Zanaga Iron Ore Company Limited Share Chat (ZIOC)

“From memory, extrader may have been quite an energetic, bullish poster over the years but never displayed the arrogance, hostility and intolerance of dissent shown by MM/Eddsy and others. Others would include shaun86 and marcus”

Dustfilter or should I say 4kandles. You’ve been outed and vilified on many LSE notice boards for showing those exact same character traits. So much so that you’ve had to change usernames at least once!!

🖐️

🎤

"All the bad publicity comes solely from you."

Millerston, this one made me chuckle. One does not have to look very far to see that you have been vocally bearish on ZIOC for many years. Bad publicity indeed. The fact that you didn't sell yeras ago is nobody else's fault. I take it that you are not a conviction investor.

I took the trouble to attend the Shard/ZIOC shareholder meeting last March, I can tell you that the management gave no hint that they would be forming a concert party and an opaque new vehicle to take the Zanaga asset for themselves at pennies in the NPV pound.

I'm very unconvinced that extrader deserves to be the subject of your very obvious frustration.

"Don't forget your part in all this, Chief Cheerleader."

Millerston, do you really regard extrader as the Chief Cheerleader?

That accolade surely belongs to MinorMiner aka Eddsy?

From memory, extrader may have been quite an energetic, bullish poster over the years but never displayed the arrogance, hostility and intolerance of dissent shown by MM/Eddsy and others. Others would include shaun86 and marcus.

As for yourself, you have been rightly s1@gging off the Co for years and I really don't know why you didn't sell this turd if you really held such a conviction?

Whatever. Welcome to the festering, RAM-raided turd which you rightly called years ago.

If ZIOC are guilty of extreme incompetence by under budgeting and missing deadlines, how much faith do you have in their NPV calculations ?

ZIOC make concessions because it is in dire need of investment capital.

The Placing was over subscribed because it was attractive to the subscribers, surely ? Do you think our new institutional investors are being set up to be ripped off?

The suspension of the Shard subscription mechanism is no great loss to anyone.

All the bad publicity comes solely from you.

Help me out and tell me why ZIOC and RAM want bad publicity ?

The original advised timetable (10 Feb 2026 RNS) was :

Timetable and next steps

ZIOC and RAM have agreed on the following timetable:

· By 31 May 2026: execution of the definitive long-form transaction documentation, including the JVA

· By 30 June 2026: convening of an EGM for shareholders to vote on the Transaction.

In the 6 May 2026 RNS, this was updated to:

"The Board is pleased with the continued progress of the proposed strategic investment by Red Arc Minerals announced on 10 February 2026, with a number of key conditions now satisfied or well advanced. Based on the current timetable and subject to the satisfaction or, where applicable, waiver of the remaining conditions, the Company and Red Arc Minerals continue to work towards finalisation of binding transaction agreements and completion of the technical due diligence. Finalised transaction agreements are now targeted for completion during July 2026.

Once the binding transaction agreements are entered into, completion will be conditional upon shareholder approval and any required regulatory approvals. A shareholder circular containing further details of the Transaction, together with a notice convening the EGM, will be published in due course following the execution of the definitive documents..."

So - even if RAM and ZIOC had kept to the ORIGINAL dates - RAM funds wouldn't have been available in time to meet the $1.6m drawdown 'urgently' needed, hence the emergency fundraise announced A WEEK LATER :

.."The bulk sample activity has a budget of approximately US$1.6 million and requires the mobilisation of contractors and the procurement of fuel and associated services, with FUNDING PLANNED TO BE DISBURSED IN MAY 2026 to enable objectives of ON-SITE ACTIVITIES DURING JUNE 2026."

On the face of it, this suggests extreme incompetence on ZIOC's part, wouldn't you agree?

Either it miscalculated its cashflow requirements/contractual commitments OR it didn't take the commercially sensible precaution of taking a meaningful 'earnest money' deposit from 'unknown quantity' RAM as a sign of good faith/basic solvency. Au contraire, all the concessions made were BY Zioc TO RAM.

So the entire rationale given for the 'emergency' placing on 14 May 2026 doesn't stack up, does it?

But- to a cynic - it does if you look at the outcome: $1.6m raised for the stated purpose, $7.7m overall opportunistically raised in a 33% OVERSUBSCRIBED placing - by invitation only - at a bargain-basement price (see my earlier comments about how unwilling management has been to deliver 'good news' in its gift).

Note the kick in the teeth, btw : The available, cheap, ad-hoc fundraising Shard subscription mechanism was concurrently 'suspended until further notice'.

ZIOC management seem pretty adept at generating their own bad publicity, on the face of it.

You have to wonder why.

Well, maybe some of us do.

I have never expected anyone to offer NPV! Even bearing in mind future value could be multiples of NPV.

So, working down from that, all us long-suffering shareholders require is a higher offer, however disappointing.

If that's the best we can do, job done! Couldn't care less about "career, reputation or business-destroying."

They'll get over it.

The more important point you make is about losing the licence which makes a low takeover offer even more valuable to LTHs.

Imagine being invested all these years only for the Congo government to pull the rug from under us.

It's always been a Very High Risk investment but I never expected all this in the final furlong.

Why is that Oily, am i missing something ?

We will be seeing double digits very soon…….so get your money in here

From 2018: "A Mr Keith Everitt from the Isle of Man bought another slug of shares today to take his stake to 6.01% - worth around £3mln. That’s a sizeable holding for an individual investor. News of his share purchase has got investors speculating on the bulletin boards just who he is and if he knows something they don’t. The gossip has helped to push the stock up 10.3% to 21.9p."

21.9p!!!!

At the time of IPO, ZIOC’s 2 major shareholders were its promotors.

Elphick/Guava Trust with 88.8 million shares had 31.64%, Michael Howarth's Garbet Trust was the senior partner/promotor, with 115.7 million shares or 41.5%.

In April 2017, the Garbet Trust and another connected shareholder were broken up and distributed as follows:

"The Company has been advised by Garbet Limited ("Garbet") that it has transferred its entire holding of 115,671,186 ordinary shares in the Company representing 41.49% of the Company's entire issued share capital to its shareholders and the underlying shareholders of its parent, Strata Limited ("Transfer").

As a result of the Transfer, Garbet ceased to hold any shares in the Company; Strata ceased to hold the shares of the Company transferred to it and the following persons acquired an interest in shares representing 3% or more of the Company's entire issued share capital:

Name Number of shares %

Salamanca Trustees (Jersey) Ltd (YR) 13,629,127 4.89

Leganes Limited 12,513,469 4.49%

Artemis Trust Limited (Hardwick) 11,916,534 4.27%

Accuro Trustees (Jersey) Ltd (YR) 13,664,465 4.81%

AI Holdings Limited 8,706,621 3.12%

60,430,216 subtotal, meaning 55,240,970 Garbet-related but now undisclosed.

Michael Haworth, a non-executive director of the Company, is indirectly interested in

13,629,127 ordinary shares, representing 4.89% of the issued share capital of the Company by virtue of his interest as a potential beneficiary in Salamanca Trustees (Jersey) Ltd (YR)."

Disposal RNS's followed

30 Aug 2017 Artemis Trustees (Hardwick Trust) > 10,816,534 or 3.88%

27 Nov 2017 Artemis Trustees (Hardwick Trust) > 8,060,038 or 2.89%

28 Jan 2019 Accuro Trustees (J’sey) Ltd (YR) > 8,494,127 or 2.99%

16 Apr 2019 Artemis Trustee (Ark Trust) > 16,971,041 or 5.99% > PKC Capital Ltd*

16 Apr 2019 KULCZYK INVESTMENTS S.A. > 0% Leganes Limited Cyprus

4 Sep 2019 Artemis Trustee (Ark Trust) > 13,275334 or 4.69% > Seritza (BVI)

19 Sep 2019 Artemis Trustee (Ark Trust) > 0 (prev 5.99%) >PKC Capital Ltd.*

3 Jan 2020 Artemis Trustee (Ark Trust) > 11,312,318 or 3.95% (prev 4.69%) > Seritza (BVI)

10 Feb 2020 Seritza (BVI) > ‘Under 3%’.

* something odd here that I didn't understand

Footnotes:

(i) Julian Higgins’ last reported 11,400,000 (18 Oct 2019), may have been sold after his demise.

