Ann: Market Update - Congo and Cameroon, page-109

The company became aware on December 7 that the Congo Government had issued a decree which appears to revoke Sundance's mining permit.The permit is held by SDL subsidiary, Congo Iron. The withdrawal decree has not yet been published in the Official Journal of Congo or formally provided to Congo Iron, but the document appears to bear the signatures of the President of Congo, the Minister of Mines and Geology, the Minister of Tourism and Environment, and the Minister of Finance and Budget.Sundance believes the revocation of the permit constitutes a serious breach of existing agreements.In a similar-but-different dispute with the government of Cameroon, Sundance subsidiary Cam Iron has also had permitting issues.Cam Iron applied for an exploitation permit on October 9, 2009. The rrelevant minister did not reject or otherwise process Cam Iron's exploitation permit application within the 90-day time limit, meaning it had been deemed as granted.However, to finalise the permit the President of Cameroon must issue an implementing decree, which never happened, meaning the application remains in a kind of limbo.Sundance is seeking a remedy for the non-issue of the decree, as it allegedly breaches the terms of the transition agreement dated June 30, 2015.