Member Info for extrader

Hi Rider75,

-ZIOC's ore was tested a few years back at Binding Solutions Limited (BSL) in the UK -and possibly again, more recently, see below;

-Tony Trahar, Andrew's Dad and one of the new investor consortium, is a BSL shareholder and -briefly, during a corporate restructuring- was a director, presumably as a 'safe pair of hands';

-BSL has several technologies that promise to reduce emissions/costs of processing iron ore, including 'cold pelletisation';

-shareholders include Champion Iron (GLEN connection 8.5%); Mitsui Iron Ore (4.3%); Mineral Resources, Australia (17.5%); CoTec Holdings (3.1%) and 'Concord Atlantic Ltd' a Bermuda-registered investment co (26.4%), with little footprint;

- there's also mention of a holding at some point by PSEI, HongKong. This is believed to be connected to the PSEI China that is (so far not acknowledged/disclosed by ZIOC) the EPC contractor that is doing the various 'value enhancement' initiatives just reported, including the recent DRI (up)grade validation that was confirmed by a 'European' entity (BSL ?);

- the oddity I've picked up is that Treger/CoTec (with a modest 3% shareholding) appears in BSL's Companies House filings as person with 'significant influence or control', my speculation is that he's a front for (or connected to) Concord Atlantic/whoever's behind it, which - bizarrely - appears to have no Board representation, despite its being easily the largest shareholder.

Treger has 'form' in occasionally having a personal shareholding, alongside a corporate one (as is the case with CoTec itself and - I believe ?-Hypomag ).

That's about it!

E & OE, NAI, DYOR etc etc

HTH

Thanks for this!

"This SPV approach is standard for large-scale mining projects at this stage (post-FEED/pre-FID) to enable inward investment without full corporate takeover..."

(1) ZIOC is only "post FEED" on PART of the EPC contractors workload. A full FEED takes 12-18 months....and FEED completion is until 2027, per latest Presentation (p.29) and Elphick's comments.

Not sure whether that impacts AI's overall view.

(2)Maybe it should throw into the mix ZIOC's recent onboarding of this guy, Cozmo Kamanaos, whose CV includes:

Office of the CEO: Head of Operational Completion & Lender Relations

Guinea Alumina Corporation S.A. · Full-timeGuinea Alumina Corporation S.A. · Full-time

Jul 2019 - Sep 2025 · 6 yrs 3 mosJul 2019 to Sep 2025 · 6 yrs 3 mos

Guinea · HybridGuinea · Hybrid

Lead the mine-rail-port operational testing regime to certify Project Completion. Primary interface with the Finance Parties on operational, resources, ESR and best practice matters on project finance governance."

There's a lot going on, that's for sure.

Hi nibj,

Great find, tks.

Interesting background, latterly

Office of the CEO: Head of Operational Completion & Lender Relations

Guinea Alumina Corporation S.A. · Full-timeGuinea Alumina Corporation S.A. · Full-time

Jul 2019 - Sep 2025 · 6 yrs 3 mosJul 2019 to Sep 2025 · 6 yrs 3 mos

Guinea · HybridGuinea · Hybrid

Lead the mine-rail-port operational testing regime to certify Project Completion. Primary interface with the Finance Parties on operational, resources, ESR and best practice matters on project finance governance."

Cozmo became 'unexpectedly available', when GAC's assets were seized by the Guinea Govt, see

https://www.africaintelligence.com › west-africa › how-conakry-junta-took...

Guinea How Conakry junta took control of GAC bauxite project

Sep 8, 2025 · Following the termination of its mining agreement by Mamadi Doumbouya 's junta, announced on 4 August, Guinea Alumina Corp (GAC) has laid off its 3,200 employees, 96% of whom …"

GCA is owned by Emirates Global Aluminium (EGA)

EGA itself is jointly owned by:

- Abu Dhabi -Mubadala Investment Company – 50%

- Dubai - Investment Corporation of Dubai – 50%

So GAC is ultimately owned by the Abu Dhabi and Dubai sovereign wealth funds.

Cosmo's role at GCA , again:

"Lead the mine-rail-port operational testing regime to certify Project Completion. Primary interface with the Finance Parties on operational, resources, ESR and best practice matters on project finance governance...."

His availability seems quite serendipitous.

GLA

' Every investor in ZIOC should be questioning everything they read and I'm sure extrader would agree with me..."

I do. I'm genuinely disappointed at the lack of feedback/pushback to my posts - I use bulletin boards to keep a record of findings and to invite challenge to my understanding of an issue.

A recent, live example is my recent posting re Manara being spun out of Ma'aden, possibly to include foreign shareholders and hoping to tap foreign mining co's expertise, whilst securing offtake arrangements. I speculated that this might include ZIOC/GIS.

