Member Info for G_G_G

"Get ourselves through FEED while defining those other parts of the project with binding agreements / contracts and we'll be in a much better position to negotiate. Hence, why most here don't want to give 67.5% of the company away now. In 12-18 months that 67.5% will be worth a lot more than $125m"

Shaun, you get it. The whole point of that last leg - FEED, Funding & FID - is it makes your company value explode when completed. The 20% project for $25m is an appalling value, and how they are representing it is completely false - see figures below. However, if it means that you have partners on board and get to FID, even with giving away another 30-40% of the project for a free carry, the sp would be at 50p. But they don't want to lose much (seemingly any) of the project, so they are trying to lock everything down when the company value is £60m before it re-rates hugely. Much easier to argue "value" when you're discounting the huge uplift from the final stage.

Think of the value they get for $25m & 20% of the project as follows:

= $1bn value (20% of $5bn NPV10 (audited))

Or

= $1.85bn value (20% of $9.2bn targeted NPV upgrade (company stated))

Here's another way of looking at it. Imagine you have an oil find that has had hundreds of millions spent to prove up a Total Resource Value of $1 trillion, which is the Total Resource Value of our 6.9b tonnes. Then someone comes along and says I'll give you less than half of what you spent to prove it up ($150m), but I'm taking $875 billion of its total value. And, I'm going to own at least half of the other $125 billion as well.

To put into perspective, Algeria is the 9th biggest member of OPEC, and its reserves are worth less than our Resource. And with oil, you cannot get all of it out of the ground. And it costs a fortune to extract. Even crazier. These f@cking vultures likely won't spend a penny to realise our value because of all the partnerships, free carries, streaming, offtake deals, tolling and usage fees they will have negotiated before expansion is self-funding.

If I were them I'd be seriously considering whether they want to go this far. The murkiness all over this project is other level. They can be wealthy beyond their wildest dreams with the +50% they already own, $billionaires. Their families will be rich for centuries. Plus, they'll make a few PIs millionaires along the way. And others and their families much better off. Or they can potentially f@ck it all up, and their greed will be their undoing.

In the meantime PIs, don't sell your shares, because there's a good chance that you are selling to these shell companies. And if they own a lot more of the company, it's far easier to offer 25-30p for the lot when 80% is coming back to you. The last hope is that we might get a major step in. It's there for the taking.

Yorkie, hxul, this is not how it will happen. Look at other Tier 1's and consider the guys running the show are some of the most senior mining execs globally for the past few decades, so they know how to build a mine with minimal dilution and debt. For example:

- A toll fee arrangement for the Port is most likely, for example at $5 ton, so all out of Opex. Arise (Gupta and major shareholder) has just raised $700m for "African Infrastructure" projects with the Saudi PIS (also connected to the BOD and major shareholders). That's most of your money for the Port infrastructure, with the Saudi's and Gupta being paid by the toll fee. Saudi will either cover or provide the remaining costs in debt for Arise. They get an asset paying a huge amount for 100 years (remember the Port won't just be for our IO). Zero diluted ownership. All debt on someone else's balance sheet.

- Slurry pipe (Chinese), potentially the same as above, and out of Opex.

- Power (Chinese), same as above, and out of Opex.

Then there's Offtake agreements and Streaming deals that will still ensure ZERO Dilution (Opex), but provide additional capital to use for any remaining Capex and debt collateral.

All of this is likely lined up already. They just need +94% of the project value now, so they can take everything with f@ck all debt on their balance sheet. They can also take out ZIOC, which is easily done with +50% current ownership and what they are no doubt buying now through various vehicles from distressed PIs. Then everything gets privately held, and you don't even know what they are doing.

It's absolutely horrendous what they are doing. They could have offered 25-30p take private. But instead, they go for almost everything for far less.

