Member Info for extrader

Hi Jiving

"Is Alternative Transaction defined anywhere?

This looks like a longstop provision indemnifying RAM in case there's a [successful]counter-proposal."

I now see the break provision:

.." if an alternative transaction is announced prior to the meeting at which the approval of ZIOC shareholders is sought and the ZIOC shareholders do not approve the transaction and, definitive documents for an alternative transaction are executed within twelve months following the end of the exclusivity period (including any extensions thereof), then a further alternative transaction fee will be payable to RAM equal to 10% of the consideration under the alternative transaction..."

That'd be a nice consolation prize for RAM.

'Heads they win, tails they don't lose'.

Another thought: the exclusivity period takes them past the C-B election.

I wonder what Big Den makes of all this.

GLA

..""Andrew Trahar acts as Corporate Development & Investor Relations Manager of ZIOC, pursuant to a consultancy arrangement with ZIOC. Given Andrew Trahar's extensive Project expertise, the ZIOC Board has consented to him also providing consultancy services to RAM, to assist RAM in its subsequent engagement with strategic stakeholders."

Hi Jiving,

If someone wants to put an Alternative Transaction to ZIOC and gatecrash, who are they going to approach?

AT is hopelessly conflicted, ditto likely MK, I imagine that leaves only Elphick.

GLA

Hi all,

Still digesting, it's the middle of the night here. I'm going through the RNS, will then look at the presentation.

Jiving, what do you make of this clause:

.." ZIOC has agreed to exclusivity provisions until 30 June 2026 (which may be extended) and a Break Fee of US$1.5 million payable to RAM, AS WELL AS AN Alternative Transaction Fee within 12 months after the exclusivity period [30 / 6/ 2027, extendable] if applicable..."

Is Alternative Transaction defined anywhere?

This looks like a longstop provision indemnifying RAM in case there's a [successful]counter-proposal.

RAM and co must be cognizant of the risk that someone will be tempted to gate-crash, AFAICS.

What do you think?

GLA

I can't be bothered parsing the rest, but this stands out:

.."It could be that the 3.8% difference has been sold - we are not told."

We are, by inference: "The "Significant Shareholders" total has dropped by approximately 4% (from ~49% to 45.38%). This update to the official company register is the definitive proof that those shares have been sold out of the major block and into the market.".

You'll be familiar with the notion of 'HMV' : G_G_G has nailed it, IMO..and you're not man enough to concede you're wrong.

There's a first time for everything ;->

'Refute or recant'.

The key bit.." a register that has been technically stabilised for two months (30-Day and 60-Day VWAPs)..."

Think back to the 6 month lock-in announced a month late, perhaps to obscure the otherwise coincidence of dates re Rio corporate changes...or Cutifani's shortnotice departure from VBM, around the time that the DRI results were revealed.

.."

Not sure that is the case as the date the threshold was crossed is listed as 08/12/25.."

If a 10% shareholding > 6%, the balance, say 2 x 2%...or better 4 x 1%, becomes freely tradeable without further disclosure, no?

If G_G_G's thesis re share stabilisation has legs, this may have been the counterpart?

'What happens in Dubai stays in Dubai', to coin a phrase.

GLA

Gagan Gupta appears to have sold down 4% or 30m-odd shares, out of a holding previously booked in his family office business, Eagle Eye.

He did this a couple of months ago and only notified ZIOC yesterday.

Is this part of the 'reveal'?

Will we finally see the TR-1s for Greymont and Regatta?

GLA

Gagan Gupta appears to have sold down 4% or 30m-odd shares, out of a holding previously booked in his family office business, Eagle Eye.

He did this a couple of months ago and only notified ZIOC yesterday.

Is this part of the 'reveal'?

Will we finally see the TR-1s for Greymont and Regatta?

GLA

A reminder re Tamesis

Leveraging our investor relationships, analysis and investment banking expertise, we work with our corporate clients to design financing packages which optimise the cost of capital. We specialise in raising capital for companies listed on the world’s major natural resources stock exchanges and regularly participate in international syndicates where we have strong working relationships with many international broking partners. As sector specialists we have long standing and deep relationships with providers of finance across the capital structure including:

Public market equity

Private equity

Strategic/ industry investment

Alternative finance structures including royalty and streaming

Direct lending

Convertible debt

Mainstream lending institutions

Development bank funding

Offtake linked financing

GLA

Trading of ZNGGF on the OTC is minimal, anyway.

Suspension iin the middle of US working hours might get a bit

more attention than would otherwise be the case.

GLA

Don't hold your breath, MM!

Most of us learned a while back not to do that with the ever-smoking gun.

GLA

.." Indeed I now discover that Marty visited Indaba last year specifically to check it out..."

Puhlease...

I'd have thought that even MK had better things to do with his time that that prescient a bit of choreography.

Besides, the 'South African mafia' on Board and on board likely have the Mount Nelson as their favourite watering hole (geddit?) already...

GLA

.."If we get a deal in the next couple of days where it is linked to the recent share price average or VWAP, then any reasonable person would conclude there could only have been insider trading.."

It's normally the s/p creeping up just BEFORE a deal is announce that prompts cries of 'insider trading', 'folk in the know, etc'.

It seems a bit perverse to argue that the price NOT moving is also evidence of manipulation.....

'Absence of evidence isn't evidence of absence', but it would be a tough one to prove, IMO.

