Member Info for Jiving

The 30m delayed 'buy' at 15.45 was at 0.082p.

No wonder it was delayed.

So desperate they are even trying the 1 share = RNS routine.

Face it guys Fonzi is in & out & you are still stranded...

Countdown to when Fonzi legs it again, leaving behind more stranded suckers.

There are two remaining issues which may need to be dealt with before we get the two critical RNS’s namely the full development plan & the strategic investor process.

The first is a longstanding one first announced in the RNS on 1 July, namely the optimisation study to be undertaken by the Chinese EPC partner (ie PSEI) using “unique technology” to “provide further capital and operating cost savings beyond the results of the 2024 FS Update.” From the PSEI release of 21.01.25 this looks like including not only the benefaction plant but also potentially a cold pellet plant - as required for input in the 'green steel' process.

"The design of the benefaction plant and pipeline FEED will be launched in 2025. The supporting cold pellet technology is also recognised by the owners. The research design of the pellet factory will also be completed by PSEI."

http://www.psei.cn/news/237.html

If the results of this optimisation study are positive it has two impacts on the feasibility figures & the IRR & NPV figures that flow from them - namely cost reduction & potentially a higher margin end product.

The second issue as just mentioned by Catbert is the Early Production Project. Thanks to Vet10 unearthing the Fedmines Rapport Federation Report of 2024, which included Zanaga in its updates we find in our section P.19:

"- Poor condition of the railway infrastructure between Mossendjo and Dolisie (track to be rehabilitated for the test phase or the Early Phase Project (EPP) phase)"

https://www.unicongo.cg/wp-content/uploads/2024/11/Mines-Solides-Rapport-Federation-AG-2024.pdf

Which suggest the EPP is alive & kicking & being worked on seemingly as part of the overall full development plan. If this were the case then this would also impact the figures in the 2024 Feasibility Study by producing cashflow earlier than expected in the development plan - increasing IRR & NPV as a result.

If the two issues above are being finalised & are being incorporated into the full development plan, they are likely to impact the current 2024 Feasibility Study, potentially needing it to be revised. This in itself is quite a process as the last one was submitted to independent consultants to confirm it was realistic, something that may be needed again.

Driving your take on what 'may' have taken place regarding the cancelled shareholder meeting matches my own. I think the first meeting was 'fake' & was never meant to take place, hence no need for a time & place. Instead it was intended as a signal to all interested strategic investors (we know Marty presented a bankable FS in great detail at these 6/7 meetings - see PSEI on Beijing meeting of 23.05.24) that the final de-risking elements had fallen into place & that decision time was fast approaching.

But ZIOC needed more time for the final parts of the full development plan (mine + all infrastructure needs) to be put into place. Going public first with the development plan in an RNS would also another prompt, and the details of the 'strategic investor process' in an RNS would be the final call for pre-emptive bids. Even the 18 March meeting only looks 50:50 to me, the late afternoon slot at the company brokers can be easily postponed, likely at no cost.

Looks like a failed PnD by the stranded traders who were dumped in the previous PnD two weeks ago. The share price is likely back in a trading range of 0.05-0.1p until we get actual 'real' company news - hopefully the Orphan status award around Easter.

Just praying they are better at corporate negotiations than they are at investor relations.

Investor Relations has been a total shambles since the June interview/RNS/placing disaster which essentially halved the share price in a couple of months. Now even though we have had company critical news on Port & Power in the last 2 months (which I think have massively added to company valuation), they still manage to totally mishandle a simple task like postponing the shareholders meeting.

Hi Vet 10 thanks for the clarification. I have long suspected we need a major miner to replace Xstrata who were originally at the time of the IPO in 2010, intended to develop/operate the mine with ZIOC as a junior partner. But lets see what happens in the end game.

"AT said only a select group of mining firms have the capability to take on a project of this size."

Vet10, do you have a link for this AT quote because its actually v important & I have not come across it before. The implication of course is that there is no practical 'go it alone' strategy for ZIOC to develop Zanaga & whether it is a buy-in or buyout a major miner would need to be a part of any incoming consortium.

