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I don't think Fortescue have 'given up' at Belinga. What they have done is export a test shipment (thereby learning masses about Gabonese business practices and conditions), and have since reverted to a larger scale drill program to prove up the Resource and work towards a Feasibility Study. This is as per the pre-planned company schedule and as reported in the media. This being the case Fortescue would still have their hands full in Africa.

Very happy to be proved wrong, of course, if it means another needy suitor for Zanaga.

Little D has visited Abu Dhabi Ports at Point Noire (PNAP).

It's not the mineral port but perhaps the new mole port is equally significant. It will allow for the import of large mining equipment and slurry pipe sections, bypassing the bottlenecks of the existing port.

Another box being ticked for Zanaga and incoming Strategics.

Translated tweet from yesterday:

Minister Denis @ChristelSassou

Nguesso visited Pointe-Noire on January 28, 2025 for a field visit to the construction site of the 800-meter-long multimodal quay and the new container terminal, within the Autonomous Port of Pointe-Noire. This project, led by Abu Dhabi Ports Group, stems from a contract signed on March 13, 2023 between Congo and the Emirati group.

During this visit, in the presence of the Director General of the Port and the technical teams, the Minister noted the positive progress of the construction site. The first phase involves the construction of a 400-meter quay, followed by a second similar phase with an extension option.

AD Ports Group experts presented the Minister with reassuring elements and indicated that a controlled planning of earthworks, drainage and infrastructure has been carried out. The Minister insisted on the fact that the government will ensure rigorous and regular monitoring, to guarantee the smooth running of the project.

https://x.com/CooperationCG/status/1884325369773490674

Twiggy knows that he has to clean up his act - Fortescue ships the grubbiest of ore to China.

Recall that Forrest tried to position Fortescue as the lead on the Grand Inga Dam 3 project, which would have made huge amounts of green hydrogen using renewable electricity on the DRC-RoC border.

That didn't happen, but it surely wouldn't have been lost on Forrest/Fortescue that the hydrogen could have been piped to Pointe Noire to make green steel out of Zanaga's DR-compatible 67.5%+ super grade.

Somewhere there is an article (SCMP I think) from a few years back (pre-COVID) where Elizabeth Gaines, sometime FMG CEO, says that one way and another **ALL** West African iron ore deposits will be developed. They plumped for Belinga, yet the collective corporate memory must have Zanaga lodged in it.

Of note is that last year Dino Otranto, Fortescue's current CEO, said that they should look to 'muscle in on high grade'.

FWIW I don't think Fortescue have what it takes to develop Zanaga - they don't have the massive expertise of a Rio Tinto or Vale. Those 2 iron ore giants are my favourites to head up their respective consortia bidding for Zanaga development rights. For me Fortescue are an interesting outsider, and one who could add a bit of competitive tension and keep those Big 2 honest.

Everything I read and understand from the company, combined with the global macro trends, tells me that we are about to move from Investec's stage 1 to stage 2, and the market has no idea:

"...This offers the aspirants the potential for quantum upgrades in valuation should they succeed in achieving even moderate components of their planned production."

The valuation steps haven't changed since Investec's 2013 report:

1. Simple EV of $0.04/t for non-financed mines, Zanaga name checked

= SP of 7p-12p for our current stage

2. 30-40x higher for current producers

= SP of £1.50 - £2.00 for retained 50% of Stage 1, financed by Strategics buy-in

3. 'Operating margins' per tonne for fully financed.

= $125 x ZIOC's retained Stage 1+2 tonnage, but Reserve increase from drill campaign

= SP of £10 multiples

THE POTENTIAL FOR QUANTUM UPGRADES IN ALL COMPANY VALUATIONS, SHOULD THE RESPECTIVE COMPANIES BE SUCCESSFUL IN BRINGING COMPONENTS OF THEIR PLANNED PRODUCTION INTO FRUITION.

April 2013

WEST AFRICAN IRON ORE COMPANIES "VALUE ABYSS"

In a recent Mining Sector Report by Investec’s Global Natural Resources team, a apparent disparity in West African iron ore company values is observed. There are a range of methods that can be applied to value the companies, such as the risked NPV model, however, according to Investec, looking at current market valuations, it appears that a more simplistic Enterprise Value per tonne (EV/t) method is being used and when examined, these multiples show that there is a “value abyss” between the undeveloped companies and the developed ones.

The aspiring producers Affero Mining, Bellzone and Zanaga are equally valued by the market at $0.04/t whilst current producers are valued 30-40 times higher..

This offers the aspirants the potential for quantum upgrades in valuation should they succeed in achieving even moderate components of their planned production.

