Member Info for hxulcolrdoh

Re "$1B seems low-ball to put it mildly"

Back in 2024 ( https://www.zanagairon.com/documents/interim-results-2024/ ) the development budget was penciled in as

Phase 1 12Mtpa: US$ 1.94 billion

Phase 2 18Mtpa expansion: US$ 1.87 billion

More recently there has been talk of taking on the full 30Mtpa from the start.

Oops only an 85% loss.

Back at the 56p IPO Ludivine's 11,444,322 shares represented 8.71% of the 131,337,172 total voting rights with a value of £6.4m.

Today this would be 0.55% of the 2,088,590,594 total voting rights with a value of £960k.

A 95% loss. AK is definitely a man with a midas touch (not).

In June of last year the the company said this regarding it's auditor ..

( https://www.savannah-energy.com/application/files/9717/4918/9910/2025_06_06_Savannah_Energy_FY24_Annual_Results_Final.pdf )

"The Company is currently running rigorous and thorough audit tender processes for both the Group and its Nigerian subsidiaries. The current expectation is that a ‘Big 4’ firm will be appointed for the Nigerian subsidiaries working alongside an experienced mid-tier firm in the UK for the Company and Group. BDO LLP, the current auditor, has notified the Company of their intention to resign as auditor shortly after completion of the 2024 audit."

Whatever about a legal requirement it would be standard practice to RNS the appointment of a new auditor. I'd have thought doubly so following a tender process and an auditor resignation.

On Jan 5th the 'Investor Contact' page stated - auditor to be appointed. So the change is relatively recent.

PKF Littlejohn LLP would seem to be a match for the mid-tier UK element of Savannah's auditing requirement but not the complete solution.

Correct Yorkie52. It is a very big development.

Back in 2024 ( https://www.zanagairon.com/documents/interim-results-2024/ ) the development budget was penciled in as

Phase 1 12Mtpa: US$ 1.94 billion

Phase 2 18Mtpa expansion: US$ 1.87 billion

More recently there has been talk of taking on the full 30Mtpa from the start.

$125m would be a 'contribution' towards costs.

Thanks nijb that is is the bit I was missing.

It does mean that eventually as things stand the SP should drift up to 15p.

Still an absolutely rubbish outcome for shareholders.

I can get tranche one of the proposed investment - for $25m and sufficient funds to undertake the things that need to be done in the next two years RAM gets a 20% interest in the effective asset.

I don't get the 'shareholder value' in tranche two. If RAM put $125m on the balance sheet they'd own 87.5% of it ($109.4M). At one extreme if they flipped ZIOC before it was used they'd have acquired 67.5% of the company for 2.8p ps. At the other extreme if the funds where fully utilised for activities that would otherwise have required capital raises/dilutions is the 81.5% dilution (67.5%->12.5%) an improvement on what would otherwise have been the case ?

On the one hand management are telling the mining industry that the have a lowest quartile cost / world class resource worth billions and on the other as far as existing shareholders are concerned they say it is of little value.

I'm expecting that the dynamic CEO/CFO duo maintain their progress towards the mid teen ROTE target.

I expect that they would over deliver before they would over promise.

Though if they simply stay on track I expect that VANQ will deliver considerable shareholder value on an 18 month timescale for the patient.

Settling legacy debts is certainly very important.

However there is something MORE IMPORTANT.

Specifically is the FGN paying ongoing and current subsidy obligations ?

In 2024 the FGN paid almost NONE of it's ₦1,941.78 billion subsidy obligation (and I'm sure they were not up to date at the start of 2024).

The 2025 obligation would have been of a similar magnitude ie ₦2 trillion per annum.

Unless the FGN is keeping up to date with current payments (there is no visibility on this but I suspect not) then the Genco Bond initiative is a one step forward two steps back development.

The Gencos are probably bleeding out quicker than they are getting blood transfusions.

Hi Ian0208,

The reason I have not revealed the the prediction is that my views tend to upset those who want to believe there is a pot of gold at the end of the SAVE rainbow. Maybe there is.

Recently I had occasion to drive towards the brightest most persistent rainbow I have ever seen. For every mile I approached it receded a mile into the distance. After 45 mins at the journeys end it was as far in the distance as it was at the outset.

A milestone on the way to the original outcome might be e13e036bf7eb3c1a884ee14deb52635b.

The one way hash of my prediction is : f1486a5dc3f22396091a8e12baf69f3b

I'll not say what it is at this point but the above will be proof that I saw it coming.

I know nothing more than anyone else. There are multiple potential outcomes. I only have an opinion on what is more likely. Generally I wouldn't want to bet much on any given outcome.

G_G_G : Re NPV amd SOLG (MC £980m) .v. ZIOC (MC £64m)

The current NPV of the Zanaga project is estimated to be $5.2bn - https://www.zanagairon.com/investors/investment-case/

Solgold's cascabel project has a similar NPV - https://solgold.com/projects/ecuador/cascabel-project/

Good news TrustILie with a 44p price Target Cavendish have confirmed SAVE's billion dollar baby status.

Thanks. See info now.

I did see a link that stated "AK has acquired 25,481,655 existing Ordinary Shares through a secondary market trade".

I don't see anything that says he paid 8p for these shares. Please provide a link to this information.

The CFO has bought 107,500 shares in the last 12 months @ an average of 1.61p

https://www.lse.co.uk/rns/SQZ/pdmr-dealings-omun98i2akwd90h.html

https://www.lse.co.uk/rns/SQZ/pdmr-dealings-84mt4j6gd73159m.html

https://www.lse.co.uk/rns/SQZ/pdmr-dealings-vaynect7y4fo13d.html

https://www.lse.co.uk/rns/SQZ/pdmr-dealings-niwx1myk55jfxtl.html

https://www.lse.co.uk/rns/SQZ/pdmr-dealings-9l9xzczhx60wvrj.html

The vacuous drivel originates elsewhere / the individual you have emboldened ( eg 19 Dec 2025 17:16 )

Apologies if I spoilt your coffee.

Back in May - 9 ENQ would have bought 1 SQZ. Dodged a bullet there.

NiharRoy you are diluting the quality of the commentary on the CBG board.