Nobody is confusing DSO with DRI, the 'confusion' lies elsewhere.

Simondou consist of two separate mining projects each with a targeted eventual output of 60 mtpa. Zanaga has an initial Stage 2 target of 30 mtpa, but has confirmed they could go to 60 mtpa if required. The original Zanaga mine was intended to be 45 mtpa.

RTZ produced its IRR figures for its Simandou mine (Blocks 3 & 4) and they were quoted in a range between 11-13%. The Zanaga Stage 1 (12 mtpa) IRR is given as 26.2% & the Stage 2 (30mtpa) IRR is given as 28.2%.

RTZ quotes an ore quality of 65.3% for it's mine, the Zanaga Stage 1 is estimated to be 66% & the Stage 2 to be 68.5%. Crucially the Zanaga Stage 2 ore is exactly the quality with low impurities that is required for the DRI needed in the new 'green steel' industry.

It's a very small development - 2m tonnes pa initially gearing up to 4m tonnes pa later - not in any way comparable to Simandou & Zanaga. From official website:

"The Dordabis project will be an open pit mining operation using a conventional gravity and magnetic separation processing route to produce up to 2.0 million tons per year of high grade iron ore concentrates (66% Fe) for 16 years and at its full potential ramp up to 4.0 million tons per year for a further 20-30 years."

https://lodestonepty.com/dordabis-project/

Yes thats likely right Extrader. Which again is further practical evidence that the company itself is anticipating a significant event occurring that will alter financing options or indeed the need for future finance all together. And Glencore has still not filled their second BoD seat after 6 months & its not like they dont have plenty of HQ staff who could easily fill the role.

Vet10 I don't think it implies we have to do a placing because we use Shard's facility. I think it's more likely that it's free/low cost and probably penalty free to cancel or change dates.

The long lead into the actual development plan & strategic partner process update, of course give interested parties an opportunity to forestall, what looks to me & others as likely involving a bidding process, by making an offer at Elphick's indicated price. My hunch is we will only go ahead with the 18 March meeting & accompanying updates if a satisfactory pre-emptive offer has not emerged by then.

It is noteworthy that at the time of the Garbet dissolution in April 2017 they owned 41.49% of ZIOC whilst Guava (Elphick) owned 31.83% of the share capital, making 73.32% in total - tantalisingly close to the key 75%+1 level. So it seems reasonable to assume Elphick has always had his eye on being a couple of % away from 75%+1 & the critical corporate finance leverage & bargaining power with third parties it gives him. Extrader's hunch that the ex-Garbet crew may have been the beneficiaries of much of the June/July 2024 placing, seems entirely reasonable particularly as many of them are ex investment banking & understand the game & any restrictions that may be placed on them. They also keep their mouths shut.

Also agree with IC99 that the Shard facility is smart in that it has allowed us to fine tune the placings to exactly match our monthly needs, with the ability to switch off the instant a deal occurs. Whatever we are running on fumes at present & I am amazed how long they have managed to survive without issuing the next tranche.

Re-Extrader question @ 03.01. And answer came there none.

Mitch I agree with you completely 5.00pm is a very strange time to hold such a meeting. Particularly when they have stated they will be releasing the key information on the final development plan & the crucial strategic investor process in advance. So what is the point of the meeting, they will run through the presentations & then answer questions in a non committal fashion, such that you will learn nothing new. Makes me wonder whether the meeting will ever take place?

Not before time AT is actually using social media to give the news a positive slant. We are actually getting the details before the meeting!

"Strategic partner process and project development strategy updates will be announced in advance.

Major development milestones already being delivered on port and power. More to come soon"

Eggshead, they obviously had this info at 07.00 so why wait till 8.41. Shambolic IR/PR as ever.

Starbright. Agreed the investor conference timing thingy has never worked for the last 2 years.

Drinks choice decided for me its the vodka.

Thanks 4kandles for the info, and I think your explanation is also the most likely.

Or not take place at all because it has been superseded by other news?