Member Info for extrader

I recently made the case for adding Cutifani, as well as Gupta, to the 'concert party'.

On that assumption (and you know the saying about 'assume') the thereby enlarged concert party looks like this:

Shareholder Shares % Status

Greymont Bay I LLC 152,131,783 15.35% Declared

Regatta HCRP I LP 58,139,535 5.87% Declared

Everblue 2020 I LLC 36,250,000 3.66% Declared

Philip Mitchell 3,977,023 0.40% Declared

Gagan Gupta 48,032,071 4.85% Known holding TR-1

Mark Cutifani _ _ Holding not quantified

Sir Mick Davis — — Holding not quantified

Andrew Trahar — — Holding not quantified

Anthony Trahar — — Holding not quantified

Total  Declared/Known holdings   298,530,412  30.1% +

4 x Unknown holdings ??????? ?????

Pretty material omissions, I'd suggest.

But wait! there's more:

I now make the case for adding Tony O'Neill to the 'concert party'.

Here's why:

(1) O'Neill was listed as one of Greymont's 'investors and advisers', alongside the others in the expanded 'concert party' line-up;

(2) He was profiled in the 3 Mar 2025 RNS as : Group Director - Technical at Anglo American plc from 2013 to 2022, where he played a key role in improving productivity and cost efficiencies across the company's operations. With over 37 years of experience spanning iron ore, copper, nickel, and gold, he has led MAJOR RESTRUCTURING EFFORTS AND TECHNICAL INNOVATIONS within complex mining businesses.

On that general description alone, he's the obvious candidate for the 'newly established Technical Committee , where " Greymont Bay will be immediately working with the Company's management team.....to assess the opportunity to accelerate key Project workstreams and targeted milestones"

Per ZIOC, 'this additional funding would secure its ability to progress a number of key metallurgical testwork initiatives with the potential to provide significant upside value...."

(3) He's part of the 'Anglo mafia' in the Greymont consortium, alongside Anthony Trahar and Mark Cutifani. He worked closely with the latter at Anglo; they both sit on the board of Woodside; he and Cutifani are Co-Founders of Odin Partners (per the 3 March 2025 RNS), see also

https://www.miningmx.com/news/markets/60163-cutifani-says-odin-partnership-to-target-mid-tier-miners/ where

(a) O'Neill's described as 'a long-standing compadre of Cutifani'; and

(b) his Odin profile states' he has led 35+ technical asset reviews for companies such as Vale, Rio Tinto, and Newmont, identifying value pathways and operational improvements".

See (2) above.

Lastly (4) - O'Neill shares with Cutifani (and to a lesser extent Tony Trahar) first-hand familiarity with Ausenco's slurry pipeline that is one of ZIOC's trump technical cards.

Of which more anon.

I rest my case.

Comments/reasoned pushback welcome.

GLA and ATB

Https://www.adportsgroup.com/en/news-and-media/2026/06/02/ad-ports-group-acquires-cli

When AD Ports bought in to Pointe Noire at short notice, I was encouraged both for (1)the increased 'investability of C-B / ZIOC and (2) for the transAtlantic prospects for one of my other holdings, Ocean Wilson (OCN) , a port operator in Brazil.

it seemed likely that AD Ports would want to make a South American acquisition (most likely Brazil/Argentina), to capture BRIC-related South - South trade flows.

Good idea, wrong outcome.

.."São Paulo, Brazil, and Abu Dhabi, UAE – 2nd June 2026: AD Ports Group (ADX: ‎ADPORTS), a leading global enabler of trade, industry, and logistics solutions, today ‎acquired Corredor Logística e Infraestrutura (CLI), Brazil’s leading independent agri-‎bulk port terminal operator, entering the South American market with a strategically ‎major expansion transaction.‎

São Paulo-based CLI operates two of Brazil’s most important agri-bulk export ‎terminals under long-term concessions: CLI Sul, Brazil’s leading sugar export terminal ‎and key export terminal for corn and soybeans, located in the Port of Santos; and CLI ‎Norte, another key grains gateway at the Port of Itaqui, which is part of the Brazilian ‎‎‘Arc of the North’, an essential geographical region encompassing the Amazon basin ‎that is a pivotal logistics hub and significant emerging corridor for agriculture exports.‎

