Member Info for Catbert

Was it Gupta under Eagle eye to Gupta private individual? In which case we are missing at least one TR-1

Would this transfer if made in cut up packages have pinned the price just though weight of volume?

3rd March 2025 RNS Clifford Elphick "The fundraise allows us to buy back Glencore's shareholding and fund more than a year of key workstreams that will accelerate the Zanaga Project. This enhances our strategic flexibility, strengthens our financial position, and re-positions the project to prepare for an execution phase." Those last two words are the key point.

3rd March 2025 RNS Marty Knauth "By securing the support of highly credible investors, we are now able to drive forward toward a construction decision, with a world-class team, aligned stakeholders, and a clear roadmap to delivering a high-grade, low-cost iron ore mining operation. We will now launch a formal process aimed at assembling a project funding and execution consortium." Marty is perhaps defining what this execution phase might be.

3rd March RNS Mark Cutifani "Zanaga's high-purity iron ore pellet feed product, grading up to 68.5% Fe, is expected to be highly sought after in the shift toward low-carbon steel production, providing a distinct premium market opportunity. The straightforward phased development model and fully permitted status further de-risk execution, allowing the project to move rapidly toward construction, once financing is in place."

Tail end of 30th December RNS Marty Knauth " I am also pleased with progress made with interested investment parties. As a result, we intend on securing initial offers from investors during Q1 2026, and are targeting the announcement of transaction terms with a selected strategic investor during Q1 2026." My assumption here is that for Marty to have made this statement the potential investors have done or were near to completion of their due diligence and were perhaps making informal signals to ZIOC that they were interested in proceeding. Furthermore I am also assuming here that for this to happen discussions around the price of participation were also done.

Promoting the Indaba event on LinkedIN Cozmo posted the following;

"In capital-intensive projects partnership quality is as important as asset quality. The value is not abstract: credible partners with aligned goals shorten timelines, improve access to capability & financing and enhance project resilience. Looking forward to Investing in African Mining Indaba." An answer to Cutifani's point about finance being a key part but also probably a hint at the possible identities of potential partners re "capability/finance and aligned goals.".

A bold statement to make if we are to be getting an air shot / nothing burger tomorrow particularly from a "Strategy Director" whose best strategy in the nothing burger situation would probably be to say nothing at all. IMHO.

AIMHO/ DYOR/ GLA.

Does Everblue count Beardozer?

It looks like they are letting it run now.

Beardozer, I'm not sure about the herd as in small PI's but I would imagine that we'd have a significant interest from a variety of institutions African, Green Energy and Mining Funds could want some of this. If this progresses as we're hoping it should be over £100m in double quick time. We do have a USA OTC listing too. I'm not sure if much happens there but it might do now.

I'm sure that Tuesday's event will make the case as strongly as possible.

GLA DYOR.

We are certainly due a message GGG as per the last words of the 12th January RNS

Date: Tuesday, 10 February 2026

Time: 3:00PM South Africa Standard Time

Location: Mount Nelson Hotel

76 Orange St, Gardens, Cape Town, 8001, South Africa

A copy of the presentation given at the event will be made available on the Company's website.

If you are interested in attending, please indicate your interest here at zanaga@blytheray.com

"More detailed information on the Investor Event will be announced shortly."

Maybe that is our Monday RNS

A little about Tuesday's venue. Shall we just say that it's certainly the place to host the great and the good.

https://www.belmond.com/hotels/africa/south-africa/cape-town/belmond-mount-nelson-hotel/about

One of the top 50 hotels worldwide. A three star Michelin chef. It's probably the venue in town.

Cousin "Katboert", who you'll see pictured on one of the sun loungers, thinks it's the ideal place to host the head of a sovereign wealth fund or global mining behemoth. They even have an oriental room to make any Eastern travelers feel more at home.

Cont .....possible?

Perhaps the fact that Elphick sold a couple of million at 7.4p in early September was possibly the signal to the others.

My guess is that we've had something in the region of 20-30m go through at this sort of price.

I can't imagine that people as smart as this lot didn't have a plan for this aspect of the deal with the strategic. Particularly given what happened over the newspaper article.

AIMHO/DYOR/ GLA

Remember this;

25 June 2024

"Share price movement

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC), notes the recent share price movement and is aware of a press article referencing a potential strategic investment in, or acquisition of, Zanaga within the next few months. The Company is always exploring potential strategic options in relation to the future development of the Zanaga Project and regularly engages in early-stage discussions of this nature but is not currently in active discussions around a transaction of any nature at this time.

