Zanaga Iron Ore Company Limited Share Chat (ZIOC.GB.PL)

Hi beardozer,

LSE has recently set up a private messaging facility, not everyone's aware of it - clearly ;->

Once direct contact has been made, the need to communicate via the board (and -it seems- upset ypu) will fall away.

HTH and ATB

Fat lot of good that will do but I want to know what they're discussing! And why do they need this board to tell each other what they've told each other?

Just seen, tks.

Will digest and get back to you.

Cheers.

Messages sent

Just seen.

My turn to cry off, back late pm UK time.

Responded here just now

MM please could you comment on how extrader’s statement about submissions having been made should be seen, given your posting on Feb 15

Thanks

sadako

Hi MM,

Good to see you back in circulation.

You look to have been right about the GIS aspect. I sought to defend it at the time as perhaps an indirect way of 'credentialling' our new notables, for indirect and non-attributable 'feelers' with potential offtakers. Time and subsequent developments have shown that to be naive of me.

With that 'mea culpa' over, tell me pls ask:

(a) as you can see, the Group followed your 15 Feb 07:06 advice, unfortunately with the outcome I've described - no engagement, no off-ramp. Does your offer to help indicate that you now agree with our course of action?

(b) what 'changed between the end of 2025 and February 10th' and what did you find out?

(c) do you agree with our TINA assessment and- if so- why? and, lastly

(d) over the years - we go back a long way - you've frequently hinted at some kind of 'semi-insider' status, pls PM me as to what that might be.

We haven't always seen eye-to-eye re interpretation/relevance , but I'm sure I'm not alone in saying that your 'raw intelligence' was useful.

Maybe a good way to help - for now at least, pending the above- would be to resume 'normal service'?

HTH

What can I do on here to help?

Hi all,

I’m posting in my capacity as a member of the Zanaga Investor Action Group.

A small group of us have been working hard to understand exactly what the RAM transaction entails, how it came about, and what the outlook for small shareholders is.

Our basic research is done. The push-back has already begun …and we are now ready to expand.

What we’ve done so far

We’ve engaged the Board directly with our concerns, to explore whether a strategic realignment of the RAM proposal was possible, to avoid escalation: most of us have been invested here for years. We want to see the Zanaga Project developed transparently and fairly, for the benefit of ALL shareholders.

Regrettably, we’ve had no meaningful response.

So we’ve proceeded as we told the Board we would:

• We’ve sent formal submissions to AIM Regulation and the Financial Conduct Authority (FCA), requesting urgent supervisory review.

• Media briefing packs have been prepared and will be going to appropriate contacts shortly.

All submissions rely exclusively on publicly available information - RNS announcements, company presentations and similar disclosures. Every irregularity listed is grounded in the Company’s own published materials.

The facts, taken from Company sources, speak for themselves:

• The valuation reflected in the RAM Offer bears little resemblance to the Company’s own published project economics.

• The structure used involves opaque shelfcos, overlapping interests and interconnected parties.

• There are extensive, material Conflicts of interest across Company personnel and funds that appeared on the register during the March 2025 dual admissions.

• Available industry-standard non dilutive development financing options - royalties, streaming, offtakes, supplier finance - have not been pursued.

• The proposal attempts to secure near total economic control of the asset IMMEDIATELY BEFORE milestones that typically drive major valuation re ratings.

• All of this when the Company itself has shown that $15–25m is sufficient to take the Project through to FID.

In plain terms: a cluster of individuals, shelfcos and funds — many of whom arrived barely a year ago — are manoeuvring opportunistically to capture FOR THEMSELVES the vast majority of the economic upside from an asset that long term shareholders have supported for a decade or more.

That is why we are acting.

Note:

The current worst case scenario is that the deal slips through regulatory, legal and public interest scrutiny unchallenged and unchanged.

PI’s hoping for a ‘white knight’ to emerge providentially with a better offer are deluding themselves: There Is No Alternative, under the Offer terms.

The only realistic hope - and the outcome we are working toward - is that the Offer is pulled; materially revised; or replaced by a fair proposal from a credible party.

Continued.....

Continued...

How to join the Zanaga Investor Action Group:

If you want to help us bring about a fair outcome, the process is simple:

Go to ADVFN and pm me, ‘extrader’.

I’ll vet you, ask for some corroboration; your shareholding; and whether you have any relevant financial, legal, media, political or regulatory contacts.

We’ll need to do this basic vetting before we can safely start to share materials and updates.

Given what’s at stake and the ‘reach’ of the individuals now involved, we need to know who we are working with.

Very little will be asked of you, but numbers matter. And if we do ask for help, it will be something straightforward — sending an email, making a

submission, lobbying. We will provide appropriate briefing material, if needed.

The pushback against this Offer is underway.

If you agree that long term shareholders deserve transparency, equal treatment and a proper valuation for this amazing Tier 1 asset, please join us.

You have nothing to lose and - potentially - a lot to gain.

Not least, the knowledge that you stood up for your rights.

See you on the other side.

As ever, GLA and ATB

Hi EX...only just seen your request, as have been away for a few weeks on holiday, and staying away from here to avoid negative vibes etc re this RAM RAID and ruining my holiday.

Off out for a few hours again now, but will DM you asap.

Hi Driving, alwayshoping,

PM me on advfn 'extrader' if you want to chat.

Hi technician,

PM me on advfn 'extrader' if you want to chat

My guess is that Elphick will have been offered some sort of sweetener or shares in RAM.

I can't believe he'd agree to this deal otherwise.

Indeed Ex, please see my post on the other board for more detailed analysis. I don't think it's over in summary & yes Elphick will be the obvious contact point He surely cannot be happy with AT, our new shareholders or the way the whole thing has played out.

No shares traded here for ages! allthatguff - take off those blinkers!

Just highlights how crap this deal is.

