notice of general meeting & proxy form , page-6

1) Except for YTG, everybody should be in favor.
- It's a GREAT deal if you assume (like management and me) that we will get up Hera in a reasonable time frame.
- If we mess up Hera or the NSW gov goes crazy and denies us the permit (both VERY unlikely, I'll add), it's still a good deal because then Glencore can be forced to pay 25 cents for facility A shares, even though the SP will be way below that ...


2) "despite frustration with the sp and tenuous mis-givings"

Let's consider:

- Hera and Nymagee are progressing great,
- there are two very exiting new prospects (CoCu and Federation, one perfectly complementing Nymagee and the other potentially bigger than Hera),
- the move to farm out Taronga seems to have been wise (at least Bromby seems to like it);
- good drill results for our other tin prospect
- the delays re: permits are entirely the fault of the NSW gov

I think management is doing great. It's not their fault Mr. Market is a moron sometimes. Also, we went up from 20 to 30 cents. Consolidation is normal in such cases, esp when still waiting for the environmental permit (coming soon, hopefully) and the vote on the Glencore proposal.


3) The only real problem I can see is that among our biggest shareholders we got a big bunch of "nomminees" - banks who are holding for (retail) investors, likely including many from US and EU. The question is whether the banks can vote on their own, need to ask their clients or will need to abstain.


4) Personally I am still hoping that Glencore and YTG will do a deal on the side, along the lines of YTG agreeing with the deal and Glencore agreeing not to meddle with our tin projects etc in the future ...

One thing is sure: If I get the chance, I'll vote yes ..