If the value of all ore that is not reliant on a subsequent phase of funding at the previously mentioned average of $0.04/t, then the remaining material trades in a range of $17.74-28.25/t which approximates the planned operating margins at current iron ore prices, after taking into account product grades....

There is a possibility that value can still be delivered through asset sale or strategic investments, particularly given that negligible value is currently being attributed by the market. In contrast there is also a risk that those who are able to access capital do not realise any value and as there is no means of determining which projects will eventually attract strategic investor interest, Investec intend to maintain a risked NPV weighting methodology.

Investec concludes: “The market appears to be valuing the West African iron ore companies with a simple EV/t basis. Materials that feed a fully-financed production base are currently being valued at an average $23/t of attributable, recovered Fe units, while those that are unfinanced and show limited DSO potential are being valued more conservatively at $0.04/t. This therefore offers the potential for quantum upgrades in all company valuations, should the respective companies be successful in bringing components of their planned production into fruition.”

https://im-mining.com/2013/04/10/the-value-variance-between-west-afr

News over the weekend that BHP has given up their pursuit of AA:

"BHP Group (ASX: BHP) is opting not to make another run at acquiring rival miner Anglo American plc (LON: AAL) in the near term, the Financial Times reported on Saturday, citing sources close to the situation.

According to the FT sources, the deal has become “too expensive” for BHP to pursue given the rise in Anglo American’s stock price in recent months." - (1)

The Major Miners have been looking at M&A to grow in the future facing minerals (lithium, cobalt, nickel, copper etc) and anything 'green'. BUT - Iron ore for green steel via DRI/EAF has been ***almost completely ignored/missed*** by analysts and media - which means that Zanaga has been completely missed too.

However M&A simply grows individual company's output, it does not increase (the needed) overall output of metals and minerals (beyond efficiencies and productivities). That being the case the Majors have to look at developing new assets and deposits. As ZIOC have repeatedly pointed out, Zanaga is the last remaining Tier 1, globally important iron ore deposit that is not in the hands of a Major (by which they really mean Vale in the Amazon jungle). Better still is that Zanaga's 67,5% blended average Fe is right in the sweet spot for super premium DR iron ore for green steel production.

There simply is no better iron ore asset on the planet: huge, super grade, shovel ready, and For Sale.

Yet we sit at 8.00p. The explanation is 2-fold for me; Firstly, that we have had one too many false dawns, and, Secondly, that now we have received *zero* publicity in the heavier weight media, nor any comment from analysts. As a result we are given zero development prospects. Thus our SP tallies very accurately with the EV/t methodology as identified as far back as 2013 by Investec. Specifically this is $0.04 per tonne of attributable iron ore - (Zanaga name-checked, see 2).

However, everything emanating from the company (publicly and one-on-one) tells us that development is nigh. Fingers crossed, but we are getting what the market is missing.

Back to that Investec report..."QUANTUM UPGRADES IN ALL COMPANY VALUATIONS":

"Investec’s report concludes: “The market appears to be valuing the West African iron ore companies with a simple EV/t basis. Materials that feed a fully-financed production base are currently being valued at an average $23/t of attributable, recovered Fe units, while those that are unfinanced and show limited DSO potential are being valued more conservatively at $0.04/t. This therefore offers the potential for quantum upgrades in all company valuations, should the respective companies be successful in bringing components of their planned production into fruition.”"

> Patience....

1. https://www.mining.com/bhp-ends-pursuit-of-anglo-for-now-ft-reports/

2. https://im-mining.com/2013/04/10/the-value-variance-between-west-african-iron-ore-companies/

....I think I may have just read the funniest slap down ever on LSE.

LOL.

The Chinese Green Dragon, often associated with wealth, strength, and good fortune, holds significant symbolic relevance for new mining projects, especially in Chinese culture and Feng Shui. Here's a detailed look at its significance:

1. SYMBOL OF WEALTH AND PROSPERITY:

The Green Dragon, particularly in its association with the East, is a powerful emblem of abundance and prosperity.

Mining projects, which often focus on extracting valuable resources, align well with the dragon's connotation of unearthing treasures and attracting wealth.

2. STRENGTH AND PROTECTION:

Dragons are considered protectors against bad luck and negative influences. The Green Dragon can symbolize safeguarding a mining project from risks, uncertainties, and market challenges.

3. ALIGNMENT WITH NATURE AND THE EARTH:

The Green Dragon represents the vitality of nature and the life force of the earth, which resonates with the idea of working with the earth in mining.

Honoring the Green Dragon in project planning might be seen as respecting the balance between human endeavors and natural forces.

