Member Info for extrader

Hat-tip to Catbert, who part agrees with you :

.."I'm not too worried about the lack of an RNS as it is possible that the new investors and the cancellation of the Glecore shares and rights attched is the RNS.

So if no great revelations are to be announced prior to the 3 hour meeting tomorrow what then is it's purpose?

Some have speculated that it will reveal the strategic plan ahead and others have questioned if it is OK to do this without an RNS as it could be market sensitive. My guess is that as we are outside of trading hours the company could cover themselves by releasing a 7am summary on Wednesday or publishing a video of the meeting or some other similar action.

This leaves me wondering what their objectives for the meeting are?

It seems like a lot of effort for a big nothing burger if that is what it will be.

Besides the possibility of some kind of big reveal it could be the case that the meeting is part of a PR process for the City perhaps to more widely promote the share to Financial Journalists, funds, family offices, Mining excutives, other supply chain players, analysts, and PIs now that we have these heavy hitters invested in Zanaga.

Remember last year's press article? The share bolted even though we had not announced some of the things we have no put in place.

We were once a stranded asset but now we have a series of MOU's to supply port and power and a turnkey processing plant which will shift our project economics into a new percentile by saving us on shipping costs. We have offtake to sell and a mine and pipeline to build.

If the key objective is financial PR an out of hours presentation in the City is the time and place to do this.

As holders the idea of new investors with deeper pockets than our own wishing to participate in this project is a good thing. Our new investors have clout and are meat and drink to financial journalists and PR types.

Hearts and minds?.."

Per today's depeches, 'cover ' theory seems vindicated :

.."According to diplomatic sources of the United Arab Emirates, the meeting [with Big Den] was also the framework of exploration of opportunities for investment in the Republic of Congo's industry, mining , new technologies , ports and logistics."

... reminds readers Big Den on earlier UAE visits " had talks with politicians and business leaders, including the head of national holding company which operates in the mining sector."

It's not clear whether this is 'a' national holding company (public sector) or the National Holding Company (confusingly, 'private' sector), if the latter, these people

https://www.nh.ae/who-we-are/.

GLA

Visit flagged by MM in t'other place, today per depeches :

.."According to diplomatic sources of the United Arab Emirates, the meeting [with Big Den] was also the framework of exploration of opportunities for investment in the Republic of Congo's industry, mining , new technologies , ports and logistics."

... reminds readers Big Den on earlier UAE visits " had talks with politicians and business leaders, including the head of national holding company which operates in the mining sector."

It's not clear whether this is 'a' national holding company (public sector) or the National Holding Company (confusingly, 'private' sector), if the latter, these people

https://www.nh.ae/who-we-are/.

GLA

Third attempt :

hTTps total-market-solutions.com/2024/01/empire-metals-ltd-jan-2024/

and

hTTps w w w .research-tree.com/newsfeed/article/empire-metals-ltd-saudi-strategic-investor-led-placing-to-raise-3m-2220648

the two links are :

**********************************/2024/01/empire-metals-ltd-jan-2024/

and

https://*********************/newsfeed/article/empire-metals-ltd-saudi-strategic-investor-led-placing-to-raise-3m-2220648

Over at t'other place MM's new AI tool - GROK - appears to have made a plausible identification.

It posits a 55m stake for an eventual 6.8% shareholding.

Worth a read, IMO.

GLA and ATB

here are a couple of more links :

**********************************/2024/01/empire-metals-ltd-jan-2024/

some more comment re al tamimi's involvement with eee , which per the blurb is "transitioning to developer status as it progresses its gigantic pitfield titanium project".

some further similarities in the goal being to progress the “giant scale titanium project that is going to shake up the industry.”

..."he’s also well supported by early cornerstone investor fahad al-tamimi who made a fresh strategic investment in january’s placement. in addition to photo shoots with king charles iii, al-tamimi has extensive construction credentials in saudi arabia so can talk engineering and development and finance concurrently...."

and this rns, which is a little more factual

https://*********************/newsfeed/article/empire-metals-ltd-saudi-strategic-investor-led-placing-to-raise-3m-2220648

and - interestingly - tells us that eee has our friends at shard as joint broker.

it's a small world....

elphick notably credited marty knauth and at with ' envisioning and structuring this entire process, driving the transaction and raising the capital."

i wonder whether altamimi sits in the greymont camp ....or the guava/exgarbut camp...or even the gis camp ?

on the face of it, another encouraging, 'heavyweight' investor/shareholder.

gla and atb

PS I obviously hope that others - MM? Jiving? 99icecream? kongolasse? StarBright? jonnychi?allthatguff? ShrewdDude et al - will chip in with other points that need clarification.