In 2025, ports and terminals in northern Brazil recorded the fastest growth in the ‎country, reinforcing the strategic role of the “Arc of the North’ corridor in reshaping the ‎nation’s logistics map.‎

The two terminals play a key role in connecting the producing regions of Brazil, the ‎world’s leading sugar exporter and one of the largest grain exporters, to the world.‎

.."“The purchase of CLI is a game changer for AD Ports Group. ‎The transaction extends our Group’s international reach for the first time into Latin ‎America, and deepens our growing agrifoods activities, one of our core verticals. ‎Under the wise guidance of our leadership in the United Arab Emirates, AD Ports ‎Group is committed to enabling trade in one of the world’s most-important, fastest-‎growing agricultural commodities markets, which will not only benefit the Group’s ‎global clients, including those in Brazil, but also strengthen the AD Ports Group global ‎network.”‎

Brazil supports AD Ports Group’s geographic expansion as well as the Group’s plan ‎to develop a major new East-West trade spoke linking South America’s largest ‎economy to the Indian Subcontinent, East Africa and Southeast Asia..."

KP2 may indirectly benefit from an AD Ports 'network effect'.

As for my Ocean Wilsons holding, that was taken private by a connected family trust, at a discount to fair value (stop me if you've heard this before), but still a good return on my investment.

Does history rhyme?

GLA and ATB

More on ZIOC 'concert party' speculation anon.

.."The RAM raid would no doubt have been mulled over by some top lawyers who will probably have all angles covers..."

As a point of fact, we know that's not the case - and that's just from publicly available evidence, mainly the Company's own communications. The most cursory of enquiries by the regulators will certainly confirm a lot more misconduct by the 'concert party'; the Board; and the Nomad.

The lawyers may well be smart (eg in coming up with a structure that bypasses most investor protections) but their clients have nevertheless conducted themselves with an extraordinary combination of arrogance, complacency and greed.

Which will - we believe- be their undoing.

GLA and ATB

Hi marcus71,

There's the 'baked-in ' stuff - release of the audited FYE 25 results, with update re any subsequent developments.

There's the 'known unknowns' - will the RAM transaction proceed as planned (if at all : the recent gratuitously dilutive fund-raise suggests a pivot to Plan B)... The year-end commentary may gshed some light.

And then there's the 'unknown unknowns' : when , how (if at all) and why the regulators intervene.

We'd like to think that our own work is mostly done now - but each grudging 'reveal' raises more questions than answers.

This onion has a lot of layers...and there's plenty to cry over.

HTH and GLA

I recently made the case for adding Gagan Gupta to the so-far- disclosed ‘concert party’.

If accepted, the ‘concert party’ would look (so far) like this:

Shareholder Shares % Status

Greymont Bay I LLC 152,131,783 15.35% Declared

Regatta HCRP I LP 58,139,535 5.87% Declared

Everblue 2020 I LLC 36,250,000 3.66% Declared

Philip Mitchell 3,977,023 0.40% Declared

Gagan Gupta 48,032,071 4.85% Known holding TR-1

Sir Mick Davis — — Holding not quantified

Andrew Trahar — — Holding not quantified

Anthony Trahar — — Holding not quantified

Total             298,530,412  30.1%

Note: Greymont and Regatta are managed by Heeney Capital, which is therefore included in the ‘concert party’ disclosure.

The case for including Cutifani in the ‘concert party’ grouping is less straightforward, but equally persuasive, IMO.

(1) The 10 Feb 2026 RAM transaction was described as a ‘related party’ transaction, because

(i) RAM is ‘backed by, among others, certain individuals and groups who participated in ZIOC's fundraising in 2025, including Sir Mick Davis and Heeney Capital’; and

(ii) RAM is controlled and founded by Sir Mick Davis and Heeney Capital, and other leading mining industry executives and experienced investment professionals. Its team has extensive technical expertise in large-scale project financing and development, along with a proven track record of project delivery, including specific iron ore expertise.

