Member Info for extrader

.."All we have really is money for FEED, the rest is pure in the sky as it was before..."

And even that's heavily qualified: 5 x $5Mn tranches OVER 18 months ...and ONLY the first 3 tranches , so $15Mn binding on RAM....

so who exactly is 'running on fumes' here?

Chancers.

"70 people at the presentation including trading houses, steel mills, industry figures etc..."

Who attended, pls?

Cheers.

.."So in the end what was the ‘smoking gun’?.."

My recent suggestion, only half in jest, was

"They get a 10% reward for any counter-offer." So another company could offer £1bn for ZIOC and RAM pockets £100m of that for doing what exactly?

Firing the starting pistol.

Maybe this is the 'smoking gun' that MM has been teasing intermittently from t'other place.

:-> "

If it was anything else (that might be helpful for PI's to know, given the 'change in circumstances' ), now would be a good time for MM to put his big boy pants on and share what he knows.

Fingers crossed!

GLA

.."Extruder. I used the word " original". Go back, check and correct your maths!.."

I collated about 50 messages, why don't you post your 'original' since presumably easier to find.

In any case, by your own admission, you evidently felt comfortable with the number I quoted - 175p - 'later on' (by inference): what caused you to change your mind so materially?

Hi Feeks,

Claim :.." I think my original guess at the buy-out price for the sweepstake was around 7p..."

The 'actualite' : 175p Feeks NSPCC 1%

As the late Queen might say, ' Recollections may vary'.

HTH

"Could we get an Industry expert or consultancy to assess the validity and fairness of this deal based on known deals and industry metrics.."

(1) Try Ivan Glasenberg....seriously: he's a 'player'; he knows the industry dynamics and the asset; he's retired and not GLEN, just it's largest shareholder; he, nickname 'The Dealer' (in)famously already crossed swords with Sir Mick Davis a.k.a. The Digger, when Ivan double-crossed him and GLEN took over Xstrata, instead of the original proposed 'merger of equals', with co CEO's: there's likely no love lost between them, tho' both ex the South African Lithuanian Jewish community...

(2) Robert Friedland/ Ivanhoe: he's just run into problems with Kon Kweni, where Guinea and Liberia have between them just derailed (geddit) his export plans, despite him getting Trump's son-in-law to strong-arm Liberia.....likely dangling the carrot of a new source of a 'critical mineral' for the US.

His CEO has just walked the plank.

https://www.msn.com/en-xl/africa/top-stories/ivanhoe-atlantic-ceo-quits-as-guinea-roadblocks-threaten-liberia-rail-deal

.."Barnes was not merely Ivanhoe Atlantic's chief executive; she was the project's principal political and diplomatic face. She led negotiations with the Liberian government, engaged Guinean authorities, and served as the public bridge to U.S. geopolitical interests backing the project. [So he may be under pressure to come up with an alternative.]

... Analysts add that Barnes' exit weakens Ivanhoe's credibility with host governments, investors, and U.S. backers already uneasy about slow progress and mounting geopolitical complications."

He's a wheeler-dealer (literally- got expelled from college in 1970 for possession of USD 100K LSD; and the apple-farm where he co-worked with Steve Jobs was supposedly the source for the name of Jobs' later business venture...).

ZIOC NED Phil Mitchell would presumably have to recuse himself (again) for another conflict of interest.

;->

Both names meet the criteria: Means; Motive; and Opportunity.

GLA

"Could we get an Industry expert or consultancy to assess the validity and fairness of this deal based on known deals and industry metrics.."

Try Ivan Glasenberg....seriously.

HTH

"They get a 10% reward for any counter-offer." So another company could offer £1bn for ZIOC and RAM pockets £100m of that for doing what exactly?

Firing the starting pistol.

Maybe this is the 'smoking gun' that MM has been teasing intermittently from t'other place.

:->

Hi Jiving,

Hence my Q earlier re date of incorporation of RAM.

Hi G_G_G

I'm happy to tackle the NOMAD angle, which I think has potential.

Re 'lock in' for instance, why only announced with a months' delay after signing? What did Panmure know ...and when? etc.

Logistics: I'm in Eastern US, so 5 hours behind the UK ....and have commitments, like you. Different, but other.

I've posted some thoughts over on advfn ZIOC, suggest you PM me from there to discuss further.

ATB

Archy, it [RAM] is literally a made up entity, same as GIS Gulf Iron and Steel..

Liberum seems negligent in its NOMAD responsibilities - I have correspondence with them and AT over the inexplicable/unexplained (to this day) lack of TR-1s for Greymont and Heeney Capital/Regatta.

Share lock in agreement signed in Aug 2025 , declared Sept 2025 "following a request from a potential investor engaged in ZIOC's strategic partner process', who was that, did RAM even exist then?

CF his comment after the $ 21.5m Placement:

..""I would like to thank Martin Knauth and Andrew Trahar for envisioning and structuring this entire process, driving the transaction and raising the capital."

AFAICS he hasn't endorsed this development, whereas he did the $ 21.5m placement, onboarding the 'notables'.

They took 50%, RAM are proposing to take 87.5%...and in the process turning ZIOV from a mining co to an investment co.