And the 11p being used, that's from the $25m FEED/FID for 20% of project. They then say the project is therefore worth $125m (11p). But keep in mind that 20% project value is worth $1bn of Stages 1&2 NPV10 (African discounted). The 11p isn't even a true valuation. And they could have raised 10x as much with the most basic streaming or off-take deal, like most other small and mid-cap miners.

Some of you really need to come to grips with the "value" they are claiming, what's actually happening, and what's likely to happen next if they get their way.

Nibj, I'll come back to you on the action group. I'm looking at end-to-end encryption platforms. In my day job I've used scraping tools etc. to monitor feeds like this for damage control in the companies I've worked at. Their new PR agency are doing just that and giving it to trust fund baby Trahar (hi Andrew).

All going well, their greed is going to be their undoing.

Arkham, I think you need to keep in mind these guys are trying to steal the company for as little as possible. Their greed and arrogance means that paying 15p up-front is too much. To think if they offered 25-30p as a take private to PIs, most would reluctantly agree and take their profits. But instead, they're going for almost everything, for less than half of this amount.

This is a $trillion Resource. You have a 6.9b tonne Resource of high-grade Iron Ore that sells at close to $175 a tonne. Just keep those numbers in mind.

Our company is literally made up of a board and a couple of other people. And almost everyone is a board-level exec from a major mining company, except for trust fund baby Trahar. Tell me another company that has this level of people? It's nuts, which is why we all invested thinking we were aligned with them. And then you have some of the names of the major shareholders that we know of Gagan, Sir Mick etc.

They are here for immense wealth. But their greed is so extraordinary that they don't want just the +50% they have of ZIOC (that we know of). They want nearly all of it. If they get the 87.5% project ownership for $150m, combined with their +50% ZIOC ownership for $20m in the GLEN raise that retail couldn't participate in, it means they have a minimum 94% known ownership for less than $175m. The company states $330m sunk costs (not including FEED) and a replacement value of $460m. They get a $trillion Resource, and we get 11p if we survive.

Their greed is almost unimaginable. And the arrogance of how they're doing it. To say we're 'not being diluted' when they're diluting our ownership astronomically at the project level for less than 2% of the Stage1&2 NPV10. Remember that NPV jumps by 30-50% as it's de-risked going from NPV10 to 8 to 6.

They have their partnerships already lined up. They've been saying as much for the past year. Port, Power, Marketing Rights, Infrastructure Development Partners... Instead of having at least 50% ownership (likely more), they're after 94%. If this goes ahead, they can take over the rest of ZIOC for almost nothing. And they'll be able to do it because of their current ownership, and the shares they are getting from Retail selling now, which will be hidden in different vehicles, as they have done already.

It's like some sort of bad dream. We need an investigation at a regulatory or media level to take hold, and/or a "White Knight" like Twiggy/Fortescue to make a bid.

Guys, I think the Glencore element is a point they will make. But there's two things that need to be considered. The first is RoC is literally poisoned ground for them after their corruption charges and conviction in RoC. This alone makes it hard for them to do business in the country. And the second, I'd rather say on the private channel that I'm going to set up.

All this d@dginess by huge names does is to reinforce the MASSIVE VALUE of the asset. This is one of those 'big mines that get much bigger' examples. The 30mtpa is the first couple of stages. It will end up at 60mtpa or greater, and at 60mtpa you still have nearly 40 years of RESERVE and $5bn fcf per year. They haven't turned the other +4bn tonnes into Reserve status, but even if half is converted, you get 75 year asset that could throw off $500 billion dollars in fcf in its lifetime, IN TODAY'S MONEY!

These are the reasons why a number of the biggest names in mining, some of whom have only just joined from huge roles in Vale (think Cutifani), are all in here trying to get their piece. There are more major names here than in some majors. But they are here in a personal capacity. Think about that for a moment.

The numbers are staggering. So anyone saying 'it's just a deal and take 11p' should take their 10% in the coming weeks and leave the rest for others to fight. Even a modest win, like Tranche 1 only happening, and you add many tens of pence to the sp. Look at how Solgold raised cash over the years to find it's development. Look at the numbers from 18 months ago

2024: SolGold entered a US$750 million syndicated gold stream agreement with Franco-Nevada and Osisko Bermuda Limited.

