sdl should go with europe , page-131

Hi guys, I listened to the presentation and it sounds damn good.

Everything: mine, port, rail takes capital off the books. (This would make a potential change-of-control event totally seamless).

GC confirmed the 100MTA consolidation potential and 50MTA potential for Mlabam-Nabeba alone. This must be acknowledged and valued by the bidders (China or non-China) on top of the EBITA for the 2 mines.

GC said the interested parties love the resource (at $21/T why wouldn’t you).

Love the debt funding and the BOOT EPC model.

Guaranteed off take and BANKABLE !

No other project that is not already owned by a major ready-to-go anywhere in the world.