We complain about ZIOC lack of communication - here's an opportunity to engage, let's make the most of it!

GLA and ATB

Hi Vet10 et al

I'd be grateful if you and other attendees could raise the following with the ZIOC representatives (some may be covered in the presentation or RNS'd b4hand, of course) :

(1) What is the status of FEED study – what % undertaken since last report Sept 2024? when is completion NOW expected? (See connected Q (6) below).

(2) What is the status of PSEI’s optimisation study – what results has it delivered so far (%age completion)? – and when is it expected to finish? Is its progress/outcome dependent on Greymont’s optional Additional Subscription $ 1.5million?

(3) The ‘MoU’ with CEC announced 3 Feb 2025– a very preliminary commitment- envisages supply of electricity from CEC’s existing resources. These are insufficient to cover C-B’s existing needs, with rolling blackouts reported regularly in local press.

Pls describe how this co-operation is expected to deliver in good time what ZIOC will need, given the current shortfall?

Pls also tie in with the earlier ‘MoU’ signed with CMEC in Dec 2023 for ‘identified’ hydroelectric sites and their ‘funding, development and operation’, discussions between Rep. of Congo and third parties.

What is the current position with the CMEC MoU? And the current status of the associated RoC discussions with third parties?

(4) The GLEN shares were repurchased and cancelled, not held in Treasury. What prompted the decision to cancel?

What is the status of the Shard Facility – how much remains undrawn/available? – and (if available) why has it not been similarly cancelled?

(5) Marketing rights over 20% of ZIOC’s envisaged production (30mtpa @ $100 = $ 600million) have been granted to newco Gulf Iron and Steel (GIS), established in Feb 2025 in Dubai, with so far unidentified shareholders.

This was at the request of Greymont and a condition precedent for their ‘cornerstone subscription’.

Pls describe the nature of the evident relationship between Greymont and GIS.

What consideration has or will ZIOC receive from GIS itself in exchange for granting it these valuable (perhaps $ 600m p.a.) rights…and what gives ZIOC management grounds for asserting that ‘the GIS Offtake Agreement enhances market access and offtake security’ ?

How creditworthy is GIS ? Would it be sufficient as things stand, for instance, to make possible funding of the reported $ 22m FEED study cost? Is that the plan? If not, how will the FEED study cost be met…by whom? And when?

I hope attendees (and others - MM? Jiving? 99icecream? kongolasse? StarBright? jonnychi?allthatguff? ShrewdDude et al) will chip in with other points that need clarification...and that WE PI's are given information that will fully justify Clifford Elphick and Marty Knauth's statements that this transaction does indeed 'add notable value for ALL our stakeholders'...

GLA and ATB

Hi Vet10 et al

I'd be grateful if you and other attendees could raise the following with the ZIOC representatives (some may be covered in the presentation or RNS'd b4hand, of course) :

(1) What is the status of FEED study – what % undertaken since last report Sept 2024? when is completion NOW expected? (See connected Q (6) below).

(2) What is the status of PSEI’s optimisation study – what results has it delivered so far (%age completion)? – and when is it expected to finish? Is its progress/outcome dependent on Greymont’s optional Additional Subscription $ 1.5million?

(3) The ‘MoU’ with CEC announced 3 Feb 2025– a very preliminary commitment- envisages supply of electricity from CEC’s existing resources. These are insufficient to cover C-B’s existing needs, with rolling blackouts reported regularly in local press.

Pls describe how this co-operation is expected to deliver in good time what ZIOC will need, given the current shortfall?

Pls also tie in with the earlier ‘MoU’ signed with CMEC in Dec 2023 for ‘identified’ hydroelectric sites and their ‘funding, development and operation’, discussions between Rep. of Congo and third parties.

What is the current position with the CMEC MoU? And the current status of the associated RoC discussions with third parties?

(4) The GLEN shares were repurchased and cancelled, not held in Treasury. What prompted the decision to cancel?