Terms: In exchange, the syndicate receives 20% of gold production (priced at 20% of spot) until 750,000 ounces are delivered, dropping to 12% thereafter.

SOLG doesn't even have the same NPV, IRR etc. It's at the same development stage. And it has raised hundreds of millions over the years before this, in the usual manner with major participation and royalty agreements. But the reason they were doing such deals is that they aren't majority owned by a few unscrupulous mining heavyweights and their evil funding partners. They did it the way most junior / mid tier developers go. Unless someone wants to argue that all our heavyweights couldn't close such deals for the good of all, and our only funding options are to give up 20% of the project for $25m, not to mention Tranche 2.

It's literally mind-boggling what they are trying to pull off.

Extrader, I sent you a DM on the other site. Let me know your thoughts on the outline.

Others, if you want to get involved I'll set up a Discord Group. It will be a working group, so we leave our venting here, and we communicate on Discord on the steps we are taking, sharing views and information for submissions etc. I'll wait for Extrader's thoughts and then share here what will be getting done on Discord. I've got a lot invested here, so it's worth my time and effort to ensure that we (I) maximise the value of this investment. We can hope and pray a White Knight comes along, or we can do our best to block or improve terms on what is a deed most foul on private investors.

Extrader, I sent you a DM on the other site. Let me know your thoughts on the outline and next steps.

Others, if you want to get involved, I'm going to set up a Discord Group. It will be a working group, so we leave our venting here, and we communicate on Discord on the steps we are taking, sharing views, research, information and wording for submissions.

I'll wait for Extrader's thoughts and then share the proposed strategy here. Once you've seen what we believe are the key stages and how we need to move forward on each one, you can put your hand up to be one of the people involved in a workstream. Everyone is welcome, but for the submissions we'll need a lead, and support person/team for the research and thinking. When I share the outline, you'll see there is a lot we can do The quite quickly to make this an absolute headache for them. The value of AI here cannot be overstated.

I've got a lot invested here, so it's worth my time and effort to ensure that we (I) maximise the value of this investment. I also hate injustice, and this quite honestly shocks me to the core. We can hope and pray a White Knight to come along, or we can do our best to block or improve terms on what is a crime most being committed on private investors.

The difference between now and success will be measured in the tens of pence. For some, that could be millions, so worth the time and effort.

Ex, let me know your thoughts.

NKOTB and Glen, great idea. Thoughts on where and how? Maybe a Discord channel? Just the name Discord makes me want to throw up from TXP experience.

Rebster, maybe hold off on this and those wanting to make a challenge convene in a closed loop environment. I mentioned previously that I think we need to coordinate to engage different entities. Media is just one, but it needs to be strategic.

Does Discord work for people?

Feeks, it does matter how long if you're talking about it being less risky than before, or the "value" in the deal. That in itself shows how little you know about the project and how Tier 1s and 2's get developed. As for how much I have invested here, it makes zero difference if you have 1m shares or 10m shares, if what is happening is appropriation by UHNW individuals at the expense of "the little guy". Even the sp suppression was being done for them to save money on the appropriation of the asset. I was saying that it's happening, but was to bring on a major development partner. That's what would normally happen, and not bring on themselves, take almost the entirety of the asset, for a value that doesn't even include development costs. It's sickening what they are attempting to do.

The issue is the major ownership that has been concentrated in the hands of a few individuals and financiers, who PIs thought were protecting their interests, are the ones appropriating the asset. This couldn't be done with SOLG or even a lot of decent sized Tier 2 assets because of the majors involved and retail ownership. It's literally a smash and grab. And if it provided better "value" or been "derisked", then why has the sp retreated?

