Member Info for MinorMiner

"Investor Day

The management team will update shareholders at the Investor Day on 18 March 2025, where it will provide further clarity on the ongoing strategic review process, financing pathway, and key operational updates and initiatives."

> By my reckoning that lot will have to be RNSed beforehand.

The logic here is that Gupta wouldn't have personally invested £4m in power-hungry ZIOC unless he was convinced/certain that they, and hence also the PN SEZ that Arise is constructing, had lined up the power to export. That is just about unarguable.

Which means 2 things:

That gas-to-power at Pointe Noire is coming, and that we can time almost to the day when the Glencore exit deal was agreed......3rd December 2024

The Glencore buy out is due to complete 'on or around' today. That must be accompanied by an RNS to the effect. Then our new 'owners' will be in charge and the next phase of news will surely follow. The Investor Event/Briefing (?) is this Tuesday, 18th.

Back on the 7th February when the date was juggled, Trahar tweeted that we could expect updates on 'strategic partner process' and 'project development strategy' ahead of time. Last Monday's RNS probably covers 'strategic', mentioned 4 times within, though we have always been lead to think that 'strategic' involved the likes of Rio Tinto, Baowu and the Majors. That leaves 'project development strategy' outstanding, plus the, ' further information on the Zanaga Iron Ore Project's development plans' promised on 2nd January.

By my reckoning we'll get these once Glencore are out and ahead of Tuesday. ZIOC cannot discuss in public or in detail unless RNSed equally to all shareholders beforehand.

Thinking around and consulting several AI models, 'power' is reckoned to be the next critical issue to be addressed. Here Arise IIP and Gupta's £4m into ZIOC is crucial. The Pointe Noire SEZ is the conduit through which everything must flow, and they will need rising 50-100MW as they buildout. ZIOC's facilities and even pellet plant (come in Trahar senior, BSL, and cold bonded pellets which are surely the 'progress (of) a number of key metallurgical testwork initiatives with the potential to provide significant upside value' mentioned last Monday) will easily double those MWs. Hydro wasn't mentioned, and note note nor were the China or Chinese in any form (have they gone, been squeezed out by our new team?). Back on the 3rd February (and following the port MoU which now clearly foreshadowed Gupta's investment in ZIOC), ZIOC spoke of 'leveraging existing assets' and 'the vast gas resources developed by Eni Congo'. So power next for me.

Those same AI models get very excited on talk of guaranteed power provision that is off ZIOC's balance sheet. Very. Let's see....

18% dilution gets a 62.5% reduction in target price. OK. Whatever.

What about the 80% off-take recovery, from 0%, or

Having 3 former CEO's of major mining companies invested/advising? or

Working capital for 12 months plus (with no Shard drip-feed overhang), or

Glencore and their reputation gone, or

Saudi Arabian investment, or

Gupta of Arise IPP and mineral port personally taking a £4m position in ZIOC, or

The alignment of the port with Zanaga's success, or

The BoD and management taking shares in lieu and investing so being aligned with regular PIs?

Sure, all of which collapses our prospects.

"Pursuant to the Buyback Agreement, the Company will purchase all the shares held by Glencore on or around 12 March..."

"...and after which we'll be free to RNS all the news we've got backed up ahead of the Investor Briefing" - they could have added.

... not your typical AIM resumé

Mark Cutifani will, de facto, be in charge.

1. The RNS had him speaking on behalf of Greymont, ZIOC's largest shareholder,

2. As Anglo American's CEO, Cutifano was in charge of Minas Rio, their high grade iron ore mine in Brazil. Of note is that Cutifani also referenced Minas Rio's 550km slurry pipe, a clear nod to Zanaga development,

3. As the head of Vale Base Metals last year Cutifani delivered the 10% buy-in of Manara Minerals (at over the market price according to RBC and others) which means he will have Saudi Arabia's PIF (majority owner of MM) on speed dial - (note PIF are one of the founders and largest shareholder of Dussur, the Saudi Arabian fund who dovetail closely with last week's RNS). Vale of course, needs no elaboration, and

4. Cutifani has joined the Odin Partnership, the London fund investing in mining deals.

So; prominence in the RNS on behalf of ZIOC's largest shareholder, seniority and direct experience from AA days, VBM deal including PIF and Saudi Arabian money, and part of a London mining fund partnership.

Cutifani is surely pulling the strings.

The other place have been getting themselves in a right funk. Curious really given all the positives. Never mind - I have a premonition that all us on LSE will be irrelevant post the completion of Glencore's exit "..on or around the 12th March (this Wednesday)". There are strong indications that Cutifani, Gupta, (PIF/Dussur) and Co will have queued up a string of deals just as soon as that's done. Key might well be a rapid expansion of gas-fired power from ENI/CEC at Pointe Noire....

