Ann: Trading Halt, page-23

O.K Folks - so I wish it was a simple as to say I'm not just saying this so I can get more of your stock ..... - It may only be a technicality IMO . However , I am still a little concerned as to current events of today.

Here is my analysis as to why :- To start we have what amounts to TWO acquisitions. - requiring TWO issuance's of securities. In effect TWO separate transactions. So after allowing for the 40 day option period from time of signing of both separate transactions - Nelly should have been approved by 12th Aug with the Vanadium Mining option period expiring on the 28th August from the original agreement of 19th July.

Notwithstanding the requirements and limitations of the ASX listing rule 7.1 - Approval could not have been received until 24th August at which time the option period for the acquisition for Nelly Vanadium would have had to have been extended.

There is also the fact that :- ' A resolution under listing rule 7.1A can only be put at the annual general meeting of the listed entity. It may not be put at any other security holders’ meeting. '

In so far as the Vanadium Mining option and acquisition , I do not have a problem with either of listing rule 7.1 or the timing of the approval.

My final point here folk's is the last thing we want is a a repeat of say a WFE situation - Otherwise we could be looking at a ' WWE ' situation with HDY shareholders.......