Member Info for extrader

I hope some of you will be taking the opportunity to challenge the Board directly at the AGM on its progress towards monetisation!

I made travel arrangements to include the originally advertised date - 10th Dec- but won' be able to make the revised date, next Friday the 19th.

I hope some of you will be there to ask probing questions....and press for meaningful answers

If so, TIA!

I hope you take the opportunity to challenge the Board directly on its progress towards this goal.

I made travel arrangements to include the originally advertised date - 10th Dec- but won' be able to make the revised date, next Friday the 19th.

Will you - or anyone else posting on the boards - be attending, to get some 'hard' info?

If so, TIA

I'm surprised no-one's commented.

Zanaga Iron Ore Company

@Zanaga_Iron_Ore

10h

.."Discussions at the recent Rio Tinto Capital Markets Day centred around the iron ore sector, with Rio Tinto holding a bullish stance, noting resource depletion and resilient demand.

Some key takeaways from #ZIOC include ⬇️ "....

followed by graphics showing how ZIOC addresses the various issues raised by Rio.

'A nod's as good as a wink to a blind horse'.

GL

I'm surprised no-one's commented.

Zanaga Iron Ore Company

@Zanaga_Iron_Ore

·

10h

.."Discussions at the recent Rio Tinto Capital Markets Day centred around the iron ore sector, with Rio Tinto holding a bullish stance, noting resource depletion and resilient demand.

Some key takeaways from #ZIOC include ⬇️ "....

followed by graphics showing how ZIOC addresses the various issues raised.

'A nod's as good as a wink to a blind horse'.

GLA

Hat tip to LaValmy for this:

"A very recent SRT post on Linkedin says

'Countries are racing to protect what most of us never see: the cables and pipelines running silently across the seabed, carrying our data, energy and economic lifeblood.

Recent debates around Atlantic Bastion and increasing undersea activity highlight a critical point: the threat is no longer just about ships and submarines. It is about complex, grey-zone pressure on underwater infrastructure – and how quickly operators and decision-makers can detect, understand and respond.

New platforms such as gliders, USVs and unmanned submarines are an essential part of the answer. They are, in many ways, the “eyes and ears” under the surface.

But on their own, individual sensors are not enough. The real challenge is making sense of everything at scale:

• Fusing data from coastal radar, AIS, satellite, USVs, drones and other sensors

• Detecting unusual behaviour around cable corridors, pipelines and offshore assets

• Prioritising limited ships and aircraft only where they are truly needed

This is where national-scale maritime domain awareness (MDA) systems come in. At SRT Marine Systems, our technology helps governments build a single, AI-driven operational picture of their coastal waters and exclusive economic zones – turning huge volumes of data into actionable insight that can protect both surface and subsea infrastructure.

As underwater threats evolve, so must the systems that connect every sensor, every platform and every agency involved. The future is not just more hardware at sea, but smarter, integrated networks that allow operators to stay ahead of the threat.'

Well, well. Maybe they are slightly more involved than is obvious..."

'Every little helps'.

GLA

Did you perchance visit Monsegur?

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

My late father was deeply into study of this at one stage (pre Dan Brown/DaVinci Code), and the Black Madonnas at Monserrat and Rocamadour.

The Templars knew a thing or two about castles...

GLA

Chacun a son vin....

GLA

.."Perhaps the new website, new broker etc is part of the game to show we're actively engaged in finding a partner even if the current likely contender isn't it?"

(1) Yes. I would hope so. What's the point, otherwise. Box -ticking, maybe...?

(2) Or part of the game to show that the current contender MAY be IT, but this isn't necessarily a 'done deal'....ie 'a stitch-up' ?

(3) Or part of the game to show that it IS supposedly a 'done deal', but we're tarts and (still) open to offers....

There are lots of shades of motivation, not all of them obvious (perhaps even to the participants themselves).

This is getting a bit woo-woo.

The vintage Rioja is kicking in.

GLA

.."My guess is that the new investors are slightly unimpressed that Marty and AT have still not landed anyone who has displayed really serious interest."

Hi Mitch984,

To be fair to AT + MK, they've only been free of the GLEN 'blocker' since March 2025...and it may have taken them a little while after that to confirm that the newcomers were actually quite motivated to do a deal.

AIUI

.."It would be interesting to know if we approached Tamesis or if they approached us..."

The current situation is that ZIOC has been de facto 'taken over' by the new shareholder group, with its (I believe 50% +) shareholding. De jure it has only one NED out of 3 (Phil Mitchell) in the steering room.

We currently have AT as Corporate Development and Investor Relations Manager, Tamesis' stated brief - 'to build awareness with investors as the project advances towards development ' - suggests that they're there to beef up his efforts.

