Member Info for Jiving

ATG the downside here has never been the value of the mine its been the management who have missed every open goal for 13 years. I am buying today not selling which tells you what I think.

ATG you are on an end of term roll here. What a wonderful thing it would be if the negative market reaction was proved wrong and we actually got good news tomorrow. And yes we do finally need a positive outcome - I have been here slightly less than you, waiting for them to finally deliver is like a trip to the dentists.

Yes its a very interesting read. Some thought it wasnt released because it contained bad news, but now it seems it wasnt released because it confirmed good news. And the date July 2022 maybe important as well from a perspective of Arthurs timeline. That same month he signed death spiral finance with Anavio & others, the terms of which were highly likely arithmetically to destroy existing shareholders. Given the horrific damage he had done to the existing pipeline equipment & the damage to the oil field itself - bankruptcy was a distinct possibility even then.

Saintnick. If Milton Capital are cash rich & have links to Arthur via former COPL positions, that might be the angle. My take is that Arthur has been skilfully manoeuvring himself to retain operational control of the key assets since 2023 (maybe earlier). Arthur does things for a purpose - somebody is going to get these assets for a bargain price (debt free!) & he is best placed to play a key part in the bidding/negotiating process. He always prefers to use 'other peoples money' for obvious reasons, & a natural place to go would be his former pals & associates.

Furthermore my expectation would be any of the Wyoming assets he does get his claws into, will likely be very quickly parcelled up & listed/traded on the US OTC market - giving him & any partners an exit plan. For obvious reasons I dont see him returning to the London or Canadian markets any time soon.

It is likely just a quirk of the market, like others I am looking for signs something is up - one way or another. Probably best to just switch off till tomorrow I think.

Interesting the ask/offer got pulled quite sharply around 8.30 from 7.20 straight to 8.40 & now is at 8.50.

Do you mean in particular the 278k & 170k sells yesterday? They look like the type of trade the company does via Shard - over 100k, often late disclosure, roughly mid price. Which if that were the case would be interesting timing.

Saintnick. I dont have any view on TW, he is just another distraction from the main players IMO. The traders involved in COPL's share price volatility were in a way bigger league than him - the insiders to all the discounted placings, a spreadbetting firm Arthur actually 'placed' shares & warrants with & not least Anavio. All of the above were put into motion by Arthur - & laughably he claims to be against 'shorters' & then came up with this pitiful 'box trading' nonsense - he actions are at the heart of the share price volatility, a more interesting question is did he benefit from it?

Saintnick. Arthur will come up with any & every piece of ridiculous nonsense to divert attention away from the COPL catastrophe he is 90%+ guilty of creating. He cobbled together the 'box trading' nonsense for the first time back in Spring 2021 and spewed it out then to try to divert investors attention away from the negative impact his actions were having on the share price - as ever. I don't believe for an instant he reported it to the SFA then (he came up with that identical SFA threat/suggestion) & I am absolutely sure he didn't two years later. Box trading is just another diversion - of course with his endless discounted placings, & huge convertible issues to derivatives specialists there is going to be speculative trading - a phenomenon he is 100% responsible for creating.

ATG. Obvs none of us know, so we are just chewing it over. But I think that the 28 March as last working day of Q1 would be the excuses RNS, as to why they didnt get a Strategic Investor ("SI") MOU in Q1. Any SI MOU I would expect to be announced at an event in Saudi attended by big shots from Saudi, Glencore, ZIOC and possibly some of the other MOU institutions, with an RNS would be released in parallel with this event. This would be a big deal for the Saudis meeting their strategic iron ore target & also showcasing their first big African greenfield development. So I see Tuesday & Wednesday as most likely remaining dates for an SI MOU event/RNS, with Thursday being left for the excuses RNS.

DealBreaker, Elphick has publicly committed to a Strategic Investor announcement by end Q1, so he is the one giving that target date. Of course things can change but some kind of timetable discipline has to be imposed on this type of talks, otherwise there is constant prevarication. Also an MOU is not necessarily legally binding, actually I was hoping for more and expect the new full FS to be presented in parallel by our new CEO.

One other thing occurs to me given the actual end date of Q1 is Sunday 31 March. There are no Easter holidays in Saudi & I believe Sunday is still the start of the Saudi working week, so theoretically they could still be negotiating or even sign a deal on 31 March & RNS on 2 April.

