Ann: Project Update, page-374

Lynas is an example of good and strong management and leadership and how to survive in a severe political pressure, and now Lynas sets a new strategy to diversity the investment. The Lynas CEO has a forward looking how to mitigate certain country risk. I am happy with Lynas and once again it is proven that my long-term investment in Lynas is right and fruitful. This is not investment advice.

SDL has an opportunity to resume on trading in July 2019 after the expiration of ANS/WAPRC acquisition agreement on 1 July 2019. We do not know whether noteholders will agree to extend the ANS/WAPRC acqusition agreement beyond 30 June 2019 or not. However, we know very well that noteholders have put the condition to SDL that the shares must resume on trading by 1 July 2019 (see SDL announcement on 2 Nov 2018). If noteholders do convert the notes to shares and own 68 per cent of the SDL as per their agreement with SDL in July 2018, and SDL will become debt free, and then Mbalam convention is reinstated with iron ore price of above $100, can you imagine what would be the share price of SDL when it resumes on trading???? Currently, at 0.005, SDL shares are valued below book value of equity. This is not an investment advice.

If noteholders become the major shareholders of SDL after 30 June 2019 and SDL has become debt free with the reinstatement of Mbalam convention and with the high iron ore price, anyone or any party who would like to take over SDL, the bidders should submit the TAKE OVER BID as per take over rule. This will give advantage to current SDL holders since bidders will compete each other to give the best take over price to SDL shareholders.

It has been more than 8 months, SDL shares have been suspended by the ASX due to ANS/WAPRC acquisition deal. As long as the ANS/WAPRC acquisition deal remains valid, we really do not know when the SDL shares will resume on trading on the ASX. There is no update from either ANS or SDL regarding this matter except they keep repeating the same message that shares are still suspended from trading waiting for the ANS/WAPRC's response to the ASX inquiry in regard to capital structure and source of funds. Both ANS and SDL keep repeating this message over more than 8 months.