Member Info for Catbert

Https://www.fastmarkets.com/insights/middle-eastern-steelmakers-pave-the-way-for-green-steel-lme-week/

Add in the value of Saudi assets.

Add also the expansion of underground resource which is thought to be significant and likely to be 1m oz verses a very small current estimate. Once finance is signed off they will drill the underground and we should get some share prices appreciation from this element also.

Not sure about these valuations but who knows.

We'll end up owning half of the project minus whatever our cut of the Cameroonian government's end is. We didn't get depth details but the grades look decent and staying in and around 2 g/t is usually a good sign for potential profitability.

We do have a proof in these drills that the resource is expanded on the previous reported number.

Bibemi is actually a fairly sizeable trend and so it is evidently a resource which could continue to grow with additional exploration.

The spoke and hub model proposed could work well as a resource of around 500koz would easily make a spoke in it's own right. A small scale operation running at 35,000 oz p.a. plus would cost about £20m to set up and if we took 40% of that based on an Asic of 1100 and POG 2600 would give us 20m a year in free cash flows.

All rather premature but it potentially works as a business. We're probably 3or 4 years away from production but the small scale model which scales up is appealing largely for the lower capex and the time to production.

Ideally this project simply needs a lot more exploration drilling which takes time. Were discusing a mining convention with the Cameroonians right now so the approach will be ultimately decided with their outcomes in mind.

Th Italy visit by Big Den is a bit random or maybe not. Is Iron ore on the agenda? Who knows. I'm just wildly speculating.

The Cameroonian former minister of mines Ndoke passes after a meeting with an Italian delegation and we all know what happened to Mbalam.

What is the Italian interest if Iron ore is the subject?

Piombino probably and perhaps also Accidiaerie D'Italia Taranto project.

This may or may not have a Zanaga connection I really am just guessing. Nonetheless the Italians are certainly potential customers and may be useful allies too for CB.

The 8am meeting is seen by most here as a means of keeping PIs at bay but frankly I can't see that PIs are now of any importance in the grand scheme. An alternative explanation might be that 8am will allow folks in the Far East to observe during office hours. It might be useful if they need to call their bankers.

They might have elected each year to have a large portion of shares available should they need them and that motion is tabled for this year. If there were no purpose to this motion then it wouldn't have been tabled. My guess is that all of the final moves are more or less known this one needs the approval of shareholders.

A partial sale is my guess. If we are to be in production by 2030 we need to crack on. FS is now done and pre feed is locked in. GLA DYOR.

Interesting post Kutzz. I too would guess Bibemi results are imminent and all dependant on labs which can take maybe 12 weeks to do. So hopefully we get something soon. The Bibemi results don't need to be spectacular just as long as we have continuation of whats been found already much of which is horizontal and shallow.

The Bibemi trend is quite extensive so good news on the step out would be very good news indeed. If we can get to a resource IRO 500-600koz we have a mineable project and due to the extent of the trend it is one with significant optionality.

Mbe is potentially huge but obviously undrilled.

My guess is that the Board is going to sell the entire Cameroonian holding at some point soon or at least a majority stake in it, hence the voting of expanded holdings for the BOD.

I don't think we'll develop a mine at either site but instead bring in someone who has the resources to do this. The risks in Cameroon are not Geological. Some sort of a deal along the lines of the Kodal type where we 50/50 with a Chinese partner or sell the lot to someone like Barrick if Mbe proves to be what it looks like may be the way to go.

The Cameroonians are anxious about partnering with potless partners, they want partners who are able to make the inward investments needed to develop mines and we are an explorer not a developer. We need to get both projects to a stage where we can engage a developer to move these projects towards production. My guess is that we exit or become a minority holder sooner rather than later and engage a senior partner to complete FS and beyond.

The next few months will be telling and could be extraordinary. GLA DYOR.

You mean the Anglophone crisis Bear. It's just a little local difficulty and doesn't have any impact on either of the areas in which we operate. It's been rumbling on for years -most of Africa has far worse. Clearly not a problem for BCM who know Africa well.

I wonder if we might get a report on the scissor drill results quite fast these are being used to ascertain the geometry of the deposit and inform the subsequent drilling.

Maybe not actual lab results but the Geos will have enough info to know when we are in or out of the mineralisation on these pins probably using hand held XRF and probably combined with some closer inspection from any stongly mineralised sections if we hit them (a rock chip sample out of a big fat vein of something bonanza grade would do nicely as a press release).

Something like this could quite easily come pre Christmas.

It seems possible that once the whole drill campaign is completed we could produce an MRE for Mbe.

Exciting times!

GLA DYOR

Resolutions 6 and 7 are interesting.

Here is what my AI thinks;

Resolutions 6 and 7 in Zanaga Iron Ore Company's Notice of Annual General Meeting are significant for shareholders as they relate to the company's ability to issue new shares and disapply pre-emption rights. Let's analyze their potential implications:

Resolution 6: Authority to Issue Relevant Securities

This resolution authorizes the directors to issue new shares up to an aggregate of 450,528,981 shares, which represents approximately 66.6% of the company's current issued share capital. This is a substantial amount of potential dilution for existing shareholders.

