Member Info for 99icecream

Atom72 - 100% agree - "A mans got to know his limitations" - but few do. A couple of observations:-

Realistically, the more that can be determined about the mine, the higher the value.

Potential miners would not put up much cash for an early stage project as it might be 10-20 years (e.g. Kenmare) until any production. The offer would be small cash upfront plus a royalty on production.

Atom72 - Unfortunately, this is where the interests of the Empire Directors/Managers and those of the shareholders differ. If this really is a great find then it won't be sold, after all the key employees will keep getting more options on the stock regardless.

praty1 - Depending on the results of the current drill campaign will determine how much additional cash can be raised and what the drill budget will be.

So this is the change in a balance sheet value of USD 162,729,194 at 31 Dec 2022. The increase is $ 2,589,279 or about 1.6%.

The currency of Republic of Congo is the Central African Franc (which is the currency of 6 African States). Value in Dec 2022 about 611 to the dollar and June 2023 about 599 to the dollar (about a 2% appreciation).

Check out number 4. on the Power China site:-

https://en.powerchina.cn/2022-10/10/c_818331.htm

WTFDHK !

Cash Investor - Kola Financing Process:

The Summit Consortium (SEPCO and Summit) will provide (debt and royalty) financing for the FULL CONSTRUCTION COST:

See RNS 31/3/23 :-

"On 6 April 2021 Kore announced the signing of a Memorandum of Understanding ("MoU") with the Summit consortium for the financing of Kola, which required completion of an optimisation study on Kola and agreement on terms for an EPC contract. Kore continues to work with the Summit consortium to provide financing for the full construction cost of Kola which is intended to be based on royalty and debt-finance."

Also as disclused on the website: The Company is subject to the rules of the UK City Code on Takeovers and Mergers

I would suggest that both parties (Kore and SEPCO / Power China) are working on the assumption that the EPC signing will happen.

SEPCO / Power China have commited to spend $5 million, that will not be recovered unless the EPC is signed.

Kore were keen to raise and pay the $ 1 million promptly.

It is also worth noting that the Kola optimisation study (announced 6/4/2021) was estimated at $ 1.8 million. The new study will cost $10 million. Draw your own conclusions, but IMHO this as very positive and implies some further savings in construction time and costs may be achieved.

Kanga are looking to launch their own project (e.g. float the company or enter a joint venture). I suspect that this maybe when the Kore EPC is signed and the Kanga project starts etc. etc.

News from the neighbours: Kanga Potash and Republic of Congo sign 25-yr mining convention.

https://www.globalminingreview.com/mining/31082023/kanga-potash-and-republic-of-congo-sign-25-yr-mining-convention/

We are in the realms of guess work regards the payment terms, but best to assume another raise of a similar quantum. Already, very generous with SEPCO / Power China paying for $5 million or more. Very easy terms for the balance with part due after the EPC. I'm assuming the second payment might be as much as $1.5 million ( as in $2.5 million before and $2.5 million after the EPC).

The EPC Contract offer is due in January 2024, with signing scheduled by the end of January 2024. So the 25 October payment will come before "the final plan and guarantee". On 21 September we have a general meeting to approve share issues to "connected persons".

Before 25 October there should be a second round of fund raising for the 25 October payment.

The value of Kore shares will depend on the new costings for construction and extraction that will come from the new design and engineering work currently being undertaken. After the EPC signing, Kore's brokers (SP Angel and Shore Capital) and others (e.g. Canaccord) will no doubt issue new "Research" on the company together with new valuations. The degree of cost saving achieved and the broker valuations should move the share price substantially (re-rate).

Chinese President Xi pledges firm support to Republic of the Congo

https://african.business/2023/08/apo-newsfeed/chinese-president-xi-pledges-firm-support-to-republic-of-the-congo-for-national-independence

The Risked NPV is essentially how the brokers etc. try to put a value on the shares. Obviously they should be at a discount to the NPV if carried out on schedule. It in effect corresponds to the often repeated phrase "its a binary bet".

WFIW I don't think there is anything exciting here. Production may start in 2026 or it may never happen is just how "Risked" NPVs are calculated on such projects. First you estimate the projects NPV based on assumptions of revenues, costs and a discount rate, and then you assign a probability to the project being done to schedule. e.g. NPV = $ 1 billion, probability of is being done 60% so Risked NPV = 0.6 x $1 Billion + 40% of Zero = $600 Million.

22nd August not todays trade.

Veteran - The price of Zanaga has nothing to do with any concept of value (NPV or whatever) and everything to do with short term trend following. Neither AD Ports or the China study are "priced in" as you put it. We have had a period of irrational exuberance (after lots of chatter about Saudis and others with money to invest in Iron Ore or fantasy railways) and now we have got a period of irrational fear.

FWIW I think the news of the "China Study" is far more significantly positive for ZIOC than the AD Ports news and I am a great deal more positive now than I was before June 2023.

I have not traded any ZIOC (during the FOMO period or after), but I will be a buyer when the price has stopped falling (I know about avoiding falling knives etc.).

The "Revised Agreement with SEPCO - implies another fund raise before 25 October" of a similar size (i.e. the up th $5 million is paid in total of four payments).

"the remainder ......... is planned to be paid in three tranches between 25 October 2023 and 12 months from the date that the Company signs the EPC contract.

Have found the General Meeting document that sets out how many shares have been offered to SQM and QIA. They have been offered sufficient shares to maintain their current per cent holdings (and no more) as follows:

...................Number............$ Approx..........%

ISSUE......155,480,000.......1,000,001.....64.9%

SQM..........37,662,890..........242,236.....15.7%

QIA .4..........6,317,394..........297,900.....19.3%

TOTAL.....239,460,284......1,540,137....100.0%

I have found the General Meeting document that sets out how many shares have been offere to SQM and QIA. They have been offered sufficient shares to maintain their current per cent holdings (and no more) as follows:

Number $ Approx %

ISSUE 155,480,000 1,000,001 64.9%

SQM 37,662,890 242,236 15.7%

QIA 46,317,394 297,900 19.3%

========== ========= =====

TOTAL 239,460,284 1,540,137 100.0%

Jiving - the 3:2 majority only helps in the event that Glencore wanted to do something that was not in the interests of all shareholders. However, Elphick cannot assume that Dines and Velloza will vote with him otherwise.