Member Info for extrader

Some hard news was promised by end Feb, maybe some kind person could check in with AT or MK...after all. any potential strategics would surely like that info also.

AIUI

More interesting than MK's body language is AT's casual aside that the mine-life is likely 'over 100 years'.......

It's also interesting that he was introduced as ZIOC's Corporate Development and Investors Relations Manager, when he last signed off in that capacity in the 12th Jan RNS (the Indaba invite) , isn't named in the contacts on the 10 Feb RNS . .... and it's left to MK (a busy CEO, remember) to field any investor enquiries.

All very odd.

Then there's this:

Denis Sassou-N'Guesso - Officiel

@SassouNGuesso_

Mar 1

Mining Industry |

"In the Niari, we will witness a major iron ore operation in Mayoko.

These iron ores will be PROCESSED in the Niari, in Pointe-Noire, and elsewhere in the country. "

This is the vague, job-offering politician speaking - there are 2 x Mayoko's:

(a) Mayoko Lekoumou (Niari) , the lower grade Exxaro > Sapro / Obambi (front for Big Den) project, CFCO rail-dependent; and

(b) Mayoko Moussondji (Lekoumou), the higher grade Equatorial > Ulsan Mining (Turkish mooted CFCO rail and foundry investor).

It remains unclear whether/how these projects will actually progress, as there'll be no 'greater Zanaga' economies of scale or finance-sharing.

The earlier GLEN marketing arrangement included wording re 'greater Zanaga', likely to include its other marketing arrangement (mentioned by Florent) with Sapro Mayoko/Obambi, this now superseded by the pivot to an exclusive export route, the slurry pipeline, which ZIOC will share only with GIS.

It's worth reminding ourselves of Elphick's comments then (March 2025), that the GLEN buyout , working capital line and GIS involvement would 're-position the project to prepare for an EXECUTION phase'...; would 'enable us to CAPITALISE on our PREPARATORY discussions with strategic partners and ASSEMBLE a construction consortium for the Zanaga Project'.....taking advantage of 'our new strategic partnerships with Middle Eastern and International groups, with industry expertise but also the COMMERCIAL RELATIONSHIPS NEEDED TO SUPPORT FINANCING AND OFFTAKE AGREEMENTS..'

A whole twelve months later and -despite completion (and expense) of all the value enhancing measures undertaken ( NB final details promised be end Feb 2026, still - curiously - not released ) - the best our Board and management have been able to come up with is RAM's highly dilutive 'in-house' deal ... a deal that shows scant evidence that ZIOC has taken ANY advantage at all of the 'industry expertise ' and 'commercial relationships...supporting finance and offtake agreements' that were touted then as a key part of the rationale for the transaction..

Newly appointed CEO MK appears to have abandoned fairly quickly his then declared intention to 'now launch a formal process aimed at assembling a project funding and execution consortium...."

https://irtools.co.uk/97/story/2bd70c35-2fcb-43e9-a8fa-bc409d7058cf.

MK 'talks the talk' but seems to have 'gone walkabout' on the delivery part, AFAICS.

GLA

I agree, partly with what you say.

With the expropriation risk - if it ever existed - now seemingly abated by Big Den's tweet, this may encourage other bidders to step forward...and maybe even improve their offers, with the country (political) risk reduced.

The next hurdle (and inflexion point for these Strategics, if I may still describe them as such) will be the election and whether it's contested...and the result and whether it's challenged...and if challenged, how/whether suppressed. A positive outcome there would be another de-risking/value-raising development, no?

Fingers crossed - not least for the electorate - that all goes well.

It still seems to me that ZIOC PI's have paid and will be paying a disproportionate share of the cost of this 'insurance', if the current proposal is essentially that of 'middleman'.

All still to play for, IMO.

Hang on to those 'golden tickets', folks...

.."The alternative - post Sundance (their concessions passed to the Chinese) - could have been much worse, the announcement the license was being revoked & passed to the Chinese, Saudis, Emirates, whoever..."

In which case, he could still say that the mine is coming into production and there'll be lots of jobs......

The party's at his place, who attends is secondary from his (Presidential candidate) pov.

AFAICS

Hi 99icecream,

Apols for o/t, I've seen your seemingly different views of the 2 Congo projects. I'm not familiar with one of them, could you PM me on the advfn board to swap notes?

TIA

ZIOC RNS'd their next planned information update thusly, as recently as 30 December 2025:

.."Q1 2026 near-term objectives:

(1).."several workstreams aimed at improving the construction, operations, strategic optionality, and overall economics of the Zanaga Project.... have been completed on time, and within budget, and are now progressing through final ZIOC Board level review and approval... results will be announced on Tuesday, 6 January 2026...

