Member Info for EarEyeAm

As I say, MSAR commercial supply is nothing to do with the bioMSAR LONO and can begin once the MSAR PoC of a couple of weeks has completed. The bioMSAR PoC and LONO trial start after the MSAR PoC. If anyone is in any doubt about this, read the below transcript and if you still don't believe it then click on the youtube link and listen to it being said from 35 minutes 54 seconds onwards.

From the AGM:

00:35:54.760 question five Jason, this is

00:35:59.079 uh one for you uh it's about um msar and

00:36:02.400 biomsar. Once the MSC project um with

00:36:06.280 the concept is completed what is the

00:36:08.200 plan for supplying msar is this

00:36:09.960 dependent on the biomsar

00:36:13.319 lono?

00:36:13.319 the answer is is NO, um the the

00:36:17.200 supply of msar is independent, we already

00:36:18.960 have an interim letter of no objection

00:36:21.240 for the uh for the use of

00:36:23.599 MSAR on the on the Flex engine um

00:36:27.880 so basically we're going to be using

00:36:29.520 that interim letter of no objection

00:36:32.000 potentially to supply msar independently

00:36:34.880 of biomsar from the Mediterranean um to

00:36:38.319 MSC and potentially others who are

00:36:40.359 interested in in in doing in getting

00:36:42.200 involved with that as well so the answer

00:36:43.800 is is NO

https://www.youtube.com/watch/Ph3LkDKp22Y

Something else you're all very conveniently omitting, is that once MSAR completes it's couple of weeks Proof-Of-Concept, MSC and anyone else can sign commercial supply agreements for it and Refineries can start supplying it.

MSAR is not waiting for LONO, the only LONO is for bioMSAR, we've been told this multiple times.

As explained on previous video meetings, shipping companies can use MSAR based on its existing Interim LONO and paying a bit more on their insurance (Something they already pay when they trial a new fuel, but Interim LONO reduces the premium to viable levels).

Should MSC sign a commercial supply agreement for MSAR it would in my opinion come well before the bioMSAR LONO is completed, before the end of May would be my guess if trial sign off comes in the next 2 weeks, and in my opinion the 17.4p would be well surpassed on such a commercial supply agreement.

Once MSC sign up for MSAR commercial supply, others will too, because if it's good enough for the World's biggest shipping company then it's good enough for them.

AKHM,

In my opinion, we need to factor in a near term share price increase from having a second trial up and running with another shipping company. That is what the CEO says he wants, that is what the CEO is actively pursuing and therefore we can be fairly confident that it's what the CEO will get.

On the subject of price, when the Maersk trial was up and running the valuation reached £350m. With two marine trials up and running, plus Panama moving to commercial sales, plus Valkor producing Oil from their Pioneer Plant, maybe OCP too, I see no reason why the valuation would be less than when the Maersk trial was running. £350m with 2.01bn shares is 17.4p per share.

Ghana Del Boys making their fortune.

"Ghana’s artisanal and small-scale gold mining (ASGM) sector continues to expand, generating close to $10 billion in export revenue in 2025 compared to $5 billion recorded in 2024. The surge in gold exports strengthened Ghana’s macroeconomic position, with the cedi ranking as the second-best performing currency globally in 2025. With the ASGM sector accounting for a majority share of Ghana’s total export revenue and employing over one million people, the industry’s contribution to economic stability continues and Ghana’s position as Africa’s largest gold producer continues to expand."

https://energycapitalpower.com/ghanas-asgm-export-revenue-hits-10b-amidst-industry-expansion/

This price is where it is for one reason and one reason only, it is held back by the delay to Ratification, over two years of waiting, whilst other Lithium companies in other places got their approvals and got on with mine construction and that's where a lot of investors money went.

BUT, with the Ratification looming large in the very near future, this company is a coiled spring that will be released the day the Ratification is voted through in Parliament.

There's two options, buy now and wait for Ratification or wait for Ratification and then hope to buy in quickly as the spring is released.

