Member Info for extrader

.."But there need to be a DFS when costs will get properly challenged..."

There's a BFS, done by a Chinese specialist in the relative disciplines. The usual protection is to go for a 'fixed price' contract.

.." It will be a minor miracle if this mine is in production in 5 years time !"

Since they're not expecting to award construction contracts until Q4 2027, that would indeed be impressive.

And your point is?

(Something of a recurring theme, I have to say).

..."Do you think RAM will hand over $125m without the rest of funding secured? I think even Extrader believes RAM have got an 'oven-ready' plan..."

Well, back in Mar 2025, when RAM was presumably just a twinkle in Sir Mick's eye, the post Greymont consortium Presentation spoke of a Stage 1 capex cost of $1,935M, which it anticipated would be met by $1,000m equity (ie ZIOC's rump 12.5% for your $125m) and $935M of third party funding. The same numbers used in the 12 March 2026 presentation.

So there's no 'even extrader' about it : this 'deal' has been in the works a lot longer than it seems at first glance.

HTH

.."Not low margin iron ore deposits that require a bucket load of infrastructure and other items of hassle to be overcome pre-development..."

ZIOC of course is high margin DRI, trading at a premium...and will ship by (low-cost, low-impact) slurry pipeline...unlike the hypothetical railways needed for the stranded Tsodilo project you continue to promote assiduously.

Never let the facts get in the way of a 'good', irrelevant moan.

Hi beardozer,

Quite seriously, have a look on AI.

I used to say 'google is your friend', but there are now other and better sources.

The last couple of months have been a revelation for me.

HTH and ATB

Hi Stas20,

Good Q.

Gatemore is AFAWCS an activist hedge fund that specialises in taking small stakes in well known/high profile publicly quoted, underperforming companies that have a high (complacent?) institutional shareholder register and then agitating for change in management and strategy.

That's its bread and butter- it has a track record/following and it has developed the skillsets, connections, market credibility, media connections and legal expertise to do those things well.

We as 'regular private investors' have few of those advantages- but are learning fast - and are dealing with an entirely different situation, an unheard of company in an unloved sector in an AIM backwater.

if you think about it that way, you're comparing apples with ...not oranges but, say,durians.

We're also dealing with much more substantive regulatory and other issues that don't lend themselves to public discussion, yet.

We need the regulators to do the 'nudging' for changes (of a far more fundamental nature than Gatemore's 'quibbles'); the media to encourage the (hesitant/complacent/compliant?) regulators to pick up a 'hot potato', mixing metaphors ; and PI's in due course to lobby the media to hold the regulators to account.

As and when the story unfolds, we think you'll see why we've gone the way we have.

It's always good to be challenged on our thinking, though. We're evolving as we go into (for us) uncharted waters.

Do you have any financial interest in how this plays out...or background in handling this sort of situation?

We think it's pretty sui generis.

Back in the day, people would say 'good material for a Harvard Business School case study'.

DYOR, NAI, IMO, AFAICS etc etc

ATB

Hi guys,

We're now stepping up media engagement.

Contacting the press and/or sharing your concerns with the regulators etc will help move things along.

A story of corporate skulduggery will be some 'light relief' from all the other headlines....

If not done, pls pm me either here or on advfn with your contact details.

Cheers!

extrader

Hi guys,

We're now stepping up media engagement.

Contacting them and/or sharing your concerns with the regulators etc

...and 920K today...?

Hi wessexw,

Thanks from all of us for your kind words.

If you go to the members box top right, you should be able to send me a direct, private message.

Every little helps, sometimes in unexpected ways: eg at least 2 people have MPs who might be willing to get involved; another has a sister-in-law who works in Treasury; and so on...

So, say a little about your own background and any connections you may have in media, legal, political, City, the mining sector etc.

Or maybe something as simple as what a positive outcome at ZIOC would mean for you or your family and loved ones?

HTH

extrader

.."We are far overdue an update for Feb and the previous quarter..."

Don't hold your breath.

At InvestorMeet, AT made it clear that all the 'end Feb' promised information that would have helped us (or - more significantly- a strategic) make a solid [ie detailed and authoritative], informed decision had been kicked into the long grass.

We have the receipts:

Question from Ian — Why Agree Before Value Enhancement Stages Completed?

Andrew: “Ian asked the question about why ZIOC agreed to this deal before the completion of the value enhancement stages. We’ve already announced the key value enhancement stages — those are already baked in. The upside that has resulted from those value enhancement stages has already been disclosed.