I do believe these guys are picking up PI shares atm as well. What's to stop them? It's truly extraordinary. The only way this can work out is if a major comes in to buy the lot. "Big f@cks small". So someone "bigger" is needed. At least if that happened PIs would win, and these guys would get unbelievably wealthy, but not gain what they wanted - the tens of billions over the next couple of decades.

NKOTB, Technician, yes that's exactly what they can be doing. It's obvious these guys have been working in the background for years to take the lot. Have you tweeted yet? Please find my thread and drop it in. These things get recorded and can help with engaging the regulatory bodies.

Feeks, please stop using 15p etc. You've just had an explanation of what the real value of the deal happens to be.

I also provided just one SolGold example on the value they were realising as they progressed to a point that is still behind us. They could sell the same NSR being offered to us for over $100m. So please do some research on what Tier 1 (and even Tier 2) companies do in development stages. And these companies don't have the "luminaries" that we have attached to us on their side, negotiating. Seriously, do some basic research because the guys here have done it for a decade.

The company have even stated in releases, the deals and partnerships being forged with the Gulf States and other consortiums, including a 20% marketing rights to GIS - for what in return exactly? I'll make it really clear for you. They are taking 87.5% of the project. And of the remaining 12.5% they own over half of it with the Glencore raise at the PLC level. That means they are getting 94% total value for $175m. And they are likely buying PI shares now.

If this goes through, they will take the project % they have stolen from us and get a free carry or huge sum of cash for half of it. The Chinese paid $1.5b for 40% of Simandou. This was nowhere near advanced as us. It also had triple the development costs. There is no risk to them, so stop saying this because the deals have been done already behind the scenes. It's just cutting us out almost entirely, and capping any value for us at the same time, is what they have been doing.

You need to stop asking about why we're at 6p. The company is being stolen. The sp action now could be by the very same MMs suppressing the sp leading up to this deal, which we all saw for months. They did this so they wouldn't have to pay more when deciding to fleece us.

It's so unbelievably disgusting, it's almost unfathomable. So stop talking about value in this deal, it's only insulting to people who have been here for over 10 year, and know the real value of the project they invested in.

Feeks, Mer, nibj, and whoever else who thinks this isn't a bad deal. How long have you been invested here? The reason being it's fairly clear to anyone who understands the value of the project, that's it a smash and grab. I first invested here 9 years ago and have never taken my eyes off it. What they are offering is disdainful. It literally shows disdain to PIs.

And for the love of God please look at what other mid-sized or even large resource companies have done to raise cash. Here's a recent example with Solgold, which is less advanced, has a lower NPV10, IRR and greater difficulty to build.

1. Gold Streaming AgreementsJuly 2024:

- SolGold entered a US$750 million syndicated gold stream agreement with Franco-Nevada and Osisko Bermuda Limited.

- Pre-construction Funding: US$100 million paid in three tranches of **US$33.3 million** each. Tranche 1 was paid at closing (July 2024); Tranche 2 was paid in July 2025.

- Construction Funding: US$650 million deposit contingent upon reaching a Final Investment Decision (FID) and securing full project financing.

- Terms: In exchange, the syndicate receives 20% of gold production (priced at 20% of spot) until 750,000 ounces are delivered, dropping to 12% thereafter.

You are arguing 15p when the true value of the company at this stage is many times this. The sunk costs alone are worth 30p. The 'replacement value' is 40p. The equivalent for other Tier 1 projects at the same stage is 80p-£1. Look at their presentations - they have provided numbers for these things.

If you're going to stick around and don't intend to trade out, then it's in your interests to apply pressure like the rest of us. The value you talk about is horrendous versus the value of the project. The reason why the sp doesn't even reflect the poor value they have offered, is because they are appropriating the asset for themselves, through various offshore vehicles.

To all other shareholders, I would say don't sell. There is a chance that you are selling to the consortium who are shafting PIs so they can use your shares as a means to vote for their pitiful offer. There's also a very good chance this will get challenged at the regulatory level. And as others have said, the value offered is so poor, it may attract another party to come in and say, 'we will offer you X'. But don't think for a second this is what they want - there are reasons for the exclusivity, and 10% fee etc.