(ii) Keith Everitt’s last reported holding 17,02m (27 Nov 2017), then 6.01%, status unknown.

Post GLEN acquisition, would have fallen below disclosable level anyway.

(iii) An unidentified member of the Guava consortium unbundled 8,477,805 (then 2.99%) on 31 Aug 2018 for ‘tax-planning purposes'.

Conclusion: The ‘unbundled’ Garbet/Guava shares – total 124,148,991 (= 12.5% of the current total shares 991,101,694) - if still held, may reasonably be considered as ‘aligned’ with the original Project promotors and likely to vote accordingly.

E & OE,

GLA and ATB

GREEN SHOOTS FADE

Any real effort to meaningfully reduce emissions involves switching from coal to hydrogen as a reductant, and renewable electricity as a power source.

But so far very little capital has been allocated to producing green steel.

Zhong Shaoliang, the deputy secretary general of the World Steel Association, told the Singapore Green Steel Forum on Wednesday that only $20-billion has been invested in supporting green steel production.

This has led to an expected capacity of 70.8-million tons of green steel production by 2030, the bulk of it in Europe.

Given that global steel production is expected to be closing in on two-billion tons a year by 2030, the planned green steel output is less than 4% of the total.

The problem is that there is no global standard for green steel, and carbon taxes such as the Carbon Border Adjustment Mechanism in Europe aren't widespread enough to drive a meaningful shift to green steel.

The current cost of producing steel using the BF-BOF method is around $400/t, according to the World Steel Association data presented this week.

However, using renewable hydrogen and electricity lifts the cost to between $500/t and $850/t, depending on the location of production.

The only way to close that gap is for governments to regulate in favour of green steel, either by taxing more polluting methods or by subsidising less carbon-intensive production.

The problem is that there is scant evidence of this happening in Asia, which is the dominant producer of steel and the engine room of future growth.

Iron-ore miners want their product to be added to the list.

Strong demand growth for steel in South and Southeast Asia will keep demand for the raw material robust, and more than outweigh declining production in China and the Western world.

That was the consensus view at this week's industry gathering in Singapore.

However, the optimism of iron-ore miners wasn't replicated by advocates of decarbonising the industry, with a shift away from seeing green steel as the great hope due to the bitter realisation that it will be enormously costly.

Governments currently lack the will to legislate, regulate and incentivise a switch from making steel with coal to using renewable energies.

LOOMING SUPPLY GAP

The bullish mood in iron-ore is largely built around forecasts that India will increase its steel production from around 168-million tons a year currently to around 400-million tons by 2035.

India is a small net exporter of iron-ore, with exports of 28.62-million tons in 2025 balanced against imports of 13.87-million tons, according to data compiled by commodity analysts Kpler.

If India does more than double steel production in the next ten years, it would almost certainly have to boost imports, as its domestic industry would be unable to mine sufficient quantities of ore with high enough iron content to be economically viable.

There is also optimism that Southeast Asian countries such as Vietnam, Indonesia and Thailand will build more steel capacity as their economies continue to industrialise, and these will largely depend on imported iron-ore.

Rio Tinto Chief Commercial Officer Bold Baatar told the Singapore Iron Ore and Steel Forum that there is a looming supply gap of 650-million tons of iron ore by 2035.

The figure accounts for new mines such as the 120-million ton-a-year Simandou project in Guinea, which is in the process of starting up.

However, Rio expects that the pace of new mine development will not match the loss of tons as mines reach the end of life.

Another factor supporting miners such as Rio, which is the world's largest producer of iron-ore, is that most of the new steel capacity being built in Asia uses the traditional blast furnace-basic oxygen furnace (BF-BOF) method of production.

This method is proven and cost effective, but also highly polluting, as it relies on metallurgical coal.

Steel-making accounts for about 8% of global carbon emissions, making decarbonisation vital to reach climate ambitions of net zero by 2050.

But while miners and steel makers are keen to talk about decarbonising their operations, the reality is that they are really only going after some low-hanging fruit with plans to increase efficiencies and use higher-grade iron-ore.

Sure pretty much all iron ore mines have been talking about how much higher their ore grade is v others. That is/ was needed for the green steel decarbonisation waffle the woke world is consumed with. Anyways - iron ore is and always was about logistics and ability to evacuate product to exit points for export to steel mills. All the rest is basically padding and blah blah blah - I wonder if I could get MM to admit to that ......

Will post an article I read earlier today next. I mean, if XT and MM were doing it for a few years, hopefully I can be humoured for a few posts .....

"The Dordabis Iron Ore Project, located about 63 km southeast of Windhoek in central Namibia, is the country’s flagship iron ore operation. It produces high-grade iron ore concentrates with 66% Fe content, low silica (1.9% SiO₂), and low alumina (0.44% Al₂O₃), making it suitable for zero-carbon steel production and downstream processing into hot briquetted iron (HBI) or green steel . The project has minable reserves exceeding 29 million tons, with potential for an additional 100 million tons of high-grade ore." A fraction of what's up the Congo.

Namibia is a lot closer to coast and markets than the middle of Congo .... And therefore a lot cheaper !!

Windhoek – United States Ambassador John Giordano, Deputy Assistant Secretary (DAS) for Southern Africa Nick Checker, and Special Advisor Chris Kulukundis held engagements with three of Namibia’s leading industry organizations: the Chamber of Mines of Namibia, the Namibia Petroleum Operators Association (NAMPOA), and the Walvis Bay Corridor Group.

The discussions focused on Namibia’s growing role in global energy, mining, and logistics value chains, as well as opportunities to strengthen commercial partnerships and attract long-term investment.

According to Ambassador Giordano, the meetings reaffirmed Namibia’s position as a competitive and reliable destination for international business.

“From uranium, rare earths, and offshore oil and gas to the logistics corridors anchored at Walvis Bay, Namibia is helping build the systems that connect Southern Africa to global energy, industrial, and supply chains,” he said.

The Ambassador noted that Namibia’s combination of world-class natural resources, regulatory stability, strategic infrastructure, and economic ambition continues to attract international interest.

As global demand for reliable energy supplies, critical minerals, and resilient supply networks increases, Namibia is emerging as an increasingly important partner for international investors and governments seeking long-term economic cooperation.

“The future belongs not simply to nations with resources, but to those that can build the systems that move capital, energy, and materials at scale,” Ambassador Giordano added.

The engagements form part of broader efforts to deepen U.S.-Namibia commercial relations and explore opportunities for investment, technology transfer, and sustainable economic growth in sectors critical to both countries' strategic interests.

Source: U.S. Embassy Namibia.

More encouraging news from BSL today:-

https://www.linkedin.com/safety/go/?url=https%3A%2F%2Flnkd%2Ein%2Fe4ViJ5gu&urlhash=1Jik&mt=FXs3qYE3-9RQV5JGFxc8Kmrlruhb_-Oy6SkyCwMb4djlpLiqXehzQBEZ0uRa6hRrvIgRN5sP7v_QeqKfgusxVIGA1pOeMaq5mdiOJUT1Dujqu6qW888q6Tce&isSdui=true

Oh! look:

https://a2mp.com/portfolio/

https://www.bloomberg.com/news/articles/2025-11-21/a2mp-secures-300-million-from-afreximbank-for-african-minerals

DYOR etc etc.

Are we supposed to be impressed by this dude? Are you suggesting he is going to step in and make a major investment in a far flung, well off the beaten track, potentially very large scale iron ore mine that will require very large scale financing in order to build the necessary infrastructure to develop the mine and evacuate the product to beneficiation plant and coastal ports ......

