Ann: Update 100m Pegmatite Intersections below Lithium Anomalies, page-167

The equity agreement with Raglan was interesting.

"Exploration activities at the Nimy Resources Mons Project are being carried out concurrently with Raglan Drilling onsite executing the reverse circulation drilling program conducted across 9 identified prospects of which 7 target nickel sulphide mineralisation, 1 REE mineralisation and 1 lithium mineralisation"

I guess one way to look at it is that Raglan had some kind of insider knowledge prior to the drilling campaign that made them want to wager 50% ($1m) of their pay, but how do we know if that was for the Li, REE or Ni?

What is probably most important though is that they are receiving these shares at the 10 day vwap of the 10 trading days prior to each invoice

That's how many shares they have invoiced for so far, if you go through the announcement their average price for them is around 0.21 - which equates to roughly $580k.

NIM has held an SP above 0.23, a key support, for over a year predicated just on their nickel drilling/prospects. So if you were Raglan and this deal was offered to you when the SP was in a downtrend, approaching the base but leading into a drilling campaign in an area where the Ni results have already sent the SP well north of 0.30 up to 0.60, its almost a no brainer wouldn't you say?

In my view, they've most likely taken the equity agreement predominately because of the 7 Ni targets in an area with proven Ni results that have already sent the SP well beyond its current levels - its a safe bet. That's not to say that the Li and REE dont have potential but its a bit of a stretch to insinuate they bet 50% of their pay on insider knowledge of this Li prospect when there is a more likely scenario.

But hey all my posting here could make me look like a fool when these results are assayed, have to wait and see in speccy land like you said.