6th Jan we were (again) told

(2) Project development strategy update (February 2026). We're now March 2....

o Process plant Front End Engineering & Design ("FEED") RESULTS, including updated capital and operating cost estimates based on a DRI flow sheet developed through 2025

o Fully integrated PROJECT DEVELOPMENT PLAN, including ECONOMICS OF ALL PROJECT ENHANCEMENTS assessed TO DATE

o UPDATE on logistics and infrastructure solutions required to support the development of the Zanaga Project.

On the other hand, we were also told that ZIOC would be engaging with and seeking initial OFFERS (plural) from INVESTORS (plural) DURING Q1 2026 (ie by end-March) and "is targeting the announcement of transaction terms with a SELECTED strategic investor during Q1 2026. ie (also by end March).

What became of all those assiduously-courted Strategics?

;-<

Ho hum.

....quickly followed by delegations from China (FOCAC) and the UAE Minister for Foreign Affairs.

Présidence de la République du Congo - Officiel

@PR_Congo

·

The President of the Republic, H.E. @SassouNGuesso_ , held a series of diplomatic meetings this Friday, February 27, at his residence on the plateau. The Head of State successively received His Highness Sheikh Shakhboot Al Nahyan, Emirati Minister of State for Foreign Affairs, then Liu Yuxi, Ambassador and key figure of the Forum on China-Africa Cooperation (FOCAC)..."

and then by some local electioneering news, rehabilitation (oft promised, much needed, never actually carried out) of the Congo Ocean railroad.

Présidence de la République du Congo - Officiel

@PR_Congo

The President of the Republic, His Excellency Mr. @SassouNGuesso_ , proceeded, on this 27 February 2026, in Brazzaville, to the launch of the rehabilitation and modernization works of the Congo-Ocean Railway (CFCO). ..."

China and the UAE each concluded last year their version of 'most favoured nation' treaties - 'early harvest' and CEPA, respectively - maybe they're moving closer to realisation/implementation?

GLA

Présidence de la République du Congo

@PR_Congo

The President of the Republic, H.E. @SassouNGuesso , received in audience, this Thursday, February 26, 2026, at his residence on the plateau, Mr. Aimé Sakombi Molendo, Minister of Hydraulic Resources and Electricity of the Democratic Republic of the Congo....

Another unexploited natural resource that may yet finally come good.....and would also benefit the benighted citizens of both countries.

GLA

.."Electric mobility company SPIRO plans to expand its motorcycle fleet in Africa and ramp up battery production after raising $50 million from the African Export-Import Bank. The move comes amid growing electric vehicle adoption in African cities, with the rise of competitors pushing to take market share from dominant Chinese manufacturers..."

This is another of Gupta's 'little' sidelines, see

https://en.wikipedia.org/wiki/Spiro_(company)

..."Funding

Founded in 2022, Spiro received initial funding of USD 85 million from Equitane Group, formerly Africa transformation and industrialization fund (ATIF).

In 2024, Spiro received USD 50 million from African Export-Import Bank (Afreximbank).

In October 2025, the company raised $100mn in a round led by Fund for Export Development in Africa (FEDA), the impact investment arm of Afreximbank."

And now he/SPIRO have apparently got ANOTHER $ 50 million from Afreximbank......

Shows the power of 'connections' (geddit?), doesn't it?

GLA and ATB

Zanaga Iron Ore Company

@Zanaga_Iron_Ore

·

2h

📽️ Martin Knauth, CEO of Zanaga Iron, joined BRR Media in Cape Town to discuss #ZIOC's proposed strategic transaction with Red Arc Minerals, and how it positions the project to progress towards a final investment decision.

Watch here ➡️ https://brrmedia.co.uk/broadcasts/698d883ff124430012911d3b/zanaga-iron-company-update/

GLA

Hi Feeks,

I don't know- and I doubt whether many folk on the board here do either - but a judicious search on google might get you a more productive explanation.

Why not root around and if you find anything worthwhile, you could share it here, as a community service?

PS Also, likely to be more reliable than anything you're told by an anonymous poster, that's for sure !

ATB

Hi 99icecream,

"Panmure have just put out Research on ZIOC - (Target Price 15p)."

Can you provide a link for us all to read, pls?

This might turn heat into light.

It's a day for quotes, obviously!