Guys, if you can post here, then you can post in X. Seriously, I've even written the bl@@dy tweets to cut and paste - see below. I'm picking up with Extrader on the other site. We will pull together what we can for the first two stages - AIM Regs & FCA/SFO. The only way value will be realised is from pressure. There's a very big trail that has been left by them. Whether in their public statements or presentations. These can, and will be used.

If you are going to vent, then do it on their pages. Trust me, this does have an impact (I work in Marketing and spent plenty of time in my day job dealing with 'Crisis' mgt). This will get picked up by the mgt team, plus it can be used as a reference in the docs we send off. ATG, Bear, MM - all you lth's. Just post the damn things. Or slightly change them in AI. If you don't have an account, then get one. It's easy.

I'll do some more posts for today to be put up. We need a range of people to have impact.

https://x.com/Zanaga_Iron_Ore/status/2021519547044446455

1/3 The $RAM deal is a staggering "stitch up." They claim it's non-dilutive, but it’s a move to appropriate 87.5% of a project ZIOC owns 100% of. The implied total project value is just $171M—roughly half the $330M in documented sunk costs. It’s not just derisory; it’s disdainful. #ZIOC #Zanaga

2/3 The hurdles: 🚫 Prohibitive 10% penalty fee on superior offers 🚫 Exclusivity clauses limit market competition 💰 RAM can buy back half NSR (0.5%) for $50M, a ~3-year payback on projected Stage 2 revenue. Would ZIOC leadership accept $150m and these terms from an outside entity? Never.

3/3 Investors trusted the "mining legends," but now face a total value disconnect. PIs will challenge the legal merits of every conflict and the derisory valuation. Long-term holders will not watch an est. $9.2bn NPV10 asset be wrested for less than 2p per £. Shocking. #FCA #LSE

Nibj, I think there's a couple of flaws in your argument.

1. The 10% fee is to cover themselves should an offer land. They're not looking for one. They're planning for one with the same level of greed as the smash and grab.

2. And if it was just about getting some partners on-board, well, they could have stopped at $25m for 20% of Jumelles and assured the market that FEED, Funding and FID would be completed over the following 12-18 months.

3. Finally, they could also have just put up the 'For Sale' sign with sealed bids by X date and saved themselves any bother.

It's a straight up smash and grab. I think our best bet is to make it as difficult as possible so that options 2 & 3 are the ones they end up taking. Or it's enough of a stink that another major sees it as an opportunity. Probably worth us trying to get Twiggy Forrest's contact details and all sending him a message. He needs the high-grade IO. And they have cash to spend - he tried to gate-crash Simandou. And he's a man of the people.

Yorkie, I think they call that confirmation bias. These guys wouldn't go through all the paperwork and regs headaches with related parties, possible sp suppression etc, not to mention the challenges from us, if they're simply pushing for a deal. Sorry, but I'm heavily invested here, and it's pretty clear they are going to try to push this through. If a deal is forthcoming, then it's not because they want it to happen.

I've got a 7.67p average. I'll likely get my money back. But I'm not going to sit back and let a bunch of ultra-wealthy individuals take everything from PIs in such a d@dgy manner. They had 50% of Zioc and Jumelles already for peanuts. They could have taken another 20% of the project for $25m (also for peanuts), and assure the market that would be the end of diluting ownership of the asset, as it would get us through FEED, Funding and FID. That's a huge stake for them, especially for some who have just arrived lately. Literally $billions in value and dividends in 10 years. You also need to keep in mind that any development partners will want their cut of Jumelles, so Zanaga could end up much lower than 12.5%. It's nothing but immense greed.