Ed.: NO IT HASN'T: TWO OF ZIOC'S BROKERS ( Shard and Tamesis) HAVE UPDATED BROKER NOTES SINCE 10 FEB 2026 BASED ON THE $5.2BN NPV, TAKING NO ACCOUNT OF THE $4BN + VALUE ENHANCEMENTS THAT HAVE BEEN RNS'D DURING 2025]

We would encourage investors to understand that WE ARE NOT EXPECTING ANY SIGNIFICANT VALUE ENHANCEMENT items to be announced in the near term, OR EVEN THE MEDIUM TERM. The focus now is [NOT ON REPORTING/INFORMING BUT ] on completing detailed engineering from the work that has already been announced.”

Cui bono?

This sort of barefaced 'teminological inexactitude' will be AT's - and the Proposal's - ultimate undoing, we feel.

And btw, the audited 2025 results - on ZIOC's past form- won't be produced until the last regulatory minute - last year's was 01 July 2025, so are unlikely to be available in time for the EGM, whenever that's called.

Some might call that just unfortunate coincidence, I'd describe it as 'enemy action'.

Or the 'mushroom treatment'.

GLA

Thanks , guys.

(1) Those who haven't done so, pls private message me here or on advfn, extrader, with as much detail as you feel comfortable in sharing.

'Loose lips sink ships' etc.

(2) Beardozer : .."I still think your complaints are all irrelevant should a higher takeover offer materialise -.."

(i) There'll be no offer, AS THINGS STAND..

(ii) We're trying to get the Board to your way of thinking!

;->

PS You've lowered your sights, if you're now looking at a canal-boat ??? Unless in Little Venice ???

;->

(3) Stas20: Good Q!

Yes, we approached Board and NoMad, highlighting (some of) our concerns, inviting them to off-ramp to a more equitable treatment for PI's, failing which we'd go to the authorities. For various reasons, we'd have preferred to avoid washing dirty laundry in public, we hoped they'd feel likewise.

They basically ignored us, so we went ahead.

We gave them SOME of what is provable, they'll know better than us (we have our views) what more an investigation might/will uncover; they'll also know what 'wiggle room' they have with their various counter-parties and stakeholders.

They chose to get into this situation, it'll be up to them/their lawyers to work out the least awkward way of getting out, where and how to backtrack, who to throw to the wolves etc.

As things stand/have been (cleverly) structured, it's very difficult, nigh on impossible for any competitor to emerge. If you put yourself in a challenger's position, you'll see what I mean.

Our expectation is that - once there's 'blood in the water'- that may/will change.

The Board will be aware of that possibility, also.

So, the risk/reward calculus for them will change...and with it, we believe, the outcome for PI's.

'No-one expects the Spanish Inquisition'.

HTH and ATB

..for we are many.'

Hi all,

Many thanks for the positive feedback and endorsements.

We've deliberately kept the Action Group numbers down up to now, for admin, confidentiality and speed-of-consensus reasons, advantages that the 'other guys' have doubtless used for the last 18 months or so to get ZIOC where it is today.

With our submissions now sitting with the regulators and the first approaches to the media underway, we're now ready to move to the next, more public- facing phase of our campaign ...one which is still about remedy, rather than redress : curing an injustice BEFORE it happens, not seeking post-fact compensation.

For this more public phase, numbers DO count ...and your support - whether as a 'still-invested, despite reservations' or as a 'no longer invested , disgusted ex-shareholder' - is welcome: the more varied the feedback and reasons (plus human interest impact, to be fair) that the media get, with the over-riding theme that 'this deal is wrong, because.....', the more traction we'll get; the more adverse publicity this naked 'smash and grab' will receive...and the more likely the regulators are to DO something, which in turn makes it more likely that the Board and others will re-consider some of their less defensible decisions and leave their positions increasingly untenable.

How this will ultimately play out is still unclear, but the irregularities over the last 12-18 months are - in our view - extensive; clear-cut and serious, sufficient to compel a re-visiting of the RAM proposal and a material re-alignment of interests in favour of ALL ZIOC shareholders.

'To this end, we work'

We hope that you'll join us, by private messaging me (extrader) here on the (new?) LSE messaging facility or on the equivalent at advfn, also extrader.

