Member Info for extrader

Maybe send your msge to Allenby the Nomad as well : they might / ought to be more mindful of their duties than - apparently - the Board is...

GLA

.."PS Can anyone access the underlying Panmure analysis? You'd think ZIOC might wish to make it available to its shareholders...?.."

I see that the (superficial) Edison broker report IS on the ZIOC website.

I'd be grateful if a number of you would write to AT and ask that the Shard and Panmure reports* be posted onto the website (esp. if they are going to be used - or misused in the Proactive case ;-< - for 'marketing'and engagement with shareholders).

*and any other subsequent reports...

TIA and ATB

I've written to Proactive :

.."Article states : "Based on the updated feasibility study from April 2024, the Zanaga project already boasts an estimated after-tax NPV of between $1.9 billion and $3.8 billion, assuming a benchmark iron ore price of $115 per tonne. "

This is a major error. The 4/2024 updated FS shows an NPV for Phase 1 of $3.7 Billion and for Phase 2 of $ 7.4 Billion.

With > $4 Bn enhancements targeted, the new uplift would mean a doubling of current Phase1 NPV and 150% of current Phase2 NPV.

The error is a substantial understatement of the very material target enhancement value.

Grateful if you would correct the article."

GLA

PS Can anyone access the underlying Panmure analysis? You'd think ZIOC might wish to make it available to its shareholders...?

Depeches, to be fair, has grasped the nettle (albeit with a bit of bluster) :

.." Prime Minister Anatole Collinet Makosso said that ‘Antoinette Sassou N'Guesso

has not broken any law in the Republic of the Congo or abroad ‘. A clarification in response

to the police raid on her Paris flat at the end of February by a team from the Central French Office for Suppression of Financial Crime.

This intrusion was ordered as part of an investigation into the alleged ill-gotten gains of people close to the President in France.

The police officers were carrying a warrant issued by Judge Serge Tournaire against the First Lady, who was in France at the time for a regular visit. She returned to the Congo a few days later.

This procedure, in addition to those against other members of the presidential family, angered the Congolese head of state.

‘I fear that such proceedings, initiated in France under the guise of fighting corruption, have only one objective: to pander to popular emotion at the expense of legal rigour. We must be extremely vigilant to ensure that respect for the law and the sovereignty of the Congo should

never be called into question by abusive and vexatious procedures motivated by

hidden political agendas’, clarified the Prime Minister.

He pointed out that Congolese justice alone had the right to judge its citizens, and any attempt at foreign interference must go through recognised judicial cooperation mechanisms, such as internationally recognised official channels, all the while recognising the principle of subsidiarity.

‘Justice must never become a tool of vengeance or intimidation' averred the PM.

It's not just in the USA that you hear folk complaining about 'failure to follow the correct procedures' rather than being outraged at the underlying issue......

Jes' sayin', like.

GLA

GLA

MK's was sneaked in at the bottom of the 3rd March RNS, GLEN's drop from 48% to 43% at the last Shard Subscription in July 2024 was mentioned.

Agree coverage is a bit patchy - the Shareholder info on website refers to 1.1 Bn shares (ie takes no account of purchase for cancellation..and then refers to the 'current' 724million.

Let's see what the situation is reported as being, post Tranche 2.

I'd hope we'd be able to triangulate Sir Mick's commitment... ;->

GLA

A bad week for the Nguessos

https://www.africaintelligence.com/central-africa/2025/03/07/congolese-first-lady-flees-france-after-judge-issues-summons,110383992-art

after

https://www.africaintelligence.com/central-africa/2025/03/06/french-police-visit-antoinette-sassou-nguesso-s-paris-flat-over--ill-gotten-gains,110383391-art

.."The President of the Republic of Congo, like many heads of state, enjoys sovereign immunity. This legal doctrine protects sitting heads of state from being prosecuted or sued in foreign courts for actions taken in their official capacity...."

which may be a factor in Big Den's possible candidacy at the March 2026 elections.

To put things in perspective, when Anglo American negotiated its purchase of the Minas-Rio mine in 2008, Brazil's Corruption Perceptions Index (CPI) score was 3.5 out of 10, ranking it 80th out of 180 countries.

Luiz Inácio Lula da Silva was the President of Brazil. He served as the country's leader from 2003 to 2011.

'Lula' is back again as Brazil's current President ...and has received a lot of support in his electoral success over the years from his old mucker, Big Den.

In charge at Anglo over this period were :

-Tony Trahar (2000–2007): "As CEO and Chairman, Trahar led the company through significant structural changes, diversifying its portfolio and expanding its global reach.