Tommy Shelby - "Big f@cks small". We need to find someone big e.g. Regulatory bodies or Media, who will support us as the little guys to get a "fair and reasonable" value i.e. the law. Or, to your belief, we have to hope that a major comes along and tries to take the lot, rather than teaming up with them once they have 87.5% ownership. My guess is they already have the partners and terms lined-up already, they're just waiting to get the 87.5% done and dusted before they give a (our) chunk away. Sad, but that's my take.

Guys, resurfacing this if you want to make a tweet and make a bit of noise. Tweets below haven't been used. Here's a couple of ready-made ones for you. Just cut and paste, and I'll provide some more each day.

https://x.com/Zanaga_Iron_Ore/status/2021519547044446455

1/3 The $RAM deal is a staggering "stitch up." They claim it's non-dilutive, but it’s a move to appropriate 87.5% of a project ZIOC owns 100% of. The implied total project value is just $171M—roughly half the $330M in documented sunk costs. It’s not just derisory; it’s disdainful. #ZIOC #Zanaga

2/3 The hurdles: 🚫 Prohibitive 10% penalty fee on superior offers 🚫 Exclusivity clauses limit market competition 💰 RAM can buy back half NSR (0.5%) for $50M, a ~3-year payback on projected Stage 2 revenue. Would ZIOC leadership accept $150m and these terms from an outside entity? Never.

3/3 Investors trusted the "mining legends," but now face a total value disconnect. PIs will challenge the legal merits of every conflict and the derisory valuation. Long-term holders will not watch an est. $9.2bn NPV10 asset be wrested for less than 2p per £. Shocking. #FCA #LSE

Stas, with all due respect, you have followed me over here and got caught on your 10% trade. I don't mind you doing this, as you did with PLSR, but trying to argue this is remotely good value for the project is ridiculous.

Firstly, I was talking about future valuation protections, as in the future numbers being thrown around by Feeks are far from guaranteed. As for the Shareholder vote, does that include all the related parties that we know nothing about? And it's for a 50% pass with those unknown related parties voting? The conversion at 15p is only if they don't pay up in time. Defined timelines, do you mean for Tranche 1 sub-tranches 1-3 (guaranteed), but 3/4 not so? Over 12 months, but they can pay whenever they wish? That's not defined in my book.

As for my statement about trading 98% of the project's NPV for $150m - what exactly is wrong with this? It's their numbers. They also use future estimated $2bn EBITDA to justify the pittance that PIs get for their 1% (note they didn't use 0.5%) annual royalty. It's not emotional. It's using their numbers.

You talk of all these risks. Yep, that's why it's an NPV10 base, and not an NPV6-8 like in Australia. FID is $25m - you think that would be hard to raise, and it would cost them 20% of the project if they went external? Seriously? The $1bn debt - I know you are new here, but the development side of things are well progressed and will likely be free carried for project ownership or a usage fee derived from Opex. For example a tolling fee for the port with Gagan Gupta and ARISE who got the $700m cash injection from the Saudi PIS for African infrastructure projects last September. He's the guy who just announced his beneficial ownership of a major shareholder company, the day before this deal, and he'd sold down 4% of his ownership (likely to keep a lid on the sp for the 30 Day VWAP) and this disgusting smash and grab.

They are taking 87.5% project level to sell or free-carry probably half of it in order to fund development. They end up with 50% of Zioc and 45% of the project. For less than half of the development costs to date. Do some AI research to see the valuation placed on Tier 1 projects at our stage of development (Defined Resource / Reserves, DFS, Mining Permit and Environmental Permits (in law), DRI upgrades, MOUs etc). They are valued at 10-15% of NPV 10 for Sovereign Risk 2-3 countries (scale of 3). Even if you take the Stage 1 NPV only, without value enhancements, this is 2-3x their offer valuation. And then do some research on the deal done across the world for major mining op

Anyway, I really cannot get into this given that you are new to the company. I was in here 9 years ago over a couple of years, and it has never left my sight. This was the company that could 25-50x in 5-8 years, and all the lth's know exactly what I'm saying to be true, because they have done the research and comparisons for a decade. Take the 10% trade when you get the chance.