In the mean time don't forget the JV between ADQ and Orion Resource Partners at the end of January. They are targeting 'off take and royalty finance' in 'Africa' and 'high grade iron ore'. They'll be banging on Elphick's/Knauth's/Cutifani's front doors fearing less they miss the largest and highest grade iron ore deposit needed for the Gulf's green steel efforts. The Saudis getting an exclusive (which Monday's RNS seemed to indicate) would be a strategic disaster for them.

ADQ AND ORION RESOURCE PARTNERS TO ESTABLISH USD 1.2 BILLION ABU DHABI-BASED JOINT VENTURE TO INVEST IN AND SECURE THE SUPPLY OF STRATEGIC METALS AND CRITICAL MINERALS

ADQ, an active global sovereign investor with a focus on critical infrastructure and supply chains, and Orion Resource Partners (“Orion”), a leading global investment firm specializing in metals and materials, have entered into an agreement to establish a new Abu Dhabi-based 50-50 joint venture that will make strategic investments in the metals and mining sector to enhance supply chain security both locally and globally. The joint venture partners are committed to deploying an initial USD 1.2 billion of capital over the course of the first four years.

Based out of Abu Dhabi Global Market (ADGM), OMF (ME) JV LP (“Orion Abu Dhabi”) will work towards investing in mining companies through multiple asset classes, including equity, senior debt and production-linked instruments, such as ***royalties, streams and offtakes***. The joint venture will target investments in a diverse range of metals and minerals in various geographies, initially focusing on emerging markets in ***Africa***, Asia and Latin America.

As part of its investment strategy, Orion Abu Dhabi will secure long-term agreements to source essential minerals, including copper, ***high grade iron ore***, and other key commodities important for global supply chain security and the energy transition.

https://www.adq.ae/newsroom/adq-and-orion-resource-partners-to-establish-usd-1-2-billion-abu-dhabi-based-joint-venture-to-invest-in-and-secure-the-supply-of-strategic-metals-and-minerals/

I agree V10, but I'd give it 12

Clifford even told us where to look and why:

"I am particularly excited about our new strategic partnerships with Middle Eastern and International groups, with industry expertise but also the commercial relationships needed to support financing and offtake agreements..."

The market remains comatose....

RNS, Monday 3rd march:

"Other investors include:

The Founder of a Saudi Arabian investment fund focused on developing downstream processing plants in the Kingdom of Saudi Arabia.:

WHO MIGHT THE FUND IN QUESTION BE?

ChatGPT said:

Based on the information provided, the Saudi Arabian investment fund involved in the US$215 million private placement and proposed buyback by Zanaga Iron Ore Company (ZIOC) is likely Dussur, the Saudi Industrial Investments Company.

Dussur is a government-owned company established in 2014 to develop strategic industrial investments within the Kingdom of Saudi Arabia. Its shareholders include:

Public Investment Fund (PIF)

Saudi Aramco

SABIC (Saudi Basic Industries Corporation)

Dussur focuses on investments in sectors such as automotive, chemicals, and industrial metals, aiming to diversify the Saudi economy beyond oil.

Given Dussur's mandate to foster industrial development and its involvement in various industrial sectors, it aligns with the type of investor described in the ZIOC announcement. Therefore, it is plausible that Dussur is the Saudi Arabian investment fund referred to in the report.

https://www.pif.gov.sa/en/our-investments/our-portfolio/saudi-arabian-industrial-investments-company/

https://dussur.com

Hence Cutifani's comments in Monday's RNS:

Mark Cutifani, speaking on behalf of Greymont Bay, commented:

"Zanaga represents one of the most compelling undeveloped iron ore opportunities globally, combining scale, high-grade production, and a clear, cost-effective development path. Its low operating costs and integrated slurry pipeline logistics mirror the efficiency and infrastructure-driven advantages seen in assets like Anglo American's Minas Rio, which successfully scaled into a leading global supplier."

"Zanaga's high-purity iron ore pellet feed product, grading up to 68.5% Fe, is expected to be highly sought after in the shift toward low-carbon steel production, providing a distinct premium market opportunity. The straightforward phased development model and fully permitted status further de-risk execution, allowing the project to move rapidly toward construction, once financing is in place."

"THE PROJECT TO MOVE RAPIDLY TOWARD CONSTRUCTION, ONCE FINANCING IS IN PLACE."

Cutifani's relationship with Odin Partnership points to that finance being prepared.......

