Ann: Chairman's Address to Shareholders, page-9

Dear Praetor,

The report does not show a clear pathway when we could see the light at the end of the tunnel.

When you read the Chairman's report, there is still high uncertainty. Although ANS has promised to find the Chinese partners for the project but they have not introduced the right Chinese parties to Cameroon Government. The report states "once the right Chinese parties are introduced by AustSino that the Cameroon mining convention will be reinstated by the Government of Cameroon".

In other words, Cameroon Government will determine who are the right Chinese parties for the project.

If I am the consultant of SDL and ANS/WAPRC, I will propose as follows:

Company level

1. Noteholders go ahead to convert the debts to shares and make SDL becoming a debt free company as agreement signed in July 2018.

2. ANS subscribe for new shares of SDL equivalent to  $8 million as working capital for SDL.

Individual level

Noteholders sign a separate agreement with ANS/WAPRC to sell the shares to sell their shares to ANS/WAPRC at agreed price subject to regulatory approval either in China or Australia.

Based on those agreements, SDL applies to the ASX for relisting of SDL shares on the ASX.