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But then the podcast was immediately leaked to LSE by a poster with 2 lifetime posts, otherwise it would not have been drawn to our attention. So in reality we were meant to hear this podcast before next week's RNS & hear the revised timetable that splits the FEER financing from the Stage 1 financing.

Beardozer shares are traded between buyers & sellers. The trade might be with a market maker or it might be directly with another investor. The market maker is not any longer an essential intermediary in share trading - even if a market maker is involved in a trade, you still sell to the market maker & he buys from you or visa versa.

Every trade is of course a simultaneous buy & sell. So someone sold 400k at 6.25 & someone simultaneously bought the same. Its just like any other asset, ie you bought a house today & somebody sold it to you. Its the direction & volume of trades that matters & which way its going at present is down. IMO the podcast was meant to alter investor perceptions, it has been overdone, which you would expect when investors dump into an uncertain market.

My hope is the RNS will be more positive than people currently expect and set out a path forward which is likely different from the one the company gave us at the end of last year. The share price might even shock us all by rising!

Also it strikes me Marty is engaged in expectations management prior to the release of the forthcoming RNS. Partly incidentally perhaps altering the expectations ZIOC themselves had set - ie strategic investor MOU by Q1 2024.

One area I do differ with you Shaun is your observation "..most investors on this bb and AIM in general are very short-sighted." Of course there will always be some who meet that description but some PIs here have been here 10 years, I have been here 5 years. Aim companies have consistently over promised & under delivered with few exceptions, ZIOC is no different in that respect. IPO at 156p, 14 years later struggling to stay above 6p, that's not the fault of short term investors.

Shaun I hope the partner for the FEED is also on board for Stage 1, that is obviously by far the best scenario. But I can also see a 'development partner' financing the FEED separately from the Stage 1 investment, without necessarily being the 'strategic investor' needed for Stage 1. This would also explain the discrepancy Mitch has noted whereby Marty clearly anticipates the FEED process starting shortly but no investment decision being made till mid 2026, ie the FEED & investment roles are potentially split & may involve different parties.

FFX. The patent news was welcome & clearly necessary before we get into serious licensing discussions. The process of applying for orphan status appears to be a 3-5 month process depending on whether they sought a preliminary meeting prior to formal application & also whether they began in March or April or later. So if we dont get the orphan status announcement next week I dont view it as negative, but if we hear nothing by say September I would be concerned.

Like I suspect many LTH I have been expecting/hoping for a deal with a major strategic player (Saudis/Chinese/Japanese) that would either provide an immediate exit via buyout or a sizeable $700-800m buy-in to kick Phase 1 off. It looks like we are not going to get that immediately but there may still be hope.

Marty seems to be indicating FEED starts next quarter, on this point I agree with Shaun: he seems to be confidently announcing that as if it's essentially a done deal to get it financed. The T3 delay 'might' also reflect that the company sees an imminent funding inflow that would take care of ongoing corporate expenses & maybe loan repayment?

What if we have secured some kind of development related funding for the FEER, most likely from the West (France, EU. maybe Marty contacts), that is non dilutive ie possibly a grant or a development loan. We know France is scrambling to retain some influence in 'French Africa', as is the West/US generally as an increasing number of countries turn to China/Russia/BRICS. Words & 'principles' aren't enough, you have to offer economic development & in RoC's case what better way to help their economy than kick starting a major 'green' mining development? Also finally the West has woken up to the fact they are losing out on green mining projects to the Chinese, this is one of the few major high quality iron ore mines left.

This would explain Marty's emphasis on the developmental & environmental aspect of the Zanaga project rather than just the commercial/financial considerations. Maybe it would then lead to Western led finance for Stage 1 or maybe Saudi/China would respond with a firm counter offer? Whatever, undertaking the FEED process has two further positive benefits. First, it gives Marty an opportunity to build a team & prove to sceptics he can develop the project by successfully completing the FEED process. Second, as with the 2024 FS, the FEED process would have to be undertaken by the mine owners/developers whoever they end up being - so provided it is financed in an acceptable fashion it would clearly move the project forward towards development. Thus it may not be the immediate payday we were hoping for but it nevertheless represents forward progress.

Extrader, what is your concern with the previous clauses?

From what I can see as its a BVI company the BOD can override pretty much everything Reg 33, if they choose.

Thanks that seems to be the standard squeeze out once a bidding party achieves 90% acceptance. They have quite a way to go before hitting that level.