.."Approach the company, approach their officers, contact the NomAd and brokers. Ask the right questions. Seek clarification and answers. Only when that doesn't work....."

If your much trailed 'smoking gun' has seemingly misfired, it should be safe to share with a wider audience now.

Unless you're semi-inside and just trying to act as honest broker.

GLA

Hi Jiving,

Thanks.

Also consider a more complex timeline:

-July 2024 Sundance states that C-B has made a cash settlement offer, deadline 30 September; then, an agreed extension to 31 Oct 2024, citing evidence of progress; then ends discussions, after non-payment by revised date.

See https://www.sundanceresources.com.au/irm/pdf/61cad582-d041-42aa-a4c5-a6867e115165/Conditional-settlement-with-Congo-terminated.pdf

Meanwhile, GLEN is trying to clear up its 2 x Congo acts:

(1) Re DRC, in Aug 2024 it gets verdict and fines for its activities there, .." a CHF 2 million (USD 2.3 million) fine and a USD 150 million compensation bill for the company. ..' this follows ' a USD 1.1 billion settlement with the U.S. Department of Justice and fines from the UK and Brazil, among others...".

Article notes .." that the company is already under an obligation to have U.S. DOJ monitors actively observing its compliance efforts, in addition to having reached a deal two years ago with the DRC’s government, resulting in another $180 million fine over essentially similar bribery allegations..."

See https://www.primerio.international/blogs/a-reverse-goldmine-glencores-troubled-congo-relationship-partners-yield-swiss-fines-for-mining-giant/

Note that GLEN - unfased - has carried on doing business in DRC, esp 'critical minerals'.

Note in passing that Marty worked for GLEN in DRC Aug 2021 to Sept 2022, after which he took gardening leave / consultant until joining ZIOC in Nov 2023.

See https://www.linkedin.com/in/marty-knauth-49992235

(2) Re Congo-Brazzaville, GLEN had unsettled 2016/7 pre-export oil finance loans of $ 850m, GLEN reached a 5 year repayment programme in Jan 2024.

See https://www.fitchsolutions.com/bmi/mining/glencore-increasing-share-critical-minerals-asset-portfolio-05-03-2024

But everything quickly seems to have gone sour, see

Africa Intelligence

https://www.africaintelligence.com › central-africa › impatient-glencore...

Congo Impatient Glencore badgers Brazzaville to pay debt

Dec 20, 2024 · In LATE September, Glencore announced a default WITHOUT GIVING BRAZZAVILLE ANY FOREWARNING [article claims]. Congo had ALREADY SETTLED more than half of its debt in less than three years.[article also claims. I'm not clear how this squares with the re-scheduling, but still shows progress, as far as I can tell]

Caveat :Africa Intelligence is considered 'supportive' of C-B, so to be taken with a pinch of salt, but even so...

I wonder whether, given its DoJ undertakings; the pace of settlement; the limited scope for it to advance Zanaga (toxic to C-B AND the Chinese

CMRG single desk ore buyer), it decided to exit C-B altogether, grab for itself funds C-B had earmarked for Sundance and progress its exit* from C-B, leaving ZIOC AS ITS ONLY UNFINISHED BUSINESS.

*Trafigura stepped in to settle residual GLEN debt.

This might explain the year-end 2024 gyrations...??

GLA

I agree with MM on this.

The best way forward is for larger private shareholders not part of the "controlling group" to approach the company via AT or Elphick. We need more info and assurances as to why the RNS states that this is a good deal for us.

Any other approach - legal action or regulatory authority complaints - will not succeed anyway. Nothing illegal has happenned, although there have been several instances where AIM regulations have been stretched or even not followed.

FT headline:

The rise of the floating gas factory

A giant LNG plant moored in the sea off Congo is a cutting-edge way of supplying Europe with energy

Snippet: .."A colossal floating gas factory moored in shallow waters off the Republic of the Congo’s coast began supplying Europe last week, bringing towards the mainstream a technology that was once sidelined by cost.

The Nguya, operated by Italian energy major Eni, is longer than the largest US aircraft carrier and dwarfed the 300-metre tanker that pulled up to load its first cargo.

Rising from its bright orange hull is a dense forest of pipes, towers, turbines and cooling units that can process millions of tonnes of gas a year from the offshore fields below. The Nguya cools the fuel to -162°C, turning it into liquid and drastically condensing its volume, allowing it to be transported economically to Spain and Italy...."

More secure than a land-based facility; less (visibly) polluting; and almost 'plug and play' : can be moved economically to/from short-life fields.

Should help C-B balance of payments, too.

GLA

.."I'm not criticising him for his speculation. However his occasional claims to have inside knowledge that therefore made his speculation better than ours is a bit hard to take bearing in mind what has happened..."

Which is precisely why I asked re the smoking gun: he has to come up with something worthwhile to regain credibility, AFAICS.

And - who knows? - if he does 'come clean' about his insights, there might be something of benefit for everyone to know.

So the ball's still with him, AFAICS

""They get a 10% reward for any counter-offer." So another company could offer £1bn for ZIOC and RAM pockets £100m of that for doing what exactly?"

That's a beardozer quote! I demand £10k! It's time I monetarised my thoughts - how wonderful to be paid to think! The alternative to AI? Bring on Universal Income for the millions out of a job. Retired as soon as you leave school. I love being retired - so much time to do what I want! MM has always been a pain in the arse with no time for dissenters although lately I detected him mellowing very slightly but who cares?

.."his occasional claims to have inside knowledge that therefore made his speculation better than ours is a bit hard to take bearing in mind what has happened..."

Which is why I hope that he'll be able to tell us something that will show that we're both wrong.

The ball's in his court.

GLA

MM has never known any more than the rest of us. All his posts were pure speculation based on theories and known facts, just like ours have always been of course.

