Member Info for Jiving

· Cash balance of US$0.6m as at 30 June 2023 and cash balance of US$0.5m as at 31 August 2023.

o Current available cash on hand is expected to cover ZIOC's corporate overheads until end Q1 2024 assuming an extension of the term of the current facility from Glencore which is currently due to be repaid on 31 December 2023, with current SMC facility placement expected to extend ZIOC working capital into Q3 2024 following that extension.

So sizeable use of Shard facility may not be needed & we are thus saved both dilution & further equity sales into the market.

So at last a meaningful statement from the BOD that adds details (hydro power!) and most importantly sets out a timetable. All elements of the necessary infrastructure for the project will therefore be available by Q1 2024 - hydro power; slurry pipeline; port facility - to give strategic entities (plural) the full costed basis for bidding for a JV participation or complete ownership of the project. As we are a listed company a losing bidder (s) has the option of making an offer to shareholders.

Corporate strategy

· Corporate strategy approved by the ZOIC Board of Directors, focused on leveraging recent discussions with potential partners in order to progress the Zanaga Project through positive defined milestones

· Key milestone objectives through to the end of Q1 2024 include:

o Feasibility Study update - End 2023

o Hydro power partnership - Q1 2024 (Memorandum of Understanding)

o Port partnership - Q1 2024 (Memorandum of Understanding)

o Strategic partner initiative - Q1 2024 (Memorandum of Understanding)

https://www.londonstockexchange.com/news-article/ZIOC/interim-results/16145223

I agree with you both , I am withholding comment till the interims, if that is yet an another dismissive copy/paste then enough.

The patent process NXP002 is going through in Japan is the typical process that patents go through all around the world. The patent filer seeks to claim the maximum advantage in their initial filing in terms of coverage, scope etc in order to maximise commercial prospects & discourage competing claims. The patent office then cuts back the extent of the initial claim to take into account existing patents & to ensure the scope of the patent is justified by the 'invention'. This is the usual to & fro you would expect with a patent filing & its not particularly newsworthy & is very unlikely to end up affecting the primary commercial appeal of NXP002.

From a ZIOC investors perspective one strategic partner/bidder is great news (& an improvement on zero for sure..) but two is way better. The way we achieve the best value is, of course, from competing bidders - so I want them ideally to pursue China & Saudi bids (& India, Korea or Japan**) - which moves negotiations away from our awful market cap towards NPV based project value. So for me it's not either/or China vs Saudi but encouraging interest from both, my main purpose was to point out China remains a serious contender as indicated by company documented emphasis. (I note that the competitive bidding for a minority interest in Vale's non-iron interests resulted in the Saudis paying a premium to NAV.)

** 4/5 years ago a good pal of mine told me that during a friendly discussion with AT he had pressed him on the nationality of previous interested 'strategic/industry partners' & was told that a Japanese steel major had shown interest in taking a sizeable stake a year or so prior to their convo. Obvs it fell through for whatever reasons, but it shows the Japanese were sniffing around even then.

The change in emphasis from the interims to the annual in the same sentence is interesting:

Interims Sept 2022 "Furthermore, given the current geopolitical environment, it is clear that resource independence is more important than ever and strategic investors are starting to consider iron ore development options outside of the usual territories of Australia and Brazil."

Annual July 2022 "Furthermore, given the current geopolitical environment, we believe that increased resource independence will provide impetus to strategic investors in China and outside of China to secure access to globally signifiant assets, especially outside Australia and Brazil - for Chinese investors. "

Strategic customers could be Saudis, Shaun, could also be Chinese who also have clear Govt instructions to increase Chinese ownership of iron ore assets. Other Asian countries such as Japan & Korea have significant steel industries & need an ore supply as well. They also mention both Chinese strategic & non-Chinese strategic investors, which could be 'either' or possibly both in a consortium? I am open minded on who the strategic investor/customer is, so long we get one.

I welcome any strategic investor from anywhere - China, Saudi, Mexico, or the King of Tonga - literally I don't care, so long they have the dosh. But ZIOC in its most recent announcement clearly & deliberately emphasised the China angle. The RNS of 03.07.23 begins with the description of the FS update:

"Partnership launched with Chinese iron ore technical expert engineering firm ("Chinese EPC Partner") as part of a two stage optimisation process of the Zanaga 30Mtpa staged development project"

"Chinese EPC Partner possesses specific, specialised, design and construction expertise in slurry pipeline projects as well as iron ore pellet feed concentrate projects similar to the Zanaga Project."

