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The BoD claim that the RAM deal is 'non-dilutive' even though our share of the project is actually being diluted by a 8:1 ratio in exchange for (upto) $150m.

This is the dilution that matters.

And 8:1 (12.5%) is best case scenario where there are no capex over-runs and zero PLC costs along the way. Oh, plus a 0.5% royalty.

It's a terrible deal for a multi-billion dollar asset.

They think we're all stupid

Dealbreaker, if there are other serious bidders out there, it would be greatly in RAM's best interest to hold them back until after the end of June. It's known as sandbagging.

After 30th June, the RAM cronies can do a deal for 87.5% of the project which they bought for $150m or less. Before 30th June the RAM cronies have a slice of 100% of the project but a much smaller slice thereof.

I will bet you they are intending to take the former option. If they love money ahead of decency, they would be fools not to.

To be clear, and I sense some folks misunderstand this, RAM are taking 87.5% of the PROJECT. They are not taking a 87.5% stake in ZIOC PLC.

And I'll say this again, if the project capex exceeds $1B then shareholders will own less than 12.5% of the project. 12.5% is best case.

They think we're all stupid.

Agreed Beardozer

The SP since the RAM announcement informs us that the wider market sees-through the sugar-coated nonsense that the management expect us to believe.

I find it personally insulting that they should tell us that we should be happy with this rotten deal.

It's a pity that Thursday's meeting is not an in-person event as I would tell them what I think of their deal in no uncertain terms. Cowards.

Https://www.investormeetcompany.com/

You will need to register ahead of the meeting. They post a recording after the event also - maybe a couple of days later. Questions can be asked ahead of the meeting and if you're fortunate your question will be selected.

IMO if they were bothered about PI's, this would have been done 2 weeks ago. Personally, I just don't trust the words coming out of their mouths anymore.

ZANAGA IRON ORE COMPANY LIMITED will be holding a Investor Presentation meeting on 12th Mar 2026 at 10:00am GMT.

They usually have a Q&A afterwards. Could be quiet spicey.

"Kinda sounds like that’s the game plan – sell to a major player. Any opinions on the SP if this should happen?"

Yes, I believe that this has always been the game plan.

But, by setting-up RAM, the company has made it clear (to me at least) that the incoming major will buy-in at the project level (Jumelles/RAM) rather than at PLC level (ZIOC). Think about it. What use is an AIM-listed entity like ZIOC to a global mining giant when it's the project that they want?

RAM is just a place holder (I agree with marcus) until a major comes in and buys-out their 87.5% of the project for a couple of billion. Nice work.

ZIOC will end up with 12.5% (or less, depending on the capex requirement) and a 0.5% royalty (1% will be short-lived if the project progresses well). It's just scraps fed to shareholders as a minimum to avoid legal action. That is the deal.

Anyone expecting a knight in shining armour to come and buy-in at ZIOC level is going to be disappointed IMO. The knight will buy-in to RAM/Jumelles.

Guys, if you can be persuaded to filter teabaghag and brown-semen-train they will get bored and stop posting.

This place hase been ruined by folks responding to attention-seekers

Like nothing else on earth, narcissists hate being ignored. Sling them in the dusty bin and you'll be doing everyone else a favour.

GLA

The latest clown duo would get bored with posting if some of you guys weren't giving them the oxygen of attention which they crave.

Shove the attention seekers n the dusty bin and this messageboard will be a better place.

It's not as if we haven't been here before.

Thanks!

Interesting Marcus.

If we suspect that there was a large pot of shares available to supress the VWAP in the 8p range 3 weeks ago then we may also suspect that these shares may be bought back profitably in the 6's.

As is usually the case, we PI's will probably never know.

"It's easier to fool people than convince them they've been fooled"

Is this resonating with anyone?

Has the relentless multi-year confirmation bias of this messageboard resulted in actual Stockholm Syndrome in certain posters?

Note to self: Whatever. The psychology of certain messageboard posters is fascinating but one should focus on the primary investment goal of personal financial gain!

Thanks for the message extrader - it seems this place is running low on knowledgeable posters like yourself.

Some of my thoughts regarding the lock-in...

Heeney, although included in the share sale lock-in, were possibly not precluded from backing other strategic parties (including themselves via RAM)?

I'm guessing that the mystery strategic partner may have been RAM all along?

Is there another strategic player waiting in the wings? I don't know but if there was I'd expect RAM to take them in at project level and bypass ZIOC. I don't believe that these guys would suddenly start looking-out for us PI's as they've treated us with minimal regard for years. Leopards, spots, etc.

It would be logical for Heeney and the other parties in RAM to hold their ZIOC shares at least until the EGM to get the vote through. If there are lock-in parties not involved in RAM then they may choose to start a liquidation or transfer of their shares before that time. At the end of this week for example!

After the EGM then things may get interesting. RAM will have some significant payment obligations for the tranches and the work they'll be doing to further the project. I'm wondering whether Heeney and others will see their ZIOC shares as a means to this end? If I was in their position and had the option to earn-in to an 87.5% stake in ZIOP, would I sacrifice some or all of my ZIOC shares in order to achieve that? Yes, I would.

But what do I know. As you say ex, we are guessing as usual. I'm afraid this has been the story for years. :-(

Stas, this liquidity has been going on for months, this is not a new phenomenon.

You may recall about 3 weeks ago I reported a few dummy sells on this board. At one point I could get a bid for 2 million shares and it would barely put a dent in the bid price. Even today I could sell 500k shares in a 1-er. At rare times over the past weeks when I had a lot of cash I could also buy a large amount of ZIOC shares in a 1 hit dummy buy (£78K from memory) with no problem.

ZIOC has been incredibly liquid since the March 2025 presentation. This may come as a disappointment to those who want to believe there's an in-the-know whale loading up on ZIOC krill. I don't think there's enough evidence to make that conclusion.

A bit surprised nobody's mentioned this. I guess any of those lock-in parties involved with RAM will need to keep their ZIOC shares for the EGM vote.

Oops, bid just dropped to 6.16p stas. Is this your big buyer doing his thing?

"big boys rushing in"

Actually the big boys rushed-in already. It happened less than 2 weeks ago.

The big boys came in, swerved ZIOC and just took 87.5% of the asset instead. We don't know exactly who these big boys are but they call themselves RAM.

We do remember this don't we? Left us long-term ZIOC bagholders looking like silly ladies' front bottoms

Thanks for your message Feeks

" Investors need to focus on what they are getting rather than what they are not"

And that's just the crux of the matter. Until we know if $1B is the actual cost to develop the mine to production, investors do not know what they are getting.

BTW, has anybody else tried asking AI tools what the likely cost of taking the Zanaga mine to production is? I have and $1B seems low-ball to put it mildly. Granted there will be offtake deals, etc but have the BoD explained the $1B estimate and how they got to such a neat, modest round number?

And speaking of offtake deals, are we to assume that the mysterious GIS may eventually contrbute to the cost of the project? Naturally, this contribution will now likely bypass ZIOC and go to Jumelles. Nice planning from back in March '25.

GLA

ZIOC is absolutely not protected from future dilution and this is one of the things that caught my eye from the RNS...

"4. Optionality to retain 12.5% project ownership

· The envisaged transaction has been structured to enable ZIOC to fully fund its pro-rata 12.5% share of an estimated US$1 billion total project equity contribution required from the final equity investors in the Project at construction."

The problem here is that the $1B construction cost is just an estimate. Judging by the roundness of the $1B number I'd say it's a very back-of-envelope estimate. What if the construction costs increase? (cost increase? imagine that!!) Where does ZIOC find the extra cash to maintain its 12.5% share? Dilution would be quite a high risk in this scenario. Are we also assuming that ZIOC will have zero PLC costs between June 30th and the first receipts for iron ore shipments? Other costs will eat into ZIOC's ability to maintain a 12.5% share of the pie.

I'm not saying that ZIOC's tranche receipts definitely will not cover their 12.5% share of construction but that we just don't know. Therefore this deal offers no guarantee against further dilution.

I wrote on the day of the RAM announcement that I would prefer/expect a free carry to production rather than a step into the cost-over-run unkown.

GLA

From the RNS...

"Jumelles would have the right to reduce the Royalty to 0.50% NSR upon payment to ZIOC of US$50 million in cash."

...just in case folks haven't read the small print

The problem is, Feeks, the deep-pocketed strategic partners and investors which Knauth and Trahar claim that RAM will attract into the project via Jumelles could have been brought into the project at ZIOC PLC level. Why not at ZIOC level so that shareholders can benefit equally? Davis and Heeney have played a blinder for themselves grabbing 87.5% largely at the expense of small investors who have waited like fools for many years. Nice work. I have little doubt that the other facilitators at ZIOC, Greymont, etc will get their quid pro quo and I suspect that this plan was brewing for much longer than we know.

And there are other concerns which I have from the past 12 months at ZIOC:

- who the heck are GIS? This mysterious entity was granted 20% of the offtake but what did ZIOC get in return? What's the quid pro quo?

- the missing TR-1 notifications which have been documented by others. WTF?

- the strange Gupta share ownership RNS where one shareholder name was magically crossed out and Gupta's name written-in. Everything is OK, nothing to see here, etc.

- the unexplained share price 'pegging' effort which we saw running up to the RAM announcement. I've never known anything like that.

- I could go on

IMHO, the big guys are not playing with a straight bat and I see no reason for their behaviour to suddenly change for the better. Shareholder trust has been largely vapourised and there is no telling what they'll do next. For this reason I decided to sell >50% of my ZIOC shares last week. Unless a major mining company comes in with a bid at ZIOC PLC level before the end of June then I reckon the upside here is quite limited for at least the next 12 months. I have some better investment options elsewhere.

Zanaga Iron Ore: 12.5% of a huge iron ore asset which doesn't pass the sniff test.

GLA

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