-Cynthia Carroll (2007–2013): Carroll was the first woman and non-South African to serve as CEO. She focused on safety and operational efficiency, introducing the "Zero Harm" initiative to improve workplace safety.

-Mark Cutifani (2013–2022): Cutifani emphasized sustainability and operational efficiency, steering the company through challenging market conditions and enhancing its reputation as a responsible mining leader."

ZIOC's new investors would appear to have the experience, skillsets and (seemingly) willingness to navigate these potentially choppy waters.

AFAICS, IMO etc etc.

From today's depeches....

.." women from Lékoumou department have called on President Denis Sassou N'Guesso to stand as a candidate in the 2026 presidential election.

[Under the Republic of Congo's constitution, a president can serve three terms, with each term lasting five years. Denis Sassou Nguesso has served seven terms as president, including two non-consecutive periods: from 1979 to 1992 and from 1997 to the present.]

‘We, the women of Lékoumou department, meeting in Mayéyé to celebrate International Women's Rights Day , call on our President Denis Sassou N'Guesso to stand as a candidate in the presidential election in 2026’.

The call for Denis Sassou N'Guesso to stand was made in the presence of women from all the districts of Lékoumou, as well as the department's elected representatives INCLUDING THE MP FOR Zanaga, Marcel Mbani, the senators .... and many other political players from the department...."

What 'pork' could Big Den possibly offer the good voters of Lekoumou department?

GLA

Summary from GeoPolitical Futures (George Friedman) :

Key Points:

.."The emerging US-Russia entente leaves China in an isolated position at a time when its economy has weakened dramatically.

A two-pronged threat from Russia and the US would put China in an untenable position.

Friedman believes China is not a military threat to the US, and a formal Asian grouping might soften the US position on China.

Japan and South Korea could even have a moderating effect on China, since challenging the US would put both those countries at risk.

Recent meetings between Chinese officials and US business leaders also suggest Beijing is considering changes.

Bottom Line: An alliance between China and Asia’s two largest democracies was not on anyone’s radar screen a few months ago. These talks may go nowhere, but the fact they are even occurring demonstrates how fast the world is changing."

Makes some SP /consortium combinations less far-fetched - or more likely ? - maybe.

GLA

.."Argentina: Former President Cristina Fernández de Kirchner was banned from entering the US. The announcement provides her with political ammunition to rally supporters and counterattack domestically. However, increased polarisation may also benefit President Javier Milei, as it reduces Kirchner's capacity to reclaim influence, especially given the current economic recovery and rising purchasing power.

The country achieved another nominal surplus in February and maintained a primary surplus of 0.4% of GDP year-to-date. Despite this positive headline figure, spending growth of 16.5% has significantly outpaced revenue increases of 4.6% in real terms, driven mainly by higher provincial transfers, capital investment, and expanded social programmes. While future revenues face challenges from the elimination on purchases of foreign exchange (PAIS) tax and lower export duties, anticipated strength in VAT, income taxes, and social security contributions amid economic growth should enable the government to maintain a balanced budget this year. "

GLA

X-post from t'other place in view of overlap...

.."There’s roughly 120m shares unaccounted for between Mick, AT, and the Saudi Fund person. This will be one of those...."

MM's grok 'ghost' RNS draft text had Fahad al Tamimi with 55m or 7.6% of current 724m. Close enough....if he'd bought a few more after the 'ghost' text?

OTOH, IF Fahad is just a hallucination, Managing Partner of newco Regatta is this guy :

https://www.linkedin.com/in/jonathanbevans/

3 years as Chief Investment Officer at https://www.8090partners.com/

Including the period of this article

https://www.wealthmanagement.com/high-net-worth/a-27-year-old-is-taking-on-big-banks-to-lure-mega-rich-families

Maybe Evans broke away from 8090 to do 'his own thing' on a slightly smaller/more modest scale ? (in which case Fahad might fit as one of his investors).

I've asked a US contact in the HNWI business to share any insight he can.

GLA

.."There’s roughly 120m shares unaccounted for between Mick, AT, and the Saudi Fund person. This will be one of those...."

MM's grok 'ghost' RNS draft text had Fahad al Tamimi with 55m or 7.6% of current 724m. Close enough....if he'd bought a few more after the 'ghost' text?

OTOH, IF Fahad is just a hallucination, Managing Partner of newco Regatta is this guy :

https://www.linkedin.com/in/jonathanbevans/

3 years as Chief Investment Officer at https://www.8090partners.com/

Including the period of this article

https://www.wealthmanagement.com/high-net-worth/a-27-year-old-is-taking-on-big-banks-to-lure-mega-rich-families

Maybe Evans broke away from 8090 to do 'his own thing' on a slightly smaller/more modest scale ? (in which case Fahad might fit as one of his investors).

