Member Info for extrader

More seriously, Robert Friedland has already played that card in Liberia, getting the US State Dept onside in his challenge for railway access to his Kon Kweni/Nimba mine.

See https://discoveryalert.com.au/news/liberia-ivanhoe-railway-deal-2025-investment-benefits/

"Industry analysts note that Ivanhoe Atlantic's strategy aligns with broader efforts by US companies to secure access to critical minerals, with iron ore price trends increasingly recognized for their importance in infrastructure development and manufacturing.

Ivanhoe Atlantic's Strategic Objectives

Export pathway security: Guarantees reliable transportation for Kon Kweni iron ore

Phased development: Implements staged production beginning with 2-5 million tons annually

Production scaling: Expands capacity to 30 million tons during second phase

Market positioning: Establishes competitive foothold in global iron ore markets

Mineral security advocacy: SUPPORTS DESIGNATION OF IRON ORE AS CRITICAL MINERAL IN US POLICY.."

However, ZIOC's own presentation doesn't suggest that US demand is actually that strong,

p11

.."from N America 17 now to 26mtpa by 2050 ie + 9mtpa.*

* not obvious - from the above- that GIS will make meaningful inroads into the " Americas" market, was that declaration just a figleaf for real interest ie in M East ?.."

In any event, Phil Mitchell, ZIOC's newly-appointed NED, lists amongst previous directorships Ivanhoe Atlantic, i-Pulse, Euronimba Limited and Euronimba Liberia.

'Join the dots' [if you want] as the saying goes...

GLA

'The Gulf of America', perchance?

;->

....and the 'teaser' link to a 2nd article referring to Caputo meetings to explore bond issuance alternatives for settlement...?

TIA!

.."Concerned April offer was not disclosed by bod.."

What offer was that, pls?

Oops! Missed the most important dot ...see last line.

.."Industry analysts note that Ivanhoe Atlantic's strategy aligns with broader efforts by US companies to secure access to critical minerals, with iron ore price trends increasingly recognized for their importance in infrastructure development and manufacturing.

Ivanhoe Atlantic's Strategic Objectives

Export pathway security: Guarantees reliable transportation for Kon Kweni iron ore

Phased development: Implements staged production beginning with 2-5 million tons annually

Production scaling: Expands capacity to 30 million tons during second phase

Market positioning: Establishes competitive foothold in global iron ore markets

Mineral security advocacy: Supports designation of iron ore as critical mineral in US policy.."

.."what i am wondering is when critical minerals start becoming part of the ZIOC story ....."

Old news, I'm afraid : as already reported, Robert Friedland has already played that card in Liberia, getting the US State Dept onside in his challenge for railway access to his mine.

See https://discoveryalert.com.au/news/liberia-ivanhoe-railway-deal-2025-investment-benefits/

Phil Mitchell, ZIOC's newly-appointed NED, lists amongst previous directorships Ivanhoe Atlantic, i-Pulse, Euronimba Limited and Euronimba Liberia.

'Join the dots' as the saying goes...

Au contraire.

The 'embarrassment' was in your wanting to raise a hue and cry impotently on social media rather than approach the Company (and/or Nomad) for an explanation.

This has been done by the adults in the room, which I guess has your tacit endorsement as a way of dealing with the situation, since you're back again rating ZIOC as a 'Strong Buy'.

Let's see how things pan out.

GLA

Continued...

PS My working assumption to now has been that deployment of the GIS marketing rights in furtherance of the Project's goals in unspecified, possibly murky ways [eg perhaps as an inducement re any FEED financing neded] was included in the MONETISATION referred to in the July 31st 'Year of Progress' tweet, which said, inter alia, as a result of 'Glencore Exited ' "Offtake returned to the Company and available to be monetised"...

There may well be differing levels of financial probity and integrity amongst the range of new investors, but I'm pretty certain that ego and reputational risk concerns will temper collective behaviour, keeping it on the right side of 'sharp practice'.

IMO, AFAICS, DYOR etc etc

Have a read through the Disclaimer, if you haven't already!

ATB

Hi StarBright,

Playing catch-up from a different time-zone.

(1) Thanks for writing to the Company Secretary. My (poorer) email was to the Nomad, on the basis that they're more directly answerable/subject to UK regulation than perhaps ZIOC is.

In any event, both parties are now 'on notice' which -if there is anything untoward going on - will perhaps cause a re-think.

(2) The Regatta//Greymont Bay connection was in fact foreshadowed in the 3 March Private Placement RNS, see :

.."The Company has entered into subscriptions with a number of new and existing shareholders to subscribe for an aggregate of 416,860,475 Ordinary Shares at a price of US$0.0516 per Ordinary Share (the "Issue Price"), approximately 4.10 pence per share including AGREEMENTS with:

1) Greymont Bay LLC ("Greymont Bay"), through TWO strategic investment vehicles established by a consortium of mining investors....." etc

with Greymont's 'investors and advisers' including - apart from the notables-

.."Heeney Capital Resource Partners: A private capital firm headquartered in New York, focused on acquiring significant interests in private companies and individual assets. The firm specialises in development-stage mining assets, leveraging deep sector expertise to unlock value in high-impact, strategically significant projects. Its portfolio is complemented by OPPORTUNISTIC INVESTMENTS across critical resource sectors, with a strong track record of PARTNERING with industry leaders to drive long-term asset growth and value realisation...."