Like really what is the point of posting these tenuous articles re iron ore uses. We know what they are. You and MM tried your level best to wow and convince posters for past couple years - to what outcome......

From Semafor Africa

"Spiro plans Africa manufacturing

African e-bike manufacturer Spiro will begin producing the majority of its components on the continent by next year, CEO Gagan Gupta told Semafor.

The Dubai-headquartered company’s current supply of EVs comes from the assembly of parts imported from different countries, but it aims to make 90% of components in-country by the first quarter of 2027, Gupta said.

Spiro has deployed more than 100,000 electric motorcycles and 2,500 battery swap stations in seven East and West African countries, and raised $215 million this month to expand into new countries, beginning with DR Congo and Ethiopia."

Your man doesn't hang around, does he?

ATB

And that was EIGHT years ago! So much progress since and the SP is 4.2p - it stinks! Good luck to extrader et al in involving any "authority" to examine ZIOC shenanigans and actually do anything! Capitalism tramples everything underfoot and the RAM-raiders have done nothing illegal while betraying the trust of LTHs. If they can all sleep at night - good luck to them! Some of us are losing sleep after the size of our loss finally hits home!

You could be right on all fronts! Or you could be wrong! The Zanaga Project has huge potential and any takeover offer from a major miner would blow your opinion out of the water! If it doesn't materialise then there's something very wrong with the Zanaga Project. No idea what AI has to do with the price of Iron Ore but a market collapse is very possible.

This is a world-class asset and you have to ask when is the next one going to appear? If no major miner makes an approach then we're fooked! And that would destroy any remaining faith I had in my analysis of every other investment. Tempted to sell up - go on a cruise - fail to meet a rich widow - slip overboard. Except beardozer is built of sterner stuff - he won't rest until there's a much fairer offer from RAM or the likes of Sir Mick Davis are dragged through the dirt.

I note posters here generally always talk about the potential of this project / stock. And all the great mining minds behind it and involved. But the market is not bothering to reflect any of that.

So i was wondering if these well-informed minds discuss why the market in not appreciating the appeal of the project and potential? Maybe teasing out some of those reasons might prove a more interesting exchange of views.

For starters, the market has not be valuing exploration mining firms at premiums for many years. And generally not those transitioning towards development probably given the heavy Capex investment needed, followed by 2-3 year timeline to build the mine ahead of first revenues being chalked on the scorecard.

Junior miners spend years trying to build and shape a project into an investable proposition. How many $250m acquisitions occur in the market these days .... Juniors do not have the balance sheets to raise the money &/or take on the risk so partners hold most of the cards. It does continue to surprise me how many retail punters still think the 1980s stock markets style of ramping the price on expectation and newsflow is still the current day model.

If you believe the AI bubble is soon going to deflate the market (how often does a large market event eg SpaceX IPO be the trigger for a market reset), and with the number of shares ZIOC has in issue, such an event could see sub-2 pence pricing. Lower if there are large margin positions out there.

Https://x.com/Zanaga_Iron_Ore

Zanaga Iron Ore Company

@Zanaga_Iron_Ore

·

1h

At Zanaga Iron, collaboration with experienced regional and international partners is central to how we approach project delivery, from infrastructure planning to our energy strategy. These agreements reflect our commitment to working with the right partners in-country to support a resilient, efficient and scalable Zanaga Project...."

GLA

In my analysis I ignored extrader 's efforts because I don't think he'll get anywhere but good luck to him et al if they manage to improve the return to LTHs.

What nobody wants to see is the shares suspended even if the RAM-raiders would suffer most because we'll all suffer! But maybe that's what would bring them to book and inspire them to be less scumworthy. We all know it's a dog-eat-dog world but until now I've never experienced it. Obviously, I need to get out more! Not easy for me these days - since retirement my muscles have atrophied and I wish I'd gone for a walk every day instead of sitting in front of a screen. Use it or lose it - if you never go for a walk you'll soon find you can't! My current exercise is pushing a supermarket trolley twice a week.

Hence I'll be dead within 5 years which doesn't really bother me - gotta go sometime and people I admired have died a lot sooner. You don't have to be clinically depressed to invest in ZIOC but it helps! C'mon - let's have a Magical Ending to this disaster!

"Will this share ever get north of 10p again?" I certainly hope so! Worst case scenario is they lose the mining licence and ZIOC shares are worth zero. Best case scenario is a so far unexpected takeover offer or preferably several. That's what I'm hoping for and 100p would be perfect. What's in between those two scenarios is RAM-related and very depressing. Either the RAM deal unfolds as promised or "problems" are encountered and "in the interests of all shareholders" it's been decided to take ZIOC private and hopefully they're generous! Unfortunately, the very low SP just plays into their hands. There was talk of 15p in the RAM deal but that's not guaranteed despite being a pittance compared to NPV. And what gets overlooked is that there's still more iron ore to find! What a disaster ZIOC has been for me yet it's still 79% of my PF with TOM on 15% and LRES on 6%. My average is 6.98p and I'm down 39.8%. I'm banking on Fortescue to rescue us at a fair price. It's a pity the days of Chinese entities bidding against each other are long gone...

Extrader, thanks, greatly appreciated what you and others are doing, atb.

Hi jv123,

I think it would be fair to say that we're nearing the short strokes, have reached the stage of awaiting input from others.

This isn't being deliberately cryptic, it would be wrong to say more.

'Patience, grasshopper"

HTH

GLA and ATB

Thanks Ex. Where are you in the process now ?

Will this share ever get north of 10p again?

Thoughts please 👍🏻

Continued

(7) Perception:

The Board allowed ZIOC to be diluted twice 'on the cheap':

(i) Equity dilution (Greymont Bay’s 26–28% stake for ~$12m net) - bad enough.

(ii) Asset dilution (20% of life-of-mine marketing given to GIS, worth far more on a DCF basis), with no corresponding quid pro quo or benefit in kind for ZIOC shareholders.

(iii) It also approved a deal structured between a now acknowledged 'concert party member' and several other 'concert party members' that granted Greymont /Anthony Trahar et al - economically valuable offtake rights via the granting of offtake rights to a belatedly acknowledged connected party, GIS.

The question for the Board - and to a lesser extent the Nomad, Panmure - is the classic one : What did they know...and when did they know it?

Quickly followed by ...and - in light of what has subsequently been disclosed - how were they, "Mr Clifford Elphick, Mr Clinton Dines and Mr Johnny Velloza, [per the RNS], each Non-Executive Directors , acting in their capacities as Independent Directors for the purposes of the related party transaction, [able to] consider, having consulted with Panmure Liberum Limited, the Company's Nominated Adviser, the terms of the Buyback Agreement to be fair and reasonable insofar as the Company's shareholders are concerned..."?

As Geoffrey Rush says a number of times in 'Shakespeare in love'

'It's a mystery'.

GLA and ATB

I see..... Saldy

It was the 'lees' I could do.

ATB

You never cease to amaze me, extrader! With everything that's on your plate you can still find time to work for the Spanish Tourist Board! Loved the "must" pun!

.."Unfortunately, even rumours of a trading halt will lead to a slump in the SP* but it's up to individual carpetbaggers..."

* AT would doubtless argue that THAT makes the RAM offer (framed as 'relative to the then-prevailing S/P' ....8p, you may recall) EVEN better now !

Mind you, a number of his InvestorMeet comments haven't aged well.

This one, for example:

(i) Andrew: “David — you asked whether this transaction removes any future requirement for a placing and further dilution.

The USD 25 million allows the project to be fully funded through to a construction decision WITHOUT ANY DILUTION TO SHAREHOLDERS AT THE LISTED COMPANY LEVEL."

Or this one:

(ii) Question — Does the USD 25 Million Include Contingency?

Andrew: “Yes — the USD 25 million includes full contingency, as well as buffer capital that we wanted from RAM to allow us to complete the project financing process.[ Ed.:which they didn’t agree , since only the 3 x $5m are binding]

It effectively fully funds AT LEAST the next two years of work after FEED, including project financing advisers and asset retention costs.

