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Mahama likes to boast. In the end it won't be him that decides where the Ghana Lithium goes, whether exported as Spodumene or if they build a Refinery and export Battery Grade Lithium, where it goes will be decided by market forces. CATL could buy Ewoyaa and use all of the unassigned production itself, so none of it would go to South Korea, equally, Assore could buy us out and take all of it, leaving none for South Korea.

If South Korea Battery Manufacturers want Ewoyaa Lithium, best they get their bid in right after Ratification along with the others, then win the bidding war.

Also from the Oslo forum, from Bioinvestor:

"The Swedish depositary receipt closed at the equivalent of 0.83 NOK"

NOK0.83 is equal to 6.43 pence.

Continued....

Zenith is also already generating electricity in Italy using natural gas at the Torrente Cigno facility. Lower quality gas that cannot be sold directly into the gas market is converted into power, delivering roughly 1,000 MWh per month. This flexibility allows the company to monetise gas molecules in the most profitable way depending on market conditions. With Italian wholesale power prices having traded around €140 per MWh at times, the ability to switch between gas sales and electricity generation provides an additional revenue lever.

Another important point raised in the interview is the linkage to European gas benchmarks through TTF pricing. That creates transparent pricing and direct exposure to the broader European gas market, meaning profitability largely depends on maintaining low operating costs. Cattaneo was careful to stress operational flexibility rather than aggressive production assumptions, which is probably the sensible approach in a volatile energy market.

Beyond the Italian assets the CEO also made it clear that two other areas could influence the share price in the near future. The uranium division and the arbitration case against Tunisia were both mentioned as important elements for the company going forward. The ICSID arbitration alone represents a claim worth several hundred million dollars and the final hearings are expected in April 2026. Combined with the ongoing ICC2 annulment process it creates a legal backdrop that could have a significant impact on the company if the outcomes are favourable.

When you look at all of these pieces together it becomes easier to understand why the stock might be attracting renewed interest. Zenith now has producing gas assets in Italy, electricity generation providing additional revenue streams, a solar pipeline that is gradually approaching construction stage and a potentially very large arbitration claim running in parallel. None of those elements individually guarantee a re-rating, but the combination creates a situation where several catalysts could arrive within a relatively compressed timeframe.

That is likely why the unusually large trading volume today caught people’s attention. Markets often begin repositioning before major developments become obvious in the headlines. Whether the recent activity proves to be the start of a broader repricing remains to be seen, but the underlying story today appears far more developed than it did not long ago.

From TheLondonOiler on the Oslo forum:

Nearly 50 million shares traded today and that sort of turnover rarely appears without a reason. It is far above the normal daily volume and historically when Zenith has traded at these levels it has usually been around inflection points for the share price. Whether the market is anticipating something or simply re-rating the company after recent developments is open to interpretation, but that level of liquidity normally indicates that larger participants are positioning.

Having translated and read through the Investornytt interview with AC it gives a fairly clear picture of why interest may be increasing. What stands out is that Zenith is now approaching several tangible milestones rather than just talking about long term plans. The company has reactivated the Sant’Andrea gas field in Italy with initial production estimated at around 40,000 cubic metres per month, with the gas sold directly into the Italian distribution network. AC emphasised that this is not a speculative greenfield development but the reactivation of an existing facility, which significantly reduces execution risk. The aim is to build a stable domestic production base in Italy that can be optimised over time and generate recurring cash flow.

That is an important shift because it moves the story away from pure exploration or legal speculation and towards operating assets. Italy imports roughly 95 percent of its gas, and with the geopolitical environment in Europe putting a renewed focus on energy security there is clearly more attention being paid to domestic production. Zenith is positioning itself within that environment while simultaneously expanding its renewable footprint.

The solar portfolio is another element that appears to be progressing steadily. According to the interview the company currently has around 135 MWp of solar projects under development with a target of increasing the pipeline to approximately 200 MWp. More importantly investors now have a clearer set of milestones to monitor. Projects reaching ready to build status, financing being secured and the start of construction on the first Puglia cluster around July 2026 would mark a meaningful transition from development stage megawatts on paper to actual generating capacity.

Several specific projects were mentioned including Andria-1, Andria-3 and Andria-4 which are currently in tendering and financing phases, while Andria-2 and Barletta-1 remain in earlier development. The strategy appears to be to bring projects through development to ready to build and then selectively monetise parts of the portfolio while partnering with specialised lenders to finance construction. That type of approach is common in the European solar sector and can unlock value once projects move closer to production.

Continued in next post....

I really do think the Directors are hoping for bids before they get into signing offtake agreements, the recent RNS suggests that's their angle.

"As one of few, pre-construction hard rock lithium projects at an advanced stage of permitting, with offtake still uncommitted, the Board believes that Ewoyaa represents a highly attractive source of supply for the EV and BESS supply chain."

What that means to me is:

1) "Offtake still uncommitted" = production tonnage available directly to a new owner for their own uses

2) "highly attractive source of supply for the EV and BESS supply chain" = an invite to Battery manufacturers to make offers for Ewoyaa or the whole of Atlantic Lithium.

There won't be any shortage of bidders willing to pay a realistic price for Ewoyaa or the whole of Atlantic Lithium once we have Ratification, I've no worries on that front. The last bidder obviously offered a lot more initially than Elevra, as it got them into discussions instead of being flatly rejected, their offer is the one that needs to be beaten not Elevra's, as Elevra's was left in the dust by that recent bidder.