(3) Re cash burn, this was flagged as an issue in my 5 Jul 19:23 reply to Vet10 (inviting Q's for management), where I queried:

.."(2) Re FUNDING, the Chairman's statement says:

.."Following completion of the 2025 Fundraise the Company is in a significantly improved financial position. Based on the current cost base at the Zanaga Project, the board of directors of ZIOC believes that the Company and Group will be adequately positioned to support its operations going forward IN THE NEAR FUTURE...."

[This then somehow morphed into]

.. The Board is satisfied the Company and Group will have sufficient funds to meet its own working capital requirements UP TO AND BEYOND TWELVE MONTHS FROM THE APPROVAL OF THESE ACCOUNTS."

Comment : Twelve months BEYOND AGM approval, on past form, means 'to December 2026'....

Really?

The March 2025 inflow of $8.0 million is down to $3.9 million 3 months later. Simple extrapolation suggests it's unlikely that there's enough cash to cover outgoings to December 2025, never mind the stated December 2026 date..."

Meanwhile, the [important] FEED timetable and related financing requirement hasn't been addressed/is at best opaque :

How much has already been DONE - by %age completion or by $ value? And HOW PAID FOR, if at all?

Q : Pls reconcile Chairman's statements with the above known (and unknown) outgoings to Dec 2025 (never mind 2026)..."

So Company is aware of our concerns....

Hi Jiving,

Thanks for this correction!

As you say, not that big of a commitment for a 'gros fromage'...about £100K's worth.

For context - and from the same RNS - 'Martin owns 7,751,938 ordinary shares of the Company.."

Or 3x.

Not all paid for, but still...(let's hope, whatever the stake, that it's 'well-earned'...and 'well rewarded' in due course).

ATB

.."I am sceptical of his [AT's] ability to run one [a bidding process] effectively as a result."

To be fair to AT - not that he's necessarily earned it - I don't think ZIOC has been in a 'bidding process' before, so he may not have precedent. And Elphick's experience may be somewhat dated now, for all we (certainly I) know.

Be that as it may, I'm pretty underwhelmed by today's RNS, which came up with little more (AFAICS) than a back-of-the-envelope adjustment to NPV, taking no account (which it couldn't) of any of the other value enhancement updates that were flagged for Q2 action/delivery...and haven't arrived.

There WAS a lot of helpful info re DRI market evolution and the likely implications thereof - this IMO could ALL have been fed to the market in ZIOC's stream of otherwise uninspiring tweets.

The Presentation APPEARS [ feel free to correct/clarify] to suggest:

- p6 left graphic, that overall demand for DRIpellet feed would grow 125>425 mtpa [=300mtpa] between now and 2050;

growth was projected to be from M East (80>280mtpa , Q: where is demand now, in 2025?); Asia (0 >100mtpa);

Europe (80 > 150mtpa); and CIS (15>25mtpa) [= 370mtpa, rounding error?]

- p6, right graphic, that there is currently a 50mtpa SURPLUS relative to demand, which will only disappear by 2035 approx...but a 150mtpa deficit by 2050.

- p11, that the market for 'ZIOC's DRI grade pellet product' was

from M East, 73 now (where?) > 213mtpa by 2050 ie + 140mtpa;

from Europe 0 now to 80mtpa by 2050 ie + 80mtpa;

from Asia 47 now (where?) to 92mtpa by 2050 ie +45 mtpa; and

from N America 17 now to 26mtpa by 2050 ie + 9mtpa.*

* not obvious - from the above- that GIS will make meaningful inroads into the " Americas" market, was that declaration just a figleaf for real interest ie in M East ?

p12 talks about competing 'Projects', but presentation is silent about others coming on stream : is there nothing in the works from Vale? RioTinto/ BaoWu (Simandou + Western Ridge?)

p8 reminds us that this well trailed NPV uplift is still all based on lab testing (by still un-named parties) and still depends on a pilot-scale test work programme that is (still) 'in the final stages of PLANNING...

Upsum : I get the impression that the ZIOC folk are still focussing on the marketing 'sizzle', when they ought to be delivering on the bit of interest to the buyer(s) - the 'sausage'.

So, Q : are the new, named/confirmed investors (Gupta...err, that's it + AT/MK) interested in developing the Project and all the so-far-unconfirmed others just trying for a quick 'flip' ? That MIGHT explain some of the 'mixed messaging' that we've been seeing since the buy-in.....

I'm agnostic, aka 'the jury's still out'.

Comments invited, as always!

GLA

.."Oh, little premature .... actually down -0.77p (-9.88%) wowww, that RNS really got the market excited !.."

You may still be premature. Certainly you're ejaculating enough.

