Ann: Quarterly Activities Report, page-11

The current obstacle of large and reputalbe investors avoiding SDL is related to the uncertainty of the Mbalam convention extension although the Iron project in Cameroon and Congo has now become more feasible today with iron ore price approaching $100 per tonne compared to two years ago at below $50 per tonne.

The Brazilian Vale disaster and short of iron ore supply to the market has encouraged more large investors/companies to look for alternative sources of future Iron ore supply such as Africa. China surely prefers supply of Iron ore from Africa where they have already invested heavily in this continental.

Nice to have the reinstatement of the Mbalam convention on 30 June 2019, one day before the expiration of the acquisition deal.