I'll be surprised if it it is a cap raising. Main reason for...

I'll be surprised if it it is a cap raising. Main reason for this is that the full cost of the operation will not be known before February next year. Why would you seek a cap raising before you know how much money you need, or how much resource you have? Seems way to early to me.

A placement by a major (say BHP) would be a possibility
Sale of the Nickel assets (would definitely invoke a trading halt/suspension.. or the best one:

BHP take the Nickel assets in return for access to the railway!