The publication of the Company's 2024 Feasibility Study cost update in March 2024 resulted in a number of potential strategic partners engaging with the Company to better understand the Zanaga Iron Ore Project. These discussions remain at an early stage and there can be no certainty that any transaction will materialize."

In other words the Board of Directors were motivated to dampen down speculation in the share which resulted from a newspaper article. Speculation which resulted in a price spike sufficient to prompt an RNS because, of course it may have seemed to any of those parties who had held talks with the company that Zanaga was leaky and consequently this meant that discussing an investment with the company would not be possible to do without compromising operational security.

In other words the board had strong reasons to respond to a share price spike as it could be interpreted as a leak - the newspaper article didn't help to dissuade that there had been a leak either, hence this strong response. Price spikes are potentially problematic.

If we are the final approach to our target of appointing a strategic as suggested by the RNS in December then the subject of operational security and how a pre announcement price spike might be read by a potential incoming strategic would have come up for certain.

How might this be managed?

Perhaps someone or possibly multiple parties could be willing to sell some shares at a pre agreed price in the approach window to the watershed event. Could the share price be managed a little so that a volatile price or pre announcement spike might be avoided? Quite likely it could be done.

It might even be something which could be done without any party crossing a TR-1 threshold. Let's say that these shares were made available prior to the lock in agreement.

It could be argued that because a deal was not a certainty that the selling would be positioned as portfolio balancing rather than price manipulation.

The essential point is to avoid it taking off. Once it takes off, that draws others in. The ensuing spike creates the impression of a leak.

The board were aware that the previous appearance of a leak created a stressful and risky diplomatic situation with potential partners. I would be surprised if they didn't anticipate that a price spike in early 2026 might cause a similar issue. Just a guess. Is this po

It's a clever theory however simpler theories exist.

Private OTC options between a holder and a bank could in theory exist, but they would usually leave some footprint (e.g. TR‑1s for swaps, structured notes disclosures, or at least a market in related instruments); none is visible in public sources.

In addition, the claim that the options were written “from 2013” and are now expiring in early 2026 implies a very long‑dated structure for a highly illiquid AIM junior, which would be unusual and capital‑intensive for both counter-parties.

Technically, a short‑call (or short‑straddle/strangle) writer hedging delta would tend to buy stock on dips (to neutralize an increasingly negative delta as price falls) and sell on rallies, creating some mean‑reversion feel around the strike.

But the tape pattern we’ve been tracking in recent months—persistent supply in size around 7.4p, sliced into smaller prints and matched by willing buyers—is at least as well explained by a simple large seller working a target price as by a complex options book.

A simpler explanation might be just normal order flow;

A sizeable institutional or fund seller has instructed brokers to work stock around or above a minimum level (e.g. 7.4p) to exit or rebalance, creating a consistent offer at that zone until the order is done. We know for a fact that Elphick disposed of some shares early September 2025 at 7.4p.

The bid side contains genuine demand from investors who view mid‑7p as acceptable entry against the current perceived project risk/NPV, so the book refills and trades repeatedly in that area rather than gapping.

Algorithms (VWAP, participation‑rate or peg orders) split these instructions into many smaller trades, giving the impression of constant two‑way micro‑scalping while actually processing one or two big tickets.

Again we have the same issue of an absence of any TR-1.

Not that our Nomad seems to care - their ability to look the other way seems to be a recurring theme and is possibly the reason why they have got the job.

AIMOHO/ DYOR/ GLA

Most of the high grade silver mines are based on following a high grade vein, these are typically less than a meter in width excepting where the veining appears in a brecciated medium where they can be a few meters however these are not typically the highest grade although they can be high grade (the brecciated sort).

What we appear to have is a bulk tonnage, shallow, medium grade ore body with significant copper.

These latest drills appear to replicate the information derived from the earlier results and the ore body appears to be open in multiple directions.

Today's news was probably the best that we could have hoped for. The potential for a sizable good grade ore body is very realistic although not guaranteed at this very early stage and a £6.5m market cap is an extraordinarily generous entry point IMHO.

GLA / DYOR

Https://www.bcyukonmining.com/2024/07/05/making-sense-of-grams-per-tonne-g-t-a-friendly-guide-to-the-mining-investmentelementor-2278232/

My understanding, and please correct me if this is wrong, is that they will be releasing the revised project economics derived from the recently completed work streams at this event. The timing of the event is 3 pm South African time which is 1 pm UK.

