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Eventually and probably after JORC and yet another Fundraising; a share consolidation is a very sensible way to tidy up the number of shares in circulation

It is hard to predict accurately how long the money will last as RM has shown an appetite to raise large sums of money since October 2016. One can only guess and hope that it will be adequate for the next 6/7 months.

Has finally included a credible Milestone of aiming for Maiden JORC Resource depending on Results.

Now at 1.2p to reflect the dilution impact of the fundraising announced this morning

Sula Iron & Gold (SULA LN)# Sula Iron & Gold (SULA LN) has announced an equity subscription to raise £900k at a price of 0.146p/sh. The investment by Riverfort Global Capital will be structured so that an initial £400k is received by SULA with subsequent investment made in monthly instalments. Accordingly, 616m new shares will be issued taking the share capital to 3.1bn implying dilution of 24.6% with Riverfort holding 19.77% of the enlarged share capital. A formula has been determined to account for future fluctuations in the share price which will mean that share dilution from this investment will not increase. SULA has also announced that the Board will take a 50% reduction in salaries until December 2017. This along with the new investment should provide sufficient capital to advance exploration into 2018. Operationally, SULA has announced that the remaining samples collected in the Phase 3 drilling have left Sierra Leone for analysis. The results are expected to be received in mid to late September for the remaining eight holes. Depending on the results it may be possible to complete a maiden JORC resource at Sanama Hill. We reiterate our Speculative Buy recommendation although adjust our target price to 1.2p/sh. to reflect the dilution

Sula Iron & Gold (SULA LN) has announced positive initial results from the Phase 2 drilling programme. The first three results, all from Sanama Hill, extend the continuity of gold mineralisation down dip and along strike. Highlights include 1.6m at 6.9g/t Au from 257.4m including 1m at 10.2g/t Au as well as 1.2m at 2.5g/t Au from surface and 3m at 2.8g/t Au from 294m which includes 5.7g/t Au over 1.1m. The results are broadly in line with previous findings at Sanama Hill and the mineralisation remains open at depth. The drill programme consisted of 14 holes and the remaining samples are due to be shipped from Sierra Leone within the next week while a significant soil sampling programme has also been carried out with analysis also due to be carried out shortly. The additional drilling along with the soil sampling programme will further enhance SULA’s understanding of the structural geology which will benefit future drill targeting. In addition Equity Drilling have elected to receive 50% of their payment in equity; consequently SULA will issue 67.3mn shares at 0.225p/sh. We reiterate out Speculative Buy recommendation and 1.6p/sh. target price.

Notwithstanding standing current SP & shares in issue; what we know is this: 1.In July 2015;it was announced Company had a Target of Gold Mineralisation between 0.8m-1.5m OZ over 2 KM Strike Rate by SRK & this could be as long as 10KM subject to Drilling 2. Various Drilling Campaigns since have confirmed this 2KM stretch is indeed Rich in Gold with average Grades of 3.5g 3. Drilling in other parts of the licence have not been as emphatic or encouraging in terms of Gold Mineralisation so far 4. New Management came in October 2016 with some cash invested in Compsny by new management & greater technical expertise & more coherent PR & Sales Putch to Investment Community 5. A lot of money justifiably raised for drilling as Compsny has zero revenue both in the period Jul 2015-July 2016 and again since October 2016 to date 6. Sentiment improved towards the Co. from Oct2016-Apr2017 7. Some investors have lost faith in the last 3 months as Drilling results were not in line with expectations highlighted by the Managment in Media Interviews or investors misread the Company's own expecatations+ another area of Licence Area was found not to be Rich in Gold My take is the Company's failure to highlight a coherent strategy and timetable to JORC for Gold has frustrated investor community. Afterall; we all know they wish to prove the Gold and sell it to a major Producer as conventional wisdom says the Gold Mineralisation if extend along the 10KM stretch could be as much as 3m OZ or as little as 0.8m OZ as now based on SRK Target mineralition in July 2015. You are not the only ones confused by Management's lack of strategic objectives 2 years later! 4.

Sula Iron & Gold (SULA LN)# Sula Iron & Gold (SULA LN) has announced that the first six holes in the Phase 3 drilling programme have been completed at Sanama Hill whilst samples from the first three of those have been sent for assay. These six holes cover over 2,000m. One of the two rigs has been moved to TZ4, the newly discovered area of mineralisation identified during Phase 2 drilling. The company anticipates that the early results from the initial assays will likely be received towards the end of July. Sula has issued 7.92m shares at 0.25p in settlement of advisers’ fees over the past six months. The enlarged share capital is now 2.44bn shares. We reiterate our Speculative Buy recommendation and 1.6p/sh. target price.