Thanks Ex, really appreciate your help, and will reach out. More than happy together on the regulatory angles with you, as I agree these are the most important places to start. There's so many things to investigate from an AIM Regs / NOMAD angle, before going down the FCA/SFO route.

Few people tweeting already - let's get as many as possible from different people. It's the start of some noise for them.

Guys, this can be beaten and/or far better terms achieved. Ideally we may even get a competitive bid come out of the woodwork. But most important is this team of unscrupulous "legends" needs to understand that our circa 40% ownership of 100% of this $10bn NPV project is not going to be appropriated without a fight. To think they'd take $150m for 87.5% of the project and a 1% NSR of which half can be reclaimed, is absolutely ridiculous. So how can they argue that doing this to PIs is "fair and reasonable"?

Guys, whilst I'm working on some other emails for everyone to send, I think any of you who are disgusted (not trading) should send some tweets in ZIOC's direction.

https://x.com/Zanaga_Iron_Ore/status/2021519547044446455

Here's a couple of ready-made ones for you. Just cut and paste, and I'll provide some more each day.

1/3 The $RAM deal is a staggering "stitch up." They claim it's non-dilutive, but it’s a move to appropriate 87.5% of a project ZIOC owns 100% of. The implied total project value is just $171M—roughly half the $330M in documented sunk costs. It’s not just derisory; it’s disdainful. #ZIOC #Zanaga

2/3 The hurdles: 🚫 Prohibitive 10% penalty fee on superior offers 🚫 Exclusivity clauses limit market competition 💰 RAM can buy back half NSR (0.5%) for $50M, a ~3-year payback on projected Stage 2 revenue. Would ZIOC leadership accept $150m and these terms from an outside entity? Never.

3/3 Investors trusted the "mining legends," but now face a total value disconnect. PIs will challenge the legal merits of every conflict and the derisory valuation. Long-term holders will not watch an est. $9.2bn NPV10 asset be wrested for less than 2p per £. Shocking. #FCA #LSE

Happy to do the legwork, but when the various challenge copy that I'm pulling together is finalised, then I need you to send it to the relevant Regulatory and Media bodies. We have a couple of months. And they need to get Regs sign off. This won't be easy for them if we shine a big light on this deal. Look at the valuations placed on other Tier 1 and Tier 2 companies at a similar stage, including African IO projects with far inferior product/valuations to ours. Mgt have even shared them in their presentations. Look at the Solg $1.1bn take-over, who are at a similar stage. Mining legends, from old and new, didn't try to steal those assets, and investors got 10-20x versus this offer.

Jesus Feeks, you need to get your head around the deal better, or are you new here...? There are no protections in place.

- They say it's not dilutory. That's stretching the truth as far as possible. They are diluting the project that we own 100% of as Zanaga shareholders, by 87.5%, and at 1.9% of the projected Stage1&2 NPV (post value enhancements).

- They get to take back the NSR for $50m, which is less than a 3-year payback.

- They get exclusivity.

- They get a 10% reward for any counter-offer.

- They reserve the right to participate in any further fundraising in Zanaga up to their current holdings.

- They CAN dilute further at the Jumelles level. Let's say they bring on a partner consortium for a 50% free carry - they end up with 44% at the Jumelles level, 50% at Zanaga's now 6.25%, plus 0.5% NSR. We end up with 6.25% and 0.5% NSR.

And you think these people, who hold lth's in such disdain, won't do anything else? We don't even know who they all are. And that sp "peg" that we all commented on for months leading up to this, well the 30-day VWAP came in handy didn't it? They didn't even want a valuation to get up near 15-20p, such is the greed of these people.