So yes — the USD 25 million includes a decent buffer.”

The InvestorMeet was on 12 March, the 'emergency fund-raise' was 'needed' by the 14th of May, barely 2 months later. Raising US$ 7.7M against a stated 'need' for US$ 1.6M.

(i) The s/p is slumping quite (un) satisfactorily (a)under its own steam/(b)'benign' neglect /(c) as intended (take your pick), thank you ;-<

(ii) A suspension would at least have the benefit of stopping that ;->

(iii) And suspension for the right reasons would (likely, AFAICS) be beneficial ;->

Two out of 3 ain't bad.

On a more serious note, I approve your choice (if not quantity) of wine.

I prefer a Sancerre in a white, and La Gitana to Barbadillo.

If you like your manzanillas, a trip to Sanlucar de Barrameda is a 'must' : the city planners deferred to the vintners in locating all the bodegas so they'd benefit from the salt air you mention (which even I, who have little 'palate', can discern; the sea -food accompaniment is first-class; it's a destination mainly for the Spanish; and is particularly 'tipico' when they hold horse-races (usually in August) along the beach* : the ladies in traditional dress and the kids manning the 'taquillas' or betting booths: maximum stake 1 x Euro, max payout 5 Euro.

* the exact dates vary each year depending on the tides, as the races take place on a natural beach track formed by the receding tide.

Access to the nature reserve of Donana is a short boat-ride across the estuary.

One of our favourite places.

Thanks for the reminder!

ATB

I pontificated while under the influence of a very nice bottle of South African Chenin Blanc/Grenache Blanc - a rare combination in itself! Followed by a stunning Barbadillo Manzanilla - I could smell the sea! You don't have to shop at Waitrose but it helps!

Subsequently, extrader pounced! If a temporary trading suspension would advance the cause of long-suffering LTHs then I'm all for it!

Unfortunately, even rumours of a trading halt will lead to a slump in the SP but it's up to individual carpetbaggers.

.."Who would suffer more from a trading suspension? Hopefully the RAM raiders - if not financially then reputationally. "

You have to cast your net a bit wider and include the various 'enablers', collaborators and symapthizers.

To coin a phrase ' You're gonna need a bigger boat'.

Jes' sayin', like.

Cont...

"So I asked AI (Copilot) what to make of this."

It whirred and spat out:

PSEI (also known as PACE) is a full service Chinese engineering and EPC grade design institute specialising in:

• Mining & beneficiation

• Long distance slurry pipelines

• Dry stack and thickened/paste tailings

• Process plant design

• Port & industrial auxiliary engineering

Source: PSEI’s own services page (public website).

These capabilities map exactly onto the four value enhancement workstreams Zanaga unveiled on 18 March 2025:

DRI testwork (metallurgy); Pellet plant FS; 30 Mtpa pipeline FS; Dry stack tailings FS

Comment : THIS IS NOT COINCIDENCE, IT IS ALIGNMENT.

Implication: By May 2024, PSEI was already acting as: Lead designer; FS owner; Technical authority; EPC grade front end representative; Presenter to Chinese SOEs (potential EPC partners and financiers).

This is months before the ARISE MoU, CEC MoU, Glencore exit, or the 18 March 2025 deck.

3. PSEI’s FS Ownership :

PSEI explicitly states https://psei.co/services-copy-3/

Zanaga Iron Ore Project , Congo SA – Study and Definitive Feasibility Study for MDP

ZIOC refers to a “2024 Feasibility Study” in its RNS's.

These must be the same study.

IMPLICATION; THE TECHNICAL FOUNDATION FOR THE FOUR VALUE ENHANCEMENT LEVERS WAS ALREADY ENGINEERED BY PSEI IN EARLY/MID 2024.

4. PSEI’s Technical Tie Ins per https://psei.co/services-copy-4/

(i) Formed in 2012 by a group of slurry pipeline industry pioneers, PSEI expanded into mining, process plant and tailings disposal areas in the past few years. PSEI has a network of offices in the United States, South America, and China.

(ii) Ausenco partnership

PSEI has an unclear tie in with Ausenco, the global slurry pipeline specialist behind Anglo American’s Minas Rio pipeline, the closest analogue to Zanaga globally.

Why this matters

The 18 March 2025 deck emphasises: single 30 Mtpa pipeline; lower power load; lower CAPEX; lower permitting complexity

This is exactly the kind of optimisation Ausenco specialises in.

IMPLICATION: THE PIPELINE OPTIMISATION WORKSTREAM WAS ALMOST CERTAINLY ENGINEERED JOINTLY by PSEI + Ausenco, NOT INVENTED IN 2025.

5. PSEI’s Project Scope Matches the entire Zanaga architecture

PSEI’s own project description for Zanaga includes:

• Mining

• Beneficiation

• 360 km slurry pipeline

• Port construction

• Industrial auxiliaries

• Dry stack tailings

• Process plant engineering

This is the entire Zanaga project envelope.

IMPLICATION - PSEI IS NOT A BIDDER, IT IS THE INCUMBENT TECHNICAL ARCHITECT.

6. What about the EPC MoU (scheduled for Q2 2025) per 18 March deck, slide 20.

We've been told nothing, despite requests to ZIOC and Nomad.

GIVEN THE EVIDENCE, THE MOST RATIONAL [ED. CHARITABLE?] INTERPRETATION IS THAT THE EPC MoU EXISTS, BUT HAS NOT BEEN DISCLOSED FOR TACTICAL REASONS.

The reader can decide who those tactics are likely employed against.

All As AI Understands It.

Cont>>>

.."Key takeaways from:

- there's been a lot of technical, financial and sovereign engagement, behind the scenes, for a lot longer than previously presented;

- we've been working with the same partners and consultants since Q2/Q3 2024;

- the drop in NPV is a presentational choice."

More pithily = ZIOC HAS BEEN WORKING LONGER AND IN MORE DETAIL ON PROJECT (Q: AND STRATEGIC PARTNER?) PROGRESS THAN IT'S CHOSEN TO SHARE.

Enter PSEI.

(1) PSEI first came to notice AIUI ( but 'success has many fathers') thanks to 'alwayshoping', who research-image identified one of its plants in the Nov 23 Presentation (p 7 U/L) which led to

www.psei.com.cn/news/225.html

...the development and application of new Peisi (sic) mineral processing technologies—introducing roller dry separation technology..Main features of the new beneficiation process [include] 50% savings in grinding and beneficiation cost; 40% saving in production costs, 90% in water costs, no need to build wet tailings ponds, so no tailings risk....improved magnetite beneficiation process...semi-industrial trials, and large-scale industrial production show that dry processing technology is feasible, the equipment is reliable, and the energy-saving and emission-reduction effects are significant, bringing breakthrough technological progress to iron ore beneficiation.... Chengde Tianbao Mining Group has made significant economic gains.

Dry grinding and selection technology, with its ...significant economic and social benefits, has obtained multiple national patents.

Peisi dry beneficiation technology has been applied in multiple projects with remarkable results and a very broad market potential.

All large-scale dry-process beneficiation transformation projects...are designed by Pace, with some projects provided by Pace FOR EPC OR EPCM SERVICES.

(2) PSEI hosted Marty Knauth on his marketing tour on 23 May 2024, see

http://www.psei.com.cn/news/230.html

Summary: (23 May 2024)

This Project Development and Promotion Conference was held in Beijing; was attended by more than ten Chinese central SOEs and listed companies ("ALL PARTIES ARE VERY ACTIVE AND ATTACHED GREAT IMPORTANCE TO PROJECT INVESTMENT AND FINANCING"); technical Q&A was handled by Che Yueguang, PSEI President; PSEI described itself as the “general lead design institute” and stated it had “completed the project bank level Feasibility Study.”