Mark Cutifani should be added to this party, on the basis that :

(1) Cutifani is described in the 3 Mar 2025 RNS as ‘among Greymont’s investors and advisers’;

(2) Cutifani- not Heeney- spoke ‘on behalf of Greymont’ in the same RNS, the only other comments coming from Elphick (as ZIOC Chair), Gupta (q.v. as ARISE CEO) and Knauth (as ZIOC CEO);

(3) In the 14 May 2026 ‘concert party’ disclosure RNS, we learn that ‘Heeney Capital is advised by Mark Cutifani, a minority shareholder in the Company.’

It would be a pretty poor adviser/mining notable that gave advice – to either of his clients, Greymont and/or Heeney - that he didn’t as a fellow investor himself follow…which apart from anything would be inconsistent with Cutifani’s exemplary public record as a ‘straight shooter’.

Barring an explicit statement to the contrary, it seems prudent to work on the basis that Cutifani is indeed a member of the concert party, with (another) undisclosed shareholding.

Unfortunately, based on ZIOC management and Nomad track record of none or delayed disclosure to date, a presumption of ‘innocent until proven guilty’ aka 'giving them the benefit of the doubt', when there's potentially so much at stake, has little credibility at this stage.

All AIUI, DYOR, arguments (supported) to the contrary welcome.

GLA and ATB

Next up : the curious pre - GLEN exit timeline.

.."This is a dead share.'

Nah.

To coin a phrase, 'Its's just resting'.

Give it a few weeks.

NAI, DYOR etc etc

The 'Pilbara rust' saga takes (another) twist.

Following BHP's lengthy stand-off with CMRG over ore quality, now it's Twiggy Forrest's turn.

https://www.afr.com/companies/mining/china-scrutinises-fortescue-s-new-iron-ore-product-20260602-p603ad

China scrutinises Fortescue’s new iron ore product

Jun 2, 2026

Singapore | China’s state-backed iron ore buyer has instructed some steel mills to ask questions about Fortescue’s new low-grade product as negotiations over a long-term supply contract hit a rough patch.

China Mineral Resources Group has asked steelmakers with significant exposure to Fortescue ore to check with the miner about quality, according to people familiar with the matter. The low-grade product, known as Fortune Fines, has yet to be shipped.

Despite fellow miner BHP reaching a settlement with CMRG earlier this year, talks with Fortescue over a long-term contract have not progressed as smoothly as expected, according to the people, who asked not to be named. They cautioned, however, that disputes over quality and marketing are relatively common when new ore products are introduced.

A Fortescue spokesperson said it continued to engage with CMRG, while declining to comment further on confidential commercial discussions. CMRG couldn’t immediately comment.

Fortescue, the world’s fourth-biggest iron ore producer, has sought to strengthen its position in China this year, beefing up its senior leadership presence in the country and highlighting its investments there.

Executive Chairman Andrew Forrest has nevertheless criticised CMRG’s efforts, warning that the group was attempting to create a “cartel”.

The Belinga Gabon project is being resuscitated (maybe) with the creation of a Presidential task force to get things back on track (groan)

.."We’ve also continued to progress studies into the Belinga Iron Ore Project in Gabon, establishing a Presidential Taskforce to streamline the planning and delivery of an integrated mine, rail and port solution,” Fortescue growth and energy chief, Gus Pichot said.

There are now four reverse circulation drill rigs and one diamond core rig operating on site.

First ore from Belinga was shipped in 2023 but progress to establish firm ramp-up and plans going forward have been slow, in-part due after a military coup toppled the country’s ruling family..."

No doubt Twiggy's 20% partner in Ivindo - one Gagan Gupta - will be keeping him up to speed on the hitches and glitches befalling ZIOC's Zanaga project.

Forrest put in an opportunistic, last-minute bid at Simandou, so has 'form' for gate-crashing.

