Member Info for EarEyeAm

One thing that's annoying is the Panama permitting taking so long. Panama Government advised we'd have that by Christmas (or was it year end 2025?) yet 3 months later the permitting is "in progress". As with the vast majority of things, there's nothing Quadrise can do to make things happen any faster, but we'd be so much further ahead if we'd got those when they were promised by the Panama Government.

I'm not sure how people transform a dispute over payment into threats or leverage, it's neither, it's just a bun fight that will either get settled now or go to Arbitration. Everything else will proceed as planned.

Elevra were supposed to pay costs through to DFS, which they did. Their next payment after DFS was the first $70m of the build costs once Ratification was received. Atlantic Lithium did work after the DFS but prior to Ratification, so clearly there is a dispute because the costs are in no mans land between DFS and Ratification.

Elevra have every right to dispute the costs they weren't expecting after DFS and prior to Ratification, but in my mind no that we have Ratification they should pay the costs simply because Ratification has been achieved and, the money that was spent created a material increase in the ROI and IRR of the project which they benefit from.

Atlantic Lithium are not going to threaten anything, neither are Elevra, it will either get paid now or go to Arbitration. The collaboration will continue in parallel.

Here's two things I've been saying for the past 3 months that I got right. I didn't get anything wrong.

"Following recent in-person meetings with MSC and Cargill, all parties have reaffirmed their commitment to the programme and are working collaboratively to conclude the agreements and related preparations and permitting as soon as possible."

"It was agreed that the trial would be relocated to an alternative OCP site using equipment that does not require approval from the original engine manufacturer."

Andrea Cattaneo, Chief Executive Officer, commented: “The commencement of construction marks a significant milestone for Zenith as we transform development-stage assets into production assets within our Italian solar portfolio.

The UCP demonstrates the strength and scalability of the platform we have built. With total acquisition and development costs of approximately EUR 3,870,000, the UCP is expected to generate around EUR 1,480,000 in gross annual revenue, supporting a compelling payback profile and attractive long-term returns.

It is to be underlined that Zenith has secured exposure to an asset with an estimated resale value of approximately EUR 9.1 million, supported by an initial capital contribution of only EUR 580,500. This highlights the capital efficiency of our strategy and the strong appetite in the market to finance our solar growth.

We also retain the flexibility to monetise part or all of the portfolio at a premium, enabling us to recycle capital into further high-return opportunities across our solar pipeline.”

March 22, 2026

ZENITH ENERGY LTD.

Fully Funded Italian Solar Expansion:

Construction of 7 MWp Puglia Plant to Commence July 2026

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the international energy production and development company, is pleased to announce a major milestone in the execution of its Italian renewable energy development and production strategy, with construction of its 7 MWp solar plants in the Puglia region (together the “Under Construction Portfolio” or “UCP”) now scheduled to commence in early July 2026.

With grid connectivity fully secured and construction financing now in place, Zenith has successfully de-risked the development phase of the project and is positioned to rapidly advance into construction.

This milestone underscores the Company’s ability to efficiently originate, finance, and execute high value renewable energy projects, accelerating the growth of its solar portfolio and reinforcing its strategy to deliver scalable, long-term shareholder value.

UCP Highlights

•The UCP comprises of three solar plants in Puglia with a total capacity of 7 MWp.

• Construction is scheduled to commence in the first week of July 2026.

• All required grid connectivity has been successfully obtained.

• Financing to cover 85% of both land acquisition and construction costs is fully arranged.

UCP Economics and Key Metrics

• Total UCP land acquisition costs amount to EUR 720,000 and construction costs are expected to be approximately EUR 3,150,000, giving a total of approximately EUR 3.87 million. Zenith will contribute 15% (approximately EUR 580,500), with the balance financed externally.

• Upon completion, the UCP is expected to generate approximately 11.2 GWh of electricity annually, based on a Southern Italy yield assumption of approximately 1,600 kWh/kWp/year, implying a capacity of approximately 7 MWp.

• The UCP is projected to generate gross revenue of approximately EUR 14.8 million over the first 10 years (c. EUR 1.48 million per annum), based on an implied electricity price of approximately €0.13/kWh, subject to prevailing market conditions or contracted PPA terms.

• The estimated sale value of the UCP once fully operational is approximately EUR 9.1 million, equivalent to EUR 1.3 million per MWp.

Last year's RNS for the Interim Results was published on Monday 24th March, so I'll be looking out in the morning for this year's and IMC meeting. Hopefully it'll be good news they have for us regarding what is going on with MSC, Panama, OCP, Valkor, other shipping trials, etc.

LAST YEAR:

"24 March 2025"

"Interim Results and Investor Presentation"

"Quadrise Plc (AIM: QED), the transition technology provider for a cleaner planet, announces its unaudited interim results for the six months ended 31 December 2024 ("H2 2024") and provides an update on developments during the first quarter of 2025."

"Chairman Andy Morrison, CEO Jason Miles and CFO David Scott will provide a live presentation relating to the interim results via the Investor Meet Company platform on 25 March 2025 at 12:00 noon GMT - registration details are outlined below."

UAE joins more than 20 countries demanding Iran halt attacks on Strait of Hormuz shipping

The UAE and signatories from more than 20 other countries have called for Iran to immediately stop attacks on vessels travelling through the Strait of Hormuz, saying safe passage was enshrined in international law.

The UAE issued a joint statement calling for the attacks to cease with leaders from the UK, France, Germany, Italy, the Netherlands, Japan, Canada, South Korea, New Zealand, Denmark, Latvia, Slovenia, Estonia, Norway, Sweden, Finland, Czechia, Romania, Bahrain, Lithuania and Australia.

Freedom of navigation is a fundamental principle of international law, including under the United Nations Convention on the Law of the Sea, the statement read, adding the effects of Iran’s actions will be felt by people in all parts of the world, especially the most vulnerable.

The nations expressed their readiness to contribute to appropriate efforts to ensure safe passage through the Strait, welcoming the commitment of countries who are engaging in preparatory planning.

"We welcome the International Energy Agency decision to authorise a co-ordinated release of strategic petroleum reserves," the statement read.

"We will take other steps to stabilise energy markets, including working with certain producing nations to increase output."

https://www.thenationalnews.com/news/uae/2026/03/21/joint-statement-on-strait-of-hormuz-says-freedom-of-navigation-is-enshrined-in-international-law/

China spent $120B to lock down critical minerals overseas

China has invested more than $120 billion in overseas mining and upstream processing since 2023, accelerating a state-backed push to secure the raw materials underpinning the global energy transition, says Australian think tank Climate Energy Finance (CEF).

A study published last week reveals that China’s spending targeted a wide range of commodities — including lithium, copper, nickel, rare earths and bauxite — that are essential for electric vehicles, renewable power and industrial decarbonization.

https://www.mining.com/china-spent-120b-to-lock-down-critical-minerals-dominance-report/

Well go on then China, bid for Ewoyaa, 50p for starters and see where it leads, someone has to be the first mover now we have Ratification!

News travelling around. Bound to get some attention from the investing publications and the mining ones.

"The Ewoyaa mine will be Africa’s only U.S.-bound lithium project, with all others backed by Chinese funding, and is expected to produce 3.6M tons of spodumene concentrate over 12 years, making it Africa's third-largest lithium project under development, according to the company."

https://seekingalpha.com/news/4566961-atlantic-lithium-wins-ghana-parliaments-approval-for-africas-only-us-bound-lithium-project

"Member of parliament for the Mfantseman Constituency, Dr. Prince Arhin, has assured residents affected by the lithium mining project in the Mfantseman Municipality that the payment of compensations will no longer suffer delays. He wants the youth in the area to take advantage of the upcoming project to earn a livelihood."

https://www.facebook.com/reel/1651455605983935

"Parliament’s approval of the Atlantic Lithium deal, marks the end of uncertainty for the Ewoyaa community. A result driven by the determination of the sector minister, Hon. Armah-Kofi Buah." - Paa Kwesi Schandorf, Media Relations Officer, Lands Ministry.

https://www.facebook.com/luvfm99.5/posts/parliaments-approval-of-the-atlantic-lithium-deal-marks-the-end-of-uncertainty-f/1380402017465509/

"Parliament Unlocks Ghana’s First Lithium Mine After Three Years of Deadlock"

https://www.newsghana.com.gh/parliament-unlocks-ghanas-first-lithium-mine-after-three-years-of-deadlock/

https://investingnews.com/parliamentary-ratification-of-ewoyaa-mining-lease/

https://www.miningweekly.com/article/ghanas-parliament-ratifies-atlantic-lithiums-ewoyaa-mining-lease-2026-03-20

https://www.finnewsnetwork.com.au/archives/finance_news_network4272848.html

https://www.mining.com/atlantic-lithium-wins-key-ghana-approval-for-ewoyaa-mine/

Couple of bits on the study, from the half year results.

"Work undertaken to identify optimisations to the Project's design and engineering, focused on maintaining a technically sound and capital-efficient operation whilst reducing operating costs and the Project's peak funding requirement. The work is intended to ensure the Project remains resilient through commodity price downturns, while capitalising on positive price movements."