(3) This was also confirmed at https://psei.co/services-copy-3/ :

.."Zanaga Iron Ore Project , Congo SA – Study and Definitive Feasibility Study for MDP.."

where the co says:

PSEI is a full-service engineering company. We cover multi-disciplinary engineering, design, and implementation of state-of-the-art technology in mining, beneficiation and process plant, long distance slurry/water pipeline transportation, dry stack and thickened/paste tailings disposal."

So I asked AI (Copilot) what to make of this.

Continued......

We've just had the 'first reveal' - acknowledgement of the existence of a 'concert party' - which begs obvious questions like 'Who else? , To what end? and 'How far back?

There's a lot of material to be mined (geddit?) from AT and MK's InvestorMeet disclosures, aka the'teach-in'.

MK .." After long due diligence processes with many other interested entities, RAM [Ed.: incorporated 19 Dec 2025] has now completed the technical, sovereign, and financial due diligence processes with our technical partners [Ed.: who they?], resulting in this transaction...."

AT.."We have to admit that the complexity of this transaction takes a bit of time to understand and wrap one’s head around...."

MK: .."We have shared these [workstreams] with our partners in the Republic of Congo — both at domestic and government levels — and our project partners [who are these partners???] and consultants [ditto] are ready to commence this work..."

MK:... “David — you asked whether the FEED and FID work programme could complete earlier than 18 months.

We would certainly like to. But these are required steps. Whether we were talking about this in 2019, 2023, or now in 2026, the work has to be undertaken in a certain way and takes a certain amount of time.

We have been working with the same project partners for 18 months...." [Ed.: ie Q2/Q3 2024].

The 6 May 2026 RNS (precursor to the latest fundraise) says

Workstreams now completed include:

· The confirmation of DRI product quality potential for both Stages;

· The completion of costing and feasibility of:

o modular hematite processing facilities ;

o thickened and dry tailings facilities for both Stages; and

o an optional single 30 Mtpa pipeline during Stage One (providing a COMPELLING alternative to the April 2026 case two-stage pipeline plan)*

· Update of specific project costs through an OEM enquiry process

· Assembly of a Constructor Engagement Programme for the Project.

* the presentation here is (deliberately?) misleading, since it downplays the economic difference.... and allows ZIOC to present a lower-than-expected 'new' NPV

The schedule can be recast as

Stage1 $M Stage2 $M

Twin Capex 637 1,343

Twin Opex 915 1,724

Total Twin 1,552 3,067

vs

Single Capex 986 986

Single Opex 659 774

Total Single 1,645 1,760

to show that a single pipeline SAVES $357M Capex at Stage2...and SAVES $950 M Opex.

''Big mistake'.

Key takeaways from the above:

- there's been a lot of technical, financial and sovereign engagement, behind the scenes, for a lot longer than previously presented;

- we've been working with the same partners and consultants since Q2/Q3 2024;

- the drop in NPV is a presentational choice.

Cont...

Hi Feeks,

Good find!

(1) I would speculate that these two MoU's are with Champion and Mitsui, mentioned in the last funding round, see:

https://www.bindingsolutions.uk/2026/02/binding-solutions-completes-5m-fundraising-and-announces-mou-with-mitsui-iron

.."Binding Solutions Limited (“BSL” or “the Company”) is pleased to announce the completion of a US$5m equity fundraising led by existing shareholders including Mitsui Iron Ore Development Pty. Ltd. (“MIOD”), Champion Iron and other long-standing investors.

The funds raised will be used to rapidly progress engineering and other studies ahead of a final investment decision for BSL’s first-of-a-kind commercial Cold Agglomerated Pellet (“CAP”) plant, designed for a range of iron ore types; further develop several commercial opportunities to pelletise fine material with direct reduced iron producers and blast furnaces; and enable additional product development for direct reduction and hydrogen CAP products.

...MIOD, a strategic investor in BSL since February 2022, also intends to utilise its deep industry knowledge and extensive network to assist BSL in further progressing toward commercialisation. BSL is now engaging with additional strategic and financial investors as it advances towards construction of the FOAK plant..."

(2) Note what the 6 May 2026 RNS (DRI Process Plant Costing) had to say on this topic:

2026 and 2027 Work Programme and Path to FID

Key milestones include:

· Updated mineral resource and reserve modelling

· BULK SAMPLING AND PILOT-SCALE METALLURGICAL TESTING

· Completion of Environmental, Social and Health Impact Assessment (ESHIA)

· Completion of non-process infrastructure design and costing

· Definition of operating phase systems and related opex

· Updated financial modelling and project economics

(3) Quickly followed by the latest, oversubscribed (= more diliutive) Fundraise, needed to progress this

.."A key next step in this process is the progression of a BULK SAMPLIN PROGRAMME designed to generate REPRESENTATIVE MATERIAL FOR FURTHER METALLURGICAL TESTING and product specification work. ZIOC intends to commence bulk sampling activities by 30 June 2026. In order to meet this commitment, the Company's cash position requires strengthening to enable, at a minimum, the completion of the bulk sampling programme.

The bulk sample activity has a budget of approximately US$1.6 million and requires the mobilisation of contractors and the procurement of fuel and associated services, with funding planned to be disbursed in May 2026 to enable objectives of on‑site activities during June 2026..."

They needed $ 1.6 million, they raised an over subscribed $ 7.7 million, for 'urgent' work that the (unexpectedly delayed) RAM Binding Offer can't now cover.

(4) A good question to ask the Company and Nomad might be (i) how large a bulk sampling is proposed and (ii) where this testing is going to be done ...

Https://www.linkedin.com/safety/go/?url=https%3A%2F%2Flnkd%2Ein%2Fe8vfBsG2&urlhash=mrDV&mt=j14I5vtPu7okF3zyefW50Q-GoZFu1BUJcuCaz93_YVN-ttka2K_B8hHtraZthqkKXmFY9uSA-kxUyRitgsamda44ZgjfRBCRvL1G1mmqlFrsZsjnPaS8Bd4H&isSdui=true

Binding Solutions FOAK Project Update, Supply and Offtake MoUs

04.06.2026

London/Teesside 04 June 2026: Binding Solutions Limited (“BSL” or “the Company”) is pleased to provide an update on its First-of-a-Kind (“FOAK”) Cold Agglomerated Pellet (“CAP”) plant.

Following strong demand from iron ore producers and steel makers, BSL confirms that it has secured Memorandums of Understanding (“MoUs”) covering 2 million tonnes of iron ore supply and 2 million tonnes of pellet offtake, exceeding the capacity of its proposed 360,000 tonnes per annum FOAK commercial plant. These agreements illustrate the compelling opportunity BSL’s flexible, low capex and modular technology represents for some of the world’s leading players in the iron ore and steel markets.

The Company is continuing to advance its FOAK plant design ahead of a final investment decision in 2027.

The FOAK plant will combine BSL’s proprietary processing and binder technology with proven, industry-standard equipment to produce low-emission CAPs at temperatures below 150°C, delivering energy and emissions savings of over 80%.

BSL’s commercially competitive CAPs can be designed for a variety of iron ore types and are made for seamless integration into both blast furnace and direct reduction steel making, supporting the transition to more sustainable steel production while ensuring supply chain security.

Jon Stewart, CEO of Binding Solutions, said:

“We are delighted with the high level of interest we have received from major iron ore and steel producers looking to participate in our FOAK project. Securing MoUs covering ore supplies and CAP offtakes which exceed our planned capacity is a strong indicator of the compelling technology offer we have developed.

“This is an important step forward as we move towards commercial scale production of our CAPs, which have the potential to play an important role in the journey to a greener steel industry.”

It's a life ring, whatever you say. I intend to grab it with both hands.

Surely if the RAM raid is deemed not above board by the authorities the break fee will not be payable.

