Serena, here is the bottom line from Sundance. "The clock is...

Serena, here is the bottom line from Sundance.

"The clock is ticking"

Material Business Risks The material business risks faced by Sundance that are likely to have an effect on the prospects of the Company are considered below: Exploration Permit 92 (‘EP92’) This is the permit held by Cam Iron located in Cameroon that contains the Mbalam deposit. EP92 expires on 24 July 2017. Sundance is required to achieve a financing commitment (credit approved term sheet) for the Mine Infrastructure no later than 9 months (or such later date as agreed) after the Government of Cameroon achieves its financing commitment for the rail and port infrastructure. If this is not achieved within the timeline or any agreed extension, Cam Iron may, at the request of the Government of Cameroon, be required to transfer EP92 to a nominee of the Government of Cameroon for no consideration. It is likely that, given the postponement of the signing of the EPC contract for the port and rail infrastructure, the time it takes the Government of Cameroon to achieve its financing commitment for the rail and port infrastructure will take longer than previously anticipated and is highly unlikely that this will be completed before 24 July 2017. However, EP92 permit is due to expire on 24 July 2017 having reached the maximum number of renewals under the previous Mining Code (2010) in Cameroon. Sundance is having ongoing discussions with the Government of Cameroon to find a suitable method to secure the CamIron tenements in Cameroon. The Cameroon Government has offered its support to accomplish this but there is a material risk that a suitable solution may not be found and EP92 may need to be handed back to the Government of Cameroon. Mbalam Convention The Government of Cameroon has extended the date to complete the conditions precedent to the Mbalam Convention to 24 July 2017. Failure to achieve the conditions precedent prior to that date will, if no further extension is granted, result in the cessation of the Mbalam Convention which will be considered an event of default as defined in the various convertible note deeds in place which will most likely result in the convertible notes becoming immediately due and payable at their full redemption value. The Mbalam Convention will, pursuant to the Transition Agreement signed on 30 June 2015, be renegotiated as part of the restructure of the Project. It is likely that, given the postponement of the signing of the EPC contract for the port and rail infrastructure, this renegotiation may not take place at all or will take longer than previously anticipated and there is a material risk that it may not be renegotiated before 24 July 2017.