4. DRAGON ENERGY AND AMBITION:

Dragons are powerful, ambitious creatures in Chinese mythology, symbolizing boldness and determination.

Embarking on a new mining project under the symbolic energy of the Green Dragon can signify an ambitious and well-supported endeavor.

SUMMARY:

The Chinese Green Dragon symbolizes prosperity, strength, protection, and harmony with nature, making it an auspicious symbol for new mining projects. Leveraging this symbolism can not only inspire confidence and ambition but also align the project with cultural and spiritual values tied to wealth and the earth.

> So, the period that ZIOC have selected for news and a (transformational) Investor Brief coincides precisely with the auspicious Chinese New Lunar Year. Better still is that the year will be of the Green Dragon - "an auspicious symbol for new mining projects"

>> Well.....

News reaches me that the company spent last week tying up details ahead of the Investor Briefing on 11th February, which will be maximised (time and place) for the largest possible attendance. My strong hunch (nothing more) is that they could RNS tomorrow morning.

In the meantime, a couple of things occur: Firstly, it sounds like the company are trying to coordinate external strands (on the basis that internals would be straight forward), and, Secondly, the timing might be significant. Wednesday 29th Jan is the Chinese Lunar New Year and the whole country has holiday from 28th Jan to February 4th. Given Zanaga's Chinese connections (CMEC local hydro power, Chinese EPC contractor slurry pipe and beneficiation, 'COC' building Sounda Dam) then Chinese cornerstone participation as a Zanaga Strategic must be nailed on - hence Chinese New Year dependencies around ZIOC timings must be observed.

So....Ahead of the Chinese NY holidays, our promised RNS on further details around the Investor Briefing. 50-50 that we also get some revelation on Strategic identity and/or process.

Chasing the Green Dragon

It is considered auspicious in Chinese culture to announce new business deals around their New Year. Starting this Wednesday, their next year is a Dragon year, specifically the 'wood snake' or Green Dragon. Out of curiosity I asked whether Green Dragons have any significance for mining projects. Interesting:

"The Chinese Green Dragon symbolizes prosperity, strength, protection, and harmony with nature, making it an auspicious symbol for new mining projects. Leveraging this symbolism can not only inspire confidence and ambition but also align the project with cultural and spiritual values tied to wealth and the earth."

Zanaga will produce a blended 67.5% fines product suitable for DR-grade pellet production. Is this a desirable product and, if so, would it command any price premium?

ChatGPT

Yes, Zanaga's 67.5% blended fines product suitable for DR-grade (Direct Reduction-grade) pellet production is highly desirable in the current iron ore market, and it would likely command a significant price premium. Here’s why:

1. DESIRABILITY OF DR-GRADE PRODUCTS:

Higher Iron Content: At 67.5% Fe, Zanaga’s product meets the stringent requirements for Direct Reduction (DR) processes, which typically demand ore with Fe content of 67% or higher to optimize efficiency.

Low Impurities: DR-grade pellets require minimal impurities (e.g., silica, alumina, and phosphorus), which Zanaga's high-grade product can likely provide. This makes it well-suited for producing Direct Reduced Iron (DRI) or Hot Briquetted Iron (HBI), key inputs in electric arc furnaces (EAFs).

2. GLOBAL DEMAND FOR DR-GRADE ORE:

Shift Toward Green Steel: The push for decarbonization in the steel industry, particularly in Europe, the Middle East, and North America, has driven demand for DRI/HBI, as these processes produce significantly lower emissions than traditional blast furnaces.

Scarcity of High-Grade Supply: High-grade DR-quality ore is relatively scarce compared to standard iron ore products. Major suppliers include Vale (Brazil) and a limited number of others, so new entrants like Zanaga would find ready markets for their product.

3. PRICE PREMIUMS FOR HIGH-GRADE AND DR-GRADE IRON ORE:

Market Premiums: High-grade products (65% Fe and above) generally command a premium over the benchmark 62% Fe grade due to their efficiency benefits in steelmaking and reduced emissions. DR-grade pellets and fines enjoy an even larger premium because of their specialized application.

For example, Vale’s IOCJ fines (65% Fe) often trade at a premium of $10-$15 per ton over 62% Fe products.

DR-grade pellet premiums can exceed $40-$60 per ton above standard-grade pellets in strong demand markets.

2024 Trends: In 2024, DR-grade pellet premiums have been supported by a mix of rising steel decarbonization efforts and limited supply, which Zanaga’s product would likely benefit from.

4. STRATEGIC IMPORTANCE:

Meeting ESG Goals: Steelmakers transitioning to greener technologies, especially in regions like Europe and the Middle East, need a reