Member Info for Catbert

We now have a backlog for multiple news items.

The EPC contractor was supposed to have been announced in Q2 for example.

The failure to announce could be due to multiple explanations;

1. The Chinese Strategic Pulled out.

2. The Chinese Strategic wanted to remain anonymous.

3. The EPC contractor couldn't quote a project which is not yet fully defined.

The pellet plant study is due.

The tailings study is due.

According to the plan we should be engaged with Strategic partners by now so who are they?

Is anyone attending the AGM?

"He didn't do enough due diligence or join the dots.

Looking ahead, is that the experience we need."

By that rationale the only acceptable levels of due dilligence for this poster are at the level where an investor is supposed to be able to predict and control the decisons of a government over an extended period of time in a politically and economically unstable country?

With the best will in the world I'm not sure that even the most accomplished economic and polical analysts could do that- indeed were it the case that they could then it would spell the end of the political book making industry as all the political bookmakers would be bankrupted by anyone with these extraordinary capabilities.

Yet polictical book making is alive and well ergo it is not reasonable to predict politics and expecting to do that in a country which has had the political and economic rollercoaster ride which Argentina is for the birds.

GoldQueen, I'm not a fan of Harry's prevarications on this either but sometimes the best path isn't a straight line.

Here the big issue for shareholders is optimising both the available capital and the percentage of read through into the project whilst adding the most value to the project.

Racing towards an operating mine but failing to add 50% to the value of shareholders assets for the sake of a couple of weeks seems unwise.

Sure it is uncomfortable to sit with a modicum of continued uncertainty but Harry has set out a two week window to complete. So it's not the end of the world.

The difficulty is partly down to the Birr being a currency which is trending weakly and raising too much in this area creates a hedging risk or a shortfall unless these funds are promptly deployed. The other circle to square is optimising the numbers of Ethiopians in the project.

If we can raise enough to cover other near term additive objectives such as defining the underground resouce or recovering or developing satellite deposits this will make a big difference to the NAV of the overall project.

It may take us a year to realise these objectives once funded but it is certainly worthwhile to accelerate these elements as we have a two year build so a signicant mid build rerate because we had added another million ounces to the resource would be great to have.

Harry has about 9% of this himself so much of his upside is aligned with optimising shareholder value. We'd all like the final "finance is completed" RNS but not at the expense of future regrets over lost opportunities to significantly enhance the value of our projects.

Forget that they've just filed it.

Back to the drawing board.

The deadline for form 8.3 for submission was yesterday at 3:30pm.

Assuming Mayfield / Harlequin are one and the same then the only forms missing are those of Dingyi Group Investment Ltd and Princess Aurora Pte Ltd (OIA).

As of April 1, 2025, Dingyi was reported holding 198,520,782 shares (about 4.1% of issued share capital), confirming its continuing presence as a significant shareholder although as of July 31, 2025, Dingyi Group Investment Limited reportedly held 171,520,782 shares, representing 3.53% of Kore Potash.​

If this these numbers are correct it is notable that there is no record of a TR1 being submitted.

Certainly there was no form 8.3 submitted which could mean they are just not that hot on their admin, or they have possibly sold their stake. AIM sanctions are not particulalry onerous in any case.

The absence of a Form 8.3 from Princess Aurora Pte Ltd (OIA) is more interesting however as one of the exemptions for not filing a Form 8.3 is that you are an offerer - a cash offerer.

Theoretically this is possible for Dingyi although they would need finance for such an offer and from what research I can do they don't appear to be able to come up with the sorts of funds needed without outside help (possibly Chinese) but It seems an unlikely way for China to go as a Chinese bid is more likely to come from a State owned enterprise.

Princess Aurora Pte Ltd (OIA) however certainly does have enough dry powder to make a cash bid. There is the possibility that they too have made an administrative error but it seems to me to be unlikely albeit possible that this administrative error idea is the reason for them not filing a form 8.3.

For this reason I am thinking that there is a possibility that they might have considered bidding here. I'd be quite happy if they had.

The visit by Denis Christel Sassou Nguesso to Muscat in September may have some significance to this thesis if this idea is correct.

These are all speculations on my part and not advice. GLA / DYOR.

We should get news soon anyway. Hopefully.

Mitch you are correct another new institutional holder is Oasis Crescent Global Equity Fund, a smallish holding i.e. < 1%.

If you have any feelings about this week's lotto numbers please feel free to share them with us.

Everblue 2020 I LLC is a Florida-based investment entity. The company is controlled by Eric M. Mindich, a former hedge fund manager and financial executive, who also runs Everblue Management LLC, a family office that manages diverse investments across market sectors.​

The entity operates as a private institutional or family office investor, focusing on strategic stakes within publicly listed companies and resource investments. Everblue 2020 I LLC gained visibility in financial filings and regulatory disclosures due to its investment activities, especially its holdings in resource companies. Its registered address and formal filings are associated with Florida and Mindich's business interests.