He's worth keeping in mind (IMO) if the RAM transaction were to fall away unexpectedly.

GLA and ATB

(1) Still waiting to hear back from Liberum how they are able to accept the view that Gagan / Arise aren't part of the 'concert party' , despite joining the Mar 2025 Greymont consortium deal and working with Greymont on Tranche 2, specifically on new 'metallurgical testing' :

.."Greymont Bay will be immediately working with the Company's management team, via a newly established Zanaga Technical Committee, to assess the opportunity to accelerate key Project workstreams and targeted milestones. Greymont Bay has been provided a right, following conclusion of this exercise ..... [Ed.: a week later] ...... to increase the size of its Tranche 2 investment further... The Company believes that the provision of this additional funding would secure its ability to progress a number of key metallurgical testwork initiatives with the potential to provide significant upside value..." including, no doubt, to the amenity value of ARISE's Pointe SEZ facility.

(2) Gupta , meanwhile, continues fundraising for his other interests, see

https://launchbaseafrica.com/2026/06/01/spiro-lands-215m-to-expand-its-battery-swapping-network-for-africas-motorcycle-taxis/

.."Spiro, the electric mobility company building battery-swapping infrastructure for motorcycles across Africa, has raised $215m in equity funding as it pushes deeper into a capital-intensive race to electrify urban transport.

The round, backed by investors including Impact Fund Denmark and Equitane {Gupta vehicle], lands four months after Spiro secured a $50m debt facility and less than a year after a separate $100m equity raise led by Afreximbank’s Fund for Export Development in Africa (FEDA) [Gupta-connected vehicle] It brings the company’s disclosed funding to more than $415m since 2023, making it one of the most heavily capitalised electric two-wheeler operators on the continent...

..expansion has been fuelled by a series of capital injections: a $63m debt package from GuarantCo and Société Générale in 2023, a $50m Afreximbank loan in 2024, the $100m FEDA-led equity round in 2025, and the $50m debt facility from Afreximbank, Nithio and the Africa Go Green Fund four months ago..."

Unlike our mining notables, he at least seems to have connections (geddit?) worth plugging in to.

GLA and ATB

.."Former chairman of the Conservative Party doesn't surprise me! Tories ALWAYS screw you..."

I think you'll find that Sir Mick keeps good (or should that be 'bad'?) company.

See https://www.viewpointhousingnews.com/dangote-cement-mulls-london-listing-appoints-cherie-blair-mick-davis-to-board/

.." Dangote Cement Plc revives plans to list its shares on the London Stock Exchange (LSE), the firm has appointed former Xstrata Plc Chief Executive Officer, Mick Davis, as a non-executive director alongside Cherie Blair, a lawyer and the wife of ex-U.K. Prime Minister Tony Blair..."

Vision Blue was set up by Sir Mick and AT a couple of years later, two of its Directors are Co-Founders of Gateway Partners, where said Dangote sits on the Advisory Board.

https://gatewayfund.net/advisory-board/

It's a small, apolitical, well-connected world...

GLA and ATB

Snippt ex stockopedia

2. 🎯 The cheapest share in the cohort - Afentra

Mark Simpson zeroed in on one name that stood out as particularly cheap on forecast earnings, and, unlike several peers, carries only modest net debt. Afentra is only a 54 StockRank, but was at a 96 rank when it appeared on the screen 2 weeks ago - and Mark thinks the ranks could return higher.

The setup: It's an AIM-listed, single-country upstream producer run by a team of former Tullow executives who own meaningful stakes. It trades on a forward P/E of just 3.1x, yet its Momentum Rank sits at 85 after a 50% twelve-month run.

Why the market is cautious: the middling Quality and Value Ranks reflect weak FY25 results, single-asset concentration, and genuine country risk. A strategic review this year concluded with the board staying independent after no acceptable offer emerged.

