Member Info for 99icecream

Its an old article (Dec 2025) but IMHO the situation has not been changed by Trump recent visit etc.

Latest at the ICISD (well 11th May)

May 11, 2026 - The Respondent files a request to address the objections to jurisdiction as a preliminary question pursuant to ICSID Convention Article 41(2) and ICSID Arbitration Rule 44.

Looks like time wasting, as ICSID would have looked this issue before agreeing to take on the case.

Indeed, a very one sided deal. Zanaga I suspect did not have anyone sensible (or not compromised) on their side of the negotiation. RAM I guess did not anticipate a Gulf crisis, and may well fail to find the cash. No doubt some of the strategics they might want would have a preference for deal directly with Zanaga?

BTW the deal says that RAM can delay, the deal for up to 90 days from 30 June 2026, so ZIOC needs sufficient funds to get to 30 September at least. Aso, if ZIOC breaks the deal they pay $1.5m to RAM, but ram pays nothing if they break it.

Why did they raise $7.1m when they needed only $1.6m ?

Obviously RAM cannot guarantee they will complete at the end of July, so an excess of funds is the only prudent course of action

The reason for my question is the 12.5% interest in the Project is worth approx 60% of the value of the (NPV of the) Zanaga shares at FID (the NSR is worth about 30%). So a move from 12.5% to 16.5% would be highly significant.

The interesting question is if RAM will now do the whole $25 million (its their option after all), or will they only provide say $20 million (leaving ZIOC with 16.5% at the end rather than 12.5% ?

It reads as though the fund raise is necessary because the RAM deal is late in closing, not because the $25 million is not sufficient.

I thinks its obvious that the Bulk Sampling costs of $1.6 million are included in the $25 million (hence: "RAM would refund the company any expenses incurred in connection with the bulk sampling programme").

There was a buy of 1.0 million @ 3.2p at about 1:30pm (when the price was 2.9 to 3.2) the rest was caused by prices rising as a consequence.

And, 9)

Glencore's other significant "Development" project Horizonte, ended in a total loss for for Glencore (well everyone actually) and IMHO resulted in withdrawal from this project.

Probably not a good thing to upset the Moroccans in public, if you want a chance of a negotiated settlement now. With Panthera, I doubt that is a consideration.

Warrants (aka American Call Options) give the owner the right to buy shares at a fixed price, before a fixed date in the future.

BRES, like many similar small companies needs money to develop (explore for ore and professionally estimate its value and develop plan for its extraction, processing and sale). From time to time BRES will sell new shares, which must come at a discount (typically around 20%) to the market price in order to be sold. Typically Small Private Investors are not big buyers of new share issues, despite them being necessary and predictable. Often the buyers will be "Specialist Investors" who keep their shares until the market price recovers and then sell. Share sales thus result in a period of poor share performance as their is a perceived share "Overhang" (from the specialist investors waiting to sell up and move onto the next new issue).

It has become popular to issue new Shares as a package with Warrants attached. Say one share at 10p with one Warrant at 15p which must be exercised with say 2 years (after that the right to buy expires). The Shares with Warrants concept works well for both the issuer (e.g. BRES) and the buyer. For the issuer, they need to offer a smaller discount on the sold shares (maybe 10% rather than 20%) and also they potentially raise more money at a later date, reducing the need for additional share issues. The Specialist Investor like the Share with Warrant package as it gives them an additional potential profit (from the Warrant) at no cost. The Warrants constitute an additional Overhang of shares which can further impact market prices.

Arcadia are in negotiations with Shandong Xinhai Mining Group Co., Ltd. (“Xinhai Mining”) - https://www.xinhaimining.com/about

These guys look like the real deal, and they offer all the things Arcadia need: they provide equipment, manage mine construction, manage mine operation and invest in mines.

As Cardigan comments, Aftan may be the logical addition to Xinhai Mining's Swanson plans - we have to hope so !

It is by no means obvious that the new mining code would impact KP2 as it has rights under the old code. In other African countries there have been changes to mining codes which only impact newly granted mining rights.

KP2 RNS 21 August 2023: Pledge of support from the Ministry of Mines

"Kore ........ has received a further letter of support from the Ministry of Mines of the Republic of Congo (the "Ministry" or "Ministry of Mines") in relation to the Company's development of the Kola Potash Project ("Kola" or the "Project") following recent discussions with the Ministry."

Highlights of the letter:

· Minister of Mines pledges further support for Kore Potash to continue to develop Kola and Dougou.

· Ongoing title to Mining tenements re-confirmed.

· Confirmation that the Mining Convention remains in effect.

· The Minister encourages Kore's shareholders to support Kore Potash in its development endeavours.

To be fair to Kiwi, I did find this

https://prospect-intel.com/republic-of-congo-approves-draft-mining-code/

It mention Paul OBA so the correct Congo.

"The new ROC is going to be two parts..." - just to be clear, is this your opinion of do you have a reference for this ?

Emerging Harfy General Trading LLC of Dubai now has 9.84% (37 million shares).

The World Bank Reference price for Potash for End April 2026 was published recently. (Reference is the FOB Price in Brazil)

The End April 2026 Price was $401.25. This is up 5.4% since End March 2026 ($380.625) and up 14.0% since the Formal Sale Process started (End Oct 2025 price = $352)

Anyone got any ideas as to how the market values a Copper project with JORC Resource of X million tonnes of contained (near surface) Copper ? Are there any examples currently, of market quoted projects?