That’s another reason why it is so one sided because RAM do not pay a fee if they walk away

This runs:

- 30 Sept 2024 Interims (to June): FS completed; Chinese tech expert engaged for study re optimisation; FEED preparation of cost and schedule estimates;

- 11 Dec 2024 : MoU with ARISE, including engineering works, concentrate handling and tolling arrangement for infrastructure capital development;

- 2 Jan 2025 : update re strategic partner process and development plans, scheduled for 11 Feb 2025;

- 3 Feb 2025 : MOU with CEC, incl an assessment of the technical, economic, and legal aspects needed for power generation and distribution for the Zanaga Project';

- 7 Feb 2025 : Investor event for 11 Feb postponed to 18 March, to further progress certain 'ongoing workstreams' relating to the strategic partner process ;

- 3 March 2025: Private placement $21.5m / GLEN buyback announced; scope to increase Tr 2 (technical works) from $6.5m to $8.01m.

Greymont to join immediately new'Technical committee' .

- 7 March Tranche 1 closed (with increase $1.5m)

- 12 March 2025 GLEN BuyBack effected;

- 18 March 2025 Presentation.

The 18 March presentation will explore 'high value potential from four key workstreams -fully funded':

-Product quality Direct Reduction Iron (“DRI”) test work;

-Pellet plant Feasibility Study;

-Single 30Mtpa capacity pipeline Feasibility Study; and

-Dry Tailings feasibility study.

The 4 workstreams targeted >$4 Bn upside, and a topical industry comparative, the Kami Project, valuation Dec 2024, with a 0.3x implied NPV valuation for Zanaga of 162p to 311p.

The Kami Project is majority-owned by Champion Iron ore, where GLEN has a $25Mn convertible debenture and a life-of mine offtake agreement. GLEN's Jyothish George sits on the Board.

Champion has a 10%+ shareholding in and Director at Binding Solutions Limited (BSL).

Curiosities:

(1) ZIOC announced early doors 02 Jan 2025 an investor update 11 Feb, which it postponed - on 4 days' notice - to 18 March. What caused the delay?

(2) GLEN remained committed to exiting ZIOC at a 'bargain basement price', despite evident knowledge (cf Kami) of Project attractive economics. Suggests it was irretrievably 'toxic' to C-B and China/CMRG ?

(3) Greymont's (+ Gupta's ) total investment in Tranche 2 ($ 6.5m>$8.0m) was for technical works aka the 4 x new' value-enhancing streams. Their scopes of work and costings would have taken MONTHS of work to prepare, yet they knew the precise funding needs...including the supplemental $1.5M needed (I suggest 30 May 2026 02:01 re Gupta) to release a charge over BSL's IP. When/how did they know of these costings?

(4) Why was the MoU timeline for the key technical works EPC contractor scheduled for Q2 2025 (first item)...not disclosed - then or since?

(5) Related:Why do the Mar 2025 (p 17) and Dec 2025 Presentations (p26) show a Samarco facility, while the Nov 23 Presentation ( p 7 U/L) is PSEI Kunming's?

(6) What is this guy -https://www.linkedin.com/in/cozmokampanaos/ doing?

GLA

Glencore and Zioc thought a fair price was 4.2p, did you completely miss that ?

Your comments are insulting to say the least Millerston to people who have invested their hard earned money.

Time after time investors were told that the Zanaga deposit was one of the best high grade iron ore deposits in the World and recent calculations show a net present value of over $10 billion -now a series of transactions have been engineered to give 87.5% of the project away for $150 million.

The NPV calculations should allow for inflation,incur a risk factor adjustment and take account of all financing costs

It is more a case of transfer of a prime asset at a total undervalue than shareholders paying a couple of pence more for their shares than you deem what they should have .

The Board kept pumping out the narrative that the asset was World class and there were a number of interested projects-now apparantly you are happy to accept the transfer to a related party at a small fraction of net present value.

The "little guys" can still buy in for peanuts.

If your average is over 8p, you clearly overpaid.

I've got a limit order for more at 4p.

ATB.

The "little guys" can still buy in for peanuts.

If your average is over 8p, you clearly overpaid.

I've got a limit order for more at 4p.

ATB.

A quick double will do little to comfort people who have been invested here for years and probably at more than 8p.

Everyone knows that the RAM raid is a deal engineered to acquire a large percentage of the retail shareholders stake in the project for peanuts -and people wonder how the likes of Sir Mick acquire vast fortunes.-seems at the cost of others who are invested but do not have “corporate clout”

It says a lot when no one from the Nomad to the company officials continue to ignore any e-mails concerning the deal and did not arrange a face to face presentation in the UK-online presentations are a complete farce because the management both selects the questions they wish to answer and how they are phrases

If the RAM raiders acquires 50% of the project they would still get their money back many times over but oh no they have got to go for 87.5%

Well, we retained 3.74% gain from yesterdays close, thankful for small mercies !

.."The RAM raid would no doubt have been mulled over by some top lawyers who will probably have all angles covers..."

As a point of fact, we know that's not the case - and that's just from publicly available evidence, mainly the Company's own communications. The most cursory of enquiries by the regulators will certainly confirm a lot more misconduct by the 'concert party'; the Board; and the Nomad.

The lawyers may well be smart (eg in coming up with a structure that bypasses most investor protections) but their clients have nevertheless conducted themselves with an extraordinary combination of arrogance, complacency and greed.

Which will - we believe- be their undoing.

GLA and ATB

BTW the 4.49p closing trade was just a quid's worth of UT. Nothing to get excited about

I agree, MM64. Economic apartheid in practice.

Sorry should read “not involved here”

Https://www.adportsgroup.com/en/news-and-media/2026/06/02/ad-ports-group-acquires-cli

When AD Ports bought in to Pointe Noire at short notice, I was encouraged both for (1)the increased 'investability of C-B / ZIOC and (2) for the transAtlantic prospects for one of my other holdings, Ocean Wilson (OCN) , a port operator in Brazil.

it seemed likely that AD Ports would want to make a South American acquisition (most likely Brazil/Argentina), to capture BRIC-related South - South trade flows.

Good idea, wrong outcome.

.."São Paulo, Brazil, and Abu Dhabi, UAE – 2nd June 2026: AD Ports Group (ADX: ‎ADPORTS), a leading global enabler of trade, industry, and logistics solutions, today ‎acquired Corredor Logística e Infraestrutura (CLI), Brazil’s leading independent agri-‎bulk port terminal operator, entering the South American market with a strategically ‎major expansion transaction.‎

São Paulo-based CLI operates two of Brazil’s most important agri-bulk export ‎terminals under long-term concessions: CLI Sul, Brazil’s leading sugar export terminal ‎and key export terminal for corn and soybeans, located in the Port of Santos; and CLI ‎Norte, another key grains gateway at the Port of Itaqui, which is part of the Brazilian ‎‎‘Arc of the North’, an essential geographical region encompassing the Amazon basin ‎that is a pivotal logistics hub and significant emerging corridor for agriculture exports.‎

In 2025, ports and terminals in northern Brazil recorded the fastest growth in the ‎country, reinforcing the strategic role of the “Arc of the North’ corridor in reshaping the ‎nation’s logistics map.‎

The two terminals play a key role in connecting the producing regions of Brazil, the ‎world’s leading sugar exporter and one of the largest grain exporters, to the world.‎

.."“The purchase of CLI is a game changer for AD Ports Group. ‎The transaction extends our Group’s international reach for the first time into Latin ‎America, and deepens our growing agrifoods activities, one of our core verticals. ‎Under the wise guidance of our leadership in the United Arab Emirates, AD Ports ‎Group is committed to enabling trade in one of the world’s most-important, fastest-‎growing agricultural commodities markets, which will not only benefit the Group’s ‎global clients, including those in Brazil, but also strengthen the AD Ports Group global ‎network.”‎

Brazil supports AD Ports Group’s geographic expansion as well as the Group’s plan ‎to develop a major new East-West trade spoke linking South America’s largest ‎economy to the Indian Subcontinent, East Africa and Southeast Asia..."

KP2 may indirectly benefit from an AD Ports 'network effect'.

As for my Ocean Wilsons holding, that was taken private by a connected family trust, at a discount to fair value (stop me if you've heard this before), but still a good return on my investment.

Does history rhyme?