If Tunisia are going to make an early settlement offer it will need to fit certain criteria:

1) It cannot be a derogatory offer as that will instantly be rejected by Zenith

2) It will have to include the ICSID claim, the ICC-2 claim that Zenith believe will be annulled and won at the second hearing, plus the monies won in ICC-1

3) The offer must be made a reasonable time before the ICSID hearing, because once that hearing has taken place and any further comments from either side added to the case file, the ICSID stop communication with both sides while they deliberate the result in secret. So any offer must be made far enough in advance for Zenith to accept or reject it AND, if accepting it, for there to be enough time for Zenith to receive payment in full before the date of the ICSID hearing so that the hearing can be cancelled.

It's also worth noting that the lower Spod prices paid will be for lower quality Spod and the higher prices paid will be for higher quality Spod. This is because the price on metal.com is for Li2O:5.5%-6.2%. Ewoyaa will produce Li20 at 6% or higher so would achieve the higher prices rather than the average price, so more like $2,400 for our Spod.

Today's average $2,295

Price Range paid: $2,150 - $2,440

Last Friday those were: Avg.:$2,275 +$65 (+2.94%) Price Range paid: $2,150 - $2,400

So today the buyers paid the same at the low end but $40 more at the high end and only $60 short of the magic $2,500 that gives Ghana 10% royalty.

https://www.metal.com/Lithium/202311300003

Elegance,

Good analysis, I was thinking similar thoughts on reading today's RNS.

The following bit, for me, says everything any potential investor needs to know as far as betting on the outcome of the ICSID claim goes:

"All members of the legal team share a clear and unshakable assessment of the strength of the position, supported by the extensive preparation undertaken to date."

That means four different extensively experienced experts from three different companies all agree that Zenith should win this claim.

ASX is closed today for Australia Day so nothing to see there today.

"Doug Casey is a world-renowned investor and author of six books; his “Crisis Investing” was on the New York Times bestseller list for 29 weeks, including 11 weeks at #1. His third book, Strategic Investing, reached #7 on the NYT list."

Jan 16, 2026 | Last Update: Jan 21, 2026

Clean Energy Frontier

At ‘Davos of mining’, Saudi Arabia shapes new narrative on minerals

Saudi minister of state for foreign affairs Al-Jubeir said the “old ways” that saw “foreign companies come in, mine, exploit, take all the value outside of the country and leave the host country with nothing but a big hole on its territory” had to change.

“The new view is we need to invest. We need to keep as much of the value chain as we can in-country so that we produce jobs [and] opportunities, which in turn produce stability, which in turn helps all of us around the world.”

At the same time, to establish itself as a minerals processing hub, Saudi Arabia is seeking to broker bilateral deals with developing countries, particularly in Africa, to secure access to resources it can refine.

Several ministers from mineral-rich African nations, including Democratic Republic of the Congo, Zambia, Ghana, Mauritania and Morocco, attended the conference.

Riyadh is also working with the World Bank on funding opportunities for seven planned infrastructure corridors to accelerate minerals development in Africa and Latin America and help get resources to the market.

Saudi strategy stirs Africa tensions

Nonetheless, Nafi Quarshie, Africa director of the Natural Resource Governance Institute, who attended the forum, told Climate Home News there is “tension” between Saudi Arabia’s plan to process minerals and African nations’ ambitions to add value to their resources and reduce exports of raw materials.

“There’s a kind of a push for Africa to do business with Saudi Arabia,” she said.

It remains unclear how African governments can ensure that any minerals agreement with Saudi Arabia creates a win-win situation and helps drive investment to refine ores into higher-value products for clean technologies on the continent, she added.

https://www.climatechangenews.com/2026/01/16/at-davos-of-mining-saudi-arabia-shapes-new-narrative-on-minerals/

Nobody on here knows any more about when CH-1 will be drilled than I do, despite trying to make out they do. Everyone is making their best GUESS but nobody KNOWS. Opinions dressed up as if they are fact, does not make them fact. Analysis based on facts is more useful, but still not fact.

Meanwhile, I will be waiting patiently for the next update to confirm AS FACT when CH-1 will be drilled, which I see as arriving in a Ntorya Operations Update or in with the Final Results. Dates in previous years as below.