Resolution 7: Disapplication of Pre-emption Rights

This special resolution allows the directors to issue equity securities for cash without first offering them to existing shareholders, up to the same number of shares (450,528,981)

This means the company can issue a significant number of new shares to new investors without giving existing shareholders the opportunity to maintain their proportional ownership.

Significance for Shareholders

These resolutions, if passed, give the company considerable flexibility to raise capital quickly by issuing new shares to new investors. While this can be beneficial for the company's growth and financial position, it poses potential risks for existing shareholders:

Dilution: Existing shareholders could see their ownership percentage and voting power significantly reduced if large numbers of new shares are issued.

Loss of pre-emption rights: Shareholders lose the protection of being offered new shares first, potentially missing out on maintaining their proportional stake in the company.

Change in company control: A large share issuance could potentially shift the balance of control within the company.

Potential Cornerstone Investor Implications

The scale of the share issuance authority being sought (66.6% of current share capital) is unusually large for routine purposes. This could indeed indicate that Zanaga is preparing for a significant transaction, possibly involving a new cornerstone investor:

Size of potential investment: The large number of shares that could be issued would allow for a substantial new investor to take a significant stake in the company.

Speed and flexibility: By disapplying pre-emption rights, the company can move quickly to bring in a new investor without the delay of a rights issue process.

Strategic positioning: Cornerstone investors often bring more than just capital - they may offer strategic benefits, industry expertise, or market access.

However, it's important to note that while these resolutions create the possibility for such a transaction, they do not guarantee one. Companies often seek broad authorities at their AGMs to provide flexibility for future opportunities.

Shareholders should carefully consider these resolutions and their potential impact.

Sell off? Saying we might issue large numbers of new shares without saying why. GLA

I realise that the report which was circulated that valued our stake in GCMO at .59 was paid for by Kefi and that there is always likely to be an element of he who pays the piper calls the tune.

Nonetheless if we do take this report at face value Kefi is what a snooker player might call a "shot to nothing" at these prices anyhow. For the non snooker players that is a shot which has no possible downside.

Strangley we've gone from a situation where we placed no value on the Saudi assets to one where if the report is to be believed to a situation where we place no value on the Ethiopian assets at the current price.

Yet these assets are a mere whisker away from closing.

The completion of Zanaga's feasibility study and partner selection could potentially lead to significant share price appreciation. Or so my AI tells me.

Kore Potash six bagged on a similar series of events this year. Whilst not directly comparable i.e. Potash vs Iron Ore these are both DRC projects listed on AIM both of considerable scale. The time line for FID here is mid 2026 and proposed early works end 2026 with commissioning 2030. This next 12 moths however should be very revealing. Hopefully accompanied with a quantum leap in share price from these lowly 4's.

We've already been tempted by the potential 20% cost saving mooted on the first part of the project. Iron ore prices are holding up and by 2030 product of the grade our project offers will be in high demand.

I'm hoping for a Kore type move over the next 6-12 months.

See the podcast from Marty posted 4 months ago https://www.youtube.com/watch?v=3pujcgpei6c&t=51s

He sets out timelines towards the end of the session but it's a really useful examination into why he got involved in the project and includes a comprehensive history of what has taken place over the last 15 years, relations with the local government and communities and other very useful insights which investors here may find useful.

GLA DYOR

Free market economics is based on trade offs and choices and not on ideologies or the futile quest for perfection.

In essence here we have a choice between deploying capital and the potential relative returns of two different projects. Both are great projects and both have unknown upsides.

Here's what my AI buddy thinks we might be looking at underground at TK.

"Based on the information provided, there appears to be significant expansion potential for the underground resource at Tulu Kapi:

The current underground Mineral Resource (below 1,400m RL) is reported as 1.2 million tonnes at 5.69 g/t gold, containing 220,000 ounces. However, this is considered preliminary and focused only on the area directly below the open pit.

KEFI expects to "significantly expand the potential underground resource". The company notes that gold grades increase with depth at Tulu Kapi.

There is potential for the high-grade lodes to extend 600-800m further northwards, under the UNDP lode. This could potentially triple the underground resource.

KEFI anticipates the possibility of over 1 million ounces in the underground resource.

The last drill hole in the deeper areas returned 90 meters at 2.8 g/t gold, indicating mineralization continues at depth1.

KEFI plans to complete a Definitive Feasibility Study on the underground mine during construction of the open pit, along with extensional drilling at depth.

The company's business plan includes introducing initial underground mining to increase production, potentially lifting gold output to 179,000 oz per year average over 7-8 years, and ultimately potentially beyond 200,000 oz per year1.

In summary, while the current underground resource is modest at 220,000 ounces, KEFI sees potential to expand this significantly, possibly to over 1 million ounces, through further exploration and development of the deeper and northern extensions of the mineralization. The company plans to actively pursue this expansion potential alongside development of the open pit mine."