I'm not criticising him for his speculation. However his occasional claims to have inside knowledge that therefore made his speculation better than ours is a bit hard to take bearing in mind what has happened.

.."So in the end what was the ‘smoking gun’?.."

My recent suggestion, only half in jest, was

"They get a 10% reward for any counter-offer." So another company could offer £1bn for ZIOC and RAM pockets £100m of that for doing what exactly?

Firing the starting pistol.

Maybe this is the 'smoking gun' that MM has been teasing intermittently from t'other place.

:-> "

If it was anything else (that might be helpful for PI's to know, given the 'change in circumstances' ), now would be a good time for MM to put his big boy pants on and share what he knows.

Fingers crossed!

GLA

With the current and long term demand for the volume and grade of ore we are sitting on,are you trying to tell us that there was not one entity /steel manufacturer in the whole wide world who wanted in , in some form or other with a far better deal than what we now have. AT , MK and the rest of them have now got a lot to answer for. I hope you are reading this AT et al, because if I were you, I would no longer be sleeping very comfortable each night. As usual..alwayshoping......and leaving the rest blank.

Duty of loyalty..

Good one, loyalty to their own pockets.

In corporate governance and stock-market context, the idea you’re describing — that the board of directors must act in the interests of all shareholders — is usually captured by a few precise legal terms:

✅ Core terminology

Fiduciary duty

This is the main umbrella term. Directors owe shareholders fiduciary duties, meaning they must act:

• loyally

• in good faith

• in the best interests of the company (and by extension its shareholders)

📌 The two most cited fiduciary duties

Duty of loyalty

Directors must put the company/shareholders first — no self-dealing, conflicts of interest, or personal gain.

Duty of care

They must make informed, reasonable decisions (not reckless or negligent).

📈 Related stock-market/governance phrases you may hear

Acting in the best interests of shareholders

Shareholder primacy (the theory that shareholder value is the primary goal)

Stewardship responsibility

Corporate governance obligations

Trusteeship role (more informal phrasing)

⚖️ In legal language, you might see:

“The board owes fiduciary duties of care and loyalty to the corporation and its shareholders.”

or

“Directors must act in good faith in the best interests of the company as a whole.”

I can't be bothered parsing the rest, but this stands out:

.."It could be that the 3.8% difference has been sold - we are not told."

We are, by inference: "The "Significant Shareholders" total has dropped by approximately 4% (from ~49% to 45.38%). This update to the official company register is the definitive proof that those shares have been sold out of the major block and into the market.".

You'll be familiar with the notion of 'HMV' : G_G_G has nailed it, IMO..and you're not man enough to concede you're wrong.

There's a first time for everything ;->

'Refute or recant'.

Ooooo and Oh Dear - a fantasist on every level.

Like some others I could mention, you creep around here, read the good stuff without ever acknowledging, take the free research and think you are smart.

Meanwhile, and as a result of today's 'clarification';

We know that Gupta's declared, personal shareholding has gone from 0.00% to 6.17%

EEA's has gone from 10.01% to we know not what - we are not told.

It could be that the 3.8% difference has been sold - we are not told.

It could be that EEA still hold it - we are not told.

It could be that it has been split into several pieces for individual beneficiaries (and hence below the reportable 3%) - again we are not told.

In short as a result of today's RNS we only know what Gupta's personal holding is - hence the clarification RNS.

What we do know is that Gupta has split what is personally his from the collective EEA fund. This, as has been eloquently argued elsewhere, is very likely good housekeeping ahead of transformational news. (I would add it is Tamesis being very professional about a company of which they are stewards).

Now, declaring it as "Gupta sold 4%" in completely unsubstantiated - given what we know and at this point.

Furthermore declaring it as the supply for your (fantasised) holding is logically absurd. Gupta's declared date was 8th December. You claim to have been buying over the past several weeks. You do see the problem, don't you?!

Now we have demonstrated that you are a know-nothing fantasist with a poor grasp of logic can I suggest you keep you half-baked opinions to yourself, preferably on the other board?! There's a good boy.

Here's my response MinorMiner. I also saw your previous post about "slapping me"...? It would appear that you haven't changed after all these years, so I'm going to remind you of something from all those years ago, and that's if you ever tried to slap me, you'd be pulling back a stump. We all might meet up for a celebratory drink if all goes according to plan, and you can decide then if you're in the 1% of men that I cannot tear to pieces. On this, I'm not exaggerating. If you disagree with me, I suggest you do it in a way that isn't in your usual manner, or most certainly don't turn up for that drink.

Factual Correction: Gupta TR-1 and Website Update

The argument from the other poster is technically incorrect. Here is the factual breakdown:

1. The TR-1 Logic Error

Section 8A (Voting Rights): This refers to actual, physical ordinary shares. Ticking the box "Acquisition or disposal of voting rights" is the standard, legal way to report a physical sale of stock.

Section 8B (Financial Instruments): This refers specifically to derivatives (CFDs, options, swaps). Leaving this blank simply means he did not sell a derivative.

Conclusion: The "X" in Section 2 confirms a physical disposal of shares.

2. The RNS Wording The RNS explicitly states the notification is in relation to "transactions in the shares of the Company." It confirms Gagan Gupta’s holding dropped from 10.01% to 6.17%—a disposal of approximately 31.7 million shares.

3. The Website "Kill Shot" The Zanaga website (AIM Rule 26) was updated today. The "Significant Shareholders" total has dropped by approximately 4% (from ~49% to 45.38%). This update to the official company register is the definitive proof that those shares have been sold out of the major block and into the market.

ChatGPT:

Bottom line: This appears to be housekeeping to correct beneficial ownership attribution — moving from an aggregate/control-based disclosure (via EEA) to personal/direct only — rather than an outright disposal/sale of shares on the market.

