Member Info for EarEyeAm

Here is the Chinese Horoscope for Atlantic Lithium, based on the date and place the company was incorporated.

Wealth:

For the Pig, Fire represents wealth, since Water conquers Fire. The Horse is full of Fire, so it brings strong opportunities for financial gain. The Yin Earth of the Horse also represents money to the Yang Wood of the Pig. This implies the possibility of double income from different resources.

The Earth of the Horse also connects to the Pig's career path. Wealth luck may come with stress and workplace competition. Therefore, when the Pig meets the Horse, the future looks bright and abundant in wealth.

General Fortune:

The Pig's thoughtful, steady nature joins with the Horse's competitive fire, creating a mix of encouragement, patience, harmony, and momentum. This pairing encourages the Pig to step out of comfort zones, seize chances, and transform effort into achievement. Success comes when strategy meets courage.

https://www.chinesefortunecalendar.com/TDB/ChineseZodiacYearChk.asp?YYYY=2026&TimeZone=11&SunYear=2007&SunMonth=8&SunDay=24&Gender=V3&B1=Get+Zodiac+%26+Birth+Chart+Predictions

I always look at the Chinese Horoscope at the start of the year. This year I thought it would be interesting to see what it says for the companies I've invested in. Zenith Energy was formed on 28 August 2012 so that is the date I've used for it's Horoscope. From what it says, settlement of ICSID leading to a large reservoir of cash is favoured.

Quarrel:

The Dragon and Horse do not share a clashing or harming relationship, making disputes less likely. If involved in a lawsuit or disagreement, you may have a slight advantage to win. However, the best solution is reconciliation—resolving conflicts quickly to avoid mental, physical, and financial strain. The Tiger can serve as a mediator and peacemaker.

Wealth:

The Zodiac Dragon belongs to Earth, specifically Yang Earth. Earth overcomes Water, and Water is associated with the Dragon's wealth. The Zodiac Horse belongs to Fire and has no Water element. This implies you may not focus heavily on investment or financial management, and income growth might not be your main concern.

However, the Fire from the Horse boosts the Dragon’s capacity to work, build influence, and indirectly improve financial stability. This is more a time for investing in reputation and skills rather than high-risk ventures.

The Dragon contains Yin Water—a reservoir on the mountain. When water flows into the reservoir, it is not immediately taken out. This suggests the Dragon tends to have substantial savings. You should make good use of your wealth, allowing it to flow and improve your quality of life, exchanging it for meaningful pleasures.

General Fortune:

The Dragon’s wisdom combines with the Horse’s energy, creating a dynamic blend of stability and progress. Together, they can spark inspiring ventures and bold achievements. The Dragon offers vision and persistence, while the Horse brings speed and daring moves, making this a period for action with purpose.

https://www.chinesefortunecalendar.com/TDB/ChineseZodiacYearChk.asp?YYYY=2026&TimeZone=0&SunYear=2012&SunMonth=8&SunDay=28&Gender=V3&B1=Get+Zodiac+%26+Birth+Chart+Predictions

I still believe Tunisia will settle the ICSID claim before the hearing in April, as once the hearing is done, the process moves to post-hearing submissions (if any), after that it moves to CLOSURE OF PROCEEDINGS, which means no further activities can take place until judgment is announced. This means that Tunisia has until CLOSURE OF PROCEEDINGS to offer settlement and have settlement accepted, because after CLOSURE OF PROCEEDINGS they must wait for judgement and, if Zenith win the full claim amount, Tunisia will no longer be in any position to offer settlement.

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From Google AI:

After the final hearing in an ICSID arbitration, the process moves to post-hearing submissions (if any), tribunal deliberation, issuance of the final award, and potential post-award remedies or enforcement.

Post-Hearing Phase and Award

1. Post-Hearing Submissions: The Tribunal may ask the parties to file final written submissions or statements on costs after the hearing.

2. Closure of Proceedings: Once the presentation of the case is complete, the proceedings are declared closed, which triggers the time limit for the tribunal to render its award.