What is the status of the Shard Facility – how much remains undrawn/available? – and (if available) why has it not been similarly cancelled?

(5) Marketing rights over 20% of ZIOC’s envisaged production (30mtpa @ $100 = $ 600million) have been granted to newco Gulf Iron and Steel (GIS), established in Feb 2025 in Dubai, with so far unidentified shareholders.

This was at the request of Greymont and a condition precedent for their ‘cornerstone subscription’.

Pls describe the nature of the evident relationship between Greymont and GIS.

What consideration has or will ZIOC receive from GIS itself in exchange for granting it these valuable (perhaps $ 600m p.a.) rights…and what gives ZIOC management grounds for asserting that ‘the GIS Offtake Agreement enhances market access and offtake security’ ?

How creditworthy is GIS ? Would it be sufficient as things stand, for instance, to make possible funding of the reported $ 22m FEED study cost? Is that the plan? If not, how will the FEED study cost be met…by whom? And when?

I hope attendees will chip in with other points that need clarification...and that we PI's are given information that will fully justify Clifford Elphick and Marty Knauth's statements that this transaction does indeed 'add notable value for ALL our stakeholders'...

GLA and ATB

Thanks, MM !

and re .." whilst also revealing what Shard now hold.", what does GROK have to say about that?

It would save me a question for Some Kind Person to table for Tuesday....

Cheers.

Interesting find! Sounds like some kind of 'shadow memory' of an earlier version of the RNS.

As the holding (if true) is over 3 %, we should find out soon enough.

Squirrelling around, I only came up with this :

.."Fahad Al Tamimi has a diverse portfolio of investments across various industries. Here are some of his notable ventures:

Mason Resources Inc.: He serves as Chairman and holds a significant stake in this Canadian company, which focuses on investments in sectors like graphite and graphene.

Kerr Mines Inc.: He is the Chairman of this North American gold development and exploration company, which operates in the precious metals sector.

Tamimi Investment & Mining Co. Ltd.: This company is involved in mining and general investments, reflecting his interest in natural resources.

Sabre Gold Mines Corp.: He is an Independent Director at this company, which focuses on gold mining and exploration.

Tamimi Trading & Contracting Co. Ltd.: He is the Chairman of this firm, which operates in engineering, construction, and trading.

B Investments Holding SAE: He serves as a Director on the board of this investment company, which is involved in various sectors.

Mr. Al Tamimi's investments span industries such as mining, engineering, construction, and trading, showcasing his strategic approach to growth and diversification..."

Pretty generic stuff, copilot is elusive about possible connections with Heeney Capital, where there may be sectoral overlap.

ATB

And 2 more snippets :

(1) PUBLIC FINANCES

N°4970 - FRIDAY 14 MARCH 2025

The IMF approves a disbursement for Congo

The Executive Board of the International Monetary Fund (IMF) yesterday approved the disbursement of the sixth and final review of the Extended Credit Facility (ECF)

the Republic of Congo. ‘The completion review allows for the immediate disbursement of SDR 32.4 million (approximately 43 million US dollars), bringing the total disbursements to 430 million dollars, i.e.200% of the quota, thus concluding the ECF agreement’, states a press release from the international financial institution, underlining that its funding will continue to help the authorities to implement development policies, maintain macroeconomic stability and support economic recovery in a context of tightening economic conditions.

(2) AFDB

https://www.ippmedia.com/the-guardian/business/read/afdb-sign-deals-to-improve-peoples-access-to-electricity-in-congo-2025-03-06-170530

"The African Development Bank and the Republic of the Congo have signed two grant agreements totalling $1.5 million to strengthen the country’s energy sector and improve people’s access to electricity and reduce the country’s energy deficit."

For studies re (1) small dams in south and (2) for $995,000 - mobilized from resources from the Korea-Africa Economic Cooperation Trust Fund (KOAFEC) - will be used to fund the feasibility study and detailed design of transmission lines between Pointe-Noire and Brazzaville, and between Loudima and Djambala."

'Every little helps'.