Who exactly made the suggestion is something of a moot point, AFAICS.

Another rabbit hole one could go down is what role Shard has going forward, if any?

The somewhat opaque subscription arrangements with them, whilst useful at one stage, are perhaps no longer 'fit for purpose'.

GLA

.."Tamesis have one Michael Daffey working for them.."

Good spot!

The website doesn't say so, but he's the Chair, likely (officially at least) non Exec.

See https://www.galaxy.com/team/michael-daffey, where he's Chairman of the Board and Senior Advisor to Galaxy Digital, where his resume concludes

.."Mr. Daffey also currently serves as Chairman of Tamesis Partners, a specialist ECM, project finance and advisory house based in London."

Oh...and he's Australian, which can't hurt.

GLA

Goldman also seems to be in thick with Rio Tinto, see

https://discoveryalert.com.au/goldman-sachs-backs-rio-over-bhp-2025/

and more topically, with Trott in particular, see from 2 months ago

https://www.riotinto.com/en/invest/presentations/2025/goldman-sachs-global-metals-mining-conference-2025

notably the closing exchange, re Chinalco and potential asset swaps:

"Paul Young:..last question, and that's with respect to the shareholder returns and potential buybacks. You've made it very clear the dual-listed structure will not change. How much focus is there for you and the Chair putting on -- or how much focus are you putting on discussions with the major shareholder, Chinalco, so you can potentially restart share buybacks here in the UK?

Simon Trott: We've certainly heard shareholder interest around that and we'll continue to engage with Chinalco. I think those relationships are in a good space and it's about sitting together and looking at it from each other's perspective and trying to find a way forward through the current structure. We'll continue to do that. Nothing at this stage, Paul.

Paul Young: Okay, just further, your view on the relationship with Chinalco and where it stands at the moment?

Simon Trott: Look, I think the relationship is much improved. And part of that's about time, part of that's, as I say, about looking at things from each other's perspective. And so that's the approach we'll continue to take. I would say it's also about looking at the world together and thinking about opportunities and so that's an area that we will continue to pursue..."

Another straight bat.

GLA

.."As Chair of a potential Strategic, would you take a call from Tamesis...or Cutifani?"

As it turns out, I under-rated Tamesis : the Chair of the Strategic MIGHT take a call....from the right person there: although not identified as such, the Chair at Tamesis is another GS heavyweight : Michael Daffey (also Chair at Galaxy Digital), see https://www.galaxy.com/team/michael-daffey).

.."Mr. Daffey acted as a trusted advisor for some of Goldman’s most prominent clients and oversaw the implementation of the firm’s new post-Brexit structure out of London. Mr. Daffey built his career in the trading division at Goldman Sachs, rising to top roles, including leading equities sales globally as well as fixed income and foreign exchange sales for Europe, Middle East, and Africa..."

And further, according to this 2021 profile

https://meaww.com/who-is-michael-daffey-goldman-sachs-veteran-buys-jeffrey-epstein-manhattan-mansion-51-m-victims-fund

.." .. Daffey managed some of Goldman Sachs's most important hedge-fund clients after CEO David Solomon made him chairman of the markets division in September. Prior to that, Daffey served as the global co-chief operating officer of the equities business..."

" Nothing but the best" it would seem.

GLA

Hi Catbert,

Thanks for these insights...and the article link.

It draws heavily on Florent Lager (MPD Country Manager, holder of warrants over 3 m shares exerciseable @7.5p, IIRC).

I've recently contacted him in his capacity as President of the Federation des Mines Solides du Congo asking for an update of the status of Gupta's/ A2MP reported subsidiary investment Minetech Investments in a silicon metal project in C-B SEZ, currently awaiting his reply.

ATB

As I"ve said elsewhere? I think/ hope this appointment is for appearance's sake: to show everyone 'we have a plan'.

Tamesis' forte apears to be fund-raising, per their website.

As Chair of a potential Strategic, would you taje a call from Tamesis...or Cutifani?

He obv has no role at or authority to act for ZIOC, this gives everyone 'plausible deniability'.

AIUI

Other interpretations welcome!

GLA

From their website:

.."Our Services

Tamesis Partners is a financial boutique with a global reach, connecting natural resources companies to finance, so they can build or expand on their operations..."

Tamesis' track record seems to be more focussed on fund-raising than corporate advisory, the AI-generated word salad conclusion implicitly alludes to this.

On a more positive interpretation, the appointment may be a signal - to others, maybe even (pro firma) to Rio - that nothing's a foregone conclusion....and everything 's still up for grabs.

The cash position is a bit opaque, to say the least. It would be good to get clarity at the AGM.