30th Apr 2025 4:21 pm RNS 2024 Annual Report and Accounts

29th Apr 2025 4:53 pm RNS Final Results and Annual Report 2024

5th Mar 2025 7:00 am RNS Ntorya Operations Update

10th May 2024 7:00 am RNS Update on Ntorya to Madimba Pipeline

29th Apr 2024 7:01 am RNS Final Results and Annual Report 2023

28th Apr 2023 6:13 pm RNS Final Results and Annual Report 2022

2nd Mar 2023 7:00 am RNS Strategy/Company/Ops Update

I don't believe Atlantic Lithium are in any discussions right now. Ratification is the trigger point for several discussions.

Off-takers won't be discussing anything until the mine is ratified, so that they know the production will happen, maybe some won't start discussions until Final Investment Decision is announced (this requires no off-takers, it's based on the market supply, demand, price and price forecast).

Companies cannot be in discussion about making an offer for the company or Ewoyaa yet, as Atlantic Lithium would have had to announce either, for example "we have been approached regarding a potential offer for the company, these are only preliminary discussions and there is no guarantee an offer will be made for the company", an announcement which we see all the time across the market.

Anyone looking at making an offer would wait for Ratification, bearing in mind it's taken over 2 years and is now imminent, they wouldn't want to throw a spanner in the works of Ratification by making an offer at this point and, they would want the Ratification in place as a guarantee that the mine can go ahead, before they offer hundreds of millions for it, they wouldn't risk ending up with a white elephant, their internal investing policies would prohibit them from doing so for that reason.

Assore were looking at buying the mine cheaply for development, their offers were too low and rejected for that reason, everyone else will want the mine for production, so they need Ratification in place first, the FID is then their own decision and buying Ewoyaa is effectively them signing off the FID as they wouldn't buy it if they were not going to build it.

"I want to know what happens if he doesn’t get the signatures"

He'd say what we all would expect him to say, that the agreements are in their final state and pending sign off, maybe with some already signed off and, it hopefully won't be much longer.

He can have a 'personal target' of end of January for all agreements to be signed off, but he doesn't control MSC, Cargill, other parties, or any of their Lawyers, so end of January is just a 'dream scenario' for him, it's not based on his power, influence, knowledge or anything else, so I certainly won't be bothered one bit if the agreements aren't signed off by end of January, they could be signed of the first day of February, first week of February, sometime in February, it really make no difference SO LONG AS THEY EVENTUALLY GET SIGNED OFF.

All this hyperbole about his 'personal target' is a waste of brain energy and meaningless to the reality of what is involved in other parties signing off contracts between themselves that Quadrise has no hand in, for example the MSC + Cargill agreement between themselves, Quadrise can keep calling them and nagging at them, but at the end of the day the signoff between those two companies is their business and their business only.

I always had ARA using one of the Rigs they already own. When Tanzanian Ministers visited ARA in Oman, they were shown a specific Rig. Why would ARA show Tanzanian Ministers a specific Rig unless that was the one you had earmarked for the Tanzania wells. Yes, ARA did put out a Rig Tender, but if nothing comes back that's better/cheaper/quicker/closer than the Rig they had already earmarked for the wells, they they would just revert to their own earmarked Rig. Bearing in mind the only known possibly suitable (remember, this is extremely high pressure gas) Rig was the M&P one and that was already in use, so maybe nothing nearby, which means any Rig's offered would have to be shipped in and thus may be more expensive than ARA shipping it's own Rig in, especially as ARA have to ship in loads of other equipment at the same time.

As I said the other day, I still don't see how they are going to drill CH-1 before the rainy season starts in November, with shipping of equipment only starting in August and multiple ship back and forth trips to do (could be 3 weeks round trip). I guess it's possible but it's going to have to done at a pace we've never witnessed before in Tanzania, although I don't see ARA going hell for leather as they are very methodical in everything they do, better to get it right than to rush it and have issues. Investors are impatient, ARA are not.

Suppose ARA are shipping their own equipment from Muscat, Oman, to Mtwara, Tanzania. That takes 10 days one way, so a round trip of 20 days plus time for loading and unloading and refuelling of at least 3 days each end. Multiple trips need to be done as per the news item, so could be 52 days, 78 days or possibly longer to get everything shipped to Mtwara. Then it all has to all be transported by slow low loaders and big lorries to Ntorya. Then the Rig has to be constructed and tested. That is pretty much November rainy season before they can even start drilling a hole.

