Ann: Notice of Annual General Meeting/Proxy Form , page-18

re: Ann: Notice of Annual General Meeting/Pro... split, I'm not concerned about what's happened in the past, what's done is done, I wasn't a shareholder then so I don't particularly care about the free money that has been historically gifted to the directors by the shareholders of the day.

Regardless of the past generosity of shareholders it might be prudent if you just considered this issue based purely on its merits.

I'll ask you the question again, why is it ridiculous to suggest that the directors are in the process of issuing themselves with cheap options?

Based on the forecast profitability of the Wilcherry Hill Stage 1 development around 2-3 years after mine start up (28 November 2013), why don't you post your opinion on where you see the share price of Ironclad Mining and Trafford Resources at that point in time? For the sake of the exercise, assume that the total number of shares on issue will be no more than the expanded number of shares as proposed in the Expanatory Note and also assume that the Stage 1 development will operate at the lower end of the projected margins as recently announced. Let us know what these options will theoretically be worth if the resolutions are passed. Then consider how these risk free gifts will relate in monetary terms to the current remuneration packages of the varous directors.

Questioning my intentions on posting on this thread and suggesting that I'm creating angst on this forum is typical of many posters with closed minds that don't want to rock the boat and hope that all other posters are similarly inclined. You consider anybody with a contrary opinion as a threat to your investment for some reason.

I'm sure that many posters will look forward to your reply because it will no doubt outline the windfall that the directors will gain at the expense of the ordinary shareholders who's pockets will be collectively picked to the tune of 2.44%.

If these resolutions were being proposed at a large mining house there would be a shareholder revolt because institutional investors are a little more savvy than average mum & dad investors and they would see these resolutions exactly for what they are, that is, an opportunistic money grab that relies on apathy and the misguided belief that directors are forever mindful of their fiduciary obligations to their shareholders.


Stagman