On further reading around the spin-off objectives, I note the apparent lack of any reference (unlike hitherto) to Manara ambitions in the iron ore sector.

Instead, I read only about plans for copper, nickel, lithium and REE. A bit odd, since the first two were the rationale for the stake taken in Vale Base Minerals, in any case, apparently no iron ore.

I'd have welcomed someone else correcting my apparent misunderstanding.

For the avoidance of doubt: I'll be doubly happy if someone can show that that MANARA IS still interested in iron ore.

GLA

.."The majority of shares are closely held/sales embargoed, so who does it leave that can achieve this without TR/1's appearing?.."

From memory, about 100m of the 420m or so in the Private Placement were below the 3% level.....and any legacy Garbut holders that were at/about 3% when Garbut was unwound will have been diluted to under 1.5%, so a fair (theoretical) bit of headroom there also, I'd venture.

Just my view.

HTH

Https://www.businesswire.com/news/home/20260114415776/en/Rio-Tinto-and-BHP-explore-collaboration-to-mine-up-to-200-million-tonnes-of-Pilbara-iron-ore

.."Rio Tinto and BHP have agreed to work together to extract up to 200 million tonnes of iron ore at their neighbouring Yandicoogina and Yandi iron ore operations in the Pilbara.

Under two non-binding Memoranda of Understanding (MOUs), the companies will explore the potential for:

-collaboration on the development of Rio Tinto’s Wunbye deposit; and

- BHP to supply its Yandi Lower Channel Deposit ore to Rio Tinto for processing at its existing wet plants under agreed commercial terms."

(1) Doesn't address the Pilbara rust problem

The iron ore grade at Yandicoogina is reported to average between 56% to 59% Fe. The Yandi mine, located nearby, has a proven reserve of 310 Mt @ 58.5% Fe and an indicated reserve of 870 Mt @ 58% Fe (Wiki).

(2) Both are ageing mines and the new collaboration seems to be (i) about lowering production costs...and (ii) maybe more importantly, domestic politics., see

.."Rio Tinto Iron Ore Chief Executive Matthew Holcz said: “By working smarter, we can better leverage existing infrastructure to unlock additional production with minimal capital requirements.

“Together we will extend the life of these operations, create additional value, and further support Western Australian jobs and local communities.”

BHP WA Iron Ore Asset President Tim Day said: “This is a clear example of productivity in action - unlocking new opportunities by making the most of our existing resources.

“By sharing our expertise and infrastructure we will create new value and deliver benefit to our people, partners, customers and communities."..

GLA

More detail here...

https://arabpress.com/zmrtzz-saudi-public-investment-fund-moves-to-float-mining-unit-manara-in-strategic-resource-push

.."The Saudi Public Investment Fund has advanced plans to spin off its mining subsidiary, Manara Minerals, in a move aimed at unlocking value, diversifying the Kingdom’s economy and positioning Saudi Arabia more prominently in global critical minerals markets....

..The spin-off is expected to culminate in an initial public offering of Manara, potentially on domestic and international exchanges, although final timing and pricing details are still being determined....

....By offering a standalone equity vehicle for investors, the PIF aims to accelerate the commercialisation of mineral assets and attract foreign capital and expertise.....

..The PIF has also been engaging with international partners to support Manara’s exploration and development programmes, underscoring a focus on securing long-term offtake agreements and technological cooperation...

....The PIF’s decision to pursue a spin-off vehicle is widely interpreted as a means of isolating development risk while giving investors a clearer stake in returns associated with resource discoveries and production....."

GLA.

Https://www.kitco.com/news/off-the-wire/2026-01-14/saudi-public-investment-fund-plans-spin-mining-firm-manara

.."“PIF is a large investor, but they don’t have mining expertise,” .

No timeframe for the spinoff was given, but discussions over NEW SHAREHOLDERS in Manara were ongoing [Ed.: which suggests this has been under discussion for some time] , with the possibility of Saudi OR FOREIGN INVESTORS, Al-Khorayef said..."

Rationale here

https://discoveryalert.com.au/sovereign-wealth-fund-mining-investment-2026/

Operational Partnership Models

The Saudi Public Investment Fund spin-off Manara Minerals approach emphasizes strategic partnerships over direct operational control. This strategy recognizes that technical mining expertise cannot be quickly acquired through capital deployment alone. Minority stake strategies with active involvement in technical decision-making provide access to operational knowledge while limiting direct management responsibilities.

Long-term offtake agreements represent another crucial component of this partnership model. These arrangements secure stable revenue streams for mining operations while guaranteeing supply for downstream industrial applications. The mutual dependencies created align interests between mining operators and strategic investors...

