this is what i am being told, page-2

Hi All,

I cannot help but express serious dissapointment.

The SDL legacy has always been - delay, delay, drag, drag pushing out timelines, making glamorous announcements but which has simply not being achieved - Today that legacy has been reaffirmed and the market recognizes it.

In Feb 2014 RIU presso - Slide 16 this was sold to investors:(didn't even bther looking at other previous presso):

"Sundance is confident that the Mine Plant EPC can be completed in a timeframe
aligned with the finalisation of the port and rail EPC tender process (June 2014
Quarter)." - Today we learn that this is still along way off!!

They talk about 3.5b for port & rail and that it is withing the original dfs numbers - BS!

Slide 12:

CAPEX (Stage 1: High Grade Hematite) US$M
2011 DFS Figures
Mining, Processing and Infrastructure 914
Rail 2,019
Port 537
Subtotal 3,471
PMC, Owners Costs and Contingency 1,214
Total (US$M, real as at December 2010) 4,686

I see only 2.55bil for rail and port.

I do not read the current 3.5bil as being inclusive of PMC, Owners Costs and Contingency.


Jonnes informs on SDL response:
"SDL I believe thinks this announcement is huge and is stunned the sp has dropped 10 per cent today."

Now where have we heard that before: Ah, that's right - almost identical response given when market responded negatively to the "Noble Off-take agreement on 26th May.

The fact is that SDL have not lived up to their promises.

There is simply not a single dollar funding that came with the P&R EPC
Mine EPC now many months out.

I've, for months expressed serious concern that these guys will need a further CR if they don't get things done in strict timeframes- well that is now a certainty - As much as we would have like to believe that an equity sale will happen soon with possible cash injection, this is clearly not going to happen and it seems almost a "Given", going on the "SDL response" above that CR is on the cards.

I've expected more! There is no financing in place. I give no value to the term like "well advanced" being used y SDL because as we've seen, very little has materialised that corresponds with the various presso's since the AGM late last year.

Sorry guys, but they have simply not lived up to their promises (but that is SDL legacy, isn't it), the market sees that and responded accordingly - as was the case with the OFF-Take agreement.

We can keep on posting and be upbeat about this or that - but 12 months ago when they came with their new strategy, they said finance to be in place mid 2014 and construction to start later in 2014 - this already, has now been pushed out by another 12 months. In the least I expectedthem to also announce the Mine EPC contractors. Well we're not at the end of June 2014 yet but I'm not holding my breath. Am I wrong or being unreasonable.

Sentiment: Much more peeved of than the last time when I stated I was more peeved off than the previous time that I stated that I was peeved off.