CUTIFANI SAYS ODIN PARTNERSHIP TO TARGET MID-TIER MINERS

Since leaving the UK miner in 2021, he’s remained as active as ever. Last year he was appointed chair of Brazil’s Vale Base Metals, due to list in 2026, and he has lobbied for the creation of a diamond exchange traded fund aimed at breathing new life into the sector.

Most recently, Cutifani joined former Bank of America executive Omar Davis in the London-based ***Odin Partnership***, a merchant bank start-up that aims to capitalise on mining industry deal-flow.

//www.miningmx.com/news/markets/60163-cutifani-says-odin-partnership-to-target-mid-tier-miners/

WHAT ODIN COULD DO FOR ZIOC’S SHARE PRICE NOW THAT CUTIFANI & OTHERS ARE INVESTED:

1. MARKET CONFIDENCE & INSTITUTIONAL BUYING

Cutifani’s investment signals credibility—institutional investors and retail shareholders may follow his lead.

Odin could use this momentum to secure further institutional investment, pushing the share price higher.

2. POTENTIAL BUYOUT OR STRATEGIC PARTNERSHIP

If Odin is involved, they could be structuring a takeover deal or major partnership.

A formal offer would likely be at a premium to the current share price, triggering a re-rate.

3. INVESTOR RELATIONS & BROKER COVERAGE

Odin could push for analyst coverage and institutional engagement, increasing visibility.

More exposure = more buying pressure, lifting the share price.

4. STRATEGIC FINANCING & OFFTAKE DEALS

If Odin helps secure a funding deal or iron ore offtake agreement, the market would likely react positively.

This could revalue ZIOC as a fully funded project rather than a speculative play.

BOTTOM LINE: HIGHER PRICE POTENTIAL WITH HEAVYWEIGHTS ON BOARD

IF CUTIFANI AND OTHER MAJOR INVESTORS ARE NOW INVOLVED, IT’S A STRONG INDICATOR THAT A SIGNIFICANT EVENT (BUYOUT, FINANCING, OR STRATEGIC DEAL) IS COMING.

THE SHARE PRICE COULD MOVE RAPIDLY ON CONFIRMATION OF THESE DEVELOPMENTS.

Hi Mitch, re "...taking into account the current situation, I'd be very interested in your views as to how and when us long-suffering shareholders will see some kind of value for our shares."

Bear with me. A while back (last autumn) I got wind that Glencore were going and I posted as much into here as directly as I could. At the time 'Strategics' were going to take them out. However their arrival was frustrated (for now). The Strategics would have been able to fund their portion off Zanaga (ie 50% (?)), but ZIOC were hit by this logic; Glencore held 100% of the off take/rights which meant that the future revenue stream to ZIOC was unclear. Unclear revenue meant finance was not available on ZIOC's retained portion of Zanaga, ie the other 50%. In effect the financiers (and they are debt based) said, 'Come back when Glencore are not in the picture and/or you have resolved the off take issue'. Furthermore the Strategics weren't going to buy 50% if the owners of the other 50% (ZIOC) couldn't raise finance.

So Elphick, Knauth and Trahar jnr had to come up with a Plan B. Enter our group of heavy hitters - (all known/connected to Knauth and Trahar snr in a number of ways). They took out Glencore in Monday's deal. For this they were greatly assisted by the rocky Glencore-Brazzaville relationship and Glencore's desire for a clean sheet for the SEC and a New York listing. Thus Glencore accepted the offer and walked.

Now ZIOC own 80% of the off take rights, not the ZERO as under the Glencore agreement. This will greatly please both our Strategics, who are still there in the background, and those debt-based financiers for ZIOC's 50% and who now have clear sight of future revenue streams against which they can lend.

Mark Cutifani revealed the game on Monday, "The straightforward phased development model and fully permitted status further de-risk execution, allowing the project to move rapidly toward construction, once financing is in place." "once financing is in place". He and the rest of the heavy hitters would not have risked their cash (and time and reputations) if they weren't confident that that finance was available once Glencore were gone and the off take rights back in-house.

Now the messaging is all about construction. Maybe. But talking about construction, and putting in a plan, structure and team to deliver it, will keep those Strategics honest given the possibility that our New ZIOC is structured such that they could actually deliver it.

Thus it looks to me that we could have our Strategic deal just as soon as financiers are on board, and that isn't going to be long now. Our heavy hitters know this and hence have bought shares.

The Company, Elphick, Cutifani, Gupta and Knauth all delivering the same message: CONSTRUCTION

> They're not selling, their developing Zanaga.