What might be being missed:

2C contingent resources upgraded over 400% in January

The drilling programme could add 50% to working interest production by end-2027

A fast-tracked operated development targeting FID in Q4 2026

A refinanced US$125m facility extending maturity to 2030 at improved terms

The Brokers: three brokers rate it a Buy. One pegs core NAV above 114p versus 69p today with risked upside far higher; another calculates a total risked NAV of 143p against a forward EV/EBITDA of just 1.9x. At $90 Brent, FY27 free cash flow yield is modelled near 56%.

This is small-cap AIM oil exposure with real drilling, country and oil-price risk. Position-size accordingly. But the catalysts are stacking up.

NAI , DYOR etc etc

Continued

(iii) the disconnect between (a) guidance of a post-tax NPV10 of US$5,206 million given 11 August 2025; re-confirmed 1st October 2025; and re-affirmed in the December 2025 Presentation, with value enhancement initiatives having "combined potential NPV increases exceeding US$4 billion" suddenly downplayed and (b) an eventual 6 May 2026 conclusion published....for US$4,897 million, a reduction of US$309 million from the hitherto guided base, rather than the increase of more than US$4 billion the Company had repeatedly suggested across the preceding 14 months.

Note that as recently as the aforementioned December 2025 Presentation, even this lower NPV10 on the then 832m shares in issue- using the 0.3x Kami Project read-across, would equate to 130p a share, still 110p a share after last week's further dilution.

Is the Company misleading the market now...or was it misleading the market (repeatedly) then?

Either way, it would seem that the Company - and to a lesser extent Panmure - have a lot to answer for.

I hope that Panmure at least will step up to the plate."

Feel free to raise any of the above, in your own words (and language, I've been a model of restraint) with Panmure.

You'll note that I've cc'd ZIOC as a courtesy, but only generically, since it's hard to work out who isn't conflicted.

GLA and ATB

Continued

(6) Still on disclosure and 'connected parties' : it took a year for shareholders to learn - as a casual, 'self-evident' remark from Andrew Trahar during InvestorMeet - that Gulf Iron and Steel was in fact 'an affiliate' of Greymont Bay. GIS was effectively 'gifted' to concert-party member Greymont (solely) as part of a transaction structure negotiated by concert-party member Trahar et al.

Who exactly is behind GIS? And what is the overlap with the parties behind Greymont - and any/all of the other Concert Party members?

Why did Greymont deserve special consideration over its fellow consortium members?

What - if anything - has GIS done with its offtake rights in the intervening 14 months? Recall that "The GIS Offtake Agreement enhances market access and offtake security, further de-risking Zanaga's commercialisation strategy and supporting its path to financing and construction...."

That prospect hasn't aged well.

Why did neither Liberum nor the ZIOC board query the absence of any financial consideration for ZIOC's surrender of this economically valuable asset?

(7) Turning to the Shareholder Lock-in belatedly reported on 29 September 2025 :

What role did Liberum play in the eventual decision to report?

Apart from Greymont Bay, did any of the identified Concert Party names also agree to similar shareholder lock-ins at the same time?

Do any of the Concert Party names have any connection with the unidentified potential strategic investor that purportedly requested the Shareholder Lock-in...then unaccountably walked away, at some undetermined point, without explanation -or subsequent notification to shareholders.

If the initial lock-in was 'newsworthy' enough to warrant an RNS, why did its falling away not merit similar treatment?

When were the parties subject to the lock-in released from their undertakings?

(8) Finally, on the general theme of belated disclosure, what explanation -if any - did Panmure Liberum seek from ZIOC for:

(i) its abrupt abandonment in early 2026 of its strategic investor initiative- one with multiple interested parties and an envisaged competitive process leading to an eventual deal- in favour of the highly dilutive RAM transaction, on which the newly preferred benchmark - Mr Market- has passed a decidedly negative judgment;

(ii) its abrupt year-end pivot from a multi-year NPV10 /industry-comparable pricing benchmark to a prevailing spot market price model?

Continued...

the disconnect between (a) guidance of a post-tax NPV10 of US$5,206 million given 11 August 2025; re-confirmed 1st October 2025; and re-affirmed in the

.."Yet another stick to beat the Nomad over the head with."