Reminds me of two Irish Airline pilots who had to land on a very short runway having been diverted due to some extreme weather conditions.

They were advised by air traffic control to make the steepest decent possible and then to deploy every trick in the book so as not to overshoot the end of the tarmac.

Paddy and Mick did all they could, using airbrakes, reverse thrusters (i'm making this up), brakes deployed early etc.

Both pilots thought they were done for and that they'd surely overshoot the runway but somehow they managed to stop inches from the end of the runway.

Climbing down from the aircraft, sweat still pouring from the stress of it all Paddy turns to Mick and says "Jeez Mick that was the shortest runway ever. I thought I was a gonner."

Mick replies "You're not wrong there Paddy, I'm not sure how we pulled that off, we've certainly earned our wages today, this must be the shortest runway in the world".

"Your right there" says Paddy "But would you just look at the width of it".

On the re-rating the fundamental assumption here re present value is that Zanaga is priced as a stranded asset. The 4 cents a tonne idea.

Once a strategic signs then that assumption is busted.

But there's more.... not only does the signing of the strategic re-frame the entire basis for valuation it is also likely to reveal not only the operator but quite likely builder and financier related plans too.

Thus we go from the perception that we have an interesting large geo-strategic but stranded asset to our having a large geo-strategic asset plus a consortium with the resources, capabilities and intent to develop this asset into a turn key mining and logistics project.

Thus we could appear to cover a lot of ground in a very short space of time.

Compare and contrast our market cap verses Kore Potash on Nav/ Mcap ratio.

Both projects are pre FID and assuming we sign a strategic we'll have an operator whereas they still don't.

On the basis of a comparison of Nav to Mcap with Kore our project should be worth between $721 and £1078 m (7.3Bn- $11Bn Nav) once we sign a strategic.

Kore may be closer to an FID and a possible sale however these numbers might indicate what is possible within 6-12 months. If Kore does complete FID or sells I think we might see some of that money come our way and it will certainly bolster confidence in our project and in CB as a whole.

Even if we end up with a 20% free carry on a project which at $180/ tonne could generate approximately $4bn EBITDA net of the soon to be announced revised project economics our built value might easily be a multiple of $800m even at a conservative x5.5 that's about £3Bn or £3.55 a share.

Aberdeenman is right, there will be plenty if II's and probably others too who will happily take that build risk and ride it to production or beyond.

Post FID we might easily be over a £1 a share if the example of Kore is any basis for a valuation.

AIMHO /DYOR/ GLA

It may be wise not to rule them out. There are pre-existing collaborations in Saudi. They have considerable expertise in complex infrastructure and logistics projects and have begun an interest in the Iron Ore market. As a Canadian company at present they are in part a participant in the Francophile world and they have connections with both the Gulf and North America. So whilst Vale and Rio appear to be the most natural fits it is not possible to rule out Ivanhoe.

The only aspect missing was how we tie the back to the massive Chinese Market plus they have a lesser although emerging set of Iron Ore credentials.

This might be of interest.

https://miningindaba.com/speaker-list/tommy-horton

His talk is on the morning of our announcement and is a joint effort with Dr. Yanchen Wang.

Shaping a narrative? Maybe and maybe also an insight into how a deal like ours might be structured.

Indaba runs from 9th-12th February so there will be a couple of days for delegates to digest and discuss Zanaga. It is even conceivable that we might witness a signing as the 11th is quite auspicious for such.

The Chinese New Year holiday runs from the 15th to 23rd inclusive and our lock in runs to the 26th February. This would seem to indicate a signing before the end of February.

Although post CNY is preferable in terms of being the obvious option a signing at Indaba is a distinct possibility for several reasons, firstly it is an ideal platform to showcase such a major event, secondly the parties concerned are all likely to be present, thirdly it closes off rival options and does so publicly.

GLA/ DYOR

I fail to see how a pit optimised ounce can be $100.

A pit optimised ounce in a safe jurisdiction with a mining permit?

With gold at well over $5000 now and racing away?

If the economists read of the gold market is correct and we are at the start of a secular bull market in gold then all we need to do is wait.

If they sell for less than $500 per ounce in the ground (pitshell model and indicated) I would consider that we've been robbed. Particularly with the optionality we have at Junior Lake.

Let the market come to us. There are a finite number of scalable projects in safe jursidictions. Ours is one of them.

GLA / DYOR.