Sea Distance calculator https://sea-distances.org/

"A field visit followed so the team had the opportunity to see the Qarat Al Milh production facility and drilling rig"

https://arapetroleum.com/ara-petroleum-was-honoured-to-host-a-distinguished-delegation-of-members-from-the-government-of-tanzania-to-oman/

RNS 15 September 2025:

"Zenith Energy Ltd, the listed international energy production and development company, is pleased to announce that it will today submit its subsidiary's application for the annulment of the ICC-2 arbitration award before the Swiss Federal Court in Lausanne, Switzerland."

"The Swiss Federal Court usually renders decisions on annulment applications within 6 to 9 months from submission."

https://www.lse.co.uk/rns/ZEN/submission-of-icc-2-annulment-application-d2lpoixoyopeqyo.html

Meanwhile the Global Arbitration Review, "the leading resource on international arbitration news and community intelligence." has it's own timeline:

"Thereafter, the Swiss Federal Supreme Court usually renders the holding of its decision within four to six months of receipt of the application to set aside the award, with the reasoning of the decision being communicated later."

Bottom of section 3

https://globalarbitrationreview.com/insight/know-how/challenging-and-enforcing-arbitration-awards/report/switzerland

About the Global Arbitration Review

https://globalarbitrationreview.com/info/about-us

.

I'd say Global Arbitration Review know the latest data and that Zenith have given a very conservative timeline to ensure investors don't panic if the decision comes later than advised. So I'm going with Global Arbitration Review timeline of 4-6 months. The 4 months was up on 15 January, so the decision could drop any day from now to mid March.

Any offer from Tunisia would be immediately rejected by the Zenith Energy board as significantly undervaluing the company and not in the best interests of Shareholders.

The NAV, the Solar and Uranium, the $9m award for ICC-2, and the ICSID claim all add up to way more than £50m regardless of what the market is currently willing to pay for the stock.

Tunisia couldn't anywhere near enough stock on the open market to force a takeover without making the share price rocket.

Never going to happen.

"US naphtha has begun arriving in Venezuelan waters, marking an early and telling step in efforts to restart the country’s long-crippled heavy oil production. Ship tracking data showed a tanker chartered by Vitol reaching Venezuelan waters with the first naphtha cargo tied to a new oil deal between Washington and Caracas."

"The shipment follows a flagship agreement struck earlier this month after the removal of Nicolás Maduro, allowing Venezuela to sell up to 50 million barrels of crude currently in storage under a $2 billion supply framework. Getting oil out of tanks, however, requires more than political permission."

"Naphtha is not fuel for cars or power plants. It is a light petroleum product used as a diluent, blended with Venezuela’s extra-heavy crude to thin it enough to flow through pipelines and load onto export tankers. Without it, Venezuela’s crude behaves less like oil and more like asphalt. Production stalls without naphtha because the heavy crude physically cannot move."

https://oilprice.com/Latest-Energy-News/World-News/Venezuelas-Heavy-Oil-Gets-a-Lifeline-from-US-Naphtha.html

With Ratification I don't think we get one bidder and accept their offer, because as a ready to build mine with all approvals and Ratification it's going to be very attractive to many companies, Assore, Elevra, CATL, BYD, and many more. The highest bidder will win, it won't be down to us or the board of Directors picking who they prefer to sell it to.

Battery manufacturers like CATL and BYD can pay more for Ewoyaa because they would be getting Spodumene at cost price rather than market price, then they are refining it and ending up with refined Lithium at cost price rather than market price, then they are making and selling batteries with a huge total margin.

Other companies like Assore and Elvera only get to make a profit on selling Spodumene at market price or refining it and selling Lithium at market price, their overall profit is nowhere near what CATL and BYD would make from mining Spodumene and selling Batteries.

This company has always been one where they believe that operational success, aka hitting milestones, will bring investors in.

They have hit many milestones, including years ago the biggest milestone of all, the start of the Maersk LONO trial. This brought investors in and propelled the valuation to £350m.

What we are waiting for now is the start of another LONO trial to bring investors in, or the Panama permits to allow some commercial sales to begin and, when either happen you can be sure that will bring the investors in.

Going to a show to present the company and it's offerings is sowing seeds. The water and fertiliser are the operational milestones.