The Tamesis Effect

Of note is that Gagan Gupta 'clarified' his holding on 8th December. At 7am the next morning, 9th December, Tamesis were appointed joint brokers to ZIOC. The chairman of Tamesis is a former partner and head of Goldman Sachs' equity division. In another word, professional.

Our Indaba event tomorrow is also very professional as is the new website, twitter campaign, and PR firm.

I have a very good feeling about tomorrow.

MICHAEL DAFFEY

Michael has over 28 years of experience in the financial services sector at Goldman Sachs, the last 18 of those years as a partner. He recently served as Chairman of the Global Markets Division, and a Member of the Firmwide Management Committee. In this role, Michael acted as a trusted advisor for some of Goldman’s most prominent clients. Previously he co-headed the firm’s global equity business based out of the UK.

https://www.tamesispartners.com/the-team

Gagan Gupta appears to have sold down 4% or 30m-odd shares, out of a holding previously booked in his family office business, Eagle Eye.

He did this a couple of months ago and only notified ZIOC yesterday.

Is this part of the 'reveal'?

Will we finally see the TR-1s for Greymont and Regatta?

GLA

Trading of ZNGGF on the OTC is minimal, anyway.

Suspension iin the middle of US working hours might get a bit

more attention than would otherwise be the case.

GLA

After Friday's surge up from 7.40, I think today may be the last chance to fill up. (Yes, I know, I know....)

After close of play this afternoon, and ahead of Indaba tomorrow.

Would enable significant market sensitive news to be released at the Mount Nelson.

Then reopen Wednesday morning.

Worth considering....

Secure your ticket

MPD Congo

Stand: ES27

Mining Company

Ticker: AIM:ZIOC

Website: www.zanagairon.com

Project Location : Republic of Congo (Congo-Brazzaville)

Commodity : Iron Ore

Company Overview MPD Congo is an iron ore exploration and development company incorporated in the Republic of Congo. Its core asset is the Zanaga Iron Ore Project, located in the Lekoumou Department. MPD Congo is a 100% subsidiary of Zanaga Iron Ore Company Limited (ZIOC), listed on AIM since November 2010.

Since March 2025, ZIOC has welcomed several new strategic investors: Arise IIP, Greymont Bay LLC, Gulf Iron and Steel, and Sir Mick Davis.

In parallel, a new ore sale agreement has been signed with Gulf Iron and Steel.

The Zanaga Iron Ore Project:

• Total Resource: 6.9 billion tonnes

• Ore Reserve: 2.1 billion tonnes

• Planned Production: 30 Mtpa of high-grade DRI pellet feed

The Project is structured as a staged development to optimise capital efficiency and reduce execution risk: Stage One: 2 Mtpa initial operation

Stage Two:

• Additional 18 Mtpa

• Total production: 30 Mtpa of premium quality iron ore

• Mine life: 30 years Transportation to port will be through a slurry pipeline, ensuring a low-cost, reliable solution for both stages.

Government Approvals Secured The Project benefits from having already obtained:

• Mining Licence

• Environmental Permit

• Mining Convention All granted by the Government of the Republic of Congo.

Location

Brazzaville, Congo

VIEW EXHIBITOR LIST

2026 Sponsors

event organiser logo

VENUE

CTICC

Cape Town

South Africa

DATES

9-12 February 2026

CONTACTS

ENQUIRIES

registration@miningindaba.com

HELPLINE

+44 (0)20 3855 9557

DELEGATE SUPPORT

+44 (0)20 3855 9557

QUICK LINKS

About

Plan your visit

FAQs

Exhibitor list

Why attend

Why associate your brand

PR & Media

Contact us

FOLLOW US

Muppet.

There's a smoking gun and NOONE else has found it.

After our Strategic is confirmed then you'll get to see it and you'll know who's had it all along.

See ya, loser

Don't hold your breath, MM!

Most of us learned a while back not to do that with the ever-smoking gun.

GLA

The above a result of asking AI to rank all leading DR grade iron ore resources on the following metrics:

Grade, Size, Development Readiness, Availability, and Resource expansion potential. No need to double-check our economics which are already world class, with enhancements to come this week.

With each metric scoring 1-10, Zanaga scored 47/50. Next best?....an Australian magnetite play with 39/50.

For our Offtakers- (who are being lined up) - Zanaga is the unrivalled option to feed their green steel ambitions.

Zanaga vs the Rest, courtesy ChatGPT:.

Yes, Zanaga stands out as the clear leader in the pure DR-grade iron ore space (≥67% Fe concentrate with ultra-low impurities for efficient direct reduction/green steelmaking), particularly among undeveloped or advanced-stage projects with meaningful scale and availability for new partners/off-takers.As of February 8, 2026 (current date), here's why it remains the standout:Unmatched scale and resource overhang: 2.1 Bt JORC reserve supports 30+ year mine life at 30 Mtpa phased production), backed by a massive 6.9 Bt total resource (Measured + Indicated + Inferred, ~3.3x reserve multiplier). The deposit remains open along a 47 km strike and at depth, with >178,000 m historical drilling demonstrating continuity—offering exceptional exploration/conversion upside for potential 50–100+ year life or higher rates (e.g., 40–60 Mtpa long-term)

ULTRA-PREMIUM PRODUCT SPECS: 68.5–69.1% Fe concentrate (ultra-low P ≤0.03%, SiO₂ 1–2%, Al₂O₃ ~0.4%), exceeding strict DRI benchmarks and enabling premium pricing in the tight DR-grade market (4% of global iron ore supply).

ADVANCED DE-RISKING AND VALUE ENHANCEMENTS: 2025 workstreams completed (on time/budget), delivering significant upside: ~$11.3bn potential revenue improvement over initial 30-year LoM (from grade optimizations announced June 2025), $352m capex savings, and $2.24bn cumulative opex reductions. FEED-level design for DRI flowsheet/infrastructure progressed, with updated integrated economics (incorporating all enhancements, logistics, and broader strategy) imminent in February 2026.