GLA and ATB

More on ZIOC 'concert party' speculation anon.

Thanks ex

Hi marcus71,

There's the 'baked-in ' stuff - release of the audited FYE 25 results, with update re any subsequent developments.

There's the 'known unknowns' - will the RAM transaction proceed as planned (if at all : the recent gratuitously dilutive fund-raise suggests a pivot to Plan B)... The year-end commentary may gshed some light.

And then there's the 'unknown unknowns' : when , how (if at all) and why the regulators intervene.

We'd like to think that our own work is mostly done now - but each grudging 'reveal' raises more questions than answers.

This onion has a lot of layers...and there's plenty to cry over.

HTH and GLA

Hi Ex

What news are you expecting over the next few weeks?

TIA

.."This is a dead share.'

Nah.

To coin a phrase, 'Its's just resting'.

Give it a few weeks.

NAI, DYOR etc etc

This is a dead share.

I recently made the case for adding Gagan Gupta to the so-far- disclosed ‘concert party’.

If accepted, the ‘concert party’ would look (so far) like this:

Shareholder Shares % Status

Greymont Bay I LLC 152,131,783 15.35% Declared

Regatta HCRP I LP 58,139,535 5.87% Declared

Everblue 2020 I LLC 36,250,000 3.66% Declared

Philip Mitchell 3,977,023 0.40% Declared

Gagan Gupta 48,032,071 4.85% Known holding TR-1

Sir Mick Davis — — Holding not quantified

Andrew Trahar — — Holding not quantified

Anthony Trahar — — Holding not quantified

Total             298,530,412  30.1%

Note: Greymont and Regatta are managed by Heeney Capital, which is therefore included in the ‘concert party’ disclosure.

The case for including Cutifani in the ‘concert party’ grouping is less straightforward, but equally persuasive, IMO.

(1) The 10 Feb 2026 RAM transaction was described as a ‘related party’ transaction, because

(i) RAM is ‘backed by, among others, certain individuals and groups who participated in ZIOC's fundraising in 2025, including Sir Mick Davis and Heeney Capital’; and

(ii) RAM is controlled and founded by Sir Mick Davis and Heeney Capital, and other leading mining industry executives and experienced investment professionals. Its team has extensive technical expertise in large-scale project financing and development, along with a proven track record of project delivery, including specific iron ore expertise.

Mark Cutifani should be added to this party, on the basis that :

(1) Cutifani is described in the 3 Mar 2025 RNS as ‘among Greymont’s investors and advisers’;

(2) Cutifani- not Heeney- spoke ‘on behalf of Greymont’ in the same RNS, the only other comments coming from Elphick (as ZIOC Chair), Gupta (q.v. as ARISE CEO) and Knauth (as ZIOC CEO);

(3) In the 14 May 2026 ‘concert party’ disclosure RNS, we learn that ‘Heeney Capital is advised by Mark Cutifani, a minority shareholder in the Company.’

It would be a pretty poor adviser/mining notable that gave advice – to either of his clients, Greymont and/or Heeney - that he didn’t as a fellow investor himself follow…which apart from anything would be inconsistent with Cutifani’s exemplary public record as a ‘straight shooter’.

Barring an explicit statement to the contrary, it seems prudent to work on the basis that Cutifani is indeed a member of the concert party, with (another) undisclosed shareholding.

Unfortunately, based on ZIOC management and Nomad track record of none or delayed disclosure to date, a presumption of ‘innocent until proven guilty’ aka 'giving them the benefit of the doubt', when there's potentially so much at stake, has little credibility at this stage.

All AIUI, DYOR, arguments (supported) to the contrary welcome.

GLA and ATB

Next up : the curious pre - GLEN exit timeline.

The 'Pilbara rust' saga takes (another) twist.

Following BHP's lengthy stand-off with CMRG over ore quality, now it's Twiggy Forrest's turn.

https://www.afr.com/companies/mining/china-scrutinises-fortescue-s-new-iron-ore-product-20260602-p603ad

China scrutinises Fortescue’s new iron ore product

Jun 2, 2026

Singapore | China’s state-backed iron ore buyer has instructed some steel mills to ask questions about Fortescue’s new low-grade product as negotiations over a long-term supply contract hit a rough patch.

China Mineral Resources Group has asked steelmakers with significant exposure to Fortescue ore to check with the miner about quality, according to people familiar with the matter. The low-grade product, known as Fortune Fines, has yet to be shipped.

Despite fellow miner BHP reaching a settlement with CMRG earlier this year, talks with Fortescue over a long-term contract have not progressed as smoothly as expected, according to the people, who asked not to be named. They cautioned, however, that disputes over quality and marketing are relatively common when new ore products are introduced.

A Fortescue spokesperson said it continued to engage with CMRG, while declining to comment further on confidential commercial discussions. CMRG couldn’t immediately comment.

Fortescue, the world’s fourth-biggest iron ore producer, has sought to strengthen its position in China this year, beefing up its senior leadership presence in the country and highlighting its investments there.

Executive Chairman Andrew Forrest has nevertheless criticised CMRG’s efforts, warning that the group was attempting to create a “cartel”.

The Belinga Gabon project is being resuscitated (maybe) with the creation of a Presidential task force to get things back on track (groan)

.."We’ve also continued to progress studies into the Belinga Iron Ore Project in Gabon, establishing a Presidential Taskforce to streamline the planning and delivery of an integrated mine, rail and port solution,” Fortescue growth and energy chief, Gus Pichot said.

There are now four reverse circulation drill rigs and one diamond core rig operating on site.

First ore from Belinga was shipped in 2023 but progress to establish firm ramp-up and plans going forward have been slow, in-part due after a military coup toppled the country’s ruling family..."

No doubt Twiggy's 20% partner in Ivindo - one Gagan Gupta - will be keeping him up to speed on the hitches and glitches befalling ZIOC's Zanaga project.

Forrest put in an opportunistic, last-minute bid at Simandou, so has 'form' for gate-crashing.

He's worth keeping in mind (IMO) if the RAM transaction were to fall away unexpectedly.

GLA and ATB

(1) Still waiting to hear back from Liberum how they are able to accept the view that Gagan / Arise aren't part of the 'concert party' , despite joining the Mar 2025 Greymont consortium deal and working with Greymont on Tranche 2, specifically on new 'metallurgical testing' :

.."Greymont Bay will be immediately working with the Company's management team, via a newly established Zanaga Technical Committee, to assess the opportunity to accelerate key Project workstreams and targeted milestones. Greymont Bay has been provided a right, following conclusion of this exercise ..... [Ed.: a week later] ...... to increase the size of its Tranche 2 investment further... The Company believes that the provision of this additional funding would secure its ability to progress a number of key metallurgical testwork initiatives with the potential to provide significant upside value..." including, no doubt, to the amenity value of ARISE's Pointe SEZ facility.

(2) Gupta , meanwhile, continues fundraising for his other interests, see

https://launchbaseafrica.com/2026/06/01/spiro-lands-215m-to-expand-its-battery-swapping-network-for-africas-motorcycle-taxis/

.."Spiro, the electric mobility company building battery-swapping infrastructure for motorcycles across Africa, has raised $215m in equity funding as it pushes deeper into a capital-intensive race to electrify urban transport.

The round, backed by investors including Impact Fund Denmark and Equitane {Gupta vehicle], lands four months after Spiro secured a $50m debt facility and less than a year after a separate $100m equity raise led by Afreximbank’s Fund for Export Development in Africa (FEDA) [Gupta-connected vehicle] It brings the company’s disclosed funding to more than $415m since 2023, making it one of the most heavily capitalised electric two-wheeler operators on the continent...

..expansion has been fuelled by a series of capital injections: a $63m debt package from GuarantCo and Société Générale in 2023, a $50m Afreximbank loan in 2024, the $100m FEDA-led equity round in 2025, and the $50m debt facility from Afreximbank, Nithio and the Africa Go Green Fund four months ago..."