This was my last post - 26th May :

To: info@panmureliberum.com

cc: info@zanagairon.com

FAO Scott Mathieson / John More

Hi there,

I've a number of questions arising from the recent fundraising disclosures and would appreciate your addressing these at the earliest:

(1)The Concert Party is described 14th May as a 'new' concert party, with a 32.68% combined shareholding.

This was the position on 14th May, before the eventual denominator could be known (after oversubscription and retail offer outcomes).

What is the current numerator and %age, given the change in denominator, especially in light of oversubscription?

Describing it as a 'new' concert party implies the existence of earlier one(s). Pls elaborate.

(2)When will the Significant Shareholder register be updated to reflect the results of the latest placing?

(3) Re the Significant Shareholder Register, I've previously requested - on various occasions- the customary TR-1s for Greymont/Regatta, their continued non-availability has become of increasing concern as the 'strategic investor process' has evolved:

The recently identified 14th May Placing Concert Party involves the same parties earlier involved (in ostensibly different capacities) in both (a) the March 2025 onboarding of new investors; and (b) the subsequent 14 Feb 2026 RAM transaction.

Continued opacity is surely untenable?

Andrew Trahar was credited alongside Marty Knauth as 'envisioning and structuring this entire process' (the March 2025 Placing) and acted as advocate for the RAM transaction in the 12th March 2026 Investor Meet presentation.

In light of the newly-discovered relevance of his family relationship with Anthony Trahar and commercial relationship with Sir Mick Davis and Vision Blue, there has to be a question-mark over the extent and thoroughness of Liberum's historic conflict-mapping or its assertiveness in dealing with the ZIOC board and management.

Now would be a great time to address that.

4) We have no details of the extent of Sir Mick Davis's shareholder involvement in either of the Placings or even his own RAM transaction.

The continued lack of disclosure of who exactly stands behind RAM (prospective acquirer of 87.5% of the Project) is unconscionable, especially in light of its seeming inability or unwillingness to progress the Binding Offer - the apparent proximate cause of the recent 'emergency fundraise'.

Just how much due diligence was done on RAM and its credibility as a counterpart?

How can Panmure and the ZIOC board fulfill their fiduciary responsibilities without a full understanding of what is going on/who ZIOC is dealing with? And surely we shareholders are entitled to the same degree of understanding.

(5) By the same token - who is the unnamed Saudi investor? Obviously considered 'material' enough as a 'selling point' when the Greymont consortium including 'mining notables' was introduce

.."So I've added him and his shareholding to the current concert party..."

(1) Which, by my reckoning, takes the 'concert party' back over 30%.

(2) While a BSL connection would bring up Anthony Trahar's name (again) .....and

(3) Draw attention to PSEI (again), named as a potential shareholder in BSL's documentation.

This would be the same PSEI that is the Project's mooted EPC contractor, undertaking all manner of studies for ZIOC beyond the updated bankable Feasibility study, including, it would seem, the metallurgical test works carried out in China and validated in the UK, see the 25 Jun 2025 RNS

https://irtools.co.uk/97/story/da8fbb66-40f5-4115-99cf-2112bedbcfee.

Another piece of information that was promised in Q2 2025 (MoU with EPC contractor) and which -curiously and unhelpfully for the share price- has instead been kept under wraps.

Yet another stick to beat the Nomad over the head with.

Sigh.

GLA

Is Gagan Gupta - 48,032,071 shares = 4.85% - an undisclosed part of the 'concert party'?

I'd argue yes - and here's why:

Apart from taking a slice of Tranche 1 ($21.5 million), Gupta participated alongside Greymont in Tranche 2 (initially a further $1.5 million).

Tranche 2 was initially for Greymont Bay ..."to assess the opportunity to accelerate key Project workstreams and targeted milestones. Greymont Bay has been provided a right.. to increase the size of its Tranche 2 investment further, up to an additional US$1.50 million ....