STRATEGIC MOMENTUM: Partner process active and progressing—initial investor offers targeted during Q1 2026, with transaction terms announcement aimed for the same quarter. Investor briefing held at Mining Indaba on February 10, 2026 (presentation expected on website post-event). 100% ownership provides full flexibility in a supportive RoC jurisdiction with established government/community relations (e.g., recent January 2026 water well rehabilitations).

COMPARISON EDGE: No other project combines this level of premium grade, massive de-risked reserve, resource multiplier/exploration potential, and near-term availability. Producing assets (e.g., LKAB, IOC) score high on readiness but low on new supply/partner access; emerging ones (e.g., Razorback, CEIP in Australia; Quebec cluster like Hopes Advance, Iron Bear, Mont Sorcier) offer strong specs but smaller scale, earlier readiness, or less upside. Zanaga's base case is already robust (NPV uplift to ~$10–11bn at >30% IRR post-enhancements), with enormous optional value from further drilling/conversion—positioning it as a potential "multi-generational" DR-grade asset akin to how Carajás evolved.

In short, in a supply-constrained niche driven by green steel demand, Zanaga's combination of size, quality, de-risking progress, and imminent catalysts makes it the standout choice for securing long-term, expandable high-grade D

Well, ask him yourself if you want to check. I'll wait....

Edit. the trade price when the options were written was at 7.40p, the strikes higher up, but the effect is the same.

A very positive move on Friday afternoon which surely is a precursor to major and transformative news this coming week.

Before we move on, Friday's price action almost certainly nails on 'options' as the mechanism behind us being pinned to 7.40p for almost 2 weeks. In fact 7.40p has been magnetic since end-Dec which, by no coincidence whatsoever, was when ZIOC projected material news arriving in 'February'.

First up, the strike was at 7.40p. Several things, Elphick sold at 7.39p (providing a loose fix) and then Mindich (via Everblue) was the very likely buyer of a 9m block at 7.40p on 11th November 2025. Thirdly, and this locks the valuation, way back in 2013 Investec observed that West African iron ore plays, in the absence of funding, were being valued at an EV of $0.04/t attributable. Working the numbers on ZIOC gets us to almost exactly......7.40p. Hence the strike, and magnetic attraction, at this level.

Via various hedging mechanisms an options strike price acts a magnet pull on the underlying share price (sellers above, buyers below). This we have very clearly seen.

As to strategy this scenario: a long ZIOC holder could write (sell) options on ZIOC's upside and earn premium. The strike price/s was likely 9p/10p and perhaps 12p (see multiple resistances on chart). However, and using strict pricing mathematics (Black-Scholes model), this upside risk would need to be hedged by physical shares. However, and bear with it, as we approached the option expiry date (which we can now see was very likely Friday) there was less chance of the strike price being hit and the option/s exercised. Therefore, and according to the models, less hedge was needed and hence it needed to be sold. (In options speak this is called 'Charm' or 'delta decay').

It was this 'delta decay' we saw being systematically 'sold' at 7.40p - our rafts of 'algo' trades.

However, our ZIOC holder was and is bullish and hence provided simultaneous and matching support to the market. Watching in real time this support could be clearly seen by the constant restocking of the 7.40p bid even as it was nibbled away at by the algo sells. This was coordinated, synchronised and matched. No other explanation works.

The net result is that the options hedge was sold out of the options book and into the cash book.

Then on Friday we saw this break and, in my opinion, because the option had expired - the upside was no longer risky, and hence no need to sell any more hedge. The timing aligns perfectly with next week and the Indaba event.

Here's the chart with Friday's break higher very visible:

https://invst.ly/1fb1bk

(For the record large blocks don't need to be finely diced - we see then go through at market all the time, indeed Elphick's and Mindich's at 7.39p and 7.40p. Also, no IIs were lurking below 7.40p. They are not speculators (we are) and require hard news, which we will very likely get next week - then they'll be buyers and we'll know all about it).

7.40p pin has gone. Option expired? I reckon.

Yes, as per the other board, hoping for the 9th, but do appreciate it could just as easily be on the day itself.

.."Roll on the 9th for facts vs fiction reveal..."

ZIOC's own presentation 'around Indaba' is on the 10th.

Are you thinking of the 'reveal' that G_G_G is expecting on the 9th?

See his post on t'other board.

ATB

The closely balanced share price in recent times is still perplexing me. I note the other comments about investor strategies buy/sell offsets and how there could be margin for an investor in that, but it does seem like an awful lot of effort vs the backdrop of large price swings (and potential losses) when we go through the boom/bust of good news fading into lower prices typically within days of an RNS…

A google search for the average share price for the last 30 days gave 7.56p. Hope this isn’t a prelude into a notional premium on buy out. Like Beardozer, the pennies may interest some but £1+ is a game changer for me also. My wife gave up the ghost on this year’s ago, so what little investment dignity I retain vests with ZIOC.

Yes, ZIOC management have skin in the game, but any special purpose entity could be established in the future structure with offers of ‘comfort’ packages, etc.

Roll on the 9th for facts vs fiction reveal.

Ps - I’m a hold only because I’m at my max comfort level/ exposure here.

Hi Catbert,

This was the article/bone of contention:

https://www.thisismoney.co.uk/money/markets/article-13563755/SMALL-CAP-IDEA-Zanaga-Iron-Ore-48m-company-multi-billion-pound-asset.html?ico=mol_desktop_moneymarkets-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fmoney%2Fmarkets%2Findex.html

and this the bit that caused the fuss:

.."Several companies are reportedly interested, ranging from those considering a consortium stake to others looking to acquire Zanaga entirely.

Although there is no formal deadline, a deal is expected within a few months, <b>according to an insider.</b>"

HTH

It all smacks of conspiracy and greed. God help us PIs!