Unlike our mining notables, he at least seems to have connections (geddit?) worth plugging in to.

GLA and ATB

Well done extrader but will all your extraordinary effort make any difference?

I'd like to think so and I'd like to believe that Panmure will be clobbered heavily by whatever authority can clobber NOMADs for incompetence.

No doubt they all socialise and dine in the same clubs and would prefer everything to be swept under the carpet. It doesn't have to be this way!

Meanwhile, since 6 February the beardozer PF has plunged 54% largely thanks to ZIOC. Currently listening to Dark Magus (1974) by Miles Davis which gives me some hope! I happened to watch part of a documentary about him last night on Sky. Very cool guy with amazing eyewear who was also a wife-beater - very uncool! Otherwise, it's a one-way ticket to Switzerland by Xmas! Or sell up and live on a cruise liner until the money runs out. An opportunity to wear an XXXL tuxedo and maybe meet a rich widow? If I can edit Dylan Thomas who died aged 39 in 1953, the year before I was born:

"Do not go gentle into that good night,

Old age should burn and rave at close of day;

Rage, rage against the dying of the light."

Should read:

"Old age is a pain in the arse,

Never forget: all things must pass

So welcome the eternal darkness!"

Continued

(iii) the disconnect between (a) guidance of a post-tax NPV10 of US$5,206 million given 11 August 2025; re-confirmed 1st October 2025; and re-affirmed in the December 2025 Presentation, with value enhancement initiatives having "combined potential NPV increases exceeding US$4 billion" suddenly downplayed and (b) an eventual 6 May 2026 conclusion published....for US$4,897 million, a reduction of US$309 million from the hitherto guided base, rather than the increase of more than US$4 billion the Company had repeatedly suggested across the preceding 14 months.

Note that as recently as the aforementioned December 2025 Presentation, even this lower NPV10 on the then 832m shares in issue- using the 0.3x Kami Project read-across, would equate to 130p a share, still 110p a share after last week's further dilution.

Is the Company misleading the market now...or was it misleading the market (repeatedly) then?

Either way, it would seem that the Company - and to a lesser extent Panmure - have a lot to answer for.

I hope that Panmure at least will step up to the plate."

Feel free to raise any of the above, in your own words (and language, I've been a model of restraint) with Panmure.

You'll note that I've cc'd ZIOC as a courtesy, but only generically, since it's hard to work out who isn't conflicted.

GLA and ATB

Continued

(6) Still on disclosure and 'connected parties' : it took a year for shareholders to learn - as a casual, 'self-evident' remark from Andrew Trahar during InvestorMeet - that Gulf Iron and Steel was in fact 'an affiliate' of Greymont Bay. GIS was effectively 'gifted' to concert-party member Greymont (solely) as part of a transaction structure negotiated by concert-party member Trahar et al.

Who exactly is behind GIS? And what is the overlap with the parties behind Greymont - and any/all of the other Concert Party members?

Why did Greymont deserve special consideration over its fellow consortium members?

What - if anything - has GIS done with its offtake rights in the intervening 14 months? Recall that "The GIS Offtake Agreement enhances market access and offtake security, further de-risking Zanaga's commercialisation strategy and supporting its path to financing and construction...."

That prospect hasn't aged well.

Why did neither Liberum nor the ZIOC board query the absence of any financial consideration for ZIOC's surrender of this economically valuable asset?

(7) Turning to the Shareholder Lock-in belatedly reported on 29 September 2025 :

What role did Liberum play in the eventual decision to report?

Apart from Greymont Bay, did any of the identified Concert Party names also agree to similar shareholder lock-ins at the same time?

Do any of the Concert Party names have any connection with the unidentified potential strategic investor that purportedly requested the Shareholder Lock-in...then unaccountably walked away, at some undetermined point, without explanation -or subsequent notification to shareholders.

If the initial lock-in was 'newsworthy' enough to warrant an RNS, why did its falling away not merit similar treatment?

When were the parties subject to the lock-in released from their undertakings?

(8) Finally, on the general theme of belated disclosure, what explanation -if any - did Panmure Liberum seek from ZIOC for:

(i) its abrupt abandonment in early 2026 of its strategic investor initiative- one with multiple interested parties and an envisaged competitive process leading to an eventual deal- in favour of the highly dilutive RAM transaction, on which the newly preferred benchmark - Mr Market- has passed a decidedly negative judgment;

(ii) its abrupt year-end pivot from a multi-year NPV10 /industry-comparable pricing benchmark to a prevailing spot market price model?

Continued...

the disconnect between (a) guidance of a post-tax NPV10 of US$5,206 million given 11 August 2025; re-confirmed 1st October 2025; and re-affirmed in the

.."Yet another stick to beat the Nomad over the head with."

This was my last post - 26th May :

To: info@panmureliberum.com

cc: info@zanagairon.com

FAO Scott Mathieson / John More

Hi there,

I've a number of questions arising from the recent fundraising disclosures and would appreciate your addressing these at the earliest:

(1)The Concert Party is described 14th May as a 'new' concert party, with a 32.68% combined shareholding.

This was the position on 14th May, before the eventual denominator could be known (after oversubscription and retail offer outcomes).

What is the current numerator and %age, given the change in denominator, especially in light of oversubscription?

Describing it as a 'new' concert party implies the existence of earlier one(s). Pls elaborate.

(2)When will the Significant Shareholder register be updated to reflect the results of the latest placing?

(3) Re the Significant Shareholder Register, I've previously requested - on various occasions- the customary TR-1s for Greymont/Regatta, their continued non-availability has become of increasing concern as the 'strategic investor process' has evolved:

The recently identified 14th May Placing Concert Party involves the same parties earlier involved (in ostensibly different capacities) in both (a) the March 2025 onboarding of new investors; and (b) the subsequent 14 Feb 2026 RAM transaction.

Continued opacity is surely untenable?

Andrew Trahar was credited alongside Marty Knauth as 'envisioning and structuring this entire process' (the March 2025 Placing) and acted as advocate for the RAM transaction in the 12th March 2026 Investor Meet presentation.

In light of the newly-discovered relevance of his family relationship with Anthony Trahar and commercial relationship with Sir Mick Davis and Vision Blue, there has to be a question-mark over the extent and thoroughness of Liberum's historic conflict-mapping or its assertiveness in dealing with the ZIOC board and management.

Now would be a great time to address that.

4) We have no details of the extent of Sir Mick Davis's shareholder involvement in either of the Placings or even his own RAM transaction.

The continued lack of disclosure of who exactly stands behind RAM (prospective acquirer of 87.5% of the Project) is unconscionable, especially in light of its seeming inability or unwillingness to progress the Binding Offer - the apparent proximate cause of the recent 'emergency fundraise'.

Just how much due diligence was done on RAM and its credibility as a counterpart?

How can Panmure and the ZIOC board fulfill their fiduciary responsibilities without a full understanding of what is going on/who ZIOC is dealing with? And surely we shareholders are entitled to the same degree of understanding.

(5) By the same token - who is the unnamed Saudi investor? Obviously considered 'material' enough as a 'selling point' when the Greymont consortium including 'mining notables' was introduce

.."So I've added him and his shareholding to the current concert party..."

(1) Which, by my reckoning, takes the 'concert party' back over 30%.

(2) While a BSL connection would bring up Anthony Trahar's name (again) .....and

(3) Draw attention to PSEI (again), named as a potential shareholder in BSL's documentation.

This would be the same PSEI that is the Project's mooted EPC contractor, undertaking all manner of studies for ZIOC beyond the updated bankable Feasibility study, including, it would seem, the metallurgical test works carried out in China and validated in the UK, see the 25 Jun 2025 RNS

https://irtools.co.uk/97/story/da8fbb66-40f5-4115-99cf-2112bedbcfee.

Another piece of information that was promised in Q2 2025 (MoU with EPC contractor) and which -curiously and unhelpfully for the share price- has instead been kept under wraps.

Yet another stick to beat the Nomad over the head with.

Sigh.

GLA