Ann: Notice of Annual General Meeting , page-61

Hi PoetPlus,

I note that 4.3 (d) also says approval lasts 12 months or 'the date of approval by the shareholders of a transaction under Listing Rules 11.1.2 (a significant change to the nature or scale of activities)

And 4.4 (d): may seek to issue the securities for the following reasons:

(i) non-cash consideration for acquisition of new resource assets and investments...or:

(ii)cash considerations ... the Company intends to use...towards an acquisition of new assets or investment, continued exploration and feasibility study expenditure on the current assets and or general working capital.

Maybe fair to think of the 10% as a general 'contingency' of sorts, within the parameters described, but tend to agree with those who think or speculate it is too facilitate something in particular.

Also agree that the reason should be revealed before the AGM, especially as other posters have rightly noted about needing 75% of the vote and Xstrata accounting for 15%.

Still, I most like the theory that it is part of a deal with Vale - e.g. give us the $40m max and you can have 10% (or more - up to 15% more?)in exchange for...whatever is behind door number 3.

Interesting to have so many possibilities. Not really appreciating why we would want more tenements when we currently have more than we can drill and may want to flog the potential nickel bit, sooner or later.

Anyhow, just whiling away the time till we find out.