I've asked a US contact in the HNWI business to share any insight he can.

GLA

.."Do you have any links to reports of bandit activity along the pipeline route?.."

Well....based on experience with ICI in Pakistan, there's a theoretical argument for 'Build it and they will come'.

However, apart from your general Q re the bot's latest 'diversion', I'd ask him to report on the Minas Rio experience in an analogous situation.

But that would require him/it to do some work, instead of wasting even more of others' time.

'Yes, but...'

.."Political instability, weak institutional capacity and poor governance [in neighbouring DRC.]

The project is far from port with no infrastructure.

Needs development finance..."

Could be describing Minas Rio....or Simandou...or most large mines, come to that.

Hardly insightful, IMO.

Start with this (page 8)

https://www.zanagairon.com/wp-content/uploads/2023/11/Zanaga-Investor-Presentation-1-Nov-2023-1.pdf

and google these .."Simandou, Kon Kweni (what?), Baniaka (stalled), Belinga (pre PFS) plus Liberia and Namibia .."

and then ask chat gpt/copilot/whatever a suitably framed question.

HTH

And maybe even support...

hTTps://abcnews.go.com/International/wireStory/hegseth-visit-philippines-talks-include-south-china-sea-120033339

.."MANILA, Philippines -- MANILA, Philippines (AP) — U.S. Defense Secretary Pete Hegseth is scheduled to visit the Philippines, the first stop in his first trip to the Indo-Pacific next week, for talks that will include increasing deterrence against aggression in the disputed South China Sea, a Philippine official said Friday.

Hegseth will be in Manila on March 28-29 to meet his Philippine counterpart, Gilberto Teodoro, and President Ferdinand Marcos Jr. Talks will touch on increasingly assertive actions by Beijing in the South China Sea and “more significant support” to Philippine security forces by the Trump administration, Philippine Ambassador to the U.S. Jose Manuel Romualdez told The Associated Press..."

First locate, then deter...

ATB

You can't deter until you locate...

." Bulk DRI test* (maybe);

*given Jivings' 1443 input, I imagine this will be a definite requirement...and may even be brought forward?.."

Per ZIOC's twitterfeed :

.."The ability to achieve DRI specification from the Zanaga Project's ores has the potential to transform its value proposition. ZIOC will conduct a study DURING THE REMAINDER OF THE YEAR to evaluate this high impact value upside opportunity..."

Shome shlippage, Shirley ?

GLA

Detailed comment available at

https://www.batimes.com.ar/news/economy/burford-met-with-silence-from-milei-over-us16-billion-ypf-judgment.phtml

in English, no paywall.

ATB

.." Bulk DRI test* (maybe);

*given Jivings' 1443 input, I imagine this will be a definite requirement...and may even be brought forward?.."

Per ZIOC's twitterfeed :

.."The ability to achieve DRI specification from the Zanaga Project's ores has the potential to transform its value proposition. ZIOC will conduct a study DURING THE REMAINDER OF THE YEAR to evaluate this high impact value upside opportunity..."

Shome shlippage, Shirley ?

GLA

Thanks for explaining, 99icecream....simple economics!

And there I was, looking for something more obscure/technical/complicated.....

ATB

."I think there will be regular updates on the above.."

Per the RNS and website Presentation, it's going to be 'Meet the Press' season :

Q1 :

-26 March Tranche 2 to be confirmed, initiating the value enhancement programme;

- 'Immediate engagement", formal discussions with SPI's as part of construction consortium process......

Q2 :

- EPC MoU;

- DRI lab test results;

- Pellet plant feasibility study;

- Pipeline optimisation study;

- Annual results and post Dec developments update;

Q3 :

- Drystack tailings study;

- Updated Project economics;

- Formal bid process;

- Interim results and post June developments update;

Q4 :

- Bulk DRI test* (maybe);

*given Jivings' 1443 input, I imagine this will be a definite requirement...and may even be brought forward?

-(later) Transaction w/Strategics / Construction Consortium.

Even allowing for some slippage (1) in timeline and (2) between outcomes and ZIOC sharing with the market, this should be a 'content-rich' period.....as I'm sure the new shareholders would want (and indeed insist on): Cutifani, Davis and co to some extent have THEIR names on the line here, too and will be expecting AT and Marty to ensure delivery.

Feel free to add or correct anything I've overlooked/misunderstood/misrepresented.

GLA