.."Finally, I'm confident that the "celebrity investors" understand that they will get far more money selling their shares when this mine is shipping ore than at any point before hand..."

Point taken! But

(a) for some of them, it won't be about the money, but the glory...

(b) yes, for others it will be the ackers..

(c) My personality type is 'mediator' : I like the idea of being bought out (early) with Rio shares, which give me (i) optionality and an early payday, (ii) spreads my investment risk and yet (iii) (should) leave me with some (diluted) exposure to the Zanaga upside...

If you're reading this AT - pls note.

GLA

An interesting read,

https://www.whitehouse.gov/wp-content/uploads/2025/12/2025-National-Security-Strategy.pdf?utm_source=semafor

The BBC is understandably having conniptions about comments re Europe, eg:

.. Europe’s real problems are even deeper.

Continental Europe has been losing share of global GDP—down from 25 percent in 1990 to 14 percent today—partly owing to national and transnational regulations that undermine creativity and industriousness.

But this economic decline is eclipsed by the real and more stark prospect of civilizational erasure. The larger issues facing Europe include activities of the European Union and other transnational bodies that undermine political liberty and

sovereignty, migration policies that are transforming the continent and creating strife, censorship of free speech and suppression of political opposition, cratering birthrates, and loss of national identities and self-confidence.

Should present trends continue, the continent will be unrecognizable in 20 years or less. As such, it is far from obvious whether certain European countries will have economies and militaries strong enough to remain reliable allies...

Over the long term, it is more than plausible that within a few decades at the latest, certain NATO members will become majority non-European. As such, it is an open question whether they will view their place in the world, or their alliance with the United States, in the same way as those who signed the NATO charter. ." etc

Re Africa (almost an afterthought), Trump's trademark transactional approach is evident:

.."For far too long, American policy in Africa has focused on providing, and later on spreading, liberal ideology. The United States should instead look to partner with select countries to ameliorate conflict, foster mutually beneficial trade

relationships, and transition from a foreign aid paradigm to an investment and growth paradigm capable of harnessing Africa’s abundant natural resources and latent economic potential. .."

GLA

I imagine that this new investor may have 'suggested' that engaging Canton would likely be helpful :

Phil Mitchell: Formerly of Rio Tinto, where he played a pivotal role in transforming its iron ore division into the company's flagship business unit, with over 300 million tonnes of iron ore production. He later served as Rio Tinto's Head of Business Development, OVERSEEING STRATEGY, M&A, AND STRATEGIC BUSINESS CHANGE."

GLA

Hi 99icecream,

I like your Q's, my own view FWLIW is :

1. Do you think that BaoSteel will want to secure the DRI Grade Iron Ore from Zanaga?

-Yes, by hook or by crook. The extent and nature of 'crook' (if that's the route taken) will depend on circumstances.

2. Do you think that the plan Zanaga have will maximise the value of the asset?

-Yes, though it may be that not all of the value accrues to ZIOC.

3. Do you think that developing the asset rather than selling it now will maximise the value ?

- Yes, the imponderable is 'value' for whom? AT has suggested that ZIOC isn't in for the long haul:

The co has no intention of self-developing.

As posted previously

.."It’s also worth noting the project’s backers are private equity AND WILL BE MINDFUL OF AN EXIT. “We’re value-driven,” says Trahar. “As a company, we have to be focused on value rather than the emotion of CHASING OPERATIONAL STATUS for the project.”."

4. Do you think that all the "celebrity" investors give you extra confidence in this investment ?

Yes, but the reasons are nuanced

(i) reputations to protect make blatant underhand dealings (agst PI's) unlikely, IMO

(ii) some likely want to make (long-term) money (from the downstream/ancillary eg Trahar Sen (BSL); Gupta (ARISE/A2MP); our mysterious Saudi); any shareholders connected to GIS...(?);

(iii) Cutifani (new merchant bank Odin Partners ) and Tony O'Neill (his Co-Founder) probably want an early deal, see

https://www.miningmx.com/news/markets/59455-cutifani-helps-form-bank-amid-mining-ma-revival/

.."Having previously worked together over the past 20 years, Davis and Cutifani have joined with other bankers and commodity industry veterans as the commodities industry draws interest from a wider range of stakeholders from governments to technology companies trying to navigate a resource-constrained world, said Bloomberg News.

“We’re at a fascinating point in the mining industry right now. There’s just so much happening,” Davis said in an interview. “We’re seeing countries becoming increasingly protective of their resources, and everyone’s finally getting real about the challenges of energy transition and decarbonisation.”

(iv)) Trahar (Andrew) and Knauth likely want to move on to other things, with a CV-boosting shorter -term 'win' under their belts.

That's my take. As ever, I'd welcome pushback against my potential/likely confirmation bias.

ATB