Zanaga Iron Ore Company Limited Share Price (ZIOC)

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...

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.