Twiggy Forrest is Australia's richest man and a philanthropist and person of the highest moral character. When he set up Fortescue long term private investors saw their wealth go up 1,200x in less than 5 years. He didn't try to steal it from under those people's noses with all sorts of murky vehicles in tax havens. It's f@cking appalling. And some of these "legends" only turned up lately to participate in the Glen buyout at near all time lows, and no doubt have their snout in the 87.5% trough as well. So this 'partnership' group, whoever they are, have 50% of Zanaga and will end up with 87.5% of Jumelles, plus a 0.5% NSR. If we let them...

Simple question for everyone. Their valuation for 100% of the project is $171m. Do you think they would accept that from another entity? If so, we should push for them to put out a competitive tender for ZIOC's 100% project ownership at $200m starting price. They can even get some extra change in their pockets. But so do we. We get 15p guaranteed, just like them. Now tell me what they're doing is 'fair and reasonable', which by the way is the law.

Hi everyone, I’ve stepped back for a bit to process. While we are all reeling, it’s clear that lots of knee-jerk emails won’t get us results. To fight a move this calculated, we must be professional and coordinated. I am proposing a structured offensive where we assign a lead to define the scope of each entity and draft "Master Dossiers" for a mass, coordinated offensive.

Conflict Dossier: We must challenge the interlocking relationships between ZIOC major shareholders and Red Arc Minerals (RAM). The role of Andrew Trahar, advising the counterparty (RAM) while serving as ZIOC’s Corporate Development Manager, is a glaring example of potential conflicts that must be investigated.

Workstream Leads Required:

AIM Regulation & NOMAD (Challenging Oversight)

Focus: First, define the exact scope of AIM Regulation vs. the Nomad's responsibilities. Then, investigate potential failures, for example under Rule 13 to protect minority shareholders. We will challenge the "Fair and Reasonable" statement: a $143m total project valuation for 87.5% represents a 98% discount to the $9.2bn enhanced NPV and is less than half of the $330m sunk costs.

Personal Request: @Extrader or @MinorMiner, could one of you lead this?

The FCA: Market Abuse & Whistleblowing

Focus: Define the FCA's specific grievance handling for AIM companies. Then, formally question what has occurred, for instance the share price action leading up to this deal. We need an investigation into potential price suppression that enabled this low-value entry and the sudden pivot from the expected $9bn technical news to a $143m private buyout.

BVI Legal Action (Section 184I Unfair Prejudice)

Focus: I’ve shared a draft merits assessment for input. This note has content that can also support our "Fair Value" challenges. We now need to ideally identify BVI-qualified firms, and third-party funding.

Financial Media Campaign

Focus: I will pull together the narrative for the press: "industry luminaries" attempting to appropriate a Tier 1 global asset from retail for pennies on the pound after a decade of patient capital. But let's be strategic on who we engage once completed, and not fire off emails to lots of media groups and journalists without giving them the full story.

I cannot do this alone. I have a young family and work, but I will push hard. AI has made it easier than ever to draft professional, factual claims directed at the appropriate parties. We just need one comprehensive, defendable dossier per entity and the power of many.

Please reply if you will lead a workstream.

Guys, thoughts on this draft? If anyone has experience on legal challenges from the past, or a viewpoint on who should be engaged - firm and counsel names - then please add to this thread. I've found a few with the assistance of AI, but sadly that was also telling me the odds of the "legends" doing anything under-handed was next to zero, let alone at such a shocking valuation.

Ex, I really value your input, so it would be great if you could take a look at the wording and provide any input.

We don't have a big window here to take action. There's the option of sitting back and doing nothing, with an outcome of 10-11p in the next couple of months. Some lose money and ten years of wasted opportunity in their portfolio. But if this gets challenged, they will be forced into a competitive bid situation, so there's nothing to lose and a sp of £1 to gain from my pov.

I'll draft an email for media next. Given that we thought our interests and wealth were protected by the industry veterans' reputations, I think this is a strong route to take. My thinking is BBC and The Guardian as first stops. Feel free to drop into the Media thread that I start the names of any journo's to approach. It's a rather sordid story of 'big f@cks small', but that could change if someone is willing to help stand up for the little guy.