As A BVI company they make the point continually that its not the UK Takeover Panel that decides matters but the ZIOC BOD.

When you come back online Extrader it would be good to get more info on the 'squeeze out' provisions. Was this in the prospectus or the articles of association?

Extrader, I agree Elphick (with his major holding he has clung to through thick & thin) & Glencore are not fools, and this otherwise extraordinary change must be for a purpose. It also suggests the failure to meet the promised Q1 date for a strategic investor MOU was a key event that began this process.

Timing is also an issue a week before we get an official update. It predictably wrecks the share price (which they would have seen) so they should have done T3 before this podcast not afterwards, if T3 was needed.

And all the Congo, ESG stuff that is not anything relevant to shareholders but is a big part of his presentation. Its like he is presenting to a different audience whose primary objective IS all that stuff. But Elphick & Glencore are hard core money types.

Being softened up for a lowball bid is the only rationale I can see for this at present. But anything would be better than being kept on life support until expropriation, which as you pointed out isnt going to be stopped by nonsense clinics & lectures in schools.

Did Simply Wall Street send out a warning before the AVCT placing?

Very disappointed, 18+ months of giving them the benefit of the doubt that they will finally deliver - & this woffle is all we get.

And finally this insulting nonsense, which is all it is, moving the project forward needs big money & nothing else. Doing a FEER without the actual committed investment for Stage 1 is just repeating all the useless plans, studies, MOU that have happened over the last 14 years & NOT got a single ton of ore produced. Its time to bite the bullet & accept whatever terms/price a genuine strategic investor proposes.

Sold for nothing or literally nationalised for nothing - with Govt pointing to 14 years of continual failure to get the project moving.

Seriously I agree, just hope it gets a bid, otherwise - 'givenuphoping'

Exactly this my thoughts, "Hopefully all these discussions will trigger a bid for the company .."

There is no other way out of this for shareholders, otherwise its endless marginal financing to keep it bubbling over but never getting anywhere. The Congolese will take away the license before this prevaricating nonsense takes place.

Time to bite the bullet & accept literally 'any' bid for this wretched thing, before its nationalised.

Doesn't look like it to me, but of course these things happen in biotech shares. For example AVCT - a lot of suckers bought in there over 100p only for there to be a desperation placing at 50p & then all it does is still go down after that. Boy I would be mad to be one of those suckers, I mean why not buy now at around 40p - but no it still doesn't make sense, wait for say 10-13p & then look at it again.

Great link. My first take. Marty is far more relaxed & detailed. I will def listen another time before coming to final conclusions, it is released before our forthcoming end June statement so there maybe more detail there. Preliminary impressions:

1. Def a plan for going it alone, but even the FEER needs financing, so where does that come from & who will provide it?

2. Time scales are not pretty.

3. All this guff about benefits to Congo, integrity, boy scout stuff - I never see this in other mining presentations & I view 20-30 a year (mainly gold silver juniors in CAN/AUS). Are they making a play to get finance from a development bank, aid budgets where you have to put this guff stage centre?

4. Or is it just another negotiating gambit to convince a lowball strategic investor they need to raise their bid or this bunch really will try to 'go it alone'? But even then they need money for the FEER, & also Glencore where are they in this?

Hi Extrader, I certainly hope Elphick & Glencore are realistic when it comes to price/offtake haggling, but historically both have been hard core on these issues. It largely depends on whether we one or two serious bidders. If it is only one then our negotiating leeway is of course weaker, and the weakness of our position is easy to see. Trading at a laughably low share price relative to our asset, no chance of financing the project via equity raises, a difficult major shareholder who wants the offtake but doesnt want to take responsibility for developing/operating the mine (even if no financial contribution or risk!). We have no hope of developing the mine without a strategic investor & if we dont allow someone to develop this soon, it is possible the RoC will lose patience & give the licence to someone who can. So I see time as working against us & of course every additional year involves more dilution.

So I understand why Elphick/Glen are manoeuvring as best they can - putting out the new 2024 FS & getting Marty to try to drum up interest in China/Japan. But if the only offer in town (Saudis since early 2023??) is a lowball one, IMO we need to accept that sooner rather than later, we certainly don't want any serious offer walking away!

My fear as well, this "...my guess is that a combination of Glencore’s offtake agreement and Elphick demanding an unrealistic high price has scuppered any deal."