These considerations are separate to the other possible lodes adjacent to the site which were subject to the prior loss of these areas to a competitior favoured by the then minister of mines.

TK in other words has the capacity to double in size with just the underground plus we might recover our lost cow which wandered off to our neighbour's field but was always our cow and will surely and rightly be returned to us in due course.

Harry thinks its a 10 bagger already. Plus the underground, plus the lost cow. Plus there are other areas in Ethiopia which we have exploration licences for. Where would you put your $10m?

Me personally, I'd like to have my cake and eat it. Wouldn't we all?

But here, I'm happy with the call Harry and our BOD has made.

A point made by Jo some while ago and again highlighted by the recent reports and analysis is that the current envoirnmental impact of the existing arrangement is one which a development of the mine would be expected to improve upon.

In other words building a mine might be better for the envoirnment than not building a mine.

Not what one might expect but nonetheless in the case of Parys Mountain an opportunity exists to do something positive for the local environment.

I'm sure TW is a good sort, however I am not looking to get my news on the company from him.

What I am expecting is an RNS update from our BOD with the current state of play given that the oft mooted "October" deadline is clearly no longer a possibility.

I'd happily take an RNS saying the Major Works have commenced too. Indeed this would be prefereable.

No news in a situation where the company had set no deadline is OK but where they have set one an explantion is due . IMHO.

With no announcement issued to confirm the start of the major works there is a need for an update from the BOD of Kefi.

I would have expected this to have been issued on Friday 1st November.

The deal is complex, with multiple moving parts and so some time slippage might have been expected, however "October" has been referenced multiple times by the leadership.

If it is not to be October and given the absence of an RNS confirming the commencement of major works one must conclude that it isn't, then an announcement and update is required on Monday to clarify what matters are still outstanding and what has been completed in the early works and finance sign off processes.

Never wrestle with a pig.

There are two reasons;

1. You will both get dirty.

2. The pig likes it.

Https://www.mining.com/web/saudis-manara-in-advanced-talks-to-buy-stake-in-first-quantums-zambian-mines/

I would imagine the Saudis would also value the exploration optionality. However I am only speculating about this.

The mega trend is the middle east's pivot away from Oil and Gas.

Plus there is also https://ivanhoeelectric.com/news/ivanhoe-electric-and-maaden-sign-definitive-agreement-and-finalize-terms-for-exploration-joint-venture-and-strategic-investment/

There are some pretty big fish swimming in and around the pool were in here.

It is difficult to predict how the peices might all land but at some point we may get some benefit from the levels of interest that such big players could generate.

Based on my analysis of the report, some key points for obtaining a successful planning application for the Parys Mountain mine include:

Addressing environmental impacts:

Conducting thorough environmental impact assessments for areas like ecology, water resources, air quality, noise, etc.

Developing mitigation plans for potential impacts, especially related to acid mine drainage and water contamination.

Avoiding or minimizing impacts on designated sites like SSSIs and SACs.

Heritage considerations:

Carefully considering impacts on scheduled ancient monuments, listed buildings, and the historic landscape.

Developing plans to protect and preserve important heritage features.

Community engagement:

Consulting with local communities and stakeholders.

Highlighting economic benefits like job creation.

Modern mining practices:

Utilizing up-to-date mining and processing technologies to improve efficiency and reduce environmental impacts compared to the 1988 permitted scheme.

Comprehensive plans for:

Tailings and waste rock management

Water management and treatment

Site rehabilitation and closure

Addressing transportation impacts:

Having a clear plan for transporting ore concentrate to port.

Flexibility in design:

Using the "Rochdale Envelope" approach to allow some flexibility in final design details.

Thorough baseline studies:

Conducting detailed studies of current environmental and social conditions to inform impact assessments.

Cumulative impact assessment:

Considering combined impacts with other developments.

Demonstrating sustainability:

Incorporating renewable energy, water recycling, etc.

The key will be demonstrating that the new proposal is an improvement over the existing permitted scheme in terms of environmental protection and sustainability, while still being economically viable. A comprehensive Environmental Impact Assessment addressing all relevant issues will be crucial.

No not really. We have a pending environmental decison and if we dispose of Grangesberg or LIM we'll be in clover financially. We don't have a big pot of cash to spend so not a lot of drilling news but if we can work an angle to create cash with our non Parys projects and also clear the bar on the environmental then.......we'll be in pretty decent shape IMHO.

GLA DYOR

Not all RNS messages get an upwards response on AIM listed explorers but the ones which do certainly follow a trend.

JV announcements / licence grants/ resource restatements/ Big finds - exceptional grades or thicknesses.

We have pending news items like these now queing up certainly for the first three of these and hopefully the last one too.

GLA DYOR

Https://www.africafc.org/news-and-insights/news/africa-finance-corporation-returns-to-global-debt-capital-markets-with-oversubscribed-five-year-us-500m-eurobond

also https://fii-institute.org/wp-content/uploads/2023/12/FII8-Plenary-Program-1023.pdf

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