Ann: Dec 2014 Quarterly Activities Report, page-64

Hi Westcott,

The above is all good and fine but you need to ask three additional questions, the answer to which is more critical than any of the answers to the above questions you have posed:

Has SDL the capacity to develop Mbalam mine, P&R infrastructure?...
Will SDL be able to secure an equity partner in the next 6 months?....
Will SDL secure funding in the next 6 months?.......

How many years has this now dragged out and SDL could not achieve any of the above in the best of times. So what is the likelihood of any of the above happening under current circumstance? In the absence of the above materializing, all of the issues/matter/facts stated in your post becomes irrelevant.

What matters is the "here" and "now". Period.
What is your view on the above questions because, as I stated previously, and going on the SDL track record in failing to meet expectations set by Cameroon and Congo, the latter states will have had a gutful now and I'd imagine they are just biding their time (till end of June) in order to hand the batton to someone who can talk the talk and walk the walk. SDL will not be a part of that.

Not negative but facing realities.

Good luck.

Westcott, as a sidenote, do you have any thoughts on the 20.5mil STI shares that were issues yesterday/day before? To whom? Thanks.