Ann: Notice of Annual General Meeting/Proxy Form, page-4

My take is this: they want an additional 10% shares to be able ti be issued. That means a total of 25% more shares might be issued in the next year. If mt Celia's gold could push the SP up towards 5c, then it is worth approximately $75M.

I support this as I think it is a strategy of carrying part of the weight of building mt Bevan iron ore. After all, $5B is a big price tag and this can be the way NMDC foots its share - or some fraction of it. The challenge will be dilution over the 4-5 years before I believe Mt. Bevan will begin production.

I still don't see how LCY can move forward on the magnetite project without giving up more of the JV, but plans to effectively CR will contribute and mean less loss of JV %.