I don't really understand how someone could be accumulating at 7.4 when everyone else is paying more- surely these are sells. If the balance of trading is going to the buy side then surely the price must go up?

Isn't this someone attempting to suppress the price? They see a big buy go in and make a series of small sells? So far today it seems to have stopped - maybe as the price is lower in the preferred range.

Whilst it is illegal to manipulate the price there is nothing to stop a private party from buying or selling in order to effectively control the price and with a thinly traded share like this it wouldn't be difficult to do. Does anyone have a L2 terminal who can shed any light on this?

For some state actors in particular any significant price variation now might require a re-approval and or signal a leak so there do seem to me to be some positive and legitimate reasons why someone might wish to game the price - at least until we do the big reveal.

My AI says there is no manipulation taking place however there is certainly a very different pattern of transactions happening recently to the norm.

If someone makes a purchase of any reasonable size could they post the amount and time on here and we'll take a look at what happens after that.

Agree Turnthecorner.

The surface geo-chemical footprint for silver at Mushima North is sizable 400m x 450m if the drills hit decent intercepts this could be a big silver deposit in theory.

We've already seen evidence of 50m plus intercepts at the site and at decent grades plus it's all near surface.

If it extends to reflect the surface testing area and or if it extends to depth (they've only drilled to 84m and know that it extends beyond this) or if it extends laterally beyond the surface testing area it could potentially be a big or very big ore body.

With Silver doing it's thing right now a big discovery would be a major news item.

Extraction costs for an open pittable deposit would be low plus there are multiple other mineral credits available all of which add value.

Lots of if's in that analysis however the early signs are indicative of the potential for a significant discovery. 400x450x84 is a big block probably 15m tonnes at 40 oz tonne of mineralised material at an average open pit stripping rate 3:1 (which it may not be) , that is 151 m oz without depth extension and/or extension along strike- which is a medium to large mine.

A discover of this size if the entire block is potentially mineralised could quite easily be extended into a Tier 1 deposit if depth and strike extensions pan out.

In other words there is quite a lot in that Maths already that indicates significant potential even at this very early stage.

It could end up being a far more modest affair if the early drilling was a fluke and cannot be replicated once the exploration is fully done but currently they have potential extension and depth and along strike and silver is hot hot hot.

This is very speculative play at the moment but shaping up nicely. Plus they have other assets. It's not difficult to understand some of these larger trades.

GLA / DYOR.

Https://www.youtube.com/watch?v=5_uk-bc7zqM

Alex made previous statements to the effect that he wanted 10-15k more drilling to fully define what we have.

He's also mentioned the trend long (40km) ground testing plan in yesterday's video, which seems locked in (it's low cost too) and a desire to drill at Toronto Lake and the new extension areas where they already have strong indications (presumably pilot campaigns for proof of concept).

Whilst the MRE was generally received as bad news yesterday one significant thing it does is to unlock is the possibility of non dilutionary funding because with an updated MRE they can get a Stream or Royalty on BAM now if they wanted to- the old PEA will be updated and SLR will have already done most of the work on a new PEA within the updated MRE.

There is now more than enough data for a Streaming or Royalty company to theoretically make a lending decision. An updated PEA cannot be far away now maybe 2-4 months?

A project of this scale and in this jurisdiction could expect to raise $10-30m according to my research ( do your own though and don't trust my numbers). This would be more than enough to do a couple of years worth of work and it's certainly enough to do Alex's 10-15k plus.

During the interview yesterday Alex seemed quite animated on topics around the exploration workload. He also made the points about the fact that they can work year long and that they have road access year round even during the thaw/melt season. So it's not a fly in fly out gig i.e. it's way more practical to get stuff done on site than people might think. This point alone makes them a better investment prospect.

The immediate priority must be to extend and expand BAM however proving the district scale thesis is also highly likely to add significant value to the asset. Alex will want to do both. I think shareholders would also want them to do this too.

A year where they develop and expand BAM and prove the district scale thesis would be a good one. IMHO.

If they can raise sufficient funds to do a year long highly targeted and well planned exploration and drilling campaign plus make the best use of the incredible bank of data they already have they stand to make considerable progress.

Given the jurisdiction and potential scale they must already be on the radars of most gold miners of note.

They are still open to a corporate transaction or JV according to the RNS but if we can increase BAM and prove the district thesis the price goes up.

I shall be very interested to find out what their exact plans are for this year and also how they plan to fund them.

GLA/DYOR