Let's see what 'late trades' get reported in the next couple of days before passing judgement.

The other board is already showing these 'unknown' trades from today:

11-Aug-25 09:27:59 7.54 173,000 Unknown* 7.50 9.00 13.04k O

11-Aug-25 09:27:44 7.587 100,000 Unknown* 7.50 9.00 7,587 O

11-Aug-25 08:03:46 7.54 200,000 Unknown* 7.50 9.00 15.08k

I've gone back to Panmure Liberum cc AT on the shareholding disclosure issue, let's see if reputational risk means anything to any of the parties involved.

GLA

Eagle Eye is the Singapore-based Gupta family vehicle.

The 26 March RNS confirms his requested uptake of $300K in Tranche 2, Gagan Gupta's total investment in the Fundraise has increased to US$4.30 million with resulting ownership of 10.03% following Second Admission.

USD 4.3 million @ $0.0516 equates to 83,333,333.

We shouldn't have to find this info out by inference, but rather (Mitch 984 hat tip) by TR-1.

As indeed we should, for both Greymont LLV ('newco' and Heeney Capital.

Note amidst all the excitement that the new funding is 'participation of highly experienced investor and advisory groups ' and later several of the great and good are named as 'Greymont Bay's investors and advisors include...'

There's no explicit confirmation as to which/how many of Cutifani, Trahar, Mitchell and O'Neill are actually INVESTORS.

And the same can be said about Sir Mick's involvement.

I think the Nomad has some questions to answer...and to ask!

ATB

.."Argentina:

The International Monetary Fund (IMF) and the government agreed to lower the net foreign exchange (FX) reserve

accumulation target under the Extended Fund Facility after missing the original mid-June goal. The new target calls for

approximately USD 6bn in gross purchases by year end, boosting net reserves by around USD 3.4bn. Between May and

July, USD 5bn was accumulated via repurchase agreements, US dollar bond sales, and Treasury block purchases.

Market participants view reserve build-up as essential to tightening spreads and regaining access to debt markets..."

ATB

US belatedly wakes up to the strangle-hold China has on rare earths....and processing....and is starting to address both, including looking at more 'local' downstream industrialisation and different business models, that are a response to African 'resource nationalism'.

See https://www.newsweek.com/2025/08/22/how-us-china-are-fighting-africas-vital-resources-2108635.html

for a description of the problem;

and

https://africa.businessinsider.com/local/markets/unlocking-africa-bgns-critical-minerals-partnership-with-the-drc-sets-standard-for/qn88hyz

for a novel 'offtake-analogous' solution.

On that score, Ivanhoe's Friedland is lobbying the US, arguing that his Liberian iron-ore mine counts as a 'strategic mineral asset'.

Good luck with that.

Hi Catbert

Thanks for your further thoughts, including re the ‘sandbagging’ issue!

I live and -hopefully - still learn….

The private sector minority Emirati stake in re- stranded Belinga , Equitane, is Gupta-connected, hence (perhaps) GG’s interest in ZIOC as a potential replacement.

And ‘Twiggy’ Forrest himself, faced with (a) no obvious solution now to his Pilbara rust problem and (b) waning support for his green hydrogen projects, might be thinking on similar lines.

He was willing to bid on Simandou ( ex rail capex, the ‘Belinga ’ hurdle), and has publicly touted ‘African admixture’ as his Pilbara solution.

It would be logical for him to engage in some ‘what-ifery’ with his Belinga co- venturer, one would think.

ATB

Https://www.mining.com/guinea-strips-ega-of-bauxite-rights-hands-asset-to-state-firm/

Seems willing to play hard-ball with the Emiratis over 'local content/added value' drive.

Others will notice....which may support the case for ZIOC's mooted 'valuation enhancement' of a pelletisation plant.

AIUI

Hi Catbert

I wasn't familiar with the term, the definition I got was

.."What is sandbagging?

Sandbagging is defined as a tactic of diminishing the expectations of a business or a person’s strengths and core expertise to generate comparatively greater-than-expected results.

Things to know:

In a business, sandbagging is basically the idea of “under-promise and over-deliver”, when company’s management deliberately lowers the expectations of its investors about predicted profits and other productivity indicators. As a result, when the organization delivers higher-than-anticipated results, shareholders are much more impressed and agreeable..."

What's the opposite of 'sand-bagging' ? ;->

On the face of it , your ' insider ****housery' seems nearer the mark!

However: Apart from the 5 or 6 named new investors and their office staff, there'll be the key staff and decision-makers of any Strategics, + lawyers, advisers, government agencies etc....ie lots more folk 'in the loop' ...or just 'dot-joining'.

The buying -assuming that's what it is- could be anything...or nothing, IMO.

Better, on balance, than off-loading though, presumably.

Absolutely agree your conclusion : Time for an RNS!

ATB

05-Aug-25 15:09:20 8.00 1,000,000 Unknown* 7.72 8.04 80.00k

Patience, grasshopper.

05-Aug-25 15:09:20 8.00 1,000,000 Unknown* 7.72 8.04 80.00k