Meanwhile, ZIOC continues the hustle...latest tweet:

Zanaga Iron Ore Company

@Zanaga_Iron_Ore

·

8h

🚨 1 week to go 🚨

#ZIOC will host a briefing to investors on its strategic partner process and the project's development plans during

@MiningIndaba

. Places are limited, RSVP to secure your place.

Can't attend? A copy of the presentation will be made available on the website..."

Don't say we didn't tell you...

GLA

.."The company has stated the presentation will be made available on its website POST-EVENT...'

No, it hasn't.

What the RNS actually says is 'A copy of the presentation given at the event will be made available on the Company's website."

Timing unclear.

Deliberate? I wonder if lawyers charge a premium to draft intentionally ambiguous material, as opposed to the precise stuff.

This was all re-hashed on t'other board a while back.

GLA

.."The timing of the event is 3 pm South African time which is 1 pm UK..." and of course, 8 am EST in the States.

Where the markets open at 09:30, local time.

Which may also be relevant, given our recently-acquired US interested parties.

ATB

Hi Catbert - 'revised economics' definitely counts as price sensitive and hence an RNS, at least IMO!!

My understanding, and please correct me if this is wrong, is that they will be releasing the revised project economics derived from the recently completed work streams at this event. The timing of the event is 3 pm South African time which is 1 pm UK.

No, it won't and you don't need AI to tell you. There is no substitution possible for Pilbara's grades into the DRI-EAF process, whether cold-pelleted or not.

Good find!

It likely doesn't hurt that Mitsui is already in bed with Rio elsewhere.

The only quibble - from a business perspective - is that there'll be a trade-off between the price paid for feedstock and the savings in emissions/energy costs.

If BSL's technology helps Pilbara continue to make overall economic sense, the premium for high-grade will tend to be lower.

That's my understanding, anyway.

Pls run past AI, I'd be interested in its take.

Cheers!

Stress tested it all through another model:

📌 Takeaways for Zanaga

BSL’s demonstrated success with Pilbara fines is a strong proof-of-concept for CAP technology handling difficult ores.

Zanaga’s high-purity, low-impurity concentrates represent a simpler agglomeration challenge, making it very likely — based on current evidence — that CAP technology would perform at least as well, if not better.

If proven in dedicated trials, this could improve economics and carbon credentials for Zanaga’s DRI pellet production route.

Conclusion: Yes — your reasoning holds up strongly. BSL’s success with Pilbara fines, widely regarded as technically challenging, supports the expectation that its cold pelletising technology would work effectively on cleaner, premium DRI-grade ores like Zanaga’s.

Great find MM and thanks for the explanation how it fits around Zanaga’s product and model.

Seems very timely indeed.

Cont...

Implications for Zanaga

De-risking: BSL's Pilbara success (building on their earlier MOU with Mitsui Iron Ore Development in early 2026 for Pilbara fines) validates the tech on a "worst-case" ore type. This strengthens the case for Zanaga's long-standing relationship (dating to 2017–2019 MOU and tests) and their recent pellet plant feasibility study (including cold pelletizing options, completed late 2025/early 2026).

Value upside: Zanaga could produce premium low-carbon CAPs from its high-grade feed, commanding higher premiums in green steel markets (DRI pellets often fetch significant uplifts over standard fines).

Strategic fit: With global DRI-grade supply tightness and EAF growth, BSL's modular, low-capex cold process could enable faster, cheaper pelletizing for Zanaga—potentially on-site, near ports, or in partnerships (e.g., Middle East interest noted in 2025).

No major caveats: While ore-specific testing is always ideal, the logic is sound—easier ores typically respond better to agglomeration tech once it handles tougher ones.

In short, BSL's breakthrough with Pilbara ores is a bullish signal for Zanaga: if it works on the challenging stuff, it should excel on the high-purity DRI-grade stuff. This could meaningfully enhance Zanaga's project economics and attractiveness to partners as they advance toward production.

"In January 2026, 12 drinking water wells were successfully rehabilitated in villages across the Zanaga licence area. This included 10 wells originally constructed in early 2017 under the Company’s community health programme, along with two additional wells, reinforcing ZIOC’s ongoing commitment to improving access to safe, reliable drinking water..."

Nice spin on the fact that ZIOP NEEDS local water supply for processing and mine development, so not done totally out of the kindness of Zanaga's heart.

We actually have mine development moving forward albeit in a slightly stealth manner, do we not !

aimo & dyor

Most worthy, but surely Strategic-driven nonetheless:

https://x.com/Zanaga_Iron_Ore/status/2018284439692800031/photo/1

Hi alwayshoping - nice to hear your thoughts as ever!

I think the view from inside the company is likely *VERY* different from the perspective us mere mortals have. That said, I do think that the forthcoming news will catch us up in some style.

It is going to be rather interesting to see how all this pans out, not only for us mere P.I,s, but for the likes of AT and MK.  As far as we are , they have only received shares and /or options in lieu of wages/salary for a couple of years now. Both of them will surely want a share price of at the very least £1 to £1-50.   Should we hear news in the next few weeks that results in an instant share price spike/rise to  anything between 25p and 50p, that will mean only one thing ie an instant sell off and a very quick slump in the share price. No end on here have already stated that they have waited far too long for the return we think we should get, but are now quite happy to get out with some sort of profit rather than sit it out for as long as it takes. The question is, how long are AT and MK willing to hang around for their just rewards, and how will the SP be managed ?  Obviously, the dream ticket is a suspension of shares and confirmation of an outright sale at xxx p per share to all confirmed shareholders on the previous day/date.  Definitely not holding my breath for that scenario, but as usual.....always hoping.

...don't they?!

