE SDL ANNOUNCEMENT IN JULY 2018).

Shine SDL shine. It is a matter of time, long term suffering holders will celebrate this good news.

Fact: up to now, It has been more than 6 months, WAPRC still can not answer the ASX question regarding the capital structure and source of funds.

Wake up call to everyone.