;->

TIA and GLA

Hi Dustfilter,

.."A bit surprised nobody's mentioned this. I guess any of those lock-in parties involved with RAM will need to keep their ZIOC shares for the EGM vote..."

Whoah!

Thanks for flagging this.

How's Heeney Capital been able to give RAM its backing for the deal announced on 10th Feb, when the groups it manages - Greymont and Regatta - are still locked in until 26th Feb?

Unless they're no longer obligated because ZIOC released them ( ? perhaps the 'potential investor' has already walked ?) .....but if so, surely this is something we should have been told?

How does the song go?

"There are more questions than answers

And the more I find out the less I know"

;-<

GLA

Hi agneissearner,

Great moniker, btw.

Gupta is doing his bit, someone's even updated his wiki page. Got the rail > slurry bit wrong..and his current holding, but still...

https://en.wikipedia.org/wiki/Gagan_Gupta

"Mining: Equitane holds a minority stake in the Belinga iron ore project in Gabon, to promote resource transformation and industrial integration. In March 2025, Gagan Gupta acquired a 9.7% stake in Zanaga Iron Ore Company, operator of the Zanaga iron ore project in the Republic of Congo.

This $21.5 million transaction enabled the withdrawal of Glencore, the former majority shareholder (43.17%), which had been inactive on the project.

The Zanaga site, located in the Lékoumou region, contains an estimated reserve of 2.1 billion tonnes of iron ore, with a projected capacity of 30 million tonnes per year.

The operation also reopened the prospect of relaunching economic studies and forming a consortium to build key infrastructure, including a 300km railway line linking the deposit to the port of Pointe-Noire..."

Article covers his/ATIF's acquisition of Olam's remaining shares in Arise IIP and Arise Infrastructure Services...and its subsequent renaming as Equitane.

In October 2024, Arise IIP raised $443 million to finance its expansion, including $300 million from the Fund for Export Development in Africa (FEDA), the development branch of Afreximbank and $143 million from Africa Finance Corporation (AFC), Arise IIP's total capital exceeds one billion dollars.

In September 2025, a new $700 million capital raise saw the entry of Saudi investor VISION INVEST into the platform’s capital, alongside AFC, Equitane and FEDA.

I like that he's a runner.

First Vision Blue and now these new investors, is it a case of 'double VISION'?

I'll get my coat...

GLA

Https://splash247.com/liberias-iron-ore-surge-set-to-lift-capesize-demand/

Friedland's gambit was to export Guinean ore at Kon Kweni (because of questionmarks already over the SimFer Simandou export route) via Liberia / Buchanan. The Guineans nixed it because they hadn't agreed/been consulted, the Liberians initially gave Ivanhoe access to the hitherto (private) Arcelor-Mittal rail to Buchanan (under US pressure), then changed their mind.

Arcelor is now ramping up ITS production, helping to vindicate Liberia's change of mind........and Ivanhoe is left looking for a replacement source of high grade ore.

'Who ya gonna call?'

GLA

Hi Mattradio,

That link is dated October 2025 and said that he WOULD be attending...which is rather a 'given' , as he's the Minister of Mines.

I was more interested in any evidence from Thor 1 of his name amongst the 70 attendees...and anything that might be gleaned from knowing WHO ELSE attended.

Hope this clarifies where I was coming from

ATB

It's complicated...

Democracy Digest

https://www.demdigest.org › mining-company-faces...

Mining company faces fresh bribery allegations in Congo

Oct 3, 2016 · The mining minister’s support has been critical for Sundance to progress the firm’s Nabeba Congo iron ore venture, which has the potential to be one of the biggest iron ore projects in Africa.

The Sydney Morning Herald

https://www.smh.com.au › business › companies › bribery...

Australian miner Sundance Resources faces fresh bribery allegations …

Leaked documents obtained by Fairfax Media reveal Sundance gifted millions of dollars worth of shares to a company directed by the brother of Republic of Congo mining minister Pierre Oba.

Looks like we're not the only folk to have been following the ZIOC news.

Thor21, was Oba /or Min of Mines by chance amongst the 70 or so Indaba attendees you mentioned?

TIA

"What RAM does not have are ZIOC PI's??"

QED.

Then think things through from that PoV.

HTH

"Ministère de la Coopération Internationale - Congo

@CooperationCG

·4h

Translated from French

Minister Denis @ChristelSassou Nguesso granted an exclusive long-format interview in which he reflects on his actions over the past five years at the helm of his ministerial department.

➡️ To be followed this February 18 at 6 p.m., on our official channels"