And , as ever, who are/would be the aggrieved parties? Cui bono?

Everyone's had time to place their bets, AFAICS...some have even re-joined the party.

;->

Good article covering the 'players', mainly from a US perspective in rationaloptimistsociety@substack.com .

Doesn't mention Ocean Infinity or Atlantic Bastion, Cabot, Baltic Sentry etc, much less SRT itself, so I've spread the word.

GLA

Some of you may recall this sweep from 2023 (no tittering at the back, pls) and last re-visited in Sept 2025.

The idea was to encourage some sharing of expectations; to have a bit of fun ; and to promote the idea of 'giving back' in the event of a ZIOC windfall:

The 'rules' were - think seriously about your best guess for the price of a deal; name YOUR chosen charity; and state the %age of your 'windfall' that you would be willing to donate TO THE CHARITY CHOSEN BY THE PARTICIPANT WHO WAS CLOSEST to the 'final takeout price'.

Two 'problems' have since arisen:

(1) Back then, most of us were thinking of a 'simple' buy-out price, few (certainly not I) considered the possibility of an on-going interest through to Project completion....and a 'known' take-out price only then, in 5 or 6 years' time.

(2) And OTOH I'm sure I'm not alone in being impressed and excited by the uplift suggested by the various 'value- enhancement' initiatives, esp. the 'Holy Grail' of DRI grade ore. So the numbers probably need re-visiting, anyway.

So, I'll just set out the last list of 'runners and riders' as a historical curiosity and invite suggestions as to what other (nearer term) inflexion point/crystallisation event might be suitable/interesting ?

G_G_G has helpfully listed various milestones and his ballpark expectations, but even FEED/FID/Construction start aren't due until '2027'.

The Presidential decree milestone is material, (1) de-risking 'country risk' and (2) increasing the addressable investor base, also (3) fairly near-term....but not reflective of ultimate 'value'.

Anyhoo, here's the list:

s/p 9.0p

70p glenmorangie Shelter 5%

82p GTA5 U24.GOV.UA 5%

100p Tommo1985 Cats Protection 1%

120p SolomonB BirthLink 2%

138p cheets2 Christie Hospital 10%

141p Driving Christian Aid/Congo 5%

156p Hobbypunter Alzheimers 2%

167p MerMillions 1% to Cancer Research

175p Feeks NSPCC 1%

185p ShrewdDude67 Macmillan 2%

199p Veteran10 Barnardo's % Pls complete

200p extrader Alzheimer Research 2%

225p IceTone MND Research 2%

230p AberdeenMan Macmillan 2%

236p sadako Katie Piper Foundation / Fundacion Amor y Esperanza 1% each

250p TheDealBreaker Hinckley Homeless 1%

256 Sidneysideline Audiology Dept. Royal Berks Hosp 1%

285p HappySwinner Alzheimer Research ?% Pls complete

318p.....................................Jiving 'cautious' estimate

342p nibj ? Congo humanitarian 5%

420p Rafaley Cancer Research/ St Peters Hospice 1% each

555p ..............MinorMiner compromise ('meet you halfway')

636p...............Jiving ('calculated estimate')

690p allthatguff New Earth Envoy 1%

722p Alwayshoping Cornwall Air Ambulance. 1%

840p ............................MinorMiner ('calculated estimate')

900p......................beardozer ???

1000p...........................Darkini ???

ATB and GL

Hi beardozer,

I sold my 2008 Panda and 2007 Renault Kangoo a couple of years back when I relocated, so I'm with you (on the car page, at least).

I'm also in favour of old books, wine, old logs, old friends, old dogs...even old wives, too.

Not sure I'm into 'old houses', though - a family member recently upsized on retirement to a Derbyshire property dating back to the 1670's : rather him than me!

ATB

Ttps://fedsoc.org/events/litigation-update-petersen-energia-inversora-s-a-u-v-argentine-republic

Wiki comments blandly .."Preska is considered a conservative judge, and served on the advisory board of the Federalist Society."

ATB

Hi G_G_G,

Starting to be concerned about the 20% of my holding that isn't tax-sheltered.

Spreadex has only been accepting closing bets for a while.

Q : Is there still time (depending on how things pan out) to ask for a share or loan note option?

(Asking for a friend...;-.)

More seriously, we ran a charity share-price competition a while back - the idea being to get some trickle-down in C-B to the populace-at- large.

I'll dig it out and re-post later today/over the weekend.

Currently in the US, wife looking at property.

Don't want to raise her hopes/expectations, yet.

'Steady as she goes'.

Thanks for your contributions!

ATB

Présidence de la République du Congo - Officiel

@PR_Congo

5h

The President of the Republic, H.E. @SassouNGuesso_ , is expected in Pointe-Noire this Friday, February 6, 2026, for a working visit.

On the agenda:

Saturday, February 7.

- Liquefied natural gas: Launch of the loading of the first Nguya shipment from Eni ;

Monday, February 9

- Inauguration of the Ndjindji central market in Pointe-Noire ;

- Launch of the rehabilitation works on the Pointe-Noire - Cabinda road (Pointe-Noire - Djeno section).

This follows:

The President of the Republic, H.E. @SassouNGuesso_

, on this 5th of February, in Bambou Mingali, in the district of Ignié, Djoué-Léfini department, officially launched the Great Agricultural Fair of Congo."

I wonder what else he's planning to 'surprise and delight' the electorate with?

GLA / ATB