duped, page-5

Spot on Baukaw,

What many shareholders fail to realise is that the board is using Hanlong to get the mining permits, because without the mining permits, SDL has nothing.

Also, their arguments for being critical of the board about selling too cheaply, is akin to judging a real eastate agent on the first bid at the Auction. Getting the first bid can often be hard work, and it doesnt really matter what price the first bid is, as long as the real estate has done their job by engaging as many interested buyers as possible. If the agent has done their job properly, the market should be aware of the property being sold, and ultimately the market will determine the price. If the agent has not done their job properly, than there is a chance that the market has not been properly informed, so the true market price may not be reached, which would be a bad result. While the real estate needs to be able to sell the property, at the end of the day, they have very little control, if any over the market.

The SDL board have done a good job at getting the first bid on the table. I believe that they have also done a good job at selling the potential of the project to the market, as everyman and their dog can see the huge potential of the project (I am assuming that is why most shareholders have bought in). What needs to happen now though, is for the board to follow through and deliver a counter offer for shareholders.

If you go back to an real estate auction, a lot of the main players won't show their hand until the very last minute, and generally not until the reserve price has been met and the auctioneer announces that the property is officially on the market. With SDL's project, instead of potnetial bidders waiting for the reserve to be met, they are waiting for mining permits to be approved. Once this is done, it is game on.

So if some want to judge the competence of the board based solely on the first bid, they can go ahead and do it, I don't care. But I will be reserving my judgement on the following two aspects:

1. The boards ability to obtain the mining permits
2. The boards ability to deliver a counter offer