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How do you suppose the price was manipulated down in practice, and successfully, for such a long period? I would more readily believe the market has always priced ZIOC on the basis of normal risk and reward.

Dustfilter, Hear hear!

Hi GGG

It is equally clear that you have not correctly understood my true position, which is that ZIOC is "just" an investment which carries both risk and reward for me as a PI. I am totally agnostic about how we got this deal. I do not doubt for a moment that the deal is wonderful for RAM. I am focused on what it means for me, which is that it brings certainty of the like we never had before. Unlike you, I had sold before the deal (and said so) as I considered that the investment risks were too great for me to bear. You don't seem to have appreciate those risks quite as much. It is a related party transaction under AIM rules. We know that, they have said so. There are actors on both sides who have orchestrated this outcome. We agree on all of that. I don't know whether any rules have been broken or not; that's one for you not me. It will cost a lot of money to find out. I could well believe it if Trahar is on an eye-watering sum for his consultancy..... But the fact the RAM deal will primarily benefit others more than me (IF the mine is successful, and that's a big if) is mainly irrelevant to my analysis of the current investment opportunity. Unlike you, I have no faith in NOMADS or regulators to act where appropriate - or belief that shareholder action will not lead to share price destruction for the short term at least. Going back to the exit of Glencore, no-one here could ever square the circle - why that company would be willing to leave the table for so little whilst at the same time bestowing ZIOC with such a valuable interest (on paper). ZIOC's position is inherently weak, which shows in this deal, and if RAM are kicked into touch, then what next? Why do you think Gupta and Elphick would be happy to go along with this? Please elaborate as I am open-minded to how I would actually vote when it comes to June 2026, and most of all I am totally respectful of your stated position - but would hope that you can tolerate my stated views as well (given honestly). We are all trying to make good investment decisions as the little guys in what is a difficult arena.

"Time to reflect" when, in fact, TerryAI can do it in seconds. Lol.

You cannot have it any which way. On the one hand you say no "big boys rushing in", and yet PI's think they are entitled to a mega deal which values their currently unfunded interest in the £ billions. Funds will arrive post FEED/ FID, and I would think a major mining interest will step up at that point too. It does not make sense that Sir Mick and co would have taken it this far without that expectation. They get nothing without a producing mine, unless they sell at a premium before that stage, or if the current deal is gazumped. That's all good for us!

The more I see responses like the ones below, the more convinced I become that a lot of retail PI's simply haven't understood this properly. The market will come round to the benefits sooner not later IMO.

Hi dustfilter

I agree with you in part, but there is no internal dilution with this deal which is important. ZIOC gets a fully diluted 12.5% share of the project. Fully diluted. You make an important point which others are overlooking, which is that tiny ZIC simply cannot carry the financial risk on such a major project (a world class mine). RAM is taking the lion’s share of that risk, and that’s good for ZIOC shareholders. It is a deal which works for all parties. Costs might well overrun but $125m gives some headroom on current forecasts. If ZIOC does pay its way, then 12.5% of a producing mine of this calibre is not to be sniffed at (plus $50m and 0.5% royalty). It’s a great pension for anyone who has got a spare £20-30k on the hope RAM (or a new bidder) will get this through to production. Investors need to focus on what they are getting rather than what they are not. Someone will be buying at 6p, that’s for sure.

Breaching not brushing

That's a ridiculous statement. The known fact is Nanoco.was seeking.a merger or to be bought out. Why would it offer that route if the company involved was brushing its own IP.? Shoei could have bought out Nanoco easily enough. It looks as it Shoei isn't having any of it.

TDP 'chop us out' is not the right way to look at it. The deal protects ZIOC from future intenral dilution, and it is largely sheltered on capital cost overruns. RAM will have to shoulder 87.5% of those risks. The 1% nsr is a separate contractual right, too. Personally, I like the deal more than the market does at 6p ZIOC! There's a lot of value to come nevermind it would be better if we were getting twice as much, but that's life.