Is a Complete Joke as it has not changed despite the last two fundraisings which has been dilutive. City Brokers do a disservice to intelligent people of United Kingdom by being extremely subjective towards the Conpanies they act for on the Aim Market. No wonder many people have such sustain for The City. The trouble is the good and the bad are tarnished with the same brush

Sula Iron & Gold (SULA LN)# Sula Iron & Gold (SULA LN) has released financial results for the 6 months ended March 2017. The loss for the period of £698k was somewhat lower than £924k in the prior period owing to lower administrative expenses. SULA’s cash position at the end of the period was £923k supported by a raise in July 2017 for £0.4k to fully fund the Phase 3, 5,000m, drilling programme which is currently underway. Phase 3 follows a successful Phase 2 which underlined the potential of Sanama Hill with a 21m intercept at 3.65g/t Au. In addition, scout drilling at TZ4 which also yielded positive gold results demonstrated the potential for further mineralisation outside of the Sanama Hill Exploration Target. We reiterate out Speculative Buy recommendation and 1.6p target price.

Sula Iron & Gold (SULA LN)# Sula Iron & Gold (SULA LN) has provided an update on its current drill programme and financing. The first hole on the new programme has been completed with the core now being logged whilst two further holes, also at Sanama Hill, are underway. One of the two currently operating drill rigs will soon be moved to TZ4 where recent scout holes yielded encouraging results. In addition, Sula has announced that it has raised £340k of the planned £400k, of which the outstanding balance is expected to be received in the coming days. The planned issue price of 0.25p, a discount of 6.7% to the close prior to announcement, will result in 160m new shares being issued. We reiterate our Speculative Buy recommendation and target price of 1.6p

Good morning fellow shareholder both new & long standing holders of the stock will do well to note the following: 1. Exploration target for Gold identified in July 2025 by SRK for potential Of between 0.80-1.5m OZ over 2 KM length with potential for a further 8KM stretch having Gold Mineralistion 2. Despite various fundraising initiatives by previous and current management: a Timetable for a JORC Resource On Gold has never been stated by the BOD One should stop worrying about the share price as surely it can only go down to Zero but question where is the Strategic Plan & what is the Strategic Plan from the BODs. I have been investing in Stockmarket for 31 years and have been a shareholder in Sula since Jan 2014 and one has to say since July 2015 the company has failed to articulate a coherent strategy. Exploration businesses need to achieve a JORC Resource For their assets before they can be objectively valued by the Market and be given a Net Asset Baluation by a Geologist. Unless & until this happens with Gold's assets; there will be no guaranteed buyer for the Gold asset or any potential M & A activity. ATB to you all investors/traders in this stock

As a long standing shareholder in Sula; I am somewhat used to the rollercoaster in the valuation of this company. Notwithstanding the above; today's news is mixed at the best and neutral at worst in terms of prospects of more Gold Mineralisation in our entire licence area. The share price reaction is rather more surprising as the real re-rating of the company will only ever take place once we have a JORC Resource Estimate for our Gold and we are not there yet. In the same way; some people were wife of the Market a few weeks back forecasting 1p; the share price at current levels is factoring excessive and unwarranted pessimism about the medium and long term prospects of Sula. The Fundamentals have not changed here since the change of Management in Q4 whilst the sentiment has improved markedly with better promotion of the company and a more effective fundraising strategy.

Sula Iron & Gold (SULA LN)# Sula Iron and Gold (SULA LN) has announced that its Phase three drilling programme has commenced. The new programme is for 5,000m and will again be carried out by Equity Drilling. The focus of this drilling will follow up on the promising results from Sanama Hill as well as the Southern Target TZ4 where the initial scout hole yielded 5.2g/t over 1.2m. The final assay results from the recent programme have now been received. The second scout hole at TZ4 also returned mineralisation with two intervals of 0.8m at 1.59g/t and 1.79g/t. At Sanama Hill hole FDD020 hit intervals of 1.3m and 1.8m at 0.97g/t and 1.48g/t respectively and in total 10 of the 14 holes at Sanama Hill returned mineralisation with an average 2.05m at 3.9g/t (average true thickness and length weighted grade). Sula has also announced that a detailed structural review of the local geology has been carried out resulting in the identification of a total of 19 target zones including Sanama Hill and the Southern Target which includes TZ4. Given the recent results we believe that a stronger understanding of the structural geology will significantly benefit future drill targeting and enable Sula to capitalise on this drilling programme which demonstrated the potential at Ferensola for multiple zones of gold mineralisation as well as thick mineralised structures. We reiterate our Speculative Buy recommendation and target price of 1.6p/sh.