Wouldn't you expect the Chairman to sign off on this sort of thing?

I'm in uncharted waters here...

GLA

Question, why is it phrased as 'up to', surely it's either is or isn't US$25m in cash !

5 x $5m tranches over 18 months, only the first 3 tranches are binding.....

.."Tranche One is proposed to be funded in five sub-tranches of US$5 million each, with each sub-tranche representing 4% of the outstanding Common Shares. The first sub-tranche is expected to close as soon as reasonably practicable following completion of long form transaction agreements, final due diligence, and securing of ZIOC shareholder approval. Subsequent sub-tranches are expected to be completed over the following 18 months in accordance with the definitive documentation, with sub-tranches 1A, 1B and 1C being binding on RAM, sub-tranches 1D and 1E will be at RAM's option, and RAM having the right to accelerate the timing of subsequent sub-tranches..."

HTH

GLEN would also be an unacceptable counterpart to C-B, they /their banks were 'badgering' the Govt for repayment of overdue pre-export finance loans with SNPC, with associated Little Den corruption allegations...and a 'better behaviour' commitment to the US DoJ, plus associated penalties (over $ 1.1 Bn in fines, IIRC).

.."Your not telling me that offering Zioc to FMG or Rio for 50p a share wouldn't have had a bite..."

The RAM 'cheeky offer' has turned hypothetical discussions into a reality - hence my comment re FOMO, when different considerations come into play.

For some people, money is just a way of keeping score, their real motivation is being ' a player' , preferably the biggest swinging d*ck'. Hence my comment re Twiggy.

For the Chinese (and maybe others), there are other, bigger fish to fry. Do you think they'll be happy to see Zanaga ownership potentially in Western / US hands?

Meanwhile, I'm with G_G_G, the ' reputational embarrassment' approach seems worth following.

AIUI.

Hi Jiving,

.."So everything now depends on whether there exist alternative bidders prepared to join the fray...".

The RAM proposal represents an attempted stitch-up, locking in the project at a fraction of its economic value. Its structure — exclusivity, a modest break fee, and a staged acquisition of Jumelles —make this clear. The non-production of promised updated value enhancement projections means that any new bidder must rely on public materials eg the December 2025 presentation, which still shows multi‑billion‑dollar NPV potential.

Industry or strategic players will understand the current asset 'steal' and must be tempted, if only by FOMO.

Likely 'gatecrashers' are Chinese SOEs, FMG, and Middle Eastern steel/sovereign entities.

Chinese groups (Baowu, CITIC, Minmetals) have the inside track on 'latest value' — especially if PSEI/Pace is the preferred engineering partner.

China typically prefers project‑level JVs rather than 'mining on Wall St', so it would want to 'partner up'.

FMG seems the most credible Western gate‑crasher., given its 'Pilbara rust' problem; its currently stalled Belinga 'solution'; and Zanaga as a ready‑made Tier‑1 substitute.

It also has a history of opportunistic, high‑profile 'spoiler' interventions (e.g., Simandou) and a corporate culture comfortable with African political and execution risk.

FMG’s historic relationship with the Gupta family — who introduced them to Gabon and facilitated its Belinga 'uncontested concession' — gives them a good handle on local politics. Recall that exPres Bongo is Big Den's son-in-law.

Through ATIF (20% of Belinga), personal 6–10% of ZIOC, AFC relationships and local political connections, Gupta is well placed to mobilise African finance, and (maybe) government sentiment. ARISE's MoU predates Gupta's participation in the new ZIOC shareholder consortium, his interest may be just transactional/ the pelletiser plant. Note that he didn't join the share lockup.

Rio Tinto hasn't pronounced on its possible Simandou asset swap for Chinalco lowertopco shareholding, so there's still logic for hedging Simandou risk, whilst upgrading ore quality...at a fraction of the price. A Rio–China JV might suit both sides

RAM’s implied project valuation (~USD 150–200m) and shareholder 'offer' - around 15p?- is far below sunk cost, replacement cost, and NPV estimates. And that's before the withheld enhancement info.

Various M East strategics ex Saudi and UAE (Gupta connections, again) might be willing to make a quick and dirty cash proposal, 'with beauty contest for participants to follow'. They'd be a dealmaker rather than taker...

Upsum: The RAM deal isn't a fait accompli, a 30 to 40p cash offer would still be peanuts....and I'm sure 'Twiggy' would love to leg over the suits.

What do others think?

GLA

''I'm not cleaning and oiling "Charlene" yet."

Pls clarify, I'm not familiar with the allusion.

TIA

Cheers!

See p 37 of the December 2025 presentation - Value Comparable Analysis:

Sunk cost $ 330M, replacement value $460M.

See also the NPV10 projections...and value per share ranging from £3.45 to £9.47, for multiples of then 8p s/p of 44.3x to 121 x....

Barely 2 months ago.

Amazing.

.."So we will own 12.5% of the project and still have to fund our share of mine..."

Or - playing Devil's advocate- you could say that we've handed over 87.5% of a 'business plan' for a free carry.

Like you, I'm pretty p*ssed at the shenanigans going on.

ATB