After some vetting (apols), we'll ask for your background/posting history, ZIOC shareholding (past or current) and an email address that we can use to (i) get in touch and (ii) send in due course documents to you - that will likely come from www.proton.me Zanaga_Investor_Action_Group.

Thanks again for your votes and upticks - which are welcome, but - to be frank, 'easy' : now we're asking for something a bit more demanding!

'All that is necessary for evil to triumph is for good men to do nothing'.

TIA and ATB

extrader

.."Sounds like some people got some decent news.."

Other than this abomination of a deal being 'pulled' in favour of something more shareholder-friendly (ie non-dilutive), I for one can't imagine what you have in mind.

Pray tell!

ATB

Our 41 page (+ appendices) submission to the FCA is back with them...and we've started our media engagement.

PS

The new research section lists a lot of the broker notes and 'puff pieces' that are available (mostly commissioned and so - ultimately- paid for by shareholders), but it doesn't appear to include access rights....even for proactive interviews.

Some animals continue to be more equal than others.

Ho hum.

GLA

Zanaga Iron Ore Company

@Zanaga_Iron_Ore

🚨 Website Update 🚨

To keep up to date with the latest published research on #ZIOC from Panmure Liberum, Shard Capital, Tamesis Partners and more, visit the new research section within the investor tab of the Zanaga Iron website ⤵️

Seems a bit late in the day - with the 'smash and grab' for 87.5% of the Project already underway, what new investors are ZIOC hoping to attract?

Will the 'research' will include these news items, scheduled for delivery by end Feb 2026 and unaccountably 'pulled' instead?

From the 6 Jan 2026 RNS

Next milestones expected in Q1 2026, as previously announced on 30 December 2025:

· Project development strategy update (announcement planned for February 2026)

o Process plant Front End Engineering & Design ("FEED") results, including updated capital and operating cost estimates based on a DRI flowsheet developed through 2025.

o Fully integrated Project development plan, including the economics of all Project enhancements assessed to date.

o Update on logistics and infrastructure solutions required to support development of the Zanaga Project.

'Answers on a postcard'.

GLA

..."https://www.linkedin.com/posts/alex-dorsch-91456a48_gonnevillle-activity-7447067866312474626-CRD0/

Chalice Mining LimitedChalice Mining Limited

ASX: Odin appointed Chalice’s strategic advisor.

Former Anglo American CEO Mark Cutifani CBE and Technical Director Tony O’Neill to join the Chalice Advisory Board...

GLA

...unfortunately, it's not ZIOC.

https://minersdigest.com/projects/cutifani-and-co-like-what-they-see-at-chalice/

.."For junior mining companies like [...], attracting the attention of major mining industry figures can accelerate project advancement in several ways. It opens potential pathways for partnerships, joint ventures, or merger and acquisition activity. It also enhances the company’s credibility with institutional investors, who often rely on industry consensus and endorsements when evaluating investment opportunities in the resource sector.

The timing of these positive signals comes as the mining industry continues to navigate challenges including rising operating costs, supply chain complexities, and energy transition considerations. Companies that can demonstrate strong asset quality, experienced management, and clear development pathways tend to fare better in this environment by attracting capital and strategic interest.

[...'s] ability to garner support from seasoned mining professionals underscores the quality of its geological assets and the competency of its internal team. In an industry where execution risk is considerable, having recognizable industry figures express confidence can materially influence market perception and investor sentiment.

The junior mining sector serves a critical function within the broader industry, with junior explorers identifying and developing many of the assets that eventually become significant operating mines. However, junior miners typically face challenges in securing capital for exploration and development, requiring them to demonstrate technical merit and sound management to attract funding from both institutional and retail investors.

Looking forward, [....]’s trajectory will likely depend on its ability to continue delivering positive exploration and development results, maintaining disciplined capital management, and securing funding for advancing its projects toward production. The confidence expressed by major mining industry figures suggests the company is on the right track, though execution will ultimately determine the success of its initiatives..."

Let's see if a Cutifani endorsement here turns out to be as 'poisoned a chalice' as it's turned out to be for RAM-raided ZIOC.

;-<

GLA

.."Otherwise you end up with the Lukashenkos, Xi Jinpings, Mugabes, Netanyahus, Putins, Kim Jong Un's of this world..."