Make of it what you will, but it appears that Nanoco was hopeful of a deal to avoid litigation and now seems to be a reluctant defendant from a position of weakness:

"Answering further, around March 10, 2025, Shoei met with Nanoco after Nanoco contacted Shoei to explore a potential merger or acquisition. During that meeting, Shoei told Nanoco that Shoei’s production methods are different than the technology claimed in the Asserted Patents and, therefore, Shoei does not infringe those patents. See, e.g.,Dkt. 17 ¶ 72; Dkt. 58 ¶ 72. On November 21, 2025, Shoei filed the complaint in this case seeking a declaratory judgment that Shoei’s methods and products do not infringe the Asserted Patents. See Dkt. 1. Further, on January 30, 2026, Shoei filed counterclaims and affirmative defenses asserting that the Asserted Patents are invalid in view of the prior art. Dkt. 58. Shoei incorporates by reference Shoei’s declaratory judgment complaint, answer, and counterclaims."

5. Risk factors to consider (Continued)

1) Nanoco tells investors that it will not settle for less than "x" times share price

2) Nanoco folds like a cheap suit

Totally agree with that viewpoint. Criticisms of the deal are very fair up to a point, but also significantly related to matters of valuation - which I am overall happy with on the simple basis the RAM deal gives me the best chance (not a guaratee) of a healthy return on my 6p shares. There have been suggestions of moves to artifically suppress the price ahead of the deal but I hold no view on that especially as I am happy with the deal. Most of all, if this deal gives RAM greater room to maneuver the necessary deals with other funders/ investors, as it should, then it bodes well for delivery of a successful project. I am happy that there are so many interlinked interests ( eg. Gupta / Arise) as this only increases the chance of a successful project. We have the right people in place who are heavily motivated to make it happen.

Its a big irony that there are miffed LTH given 14 years of waiting ...... and now we finally have a mega deal which underwrites the project and greatly reduces (if not totally eliminated) fears of long term stagnation.

Funds will typically come to the party after FID so now is the time for speculative PIs to be buying at the 6p lows. I find it strange and illogical that hitherto loyal supporters appear so blinkered to the current opportunity that they prefer to attack those in charge who can actually deliver the prize we surely all desire, but that's for their own conscience to wrestle. I put it down to an understandably 'human' emotional response but one which sits uneasily with me given previous bouts of unbridled optimism on this board. It's a market and buying stock is never a guarantee of limitless future riches.

NWBAI

Great presentation. Truly exciting times ahead for LTH methinks.

Zanaga Iron Ore Company Limited (AIM: ZIOC) is pleased to announce that a recording of the investor presentation, delivered by the Company during Mining Indaba 2026, is now available to view here: https://www.zanagairon.com/media/

The presentation, hosted by Martin Knauth, CEO, and Andrew Trahar, Corporate Development & Investor Relations Manager, covers the proposed strategic investment by Red Arc Minerals, announced on 10 February 2026, and the subsequent development plan for the Zanaga Project.

AI is the death knell of BBs.

Here's why:

Etc.....

(Yawn)

That is distinctly possible based on aerospace and motor sport in the main part; but more if the higher volume sectors take off in earnest around the same time. I take 2030 as the benchmark which matters most. Anything substantial before then is bonus.

One thing I do believe, is that TRT is a safer "punt" than many many other AIM stocks: essentially we have two YoY growing businesses to replace one profitable business which expires 2030. High margins achieved on all the business segments, with long term annual RR in store with SAW, and now Translogik too, moving to a software as a service model. My "punt" is that the wider investment community will become interested again after the next set of results show increasing revenues (again), beating the £5.2m for FY26.

It's the sort of analysis that represents the view of the casual onlooker. 64p is a good opportunity for those who are prepared to look more closely and be patient. Not without risks but a pretty good "punt" IMO given the slow build up of revenues. If it was going nowhere the annual revenues from Translogik and SAW would not be showing YoY annual growth as it has done. A well managed business, showing a lot of blue sky primise, slowly but surely

Paul Scott is well invested into POS. A total hit and hope story stock. What a hoot!