"We have undertaken work through H2 2025 to enhance the viability of the Project through ongoing price volatility, ensuring the Project can survive through price downturns but also capitalise on periods of improved pricing. This work is expected to support the Company's financing discussions, which will be further progressed post-ratification of the Ewoyaa Mining Lease."

Reposting the initial post to save people scrolling back 2 pages.

SHORTLY ....

"shortly, we intend to provide further clarity on the outcomes of the work we completed through H2 2025 to enhance the viability of the Project through ongoing commodity price volatility."

"We look forward to providing further updates in due course."

As the study was to enhance the viability with the low Spodumene prices of last year, that must mean a higher IRR and ROI now that Spodumene prices have recovered to 3x what they were last year.

This will make Ewoyaa even more attractive to bidders and increase the valuation of Ewoyaa.

Just going back to what I said "Will a bidder or three be quick enough to get their offers in before FID? Possibly. They don't need FID to make a bid" I was thinking that they'd want to get in before FID makes things complicated, so they are the ones under pressure to get bids in ASAP. Atlantic Lithium could hold back for a few weeks to allow bids to come in, they know from the 3 bids so far that it's likely, they also know it's a very attractive ready-to-build project.

"The updated MRW showed 36.8 million tonnes (Mt) at 41.9% feldspar at Ewoyaa."

41.9% of 36.8 million tonnes is 15.42 million tonnes of Feldspar.

Feldspar for ceramics sells for about $150 per tonne. 15.42 x 150 = $2,313m. Unprocessed (not ground down ready for use) sells for about $75 per tonne, so still $1,156m worth.

Also, "Quartz and muscovite are also noted in MRE as additional potential by-products from spodumene concentrate production at Ewoyaa." these could be additional revenue streatin the 'shortly' update.

FID isn't a question of 'if' it's a question of 'when'.

FID is a no-brainer at the current Spodumene price. Plus there's a huge amount of Feldspar to sell. Plus there's the other things that the company have yet to reveal that make it even more viable than the DFS.

I'm sure the FID will be along very quickly, considering the directors and staff haven't had that much to do for the last 6 months. There's going to be a data model on their computer system where all they need to do is tap in the latest costs, sale price, sales forecast, royalty, tax, etc and they get a report out telling them the annual profit, job done, FID sign off.

Will a bidder or three be quick enough to get their offers in before FID? Possibly. They don't need FID to make a bid (oh, that rhymes!) as their offer to buy Atlantic Lithium is their own FID, they say they are going ahead with the project by buying the project.

Just because we got Ratification, that doesn't mean you have to stop watching Ghana Parliament Live! We all know we're now addicted to the soap opera that's more real life than Emmerdale, EastEnders, Brookside and Neighbours combined! 😂😂😂

Hargreaves Lansup 😂

Ceejay101,

That would be nice but I'm not sure those specific Pension Funds buy in the open market. They have their shares and options through a direct contact with the Board, plus they've already put in the money and taken a certain exposure level to the stock that they are happy with.

There's thousands of institutions globally that could look at the stock for pension funds and specific sector funds like 'new energy metals', 'small cap miners', 'EV transition', 'African metals and minerals ", etc. It only takes a few of these to hoover up the loose stock that the profit takers have just sold and we fly through 20p over the next couple of weeks. (Give them time to do their analysis and due diligence first).

As said, ignore the muted market response, yes we all hoped to see 30p today but with the war going on it's holding buyers back whilst those with a short term profit and no interest in waiting for a bidding war or Lithium Mine have taken their profit.

I've seen this scenario hundreds of times where news doesn't cause the huge jump that was expected and some decide to take the profit they have, but then, over the following couple of weeks, the institutions load up and the price goes up a few percent day after day, getting the price to where people though it should go on the news.

I'm still expecting bidders soon. The price reaction to the news is irrelevant to them. The war won't stop them bidding either, because it's a long term investment, the war will be over well before they start building the Mine, so it doesn't factor in at all

RELAX!

This news item on Bloomberg should help get the bidders moving.

"Ghana Approves Lithium Project That Will Ship Mineral to US"

"The Ewoyaa mine will be Africa's only US-bound lithium project, with all others backed by Chinese funding. It's expected to produce 3.6 million ..."

Behind a paywall.

https://www.bloomberg.com/news/articles/2026-03-20/ghana-approves-lithium-project-that-will-ship-ore-to-the-us

Here we go. Canaccord were at 34p in September 2025 so increased by just 3p on Ratification.

They were at 75p between January 2024 and September 2025 when they put out the new price.

Maybe the Analyst changed, as I can't see anything that Atlantic announced that would have more than halved the target.

If delays on Ratification were the reason then when Ratification was announced yesterday the new target should have been straight back to 75p, logically!

https://investing.thisismoney.co.uk/broker-views/ALL