GLA

And 2 more snippets :

(1) PUBLIC FINANCES

N°4970 - FRIDAY 14 MARCH 2025

The IMF approves a disbursement for Congo

The Executive Board of the International Monetary Fund (IMF) yesterday approved the disbursement of the sixth and final review of the Extended Credit Facility (ECF)

the Republic of Congo. ‘The completion review allows for the immediate disbursement of SDR 32.4 million (approximately 43 million US dollars), bringing the total disbursements to 430 million dollars, i.e.200% of the quota, thus concluding the ECF agreement’, states a press release from the international financial institution, underlining that its funding will continue to help the authorities to implement development policies, maintain macroeconomic stability and support economic recovery in a context of tightening economic conditions.

(2) AFDB

https://www.ippmedia.com/the-guardian/business/read/afdb-sign-deals-to-improve-peoples-access-to-electricity-in-congo-2025-03-06-170530

"The African Development Bank and the Republic of the Congo have signed two grant agreements totalling $1.5 million to strengthen the country’s energy sector and improve people’s access to electricity and reduce the country’s energy deficit."

For studies re (1) small dams in south and (2) for $995,000 - mobilized from resources from the Korea-Africa Economic Cooperation Trust Fund (KOAFEC) - will be used to fund the feasibility study and detailed design of transmission lines between Pointe-Noire and Brazzaville, and between Loudima and Djambala."

'Every little helps'.

GLA

Https://www.aglgroup.com/en/successful-financing-for-the-expansion-of-congo-terminal-at-the-autonomous-port-of-pointe-noire/

.."Africa Global Logistics (AGL) announces the signing by its subsidiary Congo Terminal of a financing agreement of 150,880,000,000 CFA francs (equivalent to 230,000,000 euros) for the extension of the Container Terminal of the Autonomous Port of Pointe Noire (CTAPN). This achievement was made possible thanks to a bank round led by Crédit du Congo and Attijariwafa* Bank as arrangers, and composed exclusively of Congolese participating banks: Credit of Congo, EcoBank, International Commercial Bank, SINO-Congolese Bank for Africa, BGFI Bank Congo. Other expressions of interest from banks and international institutions have been made on this project, reflecting the overall interest in the project.

* Attijariwafa is Morocco's largest bank, its major (46%) shareholder is AlMada, a private investment vehicle for the Moroccan Royal family.

["Al Mada is deeply involved in Africa's economic development, supporting projects that promote sustainable growth and South-South cooperation... The fund is also committed to modernizing infrastructure and fostering innovation in sectors critical to Africa's future."]

This financing will enable the construction of a new 750-linear metre quay in 2027, with a surface area of 28 ha and a depth of 17 metres. The three-year work represents a total cost of 361 million euros. This strategic investment aims to strengthen the operational capacity of Congo’s only maritime outlet and will support the economic development of the country and the sub-region.

The presence of the country’s main banking players testifies both to the capacities of Congolese financial institutions and to their confidence in the stability and potential of Congo Terminal. Crédit du Congo played a central role in structuring the financing and coordinating efforts between partner banks, thus facilitating the implementation of this ambitious project.

"The Môle Est project is fully in line with the vision of the highest authorities of the State, in particular that of President Denis Sassou-Nguesso, who aspires to make the port of Pointe-Noire the reference transshipment hub for the entire sub-region. This project illustrates a successful public-private partnership and demonstrates the commitment of all stakeholders to promote the country's economic growth. »

Anything that helps build out local infrastructure logistics and skillsets is a plus.

GLA

Https://www.aglgroup.com/en/successful-financing-for-the-expansion-of-congo-terminal-at-the-autonomous-port-of-pointe-noire/

.."Africa Global Logistics (AGL) announces the signing by its subsidiary Congo Terminal of a financing agreement of 150,880,000,000 CFA francs (equivalent to 230,000,000 euros) for the extension of the Container Terminal of the Autonomous Port of Pointe Noire (CTAPN). This achievement was made possible thanks to a bank round led by Crédit du Congo and Attijariwafa* Bank as arrangers, and composed exclusively of Congolese participating banks: Credit of Congo, EcoBank, International Commercial Bank, SINO-Congolese Bank for Africa, BGFI Bank Congo. Other expressions of interest from banks and international institutions have been made on this project, reflecting the overall interest in the project.

* Attijariwafa is Morocco's largest bank, its major (46%) shareholder is AlMada, a private investment vehicle for the Moroccan Royal family.

["Al Mada is deeply involved in Africa's economic development, supporting projects that promote sustainable growth and South-South cooperation... The fund is also committed to modernizing infrastructure and fostering innovation in sectors critical to Africa's future."]