"Chinese EPC Partner possesses proprietary new processing technology for iron ore processing, with the potential to provide further capital and operating cost savings beyond the results of the FS Update.|

But just as importantly the company updated its ‘Iron Ore Market’ section from the Interims to specifically highlight & stress ‘China’. Reading this it seems pretty clear which direction they are pointing us:

"The iron ore market has been relatively stable in recent months, providing a positive backdrop for sustained pricing at these levels. China continues to consume significant quantities of iron ore to feed its substantial steel industry. Furthermore, given the current geopolitical environment, we believe that increased resource independence will provide impetus to strategic investors in China and outside of China to secure access to globally signifiant assets, especially outside Australia and Brazil - for Chinese investors. The Zanaga Project therefore has the potential to deliver substantial iron ore production to strategic customers looking to secure positions in the commodity."

Also of course Saudi ministers have multiple reasons to make business trips to China & also to meet with Glencore, we might hope Zanaga is on the agenda. But thus far: 10 months after the Glencore/ZIOC consolidation & with the Saudi green steel plan gaining momentum by the day, we have no proof of any link (or interest) between the Saudis & ZIOC. Believe me, after 5 years in this thing, I truly hope they are interested & in crucial ways (ie ability to pay up front) they are the ideal buyout partner. Lets see if the interims bring anything...

"Get a move on, ZIOC !"

Amen to that, nearly 10 months since the Glencore/ZIOC mine consolidation, massive new players in the green steel sector - its time for some signs of progress - port deal, anything.... lets see what the interims bring.

One more positive from the RNS & aftermath - no sign of Ria or The Earl!

Maybe there is a chance we might settle above 0.30p without the PnD crowd.

US again trying to soothe Saudi-UAE tensions.

"The US is pushing for a trilateral meeting with Saudi Arabia and the United Arab Emirates as it worries that differences between the Gulf neighbours could upend its efforts to secure a lasting peace deal in Yemen.

The initiative, led by US Yemen envoy Tim Lenderking, could result in talks as early as this week on the sidelines of the UN General Assembly in New York, people familiar with the matter say."

https://www.ft.com/content/77d0118e-acfc-4720-bb2c-c8f507335dcd

ridiculous editing nonsense, missing bit:

http*:// www *************interviews com/

https://www.***************************/nuformix-excited-as-it-moves-focus-to-nxp002-and-nxp004-programmes/4121127409

LONDON, Sept 18 (Reuters) - Rio Tinto (RIO.L), (RIO.AX) has been solely funding preparatory work at the blocks it holds at Simandou, one of the world's largest untapped iron ore deposits, as its Chinese partners are yet to make their funds available, two sources close to the matter said.

The Anglo-Australian miner owns two of four Simandou mining blocks as part of its Simfer joint venture with China's Chalco Iron Ore Holdings (CIOH) and the government of Guinea, where the mine is located. It has so far spent more than $500 million on developing the project that should have been split with CIOH, due to a delay in the Chinese consortium getting state approval on the financing, the sources said.

https://www.reuters.com/markets/commodities/rio-tinto-shoulders-simandou-iron-ore-bill-chinese-funds-delayed-sources-2023-09-18/

Given Dan is just back from the ERS Congress in Milan, we could well hear a summary of that event, as well as the background to the 001 deal. Also on 001: there was some concern recently that it might be a dead asset - if Oxilio's attention had switched elsewhere - the fact they ascribe a value to control of the patent essentially confirms they see a future for 001.

Good info soup on Trials administrator. It may be working to our advantage that Dan has a foot in both camps. Perhaps he has sniffed a chance of royalties, so it would make no sense to give up all rights even for £500k upfront.

Yes this diminishes our need for short term finance, surprised he managed to retain the royalty rights as well. So a net positive.

The key catalyst could well be when the detailed costings start coming through from China. As they will affect initial and operating costs they could have a considerable effect on calculating a pre-development project value. If you are an interested potential JV/buyout partner you surely would want to see those figures.

The question is who will have access to them? It seems fair to assume that any interested Chinese parties will be aware of them, but what about the Saudis/Gulf?