Ann: Dec 2014 Quarterly Activities Report, page-62

Westcott

say Funding is not acquired? Whats next? It really is then last one out turn out the lights yes!

The market has spoken..it appears it looks very unlikley

What many of us are alluding to is that funding will probably not be acquired in this environment...that's all our point...who would lend it?

It appears even SDL are telling us that!!

Every other major African IO player is bankrupt or technically defaulted..( Yes i know different types of Ore but that's irrelevant..Its Macros not Micros the markets/bankers watch)

Its not about an extra 4 billion tonnes from a GJ comment or Joint Venture Steel Mills talks..You still really think they in talks...Or a email every 6 months saying G'day?...the market has zero interest in that

You could announce today they have found potentially more DSO...Wouldn't move the needle

We have a market Cap of $83m , no cash flow in a sector everyone is avoiding, with oversupply until the end of the decade, chasing hundreds of millions in finance...in all places Africa...where everyone else has failed

Bubble view SDL has great credentials....robust project, willing partners and Govt etc etc..

Jump outside the bubble...and no-one wants to touch it it appears....especially under the current structure