Member Info for 99icecream

EML's claim will be for 100% loss of value of their investment, as without the Environmental approvals etc. the mining licences they have will have no economic value. For OCP to agree to settle the claim now (rather than wait 3 to 5 years) they will want to takeover the whole Khemisset project and have all the rights to exploit it.

Firstly, I doubt the Directors would agree a settlement number without advice from their lawyers that the number agreed is reasonable given the circumstances (i.e the chances of success of the claim and the % of claim they might get). Given, this advice you would have a hard time proving your case against them.

Secondly, OCP really want the Potash, so they can sell combined NPK fertilizers (as they already produce Phosphate and Ammonia) at a premium price. In addition, given the ability to produce valuable speciality fertilizers (like Struvite), this adds considerably to the attractiveness of a settlement deal.

BTW - The other factor that might be part of the claim, was the granting of exploration licences to OCP in the first place (back in 2015). Moroccan Salt (now the subsidiary of EML) had submitted a request for 12 exploration permits, and the Govt had said that there would be an international competitive tender for these permits. Subsequently the permits were given to OCP without any tender being carried out.

I'm not sure what your point is here, I don't think you disagree with my point (that a settlement is likely). No doubt (if there is a settlement) it would involve EML transferring ownership of their rights to OCP.

Thanks for your analysis. IMHO this will be settled between the two parties. Morocco will wait until they see the value of the Claim and the precise detail of the statement of EML's claim (plea, memorial or whatever). At that point Morocco's team will advise on the likely outcome at Arbitration, and talks will begin.

It is worth mentioning that Morocco (OCP) are easily able to fund a settlement, and they are motivated to settle now, so that they can proceed with the "entire" Khemisset project (both the part owned by EML and the part owned by OCP).

I'm a recent investor here in a small way (although a small sum will buy millions of shares). I have invested after reading Charles Archers piece- Buccaneer Energy: Is this Cheap. See the link:

https://thatstocksguy.substack.com/p/buccaneer-energy

MudPump - The discount in the NPV is has no relation to the cost of Uganda's borrowing. The borrowing is secured on the asset and the extra discount reflects the degree of certainty that the lenders can gain full control of the asset if there is a default.

Someone paid 8p a share for 124 shares = £ 9.92 - Clearly of great significance.

Coated SPG vs. Uncoated SPG

The primary distinction lies in the application of a nanolayer of soft carbon to the SPG particles. This coating is a critical step for creating a robust, high-performance battery anode material.

Coating SPG creates a more valuable product and can be an additional source of profits. Whilst its not currently in the plans at BRES, it could be added at a later date.

Guitarsolo - There is a technical report dated 15 Dec 2025 on the Titan site. This contains much of the info you may be lacking. The Graphite project is at PEA (Preliminary Economic Assessment) stage as of 15 December 2025, so they are currently behind Blencowe in this regard. The low (7%) discount rate is explained by the location (New York) other things equal it will be cheaper to borrow money for a US vs. a Uganda based project (although is reality both projects will attract lots of very cheap funding because its Graphite).

Other things to note are:-

The Graphite is 3% approx of the ore (vs. approx 6% for BRES)

They have proved that they can get Graphite to near 99% purity, they plan to explore additional processing which may result in near 99.9%.

They plan for a coating plant (to produce Coated SPG), so far there has been no mention of a coating plant in the BRES plans.

Todays 8.3 from Nemesis Asset management is for the same position (190,001,357 shares).

The first meeting (26 November) is held to discuss Procedural matters. The full list of these are listed under Rule 29 in the link below. After the meeting the decision on Procedural matters is issued to the parties (16 December).

https://icsid.worldbank.org/rules-regulations/convention/arbitration-rules/chapter-iv-conduct-of-the-proceeding#rule-8566

Guitarsolo - Just a comment on one of the points "....adding additional years would have little impact on value beyond year 10-15"

If you have a project that gets to a particular level of production and then flat-lines. It would be true to say that beyond a certain point (say 15 years) the extra years contribute little to the NPV(10), as each additional year contributes 10% than the previous one.

However, BRES has a project that could easily double in size every 3 years, in which case the additional years after 15 would each be worth 30% more than the previous one, making the last 5 years of, a 20 year project add a substantial increase to the NPV(10)

Hi All, my approach to the uncertainty is to ask myself, what would I do in X's position. In the case of my 4 questions my answer is very much yes to each one. I'm sure that BaoSteel wants the off-take, and will act (as it did with Simandou) to get ZIOC everything it needs (finance etc.) to get this project done. Additionally, I'm confident that ZIOC will pursue alternatives to the Chinese for all roles in the project, to get the best deal. I think ZIOC will get a strategic investor, to be the operator, and they should be prepared to pay a fair price for equity. Finally, I'm confident that the "celebrity investors" understand that they will get far more money selling their shares when this mine is shipping ore than at any point before hand.

If Carlsberg did investments, this would be the Special Brew!

To me (having held this share 8 years+) it comes down to the following questions?

1. Do you think that BaoSteel will want to secure the DRI Grade Iron Ore from Zanaga?

2. Do you think that the plan Zanaga have will maximise the value of the asset?

3. Do you think that developing the asset rather than selling it now will maximise the value ?

4. Do you think that all the "celebrity" investors give you extra confidence in this investment ?

If you can answer yes to the above, then to use Catbert's analogy you have a good "hand" of cards.

I have no idea when we will get more info on the state of play. From the RNS, the plan is below. The first thing we may get is the "Timetable for the Formal Sale Process", which may come with some reference to the number of "interested parties that have signed an NDA"

...... interested parties will submit a proposal for consideration within the Formal Sale Process.....

...... (subject to an NDA) the Company then intends to provide such interested parties with certain information on its business ......

...... following which any interested parties will be invited to submit their proposals to SP Angel.....

...... the Company will update the market in due course regarding the timetable for the Formal Sale Process.

Its not the only time that the DFC has been mentioned as not being interested in P1, although a recall it was phrased as "their process takes too long " for P1.

My view is we get say $5m from DFC to complete the infill drilling at Beehive and Lyan. Which not only goes to increase the Resource, and NPV, but also proves the "District Scale" of the project (because Behive is 3km away from the main drill site)

Additional AFC and partners fund the $40 million for P1.

Look at the Video, where the DFC interest in P1 is also mentioned

African Finance Corporation Issues Expression of Interest for Orom-Cross Project Funding

https://www.youtube.com/watch?v=VvCAJQaELhM

The DFC were behind the extending of the drilling program from just the infill and technical drilling required for the DFS. There has also been the comment their DFC will probably not fund P1 as "their process takes too long". P1 which is the BRES plan may therefore need funding from others. This is perhaps the reason for the appointment of WaterBoure Capital (RNS 4 September 2025).

Infill drilling at Beehive and Lyan - NPV not IRR !