Sula Iron & Gold (SULA LN)# Sula Iron & Gold (SULA LN) has announced an additional assay result from its recent drilling programme at Ferensola. Hole FDD021, a scout hole 2km South of Sanama Hill and beyond the Southern extent of the Eastern Target Zone at an anomaly known as TZ4, has yielded encouraging results. The assay shows 5.22g/t over 1.2m at a depth 116m and is the first of two holes in this programme drilled at TZ4. Although only a single data point at this stage, the result does confirm the exploration potential beyond the existing target at Sanama Hill. Previously trenching and grab samples at TZ4 have yielded grades of 3.28g/t and 2.54g/t and the IP anomaly has a strike length of c.1km with a shallower dip than at Sanama Hill; as confirmed by the initial drill result which showed a dip of 38⁰. A total of seven assays remain outstanding from the current programme, including a second from TZ4. We reiterate our Speculative Buy recommendation and 1.6p target price.

Sula Iron and Gold (SULA LN)# SULA is not allowing any lapse in drilling activity at Ferensola with the signing of a new 5,000m contract with Equity Drilling (EQD) under largely the same terms as the previous one just completed. EQD will take a portion of its fees and costs in shares of SULA just as it did in the prior contract. The contract is valued at US$700k and is intended to be infill and step out drilling concentrating on the TZ0 target of Sanama Hill where the latest program encountered 21m true width at 3.65gAu/t in assay. Some assays from the previous round of drilling are still pending. As the company completes more holes into the gold and geophysical anomalies of the Ferensola gold targets, the better it understands the controls to gold mineralisation on this very big anomaly. We retain our SPEC BUY recommendation and 1.6p price target

Sula Iron & Gold (SULA LN)# Sula Iron & Gold (SULA LN) has announced that it has completed the balance of payments to Equity Drilling Limited via the issue of 52.4m shares at 0.43p. SULA previously announced that a significant portion of the contract would be paid for via equity. The dilution of just 2% has been minimised as a result of the shares strong performance, indeed, the shares have risen 95% since the contract was agreed. We reiterate our Speculative Buy recommendation and 1.6p target price.

Sula Iron & Gold (SULA LN) has announced the results from its Batch 1 assays which cover 5 over the 14 drill holes in this current programme. One hole was from Sanama Hill (the existing Exploration Target) and the remainder were from the Eastern Target Zone which has not previously been drilled. Highlights from hole FDD014, on Sanama Hill, included high grade intersections such as 15.9g/t Au over 4.8m (3.1m true width), and 37g/t Au over 0.75m both from within a mineralised shear zone interval with a true width of 21m. This was intersected at a depth of between 122.85m and 155.45m. These are the most promising results that Sula has returned to date and indicate that the Sanama Hill prospect may be more attractive than previously thought. The initial results from the Eastern Target confirm that there is indeed a mineralised system present although as yet the gold assays returned have not been significant. The most notable result was a 1m intercept at 0.63g/t. However, as structural controls are better understood this will aid in defining future drilling. There are still three drill holes with results outstanding on this target, however. Batch 2 results will include the remaining 9 holes including the final three from the Eastern Target and the samples have been dispatched from the exploration camp. The initial results from Sanama Hill are encouraging while it remains early days for the Eastern Target. We reiterate our Speculative Buy recommendation and target price of 1.6p

Apologies; Sula has two joint brokers - Namely; VSA Capital and WH Ireland who was appointed last week which also acts as company's New NOMAD. This new price target is from VSA Capital who are now joint House Brokers rather than my reference to them as The House Broker for Sula.

It is rather fascinating that VSA; The House a Broker for Sula has raised the share price target for the company from 1.6p to 3.1p Having taken into account successive dilution after a number of fundraising say the company; VSA Geologists must think that drilling in the new area will unearth mineralisation which will enhance the propspects of greater volume of Gold present following extensive drilling going forward. It is certainly encouraging as we await the first batch of assay results folks.