Belated acknowledgement/clarification:

Cf US congress :

https://reason.com/2025/04/26/the-present-and-future-of-the-gerontocracy/

..""We have a sclerotic gerontocracy," posted 48-year-old Rep. Ro Khanna (D–Calif.) in December. Khanna's outburst on X was provoked by the revelation that an 81-year-old Rep. Kay Granger (R–Texas), who had been absent from Congress for months, had in fact been diagnosed with dementia and was residing in a memory care facility.

"I'm more concerned about the congressmen who have dementia and are still voting," joked a 53-year-old Rep. Thomas Massie (R–Ky.). Only a year earlier Sen. Dianne Feinstein (D–Calif.), who had long been failing in health and mental acuity, died in office at age 90..."

Mind you, looking further up the greasy pole...

.."President Joe Biden's dodderingly disastrous debate in June floodlighted for many Americans just how sclerotic our governing institutions have become. Notably, President Donald Trump, at 78, is the oldest person ever elected to the office. (Biden was a close second at 77 when he won the election in 2020.) That's slightly more than double the U.S. population's median age of 38.9.

Current octogenarian congressional leaders include Rep. Nancy Pelosi (D–Calif.), who was 82 when she stepped down as speaker of the House, and Sen. Mitch McConnell (R–Ky.), who was 82 when he resigned as Senate minority leader. The 91-year-old Chuck Grassley (R–Iowa), currently serving as president pro tempore of the Senate, is third in the line of presidential succession..."

These folk may still have 'skin in the game' but it's pretty wrinkled.

I speak as an active and relatively 'marbled' 70+ year old.

ATB

Some snippets from our next-door neighbour, you know, that byword for corruption that has been facing major insurgency from M23 rebels since at least 2012, latterly backed by Rwanda, driven by tribal/ethnic, commercial and political factors, see https://en.wikipedia.org/wiki/M23_campaign_(2022%E2%80%93present)

(1) GLEN's image-polishing/rehabilitation [post C-B disengagement] continues....with an AbuDhabi -backed consortium....and the blessing/involvement of the US Govt.

https://www.mining.com/glencore-plans-to-sell-40-stake-in-congo-mines-to-us-backed-consortium/

.."Glencore (LON: GLEN) has entered a non-binding agreement to sell a 40% stake in its mine assets in the Democratic Republic of Congo to the Orion Critical Mineral Consortium (Orion CMC).

Glencore currently operates the Mutanda and Kamoto mines in DRC’s Lualaba province — both large-scale producers of copper cathodes and cobalt hydroxide. Last year, they produced 247,800 tonnes of copper — roughly 30% of the group’s global output — and 35,100 tonnes of cobalt.

Under the proposed deal, Orion CMC would acquire 40% of Mutanda Mining (MUMI) and Kamoto Copper Company (KCC), both majority held by Glencore (95% and 75% respectively), for a total enterprise value of $9 billion...

Orion CMC was established by Orion Resource Partners last October with the backing of Abu Dhabi’s ADQ and the US International Development Finance Corp. (DFC). Together, the parties sought to invest upwards of $5 billion to support the US and its allies in their critical minerals push.

US Deputy Secretary of State Christopher Landau said the proposed transaction between Orion CMC and Glencore “reflects the core objectives of the US-DRC Strategic Partnership Agreement by encouraging greater US investment in the DRC’s mining sector and promoting secure, reliable, and mutually beneficial flows of critical minerals between our two countries.”

I imagine that GLEN's US listing timeline has moved forward a tad.

(2) Meanwhile, the afore-mentioned US DFC has joined forces with various critical minerals specialists to progress VBM's Serra Verde (Brazil) investment....and snaffle some REE from the grip of the Chinese...

https://rareearthexchanges.com/news/serra-verdes-565m-backing-strategic-breakthrough-how-significant-an-escape-from-china-and-when/

.."The United States has committed $565 million through International Development Finance Corporation (DFC) to Brazil’s Serra Verde rare earth project.. The financing .. includes priority offtake provisions for U.S.-aligned buyers, and.. an option for Washington to take a minority equity stake . ...Serra Verde has accelerated the unwind of its Chinese offtake agreements... among the very few producing assets actively pivoting toward Western supply chains..."

The Investor Profile is helpful, inter alia, VBM

.."invests in scalable, near-term production assets with downstream relevance..."

Wheels within wheels...

GLA

The relevance to SRT is that the country has a sizeable fishing industry and a sizeable offshore oil installation network to monitor and protect.

SRT is a business engaged in said monitoring.

HTH