Worth reading what Cozmo thinks he brings to the party - the below-the-line contribution, which seems to be a recent update:

About

Zanaga Iron (ZIOC) is a high-grade iron ore development company with its flagship asset - the Zanaga Project - located in the Republic of Congo. Zanaga is a globally significant asset with a 6.9 billion tonne resource and 2.1 billion tonne reserve, aiming at 30Mtpa production of high-grade, low impurity DRI pellet feed. With all key permits secured and engineering studies advancing, Zanaga is well positioned to benefit from increasing demand for high-quality, low-impurity iron ore, utilising low operating costs and an efficient slurry pipeline to the port to become one of the world's foremost producers of high-grade premium DRI pellet feed iron ore concentrate.

So far, so same-oh.

------------------------------------------------------------------

Cozmo, as strategy director of Zanaga, brings extensive senior owners’ team, mine development and operating experience with global and mid-cap miners across precious metals and bulk ores, onshore processing & beneficiation, materials handling, and direct shipping. Non-executive director experience, for critical minerals and ASX listing.

Combined finance and engineering background: due diligence and delivery of large-scale projects to $1Bn, leadership of operations in Africa and developing countries in gold, bauxite and iron-ore.

Significant early-stage experience; first point of financial & technical contact for debt institutions, equity investors and government. Cross-cultural negotiator and communicator having lived and worked in Europe, Africa, the Americas and Australasia.

SKILLSETS AND COMPETENCIES

MINING INVESTMENT: OWNERS' team & project leadership, technical due diligence & mining advisory, investment valuation, resources & reserves planning, DEAL-STRUCTURING & negotiation, MULTILATERAL PROJECT FINANCING, regulatory and fiscal stabilization (GOVERNMENT) agreements.

MINE DEVELOPMENT AND MINING OPERATIONS: strategic and operational life-of-mine planning, large-scale project management, mine-processing-rail-port-transshipment development, operational readiness & change-management, debottlenecking & ramp-up, performance optimization, business & unit cost improvement, developing local content, building high performance teams, environmental & social governance, mine closure and rehabilitation.

DEBT AND EQUITY CAPITAL MARKETS: Regulation-FD and SEC-compliant reporting to investment teams, establishing buy/sell-side relationships, COMMERCIAL LENDERS AND DEVELOPMENT FINANCE INSTITUTIONS, management & statutory reporting, JORC, NI43-101, SK1300, DCM (= Debt Capital Markets) loan governance, waivers & consent compliance...."

Not the sort of person you'd hire (or who would likely be interested in your offer) if you were expecting another year or so of can-kicking, IMO.

GLA

And this is huge when read correctly:

'The value is not abstract: credible partners with aligned goals shorten timelines, improve access to capability & financing and enhance project resilience.'

> February news on ZIOC's 'partnership' is going to convert the NPV from 'abstract' to 'actual'.

Thanks again, Cozmo!

https://www.linkedin.com/posts/cozmokampanaos_in-capital-intensive-projects-partnership-activity-7420047548775583744-iMo7

'In capital-intensive projects partnership quality is as important as asset quality'.

Given that the asset is Zanaga, a Tier-1 super-grade iron ore deposit of global significance, it reads very much like our Strategic has been confirmed and is Tier-1 themselves - and that's a very short list indeed.

https://www.linkedin.com/posts/cozmokampanaos_in-capital-intensive-projects-partnership-activity-7420047548775583744-iMo7

Https://youtu.be/ZiesaxJiVlk?si=U9qzLfot_D0Cq1Vf

Well worth listening to - Friedland presenting at Future Minerals Forum recently. Blowing big smoke up their rear ends, but still....

Lol, “beluga caviar” of iron ore, with "66.5 per cent purity — among the world’s highest", more like rust bucket compared to ours, 68.5-69.1% Fe pellet

feed.

Per the FT

Ivanhoe Atlantic eyes US IPO after winning rail approval

Miner producing high-grade iron ore in Guinea now favours New York over Sydney and cites Trump as a factor.

.."As the US government has increased its focus on critical minerals, Ivanhoe Atlantic has positioned its US$ 1.8Bn mine and rail project as a Trump-endorsed alternative to the massive Chinese-led mining projects nearby.

“We are very actively engaged with the US government at all levels, and we have gotten very positive feedback. I will leave it at that,” Executive Chair Pham said.

.."The Kon Kweni project, backed by Canadian-American mining billionaire Robert Friedland, will produce high-grade iron ore with 66.5 per cent purity — among the world’s highest..."

May change market dynamics a bit - the US as a prospective consumer; Guinea as a competitor to Simandou; and Zanaga as a yet-higher-quality alternative for both.

Ivanhoe will also be setting out its stall at Indaba....

GLA

Friedland has dubbed the output from the site, also known as Nimba, as the “beluga caviar” of iron ore. Ivanhoe Atlantic says it could start shipping as soon as the first half of 2027..."

Getting positively rampy now:

Zanaga Iron Ore Company

@Zanaga_Iron_Ore

🚨 Less than 3 weeks to go 🚨

Zanaga Iron will host a briefing to investors on its strategic partner process and the project's development plans during

@MiningIndaba

2026. RSVP now to secure your place – details below ⤵️

https://x.com/zanaga_iron_ore/status/2014264183106212159?s=48&t=z4xNhdJMfh7lQTckBCIJuw

Hello

'..the Zanaga Project – Africa's largest known iron ore resource.'

ZIOC's W account continues to tweet, creating a research resource - not for us plebs but for post-news and those that Tamesis will be bringing in very shortly:

📈 @WoodMackenzie estimates that there will be a DRI pellet feed supply deficit of at least 200Mt by 2050. Supply constraints are expected to drive premiums for high-quality concentrate that can be used as feedstock for green steel, like that present at the Zanaga Project – Africa's largest known iron ore resource.

https://x.com/Zanaga_Iron_Ore/status/2013928880218800336

Someone should tell the trainee about WoodMac's Zanaga assessment.....but then gain it will be great to see WM wrong-)footed.