3. Tribunal Deliberation: The tribunal deliberates in private to reach a decision by a majority vote.

4. Issuance of the Award: The tribunal must render the award as soon as possible, generally within 240 days after the last submission in a standard case (or 120 days in expedited cases). The award is in writing, states the reasons on which it is based, and is signed by the tribunal members. Any member may attach an individual opinion.

5. Notification: The award is considered "rendered" when the ICSID Secretary-General dispatches certified copies to the parties.

6. Publication: If the parties consent (or are deemed to consent after 60 days without objection), the full award is published; otherwise, excerpts of the legal reasoning are published.

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Key Triggers for Closure

***** Completion of Case Presentation: The most common trigger, where parties have submitted all evidence and arguments. ******

Settlement/Agreement: Parties reach a settlement, leading to a report noting the agreement (Conciliation Rule 37).

Discontinuance: Parties jointly request discontinuance, or it occurs due to non-payment of costs or prolonged inactivity (Arbitration Rules 54-57).

Failure to Participate: If a party fails to appear or cooperate, the Tribunal can close proceedings and issue a report noting the non-participation (Fact-Finding Rule 18).

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Subsequently this from Google AI:

ICSID proceedings close when parties finish presenting their cases (Arbitration Rule 38), often triggered by settlement, discontinuance requests, or failure to participate, leading to the Tribunal rendering an award or issuing a report after deliberation. This formal closure stops further submissions, sets deadlines for the award, and triggers costs statements, but tribunals can reopen cases for new decisive evidence or clarification.

The ICC-2 claims cannot 'all' be claimed through ICSID. Yes, 'some' ICC-2 claims can be moved into the ICSID claim, but what the two institutions preside over is distinctly different, otherwise there would only be one institution covering Arbitrations claims, not two. ICC-2 claims that are not 'investor-state disputes' must be taken to ICC not ICSID. Clearly there are certain claims in the ICC-2 case that are not investor-state disputes (ISDS), otherwise they would have been put into the ISCID claim from day one. How much the ICC-2 claim ends up as, we will have to wait and see once the annulment decision has been received.

"ICC (International Chamber of Commerce) and ICSID (International Centre for Settlement of Investment Disputes) are both leading arbitration institutions, but ICC handles general commercial disputes (enforced via the New York Convention) with confidentiality, while ICSID specializes in investor-state disputes (ISDS) under its own convention, offering powerful, direct enforcement in member states and generally greater transparency. The main difference lies in their scope (commercial vs. investment) and the significantly stronger, more streamlined enforcement mechanism for ICSID awards, which are directly recognized as domestic judgments."

20,255,412 at 0.074 at 09:14 I reckon is a delayed buy. I don't see anyone getting that price at 09:14am for much smaller sell trades, so for that trade that big they'd have got less than 0.07 to sell, hence my view it's a buy.

JRolph

If they can get production via a JV with Valkor, I'm looking for a £150m valuation pretty quickly. Getting that JV revenue would enable them to get their own wells drilled using project finance (not dilution) and with its own production up and running I'm looking for £250m or more. Could all happen within 2026.

If you want to know where we are at, just read this, the last RNS.

https://www.lse.co.uk/rns/interim-results-ggwxh9il5itus6i.html

2nd highest rising stock on the market today.

Now up to 312 trades, possibly the most we've had since the price jump early October.

273 trades so far today. That's 270 more than yesterday and most days!

Oh I agree 100% on the way they have treated Zenith, it's despicable.

On the option of a settlement, I think AC would be more acceptable to maybe a 50% early settlement than early last year, because right now that 50% could be turned into much more and quickly by way of investment into the Solar projects. He has promised a dividend and even with a 50% settlement he will keep that promise. I'd be happy with a 10p-20p special dividend with the rest invested in the Solar and Uranium. Putting that cash in will reduce the borrowing costs (debt), making the projects more profitable. Plus the plan to sell some projects also means they will be more profitable, we may not need to sell projects so quickly either if we have the cash, we can develop them further so that we make more profit on them.

The DMS was only removed to conserve cash whilst waiting for Ratification. It's possible that with the Spod price rise, that we could bring it back into play, as the mine will be under construction and project funding for a Modular DMS should easily be obtainable.

