Patterson have issued a research note valuing SDL at...

Patterson have issued a research note valuing SDL at $0.26/share. Further details found at

http://www.sundanceresources.com.au/irm/Company/ShowPage.aspx/PDFs/2741-73702556/PatersonsUpdate

Interesting excerpts

Our analysis indicates that there is significant value in SDL based solely on the high grade
hematite project, without the need to factor in the potential of additional mine life from
converting hematite resources to ore reserves or the potential cashflows of the itabirite
project, both of which could be significantly value accretive.
We believe that the short-term catalyst for the stock lies in SDL’s ability to successfully
finance the project using the balance sheets of significant engineering, procurement and
construction companies and product offtake groups.

Catalyst for re-rating notes

Catalysts: 1) March Q 2014: Culmination of funding talks on EPC
tender process for the port and rail infrastructure; 2) March Q 2014:
Product offtake arrangements and mine joint venture development
proposals due; 3) Late CY2014: Commencement of project
construction.