This financing will enable the construction of a new 750-linear metre quay in 2027, with a surface area of 28 ha and a depth of 17 metres. The three-year work represents a total cost of 361 million euros. This strategic investment aims to strengthen the operational capacity of Congo’s only maritime outlet and will support the economic development of the country and the sub-region.

The presence of the country’s main banking players testifies both to the capacities of Congolese financial institutions and to their confidence in the stability and potential of Congo Terminal. Crédit du Congo played a central role in structuring the financing and coordinating efforts between partner banks, thus facilitating the implementation of this ambitious project.

"The Môle Est project is fully in line with the vision of the highest authorities of the State, in particular that of President Denis Sassou-Nguesso, who aspires to make the port of Pointe-Noire the reference transshipment hub for the entire sub-region. This project illustrates a successful public-private partnership and demonstrates the commitment of all stakeholders to promote the country's economic growth. »

Anything that helps build out local infrastructure logistics and skillsets is a plus.

GLA

Depeches editorial, no less:

.." EDITORIAL

The training of Congolese managers and technicians is still a matter of concern.

The process of healing national football won't succeed if they are not properly equipped.

But the suspension of Fécofoot by Fifa makes the equation even more complicated.

The partnership signed between Fécofoot and the Royal Moroccan Football Federation (FRMF), on which the country was relying on to reverse the trend in current unconvincing statistics, has suffered a serious blow as a result of the suspension.

Categorical in its decisions, Fifa has just extended its sanction to Congolese technical officials , who will no longer be able to benefit from development programmes, courses and training offered by the organisation itself and the Confederation of African Football.

The measure prohibiting other federations from maintaining relations with Fécofoot for the duration of its suspension puts the Congolese in a more than uncomfortable position, since the partnership with the FRMF had included the eligibility of two technicians for international competitions.

Three new Congolese will be unable to take part in the April training session in Morocco.

As a result, these coaches find themselves penalised, and will not be able to pass this stage until the suspension is lifted.

The truth is that Congolese football has a lot to lose if this situation drags on.

National football will go backwards because it is difficult to meet certain challenges alone...."

As with the beautiful game, so with the country. Let's see if the message(s)/lesson(s) percolate upwards.

GLA

Making yourself less detectable for general security concerns in good weather is one thing, doing so in poor conditions in a narrow stretch of water is another.

AIUI

Shakhbout is Foreign Minister, so more likely to be connected with Libya or DRC conflict mediation.

Big Den heads the African 'honest broker' contingent to the former.

IF there's summat going on re ZIOC, of course, his visit would be good cover...and one of his entourage could be handling the nitty-gritty.

GLA

Hi MM,

Let's hope so!

I posted some thoughts in t'other place :

"I'm hopeful that the Investor Event will show a clearer, plausible plan and timeline to Project implementation.

From the look of things, it may only be the 'management team' that is represented at the Event...and I hope MK and AT will be as forthcoming as possible : it would be a poor show if MK were to hide behind 'I wasn't on the Board then, so am not privy, etc' or AT were to recuse himself from discussing some things because of a perceived conflict of interest.

I hope to pull together a number of questions for the Event - I can't attend myself - and would be grateful if Vet 10, 4kandles and any other attendees could ask or paraphrase these, preferably EITHER (1) as 'open-ended' questions, ie that can't be answered yes/no, but require the answer to give some detail or (2) conversely, where we would like a clear yes/no : an example of the latter would be :

- Has the Shard capital subscription facility been cancelled ? Y/N ? If N, why N..and what is the amount (if any) available under Tranche 2 ?

A minor quibble : .."After the Glencore buyback and the additional issuance for the final raise of $1.5m, there will be approx 802m shares issued."

AIUI, we're at 724m approx, Tranche 2 around the 26th March is for about 79m, getting us to 804m-ish...and the 'optional' $1.5m will (if/when exercised) give another 29m, for an eventual 833m, of which the 'new investors' collectively will have approx 450m or abt 54%.

Having got thus far, the newbies are now as motivated as Elphick to minimise further dilution, hence my interest in the Shard position....and whether there's scope for - instead- leveraging the grant to newco GIS of 20% of marketing rights as one way of funding FEED, to the extent necessary (some questions re that, also)...."

Will you be able to make it to the Event?

GLA and ATB