ZIOC believes that the provision of this additional funding would secure its ability to progress a number of KEY METALLURGICAL TESTWORK INITIATIVES with the potential to provide significant upside value..."

in the event, "following a request from Gagan Gupta.. to increase his investment in ZIOC, Greymont Bay has provided Gagan Gupta the right to commit a further US$0.30 million of the Additional T2 Subscription, reducing Greymont Bay's Additional T2 Subscription to US$1.20 million..."

What was the extra money used for?

Well, almost contemporaneously, Binding Solutions Limited ( where Anthony Trahar is a former director and current minor shareholder) announced (25 March 2025) the satisfaction of a charge over the Company's assets, see

https://find-and-update.company-information.service.gov.uk/company/10394084/charges/SHXnIVlFRsZrjViP1ax_bTGHHHo

and not just any assets.

Assets that included .." any other intellectual property rights held or to be held by the chargor or in which it may have an interest and the benefit of all present and future agreements relating to the use of or licensing or exploitation of any such rights (owned by the chargor or others) and all present and future fees, royalties or similar income derived from or incidental to any of the foregoing in any part of the world."

ZIOC has previously used BSL for earlier testing work and it has announced promising technology, see

https://www.bindingsolutions.uk/2026/02/binding-solutions-completes-5m-fundraising-and-announces-mou-with-mitsui-iron-ore-development-pty-ltd/

Given Gupta’s participation in the March 2025 investor group, his involvement in the same value enhancement/metallurgical testing side project as Greymont, and his strategic role via ARISE in project- critical infrastructure, it's fair to treat Gupta as 'aligned', based on 'acting in concert'.

Gupta’s actions meet that threshold.

The May 2026 RNS was able to exclude Gupta from the formal concert party because:

• He is not managed by Heeney Capital

• He is not economically tied to Greymont/Regatta

• He is not part of RAM

• He is not a director

• He is not a connected person under the Code

• His shareholding is <10%

• His alignment is strategic, not legal.

But this analysis is about de facto control, not just de jure disclosure.

So I've added him and his shareholding to the current concert party.

Comments invited.

GLA and ATB

.."Unless they were worried about the deal going through it would almost be pointless those linked to RAM would bother to buy more Zanaga shares.."

MK is an interesting one:

- on the one hand, if he were RAM-connected in some way, that would leave pretty much the entire board compromised one way or another;

- against this, he appears to have paid for most of his (respectable) shareholding, which suggests commitment;

- on the other hand (again) , he's on record as saying that they went down the 87.5% RAM-dilutive route because 30% dilution to raise $25M whilst retaining full Project ownership was 'unacceptable', then recently voted FOR his fellow director fee conversion AND the recent oversubscribed (incl by him) 17% dilution (to raise $7.7M).....

AFAICS, the jury's still out re MK

If so, a 'hung jury' for him - maybe. Unlike most of the others.

AIUI,

GLA

This is an attempt to sort out what we know - and don't know- about ZIOC's current share ownership.

Contributions , clarifications and insights from others welcome.

First, the 'easy' bit:

Not in public hands - 41.52%

Per the ZIOC website, the 'not in public hands' share is 41.52% of 991,101,694 or 411,505,423 shares and comprises ‘the ownership of substantial shareholders, and ordinary shares in which the Board of Directors of the Company are interested’.

This should be relatively straightforward:

Significant Shareholder Number of shares % of share capital

Greymont Bay I LLC3 152,131,783 15.35%

Gagan Gupta 48,032,071 4.85%

Guava Minerals Limited1 79,907,592 8.06%

Regatta HCRP I LP3 58,139,535 5.87%

Everblue 2020 I LLC 36,250,000 3.66%

374,460, 981

To which you should add the directors

-Cliff Elphick 6,373,585

-Clinton Dines 6,382, 373

-Johnny Velloza 6,092,508

-Phil Mitchell 3,977,023

and

Marty Knauth 14,245,649

Sub Total: 37,071,138

Total: 411,532,119

Notes:

There’s a minor discrepancy of 26,696 which may just be typo or transposition.

Leaving aside Guava, the BoD only has a 3.74% share of the business, mostly fee-conversion.