Supply chain integration opportunities emerge naturally from these partnership structures. Consequently, investment benefits potentially extend beyond the mining operation itself into PROCESSING, refining, and DISTRIBUTION (= commodity trading) activities that add value throughout the commodity value chain...."

I wonder whether GIS has been a placeholder for a Manara ++ consortium offtake arrangement all along?

As a reminder, from the March 2025 Private Placement RNS

.."Strategic Offtake Partner

As part of the transaction and as A CONDITION of Greymont Bay's cornerstone subscription, marketing rights over 20% of the iron ore products from the Zanaga Project will be ALLOCATED to Gulf Iron and Steel (GIS), a CONSORTIUM OF STRATEGIC INDUSTRY ENTITIES seeking to develop integrated steel facilities supplied by high-grade pellet feed iron ore to the Americas and the Middle East ("GIS Offtake Agreement").

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."

Whaddaya think, guys (and gals)?

GLA and ATB

Hi technician,

.." the fact Glen sold out for a fraction of fair value quite recently is another reason for a potantial buyer to bid us very low..."

That argument ignores GLEN's reasons for selling, which are understood to include:

- recognition that its dominant presence on the register and offtake marketing rights were evidently (still) a block on a deal;

- its complicated history in C-B, latterly 'badgering' the Govt for repayment of its (murky) pre-export oil finance deals; and

- its relationship with the US authorities, notably DoJ, over bribery allegations (and convictions).

It's not impossible OTOH that Glasenberg himself might pop up on the register at some point.

As I see things.

ATB

P.S. Closer to home, CoTec also reported today that its U.S.-based joint venture rare earth permanent magnet recycling and manufacturing company HyProMag USA announced the official launch of HyProMag Limited’s (HyProMag) rare earth magnet facility today at Tyseley Energy Park (the “UK Facility”).

The UK Facility has been developed by the Magnetic Materials Group (“MMG”) at the University of Birmingham and constructed and commissioned alongside HyProMag. The University of Birmingham and HyProMag today host the opening of the Facility for separating and recycling rare earth magnets using the patented Hydrogen Processing of Magnet Scrap (“HPMS”) technology, licensed exclusively to HyProMag..."

In the follow-up blurb, CoTec says that

.."CoTec’s mission is clear: accelerate the energy transition while strengthening U.S. economic and national security.

From its HyProMag USA magnet recycling joint venture in Texas, to IRON TAILINGS REPROCESSING in Québec, to next-generation copper and IRON SOLUTIONS BACKED BY GLOBAL MAJORS*, CoTec is building a diversified portfolio with long-term growth, rapid cash flow potential, and high barriers to entry. The result is a differentiated platform at the intersection of technology, sustainability, and strategic materials..."

*That's Binding Solutions Limited...(BSL).

GLA

Seemingly O/T, but bear with me. This is the Treger vehicle that has a (small) stake in Binding Solutions...and where he has disproportionate Person of Influence/Control status.

MagIron's independent Definitive Feasibility Study and Reserve and Resource Statement [supports] the restart of MagIron’s facility in Minnesota and the Reynolds Pellet Plant in Indiana to produce direct-reduced (“DR”) grade pellets.

Highlights of the Definitive Feasibility Study include:

· Base-case after-tax NPV (4.9%[ii]) of approximately US$1.598[iii] billion and an internal rate of return of 27.60%[iv]

· Payback period of approximately 3 years and 7 months

· Mine life of approximately 32 years

· Up-front capital costs of approximately US$435 million, with approximately US$190 million associated with mining and rail equipment which is expected to be leased

· Average annual DR-grade pellet production of approximately 2.6 million tonnes and total life of mine production of 84 million tonnes

· Life-of-mine average cash costs of approximately US$92.42 per dry metric tonne of DR pellet (FOB Reynolds)

· Targeting a final investment decision (“FID”) in early 2026

The MagIron study confirms a technically robust and economically attractive restart plan and positions MagIron to become a domestic supplier of high-quality DR-grade iron units to the U.S. electric arc furnace steel market. The study incorporates pilot-plant test work conducted at the Natural Resources Research Institute at the University of Minnesota, which validated MagIron’s processing flowsheet.

MagIron has stated that it intends to restart its portfolio of previously operating facilities to achieve production of approximately 2.5 to 2.7 million tonnes per annum of DR-grade pellets using existing infrastructure. The facilities benefit from an estimated US$660 million of historical capital investment and have a replacement value exceeding US$1.3 billion, providing a capital intensity and timeline advantage relative to new-build developments.

MagIron is targeting a FID in early 2026, subject to the successful completion of its project financing, with refurbishment and upgrade activities targeted to commence in mid-2026, followed by commissioning and ramp-up in early 2027.

