RE: Prem4 Jun 2026 10:30
Chuggley,
Yes — we’ll see spikes in the share price as the company takes two steps forward and one step back. That’s normal at this stage.
SC6 production: good news, but it has been done before. The market will want independent lab verification before it prices anything in.
First commercial production: encouraging if it’s at nameplate and grade, but the market will need multiple successful runs before it believes in reliability.
Shipping: still requires formal permission.
Appointment of new directors: another positive step, but again, the market will wait to see execution, not titles.
My catalysts for a sustained re‑rate
Funding certainty: the company must have enough cash to cover all liabilities through summer and autumn.
Third commercial run: this is the big one. The market will react very favourably once the third run is completed successfully.
Convergence of production and paid invoices: the major event of the year. Once cash receipts align with output, normal operating dilution ends.
Visible reduction of the Canmax loan: the market will reward clear progress here.
Two JV agreements on industrial products: a major validation of Zulu’s broader value.
Mining licence granted on the EPO ground: unlocks long‑term optionality.
A sensible settlement of the RHA situation: removes a long‑standing drag.
If Glencore enters: a firm commitment to building a processing plant would be transformational.
All of this is achievable this year if Zulu delivers consistently.
Acker
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