From Monday's RNS:

ZIOC: "Their involvement (Cutifani and Co) significantly de-risks the Zanaga Iron Ore Project, supporting the Company's path to a final **CONSTRUCTION DECISION** and ensuring a structured approach to funding and development."

ZIOC: "This (the funds) will enable the advancement of key project initiatives aimed at further enhancing the Zanaga Project's robust economics and high quality iron ore product, and commence a formal bid process aimed at establishing a **CONSTRUCTION CONSORTIUM** for the Zanaga Project - a globally significant, US$5.7bn NPV, 30Mtpa staged development iron ore project targeting high grade production, at low operating costs, underpinned by a 6.9 billion tonne resource and a 2.1 billion tonne reserve."

Elphick: "This transaction enables us to capitalise on our preparatory discussions with strategic partners and assemble a **CONSTRUCTION CONSORTIUM** for the Zanaga Project, aimed at unlocking the full potential of what we believe is the world's most compelling undeveloped iron ore asset globally."

ZIOC: "The GIS Offtake Agreement enhances market access and offtake security, further de-risking Zanaga's commercialisation strategy and supporting its path to financing and **CONSTRUCTION**."

Cutifani: "The straightforward phased development model and fully permitted status further de-risk execution, allowing the project to move rapidly toward **CONSTRUCTION**, once financing is in place."

Gupta: "By leveraging our expertise in unlocking development capital and infrastructure execution, we aim to accelerate the path to **CONSTRUCTION** and long-term value creation for the Zanaga Project and its associated ecosystem."

Knauth: "By securing the support of highly credible investors, we are now able to drive forward toward a CONSTRUCTION DECISION**, with a world-class team, aligned stakeholders, and a clear roadmap to delivering a high-grade, low-cost iron ore mining operation. We will now launch a formal process aimed at assembling a project funding and execution consortium."

Ho Touristvisitor, curiously Marty's buy in was reported as a dollar price of $0.0516, which does equal 4.1p

I've no idea why it was quoted that way!

Right at the very end of Monday's RNS:

Marty snaffled a princely 7,751,938 shares for £318,000

Now there's a vote of confidence, and a massive steer that the Board are aligned with us PIs.

Get in!!!

Not sure about that, yogi.

The big hitters are now in. They are motivated to get the SP up. The average age of Cutifani, Davis, Trahar and Elphick is 70 years old. Little motivation for them to wait 3/4/5 years to production and perhaps a further 6/7 years until Stage 2 delivers.

They are all aligned with us humble PIs in looking for a higher SP in the near term.

Anyway...the score sheet looks like this.

For 18.4% dilution:

ZIOC have cash for 12months+ of workstreams > no further dilution or Shard overhanging the SP

No Glencore

80% of future royalties/offtake, compared to ZERO when Glencore had cornered them,

Arise (new mineral port and facilities) investment into ZIOC, via Gupta himself,

Investment from the founder of a Saudi Arabia fund > my research points to one of PIF, Aramco or SABIC as the owners of Dussur, plus

A group of industry heavy hitters now invested/advising to take us up to finance.

It's all very positive.

Yogi et al...

This could well be why Glencore felt the need to sell up and move on. Glencore are looking to list in NYK. There the SEC would not take kindly at all to any fresh revelations from the Congolese jungle. Did they feel 'obliged to', likely because of their legacy issues with Brazzaville? I reckon. Just saying....

"...the Congolese had a different view and wanted to get rid of this partnership as quickly as possible."

Those accounts looking for deep conspiracy theories are probably right to be. But they've been looking in the wrong place...

TRAFIGURA COMES TO RESCUE OF SNPC BY SETTLING GLENCORE DEBT

Brazzaville has obtained pre-financing from Trafigura to settle its debt with Glencore, much to the dismay of international financial institutions. Published on 10/02/2025

It was a conflict that kept Glencore and the Congolese state busy for many months, before being quietly settled. Indebted to the tune of several hundred million dollars to the Geneva trader, Brazzaville found a way out of the crisis on 27 December, without anything being mentioned in the media. In the end, another trader accustomed to doing business with Congo, Trafigura, agreed to new pre-financing in exchange for crude cargoes from the Société Nationale des Pétroles du Congo (SNPC).

In what was an unusual move in the oil business, the Congolese state, via SNPC, paid in advance what it owed Glencore. The relationship between the two parties had gradually deteriorated, and negotiations over the terms of the pre-financing were at times tense at the end of last year (AI, 20/12/24). While Glencore considered that relations had improved, the Congolese had a different view and wanted to get rid of this partnership as quickly as possible.

https://www.africaintelligence.com/central-africa/2025/02/10/trafigura-comes-to-rescue-of-snpc-by-settling-glencore-debt,110373315-art