Julian Treger, Chief Executive Officer of CoTec, commented: “The completion of an independent definitive feasibility study represents an important milestone for MagIron.... Using MagIron’s reported post-tax NPV of approximately US$1.6 billion, this interest implies an attributable value to CoTec of approximately US$272 million.

This outcome reinforces the strategic rationale behind our investment approach and our focus on advancing assets that strengthen domestic supply chains for critical materials.”

Some interesting read-across re US market dynamics and pricing.

GLA

Well worth a read....article basically says that US shale has peaked; current demand is under-stated; natural decline rate has risen/is rising; insufficient investment in replacement...all pointing to current state being 'calm before storm'.

https://blog.gorozen.com/blog/is-the-iea-quietly-turning-bullish

Might also explain some of Trump's interest in 'encouraging' security ..and sources...of supply.

GLA

Hi G_G_G,

You write, inter alia,

.." if, for instance, they allowed the strategic partner to have 50% at a project level (1) for a free carry of stage 1, plus (2) 20% of zioc with a $100m fundraise at say 40-50p. this effectively(i) locks the strategic partner into the project's success via a 'down payment', (ii) immediately re-rates the share price for folks to exit, and (iii) puts a floor under the sp should the partner make a bid in future. (iv) the 'power' board can also take some money off the table at this juncture..."

This is a more ambitious and eloquent variant of an idea I floated recently - a smaller, less dilutive offering simply to cover FEED - that would build valuable 'proof of concept' (which is one reason - I believe- why SOLG's starting cap is higher than ours: it's further along the credibility path).

I come back to the mystery of GIS's 20% offtake 'allocation' - not contract, agreement or similar - which was a Condition Precedent for Greymont's subscription - and wouldn't be surprised to see some disclosure on that front at Indaba..

ATB

....."over 900M shares (ZIOC) = $ 2.14/£1.58 per share ......"

It's an interesting thought that folk were prepared to pay £1.56 over a decade ago for half of the asset that we now have, taking no account of inflation, the 'green premium ' or the various 'value enhancements' that have recently been identified.

It's a funny old world.

GLA

Hi technician,

There's probably more emphasis on comparison to SOLG historical share price than to theoretical NPV for the simple reason that there's less ambiguity/uncertainty/scope for debate about the former than there is about the latter.

IMO

Calc re '1/3rd of NPV'

The March 2025 Presentation gave us:

Category Kami Project Zanaga Project

Enterprise Value US$500m EV (Dec 2024) US$ 77m EV (Feb 2025)

Kami Zanaga Stage 1 Zanaga Stage 2

NPV (preDR) US$0.54bn US$2.4bn US$4.5Bn

NPV (with DR) US$1.69bn US$5.7bn US$9.9bn

(US$150/t 65% = US$180/t 68% DR)

@ 33% of NPV = $ 558Mn $ 1,881Mn $ 3, 267 Mn.

over 900M shares (ZIOC) = $ 2.14/£1.58 per share $3.63/£2.69 per share

@ $/£ = 1.35

SOLG currently has 3 billion shares, for comparison, with 4 x miningco investors (incl JiangXi) already holding ca.40% of shares.

Even with the significant dilution that Strategic involvement would likely entail, if we got the mooted '1/3rd of NPV', I think most PI's would be happy.

E & OE, pls correct any misunderstanding on my part.

GLA and ATB

Highlights:

.."the iron ore resources ..are estimated at between 15 and 20 billion tonnes, with an AVERAGE GRADE EXCEEDING 60%.

.." consolidated technical and economic studies estimate an initial investment of approximately USD 28.9 billion for the FIRST PHASE of the project..."

Just in time for FMF.

Form an orderly queue, pls.

Makes the investment decision in favour of ZIOC loose change, by comparison.

AFAICS

Hi G_G_G,

With further ref to your SOLG/ZIOC comparison (NAV : Market Cap), Mining Journal leads today with

.."Are the Chinese getting SolGold on the cheap?

BHP lets Jiangxi have it".

FWIW

Claude's analysis is more 'on point' - and mercifully shorter - than the offering on t'other board (with the additional merit that its analysis doesn't offer 'informed posters on lse and twitter' as one of its sources- the circularity of which detracts from its value).

One small contribution:

.."Venue selection (premium location at Africa's top mining conference) signals importance.."

Claude doesn't spell the importance out.

IF there is a material disclosure, I think it would be personally important vindication for Elphick and Guava + Garbut's South Africa-connected followers and friends.....and Sir Mick and the Trahars and other long-term believers/holders.

AIUI

GLA and ATB

PS.: It would certainly be a novel approach, to 'big up' a prospective NAV publicly and repeatedly ...and then shortly thereafter try an underhand move, in the glare of publicity, to 'leg over' the PI's....

QED