ANNUAL REPORT 2025

"Project Engineering"

"Commenced last year and completed during the period, the Company undertook work to review the Front-End Engineering Design (“FEED”) and other Non-Process Infrastructure (“NPI”) packages for the Project’s DFS, which was released in June 2023.*"

"Through this work, the Company removed ore processing using a modular DMS unit from the Project’s development schedule."

"The modular DMS unit had previously been identified by the Company as an opportunity to capitalise on heightened lithium prices to generate early cashflow ahead of achieving full production from the main DMS plant, as well as a means to train staff on the operation of a smaller-scale plant and test the Project’s logistics before the commencement of full operations at the main plant. "

"Due to the ongoing delay in the ratification of the Project’s Mining Lease and the fall in lithium prices, however, the attractive margins indicated through early production from the modular DMS unit would be cut significantly. The Board, therefore, decided that it would be more prudent to conserve cash rather than delivering the unit."

From Google "Generate Early Cash Flow: The modular plant was expected to generate approximately $170-171 million in revenue in year one, which would help reduce the overall peak funding requirement for the main mine build."

Also worth noting "Tunisia's financial year is the calendar year, running from January 1 to December 31 for both corporate and individual tax purposes."

So 1 January 2026 could be the trigger point for Tunisia to get serious about settlement talks.

Also from Google in answer to the question "What happens to Tunisia's credit rating if it defaults"

"If Tunisia defaults, its credit rating would plunge to the lowest levels (like 'D' for Default), signalling extreme risk, making borrowing prohibitively expensive or impossible, triggering capital flight, crippling banks (which hold lots of Tunisian debt), worsening economic collapse, deepening poverty, and severely damaging its financial system and international credibility, similar to Lebanon's crisis after its default."

The bandits are not stupid, they will protect their credit rating any way they can. The ICSID claim is forcing them into a corner where they either try an acceptable settlement offer or take the risk. I don't think they will take the risk, having just got their rating up to B- / Caa1.

The below tells you how much Tunisia NEEDS to protect it's international credit rating and avoid a default. They just got a respite and upgrade, the last thing they want is for that to be trashed by an unfavourable US$572.65m decision going against them and the prospect of Zenith declaring them Sovereign Default if they don't promptly pay it. Offering Zenith say US$300m before the final hearing in April would save them a whole lot of trouble if accepted.

From Google:

Tunisia has improved its credit rating and avoided default in the short term by pursuing a strategy of self-sufficiency and securing bilateral and multilateral funding from partners like the World Bank, Saudi Arabia, and Algeria, while largely rejecting a traditional International Monetary Fund (IMF) program with strict reform conditions.

Key Actions and Factors

Securing Diverse Financing: The government has relied on a mix of domestic and external non-IMF funding to meet its obligations. This has included loans and grants from specific partner nations and institutions, such as the World Bank and the African Development Bank.

Improving External Position: Tunisia has strengthened its foreign exchange reserves, which now cover more than 100 days of imports, and significantly narrowed its current account deficit. These improvements are supported by a resilient services sector and strong remittance inflows from abroad.

Domestic Policies: The government has implemented a policy of "self-sufficiency," which President Kais Saied has highlighted as a key reason for the country's economic progress and contained inflation.

Central Bank Support: The Central Bank of Tunisia has provided support by allowing more flexibility for domestic banks to invest in government bonds, helping to meet the government's high fiscal financing needs through domestic channels.

Rating Agency Recognition: The progress has been acknowledged by major rating agencies:

Fitch Ratings upgraded Tunisia's long-term credit rating to 'B-' with a stable outlook in September 2025, citing the improved external position.

Moody's upgraded Tunisia's rating to 'Caa1' with a stable outlook in March 2025.

Ongoing Challenges

Despite these upgrades, credit rating agencies still highlight key risks. Tunisia remains vulnerable to commodity price shocks and faces critical issues in its public finances. The long-term viability of this non-IMF strategy is questioned by some analysts, who suggest it could lead to a low-growth trap without more comprehensive economic reforms. The lack of an IMF program limits access to a potentially more reliable source of funding and conditionality that could drive deeper structural reform

An older article explaining how bad a Sovereign Default would be for Tunisia.

https://www.crisisgroup.org/middle-east-north-africa/north-africa/tunisia/234-tunisias-challenge-avoiding-default-and-preserving

It makes no difference whether they are bandits or not, they are still in charge of the country's finances and are doing everything they possibly can to protect their credit rating.