Its important to remember that Arthur remains President & CEO of COPL America and is in day to day charge of all the Wyoming operations. He also remains in charge of the Nigerian operations. So the company's two assets are still operationally controlled by Arthur and he remains the 'go to' guy. IMO he has outmanoeuvred Anavio & Summit by retaining these positions & it puts him at the centre of any asset sales, ie he provides all operating information & will thus be aware of the identity of any bidders. This was of course calculated well in advance, and it makes the person most likely to walk away with some or all of these assets at a knockdown price = Arthur Millholland.

The 8 UK employees is in one of the filing documents on Kravitz's website. Its an astonishing mystery number, as ever with COPL you wonder who they were & what they were up to. As always a company that was completely out of control on all fronts and whose Board completely ignored their statutory duty to shareholders. If only the UK & Canada had regulators that did their jobs but the regulators were/are as completely dud & useless as the Board.

And yet more 100,000+ trades going through again. What for - to pay negotiating/legal expenses prior to a deal or to repay the Glencore loan before maturity - very different implications? With 4 working days to go before our Q1 deadline, yes I am concerned that we LTH might be let down by Elphick/Glencore - yet again.

The Zambian Mopani deal that UAE/IRH undertook, is noteworthy as Glencore were the previous mine owner & this is a complex deal involving Zambian debt forgiveness & Glencore retaining some offtake rights. Which makes it a significant transaction involving Glencore & the UAE working together in a major African mining project.

https://www.reuters.com/markets/commodities/zambia-selects-uaes-ihc-unit-new-partner-mopani-copper-mines-2023-12-01/

Some useful links & comments Extrader. I note we have 4 working days left of Q1, nearly 94% of Q1 having now passed.

Denis. The absolutely last thing we need is for Denis to leave the scene & we are plunged straight into a West African succession struggle. The last civil war ended only some 25 years ago with Denis allying with the Angolan army & elements from the Hutu militia. Potential successors have good reason to fear Denis senior, less so Denis junior. As ever Elphick & Co need to stop prevaricating & get signatures on contracts asap, frankly they have had enough time.

AD Ports. What is the status of UAE in the Zanaga development, at one stage last Easter it looked like they were working together with the Saudis, now who knows? If they don’t get a slice of the mine equity/offtake will they go ahead with their port development? If not then, maybe the Chinese.

Glencore. Last financials were messy, dividend cut, share buyback stopped. They need to find substantial funds: to pay for Teck’s coal assets by Q3 & then they need further funds to recapitalise both companies emerging from their proposed demerger in 2025. I suspect by necessity they are sellers of equity stakes in non-core companies like ZIOC, provided they can obtain a NPV related price. Potential secondary purchasers would be Nippon Steel & possibly UAE - particularly if the Saudis emerge as the single strategic investor of the primary stake from ZIOC/Zanaga.

Driving I agree 100% with your list of what we are owed. But I think/hope its all being held back because of 4) Strategic Partner. The terms of that deal will change the entire FS & revised npv calculations. So it makes sense to wait for 4) before releasing those.

That said we are owed an update by next Thursday whatever.

It seems Arthur is President & CEO of COPLA, and still remains in charge of everything in the US. So he was in charge of JV talks, everything to do with the new gas system & the endless poor production figures. That he also retains control of the Nigerian operations, illustrates that he voluntarily moved out of his COPL holding company positions simply to let others take the blame. I expect Arthur to be putting in a bid for the US oil fields, something he has possibly been positioning himself to do for a long time (hence retaining his key operating position at COPLA). Perhaps as early as Spring 2022 when he put his Hawaii mansion up for sale - he could see what was coming as a result of wrecking the only producing asset & bringing in Anavio death spiral finance.

Arthur is not only still in charge of all the US operations but also the Nigerian. ie the only positions he chose to dump were those at the listed holding company. P9-10 Kravitz:

"COPL management employees have historically participated in the strategic decision making and direction of the Non-Filing Affiliates. Arthur Millholland and John Cowan, both former CEOs of COPL, currently serve as Directors of ShoreCan. In addition, Mr. Millholland, who is also the current President of COPL America, continues to serve as a Director and Chief Operating Officer of Essar Nigeria. Messrs Millholland and Cowan have advised that they support

the extension of the stay of proceedings to the Non-Filing Affiliates.

Remember Arthur as President of COPLA was responsible for handling the discussions with the JV, this from the September 2023 RNS: "As President of COPLA, he will be well positioned to continue to add value and success to COPL, where his strengths in upstream hydrocarbon exploration and development will focus on completing the Joint Venture discussions. "

So the failed JV talks were part of his continuing "..to add value and success to COPL". Important to realise Arthur is still a key player in this shambles, back in September he saw which way the tide was going & superglued himself to the main asset - where he still remains regardless of all the BOD & management changes since then.