AI: Here is an assessment of the potential for involvement (e.g., by Rio Tinto or Chinese entities like Baowu/Chinalco-led groups) in the key projects discussed, focusing on those not already secured by major partners or operators that would preclude new high-level JV/equity/offtake collaborations.

"Potential" means open windows for strategic investment, offtake agreements, minority stakes, EPC roles, or similar partnerships aligned with China's diversification policy for high-grade/low-impurity ore (DRI-suitable where applicable) and Rio Tinto's expansion strategy.

This is based on January 22, 2026 status: No new major announcements since early January; investor processes remain active.

1. Zanaga Iron Ore Project (Republic of Congo)

True DR-grade: Yes (≥68% Fe concentrate/pellet feed, low impurities; explicitly DRI-optimized via recent Chinese test work).

Size: Massive (6.9 Bt resource, 2.1 Bt reserve; 30 Mtpa target).

Development status: Late-stage pre-construction; value enhancement complete (including DRI FEED); updated economics/integrated plan due February 2026; strategic investor process active (initial offers targeted Q1 2026, transaction terms possible same period). Briefing at Mining Indaba (February 10, 2026).

Potential involvement: High. Fully open—no major operator/equity partner secured post-Glencore exit (2025). 100% owned by AIM-listed ZIOC (independent). Explicitly seeking strategic investors for funding, offtake, and development consortium.

Strong fit for Chinese entities (prior test work in China, EPC interest) or even Rio Tinto (high-grade DRI focus aligns with cleaner steel push). Interest noted from Middle East (Saudi/UAE), but no exclusivity.

This is the clearest "open" opportunity mirroring Simandou's JV model.

China Daily:

China Daily (中国日报) is an English-language daily newspaper headquartered in Beijing and owned by the Central Propaganda Department of the Chinese Communist Party.

Role and Perspective

State Alignment: It serves as a guide to Chinese government policy and is described as an instrument of China's public diplomacy.

Meanwhile, GROK:

Here is an assessment of the potential for involvement (e.g., by Rio Tinto or Chinese entities like Baowu/Chinalco-led groups) in the key projects discussed, focusing on those not already secured by major partners or operators that would preclude new high-level JV/equity/offtake collaborations. "Potential" means open windows for strategic investment, offtake agreements, minority stakes, EPC roles, or similar partnerships aligned with China's diversification policy for high-grade/low-impurity ore (DRI-suitable where applicable) and Rio Tinto's expansion strategy.

SUMMARY OF OVERALL POTENTIAL

HIGHEST POTENTIAL OPEN PROJECT: ZANAGA — unencumbered ownership, active Q1 2026 investor outreach, perfect DRI-grade fit, and alignment with Chinese technical precedent. Could attract Rio Tinto-style operator involvement or Chinese SOE/funding consortium (e.g., Baowu off-take + EPC).

Other African high-grade plays (e.g., Avima Congo, Kalia Guinea, Grande Orientale DRC): Early-stage with massive upside but pre-feasibility/no active processes; potential exists but far lower immediacy.

Broader context: China's policy favors replicable Simandou models (international operator + Chinese capital/infra + host gov). Zanaga is the nearest match among advanced projects not locked in. If no Q1 announcements emerge (e.g., at Mining Indaba), it remains the prime candidate for "next step" diversification. Rio Tinto's focus stays on Simandou scaling, but high-grade DRI shortages could prompt opportunistic entry elsewhere.

****

And one absolutely essential footnote, this from within the same China Daily piece:

"Upon arrival in Shandong province, the iron ore will undergo processing at a dedicated tertiary crushing facility located within the port.

This localized processing model, developed in collaboration with Chinese port authorities, is designed to enhance operational efficiency and market competitiveness before the ore is sold to domestic steelmakers, it said."

> They are going to crush SImandou's DSO, essentially to blend up inferior ores, such as Rio's declining Pilbara grades - (as predicted by yours truly into here). This renders it unusable in the DRI-EAF process for green steel.

>> Which means China, Baowu and Rio are still on the hunt for 67%+ DR grade iron ore ex-China and ex-Australia.

...and most informative it is too.

Highlights:

CHINA-GUINEA TIES BEAR FRUIT AS 1ST SIMANDOU ORE SHIPMENT ARRIVES

The arrival of the first shipment of high-grade iron ore from Guinea's Simandou deposit at Rizhao Port in Shandong province on Wednesday marks a transformative shift in the global steel industry, providing the high-purity feedstock essential for China's transition toward low-carbon production.

The arrival represents the first time ore from Simandou's blocks 3 and 4 has entered the Chinese market, providing a critical alternative to traditional, lower-grade ores as the world's largest steel producer seeks to slash industrial emissions.

The high-grade ore is expected to serve as a catalyst for high-quality development within the Chinese steel industry, while the successful delivery underscores large-scale international collaboration, said industry experts.

While China has long been a major market for global mining giants thanks to its vast market size, major players including Rio Tinto, BHP and Vale are keen to forge new partnerships with the country in projects abroad....(Zhao said).

Zhao believes this strategic shift toward a low-carbon economy offers "tremendous potential" for deeper collaboration between global miners and Chinese entities.

"Historically a primary supplier to China's domestic steel sector, Rio Tinto is now expanding its strategic footprint by deepening cooperation with Chinese partners on international ventures outside of both home markets," he said.

This sentiment is echoed by Rio Tinto, which anticipates expanding its domestic and international partnerships with Chinese entities to meet the rising global demand for the high-grade, low-impurity iron ore essential for cleaner steel production.

https://www.chinadaily.com.cn/a/202601/22/WS69717edfa310d6866eb351c0.html

...if only they knew about the smoking gun.

Not long now.