Their credit rating is the most important thing on their list of issues to deal with on a day to day basis, they will do whatever it takes to protect it, even if it means folding to an ICSID claim and paying up from their USD reserves.

They know they can't win anyway, because the treaty is clear and they know that they have breached it multiple times. So what they do is they drag it out and threaten Zenith directors with baseless accusations in their courts to try and scare Zenith into stopping the claim, but it has not worked and it won't work, Zenith in response strengthened it's legal team!.

They can be as pig headed as they like up to a point, but when that point is reached they will know that there is only one way out and that is to settle. That point is the hearing in April. By allowing the hearing to go ahead, you are effectively saying that you accept judgement not settlement, so if they are going to settle they need to do it before that April hearing or they commit to letting the ICSID arbitrators decide how much they end up paying Zenith.

I looked through all the claims that the Arbitrators assigned to our case have decided on. I found it very interesting that a decent percentage settled before judgement, so I asked Google the question of how many ICSID claims are settled prior to judgement, the answer is:

"As of recent statistics (end of 2024/mid-2025), approximately one-third (around 34% to 38%) of all International Centre for Settlement of Investment Disputes (ICSID) cases registered have been settled by the parties or discontinued before a final judgment (award) by a tribunal."

1) Judgement on our case is scheduled for April. Tunisia only have maximum four months to settle before judgement or be damned.

2) Tunisia getting an ICSID judgement against them could be damaging to their credit rating. International fund raising is already costly for Tunisia, they would not want it to get worse.

3) ICSID judgement is backed by the World Bank, it's not the lesser ICC, it's globally recognised as the pinnacle of international treaty dispute resolution and other countries keep a keen eye on judgements.

4) An ICSID judgement against Tunisia, if not quickly settled, could be followed by Zenith declaring Tunisia as having a Sovereign Default, something they are currently trying to avoid like the plague because it would seriously damage their international credit rating and borrowing costs.

5) Tunisia has $8bn in its foreign exchange reserves, so it can easily settle the ICSID claim before judgement if it chooses.

6) If Tunisia offers to settle ICSID, then Zenith will definitely want Tunisia to settle ICC-1 and ICC-2 at the same time and make that a requirement for settling ICSID.

7) Tunisia don't have a leg to stand on, they expropriated the assets and even sold our Oil. Our appointed loss analysts from two separate companies agree on the amount being claimed, there's nothing in there that the court can say is not a valid claim.

So Tunisia could very easily become part of the 34% to 38% of claims settled prior to judgement.

Extremely low volume, MM's need to make a crumb or two and they'll drop their prices to see if they can hook any buyers. At this time of year it's certainly not something I'd be the slightest bit concerned about. The big BIG money has always been just ahead of the ICSID huge claim in April, so expect the buyers to return after new year and escalate as we get towards April.

An old but still perfectly relevant article, this appeared September 2024 but is looking ahead and nothing has affected the forward looking statements.

"The Long Game: $1.6 Trillion Needed to Meet Future Demand"

"Benchmark’s Lithium-ion Battery Database forecasts that at least $1.6 trillion in investment will be needed to meet battery demand by 2040. This is almost triple the $571 billion requirement to meet demand by 2030."

"Lithium Takes the Lead"

"Among critical raw materials, lithium will require the largest investment to meet future demand. By 2030, $94 billion is needed to scale lithium production, with this figure doubling by 2040."

"While the current lithium market may be facing challenges, the long-term trajectory remains positive. This is primarily driven by the growth of electric vehicles and renewable energy storage. Spodumene producers may be navigating rough waters now (September 2024), but those that can weather the storm are likely to benefit from future demand growth."

https://carboncredits.com/spodumene-prices-plunge-87-but-a-1-6-trillion-lithium-opportunity-looms/

$1,565 now. Solidly above $1,500. The 5% argument has been blown away. This is the first thing the Lands Minister should say in Parliament when he returns from the Christmas recess.

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