Eric M. Mindich is a prominent American hedge fund manager, investor, and philanthropist best known for founding Eton Park Capital Management, which operated as one of the largest global multi-strategy hedge funds and managed over $14 billion in assets at its peak before its closure in 2017. Mindich began his career at Goldman Sachs, becoming the youngest partner in the firm's history at age 27 and eventually holding several senior roles in the equities division and firmwide strategy. Following Eton Park, Mindich established Everblue Management LLC, a single-family office based in New York and Florida that manages his personal and family assets. Everblue invests across public and private markets, with a particular focus on early-stage and strategic assets in sectors such as technology, entertainment, resource extraction, and fintech.

The firm's leadership team includes Kerrie Juras Ferrentino (President) and other finance professionals, and it participates actively in major investments, including public equities, PIPE deals, startup financing, and occasionally resource sector stakes such as Zanaga Iron Ore.

It's good to see that someone as smart as this guy likes our investment thesis.

Good news for us.

Sylla is literally pulling ideas out of his butt.

CB is a better venue for a pellet plant. Indeed were it a good idea to build one in Guinea then Rio and Winning would have proposed it themselves.

Estimating relative costs between Guinea’s plan to import US LNG to run a 2 million tonne iron ore pellet plant and Congo Brazzaville’s plan to power a Pointe-Noire pellet plant from its own offshore gas involves several uncertain variables (fuel prices, capital costs, plant efficiency, transport/logistics, and fiscal terms).

Based on typical factors, the Congo option could be cheaper on a per-tonne basis if offshore gas is low-cost, domestically available, and project capital is optimized for local gas utilization.

The Guinea LNG-import route will incur additional LNG shipping costs, regasification, and potential fuel-switch penalties, which can raise unit pellet production costs, especially if LNG prices fluctuate or if there are long-term charter or fuel-supply contracts plus there are grid integration costs and currency risks.

Not to mention that the ore at Simandou isn't yet verified as being suited to DRI.

I'm sure Trott has better stuff to do than to deal with the mission creep from his political masters in Guinea.

Beardozer I'm literally just referring to a point made by another poster which might or might not explain the big transactions yesterday.

I posted the explanation as people were saying that they didn't understand the point being made.

People can believe what they want and will do so without me influencing them in any way.

I have no access to any information that others here don't also have.

GLA / DYOR.

Shard Capital's involvement with Zanaga Iron Ore Company (ZIOC) stems from a series of equity subscription agreements and facilities that resulted in Shard holding and warehousing a significant block of Zanaga shares between 2020 and 2025. The amount fluctuated over time: initially, around 21 million shares were subscribed for in up to three tranches, but Shard’s exact holding as of November 2025 is not fully detailed in public disclosures.

Market Context: The inauguration of Simandou’s iron ore operations in November 2025 was a major global industry event, likely to spur trading activity, interest, and volatility in West African iron ore equities—including Zanaga.​

Liquidity Window: Such major sector news can provide heightened liquidity and price movement, offering an opportune time for a placing agent like Shard to distribute warehoused shares to maximize proceeds and clear inventory.

Speculation but No Proof: While forums and market participants speculated that Shard took advantage of the news for distribution, there is no regulatory statement or official filing confirming a sale/distribution of a specific size on the Simandou inauguration date.

MM on the other board thought it was likly to be Shard dumping their remaining inventory as Simandou had completed.

This is possible but difficult to prove as they would be below the TR1 reporting levels by now.

One element which impacts the value is the availability of finance. If we have a project with the finance agreed then this would give us a stronger hand.

Equally if a buyer were happy to accept the project as derisked for finance (assuming that Kore completes all the pre-conditions) and be willing to provide their own finance i.e. less the royalties and other charges which our current proposed finance package might entail this too might warrant a stronger valuation.

I can understand "the lack of interest" it's not really an outright lack of interest in that existing holders have already taken a position and some new holders have come on board as a result of the bank finance.

It's more a lack of interest in that the buyin from new holder has tailed off.

What we don't currently have is a bunch of new holders piling in and driving up the price.

If you were to buy in now you'd have no idea of the read through you would get into TK plus there is some uncertainty still on the completion of the equity piece. That isn't a big deal for most who bought in a while back but for a new investor it could be something which might hold them back.

Both these items resolve within days.

The next round of new investors will probably be those who are more risk averse than most current holders so at a guess they are perhaps sitting on the sidelines and waiting for the finance to complete before they wade in. I hope.

No doubt some existing holders might add again at this stage but without doubt there are those who are still waiting for events to progress before buying in.

My guess is that once they get the all clear these more cautious types will pile in and we'll get some real volumes and upwards price action.

GLA DYOR

Collui is a Potash project which is applicable as a comparison however it is in Eritrea.

The issue with Eritrea or at least one of the issues, becasue there are many is that Eritrea is subject to international sanctions and therefore it cannot get inward investment.

Eritrea is also currently subjected to a full military mobilisation, it has a highly autocratic government and fought a bloody war not long ago.Most governments would consider that it is a high risk country to travel to and advise against travel there.

Indeed it is somewhat of an international pariah with few international allies.

The buyers of that stake in the project had little to no competition. Probably none. They got a lot of Potash for their money but most of the people who would otherwise have been interested passed on the opportunity becasue of the reasons above.