MK has the largest individual Director holding and – apart from a 1.5m LTIP award – the balance 12.7m look to be paid for purchases in Mar 2025 and May 2026.

If so, chapeau!

E & OE

GLA

.."it adds marginally to the illusion that there’s a business being run…"

It preserves optionality:

-if the RAM transaction proceeds, they can show they're still (cough!) 'actively' open to offers;

- if it doesn't - depending on what emerges instead- they can say that 'at least they tried'.

In other news, they've just slipped out the changes in Significant Shareholders.

See note 3

Entities managed by Heeney Capital Corp. (“Heeney Capital”). The Company has been informed by Heeney Capital that the total number of shares owned by entities managed by Heeney Capital is 210,271,318, representing 21.22% of the issued shares.

The Company understands that a Concert Party of investors linked to Heeney Capital and/or entities managed by Heeney Capital are interested in ordinary shares representing approximately 27.75% of the issued shares.

At first blush, Everblue appears to be outside this group (I have to check), the difference MAY be Sir MIck, Anthony and Andrew Trahar (ditto).

Ho hum

GLA

.."And if you think RAM didn't use NPV to pitch their offer, what makes you think anyone else will ?"

Well, their now acknowledged spokesperson and deal advocate made it clear that the 'premium to prevailing share price' was in his view compelling grounds for everyone to consideri the RAM proposal 'a fantastic deal'.

And who am I - or you - to disagree with him?

Heaven forfend!

GLA

Hi all,

.."The RAM raid is no where near a fair deal for ZIOC shareholders -the BOD won’t even tell us who the RAM investors are.."

May I suggest that rather than argue amongst fellow-posters on a bulletin board, folk write to the Nomad, Panmure Liberum, as I do periodically to register their latest failure to police the Company that they have oversight for?

Why, nearly 2 weeks after the event, do we still not know what revisions have been made to the Significant Shareholders register? Where are any and all TR-1s, including those of Greymont and Regatta that we've been asking for for the last year+

140 million shares were placed with pre-vetted, known invitees ...and existing declared holders' positions likely changed, if only by the denominator (now 991M shares in issue). How long does it take to work those numbers out? And for slow reporters, why doesn't ZIOC invoke its (temporary) disenfranchisement rights until the new shareholders or 3+percenters declare themselves?

Having belatedly discovered the existence of a concert party, one has to question Panmure's (and the board's) failure to flag the absurdity of concert party members Greymont, Sir Mick and Anthony Trahar entering as far back as Mar 2025 a transaction whose principal architect was identified at the time (by Elphick) as concertparty member Andrew Trahar (no disclosure then); and the same folk (with, presumably, others) on both sides of the RAM transaction (no disclosure then) ; and concertparty member AT advocating for the RAM deal, assuring us at InvestorMeet (wearing his ZIOC hat for the day) that all the large shareholders supported it. Well, of course they would say that, wouldn't they? to echo Mandy Rice Davies.

How is it that we still have no idea of the economic interest of Sir Mick in the Greymont Consortium alongside other concert party members and the RAM bid that it will shortly vote on, where Sir Mick and it - and other concertparty members - are on the other side of the deal? Which way will concertparty member Andrew Trahar vote...or will he recuse himself? The situation under Panmure's watch - and I use the term advisedly - has degenerated into farce.

How can Panmure oversee a volte-face in a matter of weeks from an NPV10-based benchmark pursued for at least 14 months to an artificial, 'market-based' comparator, without raising an eyebrow, much less an objection?

How can an NPV10 of $5.2 Bn quoted in August, October and December 2025...with a further $ 4%n + of value enhancement uplift targeted - turn a matter of weeks later into a $4.9 Bn revised NPV10, yet be described as a 30% INCREASE?

How thorough should Panmure consider its 'interest conflict mapping't to have been, in hindsight?

And that's just on matters that have been -reluctantly and after-the-event - disclosed so far.

I'm sure that we've only seen the tip of the iceberg.

Posters should press Panmure to 'fess up on the above matters...and invite them to get ahead of the story.

G