You can certainly add South Korea Battery manufacturers to the potential bidders list, big global brands and some others. That lines up a potential bidding war encompassing companies from China, USA and South Korea.

"South Korea is a global hub for lithium-ion battery manufacturing, dominated by major players like LG Energy Solution, Samsung SDI, and SK On. These companies specialize in electric vehicle (EV) and energy storage systems (ESS), driven by high R&D investments. Other notable manufacturers include Coros Battery, Sebang Global Battery, and EnerTech International."

Key South Korean Lithium Battery Manufacturers

LG Energy Solution: A global leader in lithium-ion battery production, specializing in cathode materials and full-cycle battery manufacturing.

Samsung SDI: A major manufacturer focusing on high-nickel chemistries for electric vehicles and energy storage solutions.

SK On: A key player in the EV battery market.

Coros Battery: A specialist in lithium primary and rechargeable batteries, focusing on next-generation lithium metal and sulfur batteries.

Sebang Global Battery: Known for producing automotive and industrial batteries, exporting to over 130 countries.

EnerTech International Inc.: Focuses on energy storage systems and lithium-polymer batteries.

Aricell: A battery manufacturer involved in the production of lithium cells.

MadDogMc,

Yes, Moran doesn't get the big picture.

No big shipping company spends tens of millions buying a specific ship and doing trials if it has no intention of using the fuel post trial, they don't just set up trials to throw money away.

MSC WANT the fuels, that is WHY they need trials.

For those not braving the Ghana Parliament Live today, they had a a huge argument that went on for ages with loads of disruptive noise, then they adjourned until 2pm tomorrow, so there's no point rushing into checking their proceedings in the morning, we can all sit back and relax for a bit.

Oslo closed with 50,204,531 traded, nearly 8% of the stock, no shortage of Investor interest there!

Second wind in Oslo.

See the 1 day chart at https://live.euronext.com/en/product/equities/CA98936C8584-MERK

Https://www.investornytt.no/nyheter/zenith-sjef-peker-pa-triggere-i-italia/523917

To put that into perspective, the UK has so far traded 3,133,320, so Oslo is circa 14x the volume of the UK.

Volume in Oslo 42,405,612 so far 😲😲

"It’s not happening this week, business statement out last week and there’s no mention of it"

That is not fact. If you are going to claim something as fact, please ensure IT IS FACT before posting such misleading claims.

The business statement is an OUTLINE of the next week's business, it IS NOT FINAL.

The DAILY ORDER PAPERS are the detailed schedule for the day and include many things that are not in the business statement.

A great example is that today the following reports are listed in the Order Paper, yet NONE OF WHICH ARE MENTIONED IN THE BUSINESS STATEMENT.

a) The House to thank H.E. the President for the Message on the State of the Nation 5 (b) Adoption of the Report of the Ad hoc Committee on the establishment of a Pension Scheme for Members of Parliament 5 (c) Adoption of the Report of the Committee on Independent Constitutional Bodies on the Budget Performance Report in respect of the National Commission for Civic Education for the Period January to December, 2024 5 (d) Adoption of the Report of the Committee on Independent Constitutional Bodies on the Budget Performance Report in respect of the Office of the Electoral Commission for the Period January to December, 2024 6 (e) Adoption of the Report of the House Committee on services available to Members of Parliament for the smooth discharge of their mandate 6 (f) Annual Public Debt Report for the Year ending 2024 6 (g) Annual Report on the Management of the Energy Sector Levies and Accounts for the Year 2024

See https://ibb.co/KxS74J90

Very interesting presentation!

The value of the Solar is staggering compared to the current market cap and is going to keep growing from 135MWp this year to 200MWp by year end.

The value of the Uranium is eye-watering! $1.2bn but Zenith are looking at an additional $3.6bn after reassessment, taking it to a $4.8bn asset!

Then there's the huge potential from the Arbitrations, cases being pursued by eminent legal council.

As Andrea said at the end, the target this year is success in all three areas the company's business involves, but success in just one of these will make shareholders very happy.

LOL!!

The Oslo investors clearly have a very different view to you....

Taken from the Oslo forum

Time for Zenith Energy's presentation: Wednesday, March 11, 12:00 – 12:20 (Norway time)

Location: Livestream via Direkt Studio's YouTube channel

Link to the stream: https://www.youtube.com/watch?v=AhXhXJ4ujOs

Tunisia didn't have any arguements against Zenith's reasons for Annulment, so they decided to clutch at some straws with their Jurisdiction nonsense.

Who remembers the last time Tunisia tried to claim Jurisdiction??

Here's a reminder!

"On December 23, 2024, the ICSID Arbitral Tribunal issued a decision in connection with the Respondent’s request to address objections to jurisdiction as a preliminary question (“Bifurcation”)."

"The Respondent’s request for Bifurcation was fully rejected in very severe terms by the ICSID Arbitral Tribunal."

"The Arbitral Tribunal’s Decision has dismissed the Respondent’s application in its entirety and has reserved all other matters, including those relating to costs, for a subsequent order, decision or award."

The price in Oslo is now the equivalent of 5.741p and creeping up again.