It was literally a case of a Chinese state owned buyer or no one and the buyer got a very good deal as there were no other buyers in the market who could complete such a transaction (besides other Chinese state owned enterprises).

In may ways the Aussie owners were lucky to get out with any money in their pockets at all.

In the case of Kola external investment is feasible, there is no recent war or military mobilisation, CB is not sanctioned and we already have notice that we have two interested parties. It wouldn't make any sense for the Board to agree a sale at 10p indeed most of the major shareholders would be unlikely to accept such a low offer. Unlike Collui, Kola isn't a distressed asset.

It would be better to just build the Kola project rather than to sell it for a low offer.

There are various clues being offered here.

I count 12 people in High Vis in one of the pictures now I'm not up to speed on the latest Congolese or indeed any fashion trends but I would suggest that there is an active workforce of some description pictured there. If so what are they up to?

The message seems to explain partly, although in typical Zanaga style we are left hanging somewhat.

What is clear from the text of the message is that some sort of works are planned for 2026.

Here is what my AI thinks;

The anticipation and planned publication of an Environmental Impact Notice for works in 2026 shows Zanaga is moving into tangible operational steps—ahead of site works, infrastructure mobilization, and construction launch. This is typical for projects that have completed technical and permitting phases and now seek to demonstrate compliance and build community trust at a local level.

Zanaga has moved from feasibility and permitting into detailed project planning and stakeholder engagement, which are prerequisites for commencing significant groundworks in 2026.

So are we into an early works stage or do we have some sorts of ongoing surveying or other scoping activities already being undertaken?

If we are readying for construction activities in 2026 then we are witnessing a step change in the development of the project?

It would seem to indicate that we are. A statement and update from the company is of course considerably overdue.

The posh end of town is obviously on manouveurs as witnessed by the sizeable transactions going through.

Anyone got any thoughts on this?

Lamaune has the scope to be developed as an Iron ore deposit as it is magnetite and could theoretically be beneficiated to a DRI standard product https://www.newswire.ca/news-releases/landore-resources-limited---progress-report---junior-lake-lamaune-irondeposit-539574831.html.

There is also a rail line within 13km of the site. It presents at surface and would have a low strip ratio.

With a resource of 300–500 Mt, a DRI-grade product, and infrastructure advantages, a hypothetical NAV for Lamaune could plausibly range from US$900 million to US$1.5 billion, assuming successful beneficiation, market access, and cost control similar to peer projects.

This would theoretically be a high grade product which is what thw world is after right now for Green Steel manufacturing. I know were supposed to be here for the gold but the Iron ore at Lamaune could in theory be an economic deposit in its own right.

Looks like the Congolese are interested in jobs and in the economic benefits of having an operational mine.

There must be some in the communities adjacent to the site who remember when there was activity at Zanaga - indeed back in April 2011 the Zanaga project employed over 800 staff of which 90% were Congolese.

The company actually trained over 300 Congolese nationals to do drilling and sampling work.

I believe that the company also made a commitment to employ Congolese workers ahead of foreign workers provided the Congolese workers were similarly qualified.

Hopefully a Zanaga project which is being built and operated will bring a lot of good jobs and economic development to the area.

It sounds like the locals want us to get on with it.

Agree 99icecream.

China has 17% of the world's population and 9% of the world's agricultural land.

If they doubled the nameplate production levels on Kola and developed DX too that would move the NAV of the company to >$3.5Bn and given that the nameplate production only at Kola is expected to generate $750m + p/a in income and given the size of the as yet undefined / underexplored parts of the property even a $3.5Bn bid might be a bargain.

I'm a little surprised that it's been such muted a reaction here to the sales process and talks.

There is always a good chance that any talks might fail to be productive of course, and yet there are already a lot of serious players involved here as interested parties either as shareholders or financiers or possible developers. There are probably a lot more watching on the sidelines too.

The world has got to eat.

This is a strategically significant resource made more attractive by it's coastal location and expansion potential.

GLA/ DYOR

I'm sure you're correct about a Plan B option 99Icecream.

They would have had a contingency plan for sure.

Based on the company comms alone there is no statement to the effect that the finance has failed or that it won't complete. I'm fairly certain that they woud have been obliged to notify on this. So my assumption is that regardless of the sales process that the process of working through the steps to secure the finance continue as before.

One of the finance criteria was the appointment of an operating company.

To appoint an operating company the various prospective operating companies would have needed to do their due diligence on the project.

Seeing how good the project was might have made them think about making a bid for it.

If you have got to run the numbers as an operator you may as well run the numbers as if you were an owner and then compare them to your existing operations.

At a guess one would imagine that Kola's numbers would compare favourably with a lot of exisiting projects that a prospective operator might already be running. The fact that it has a fixed price EPC deal already signed up helps too.

Then you have to ask the question is this for sale or not? If you are in the Potash business it would be wrong not to do so.

At the right price nearly everything is for sale.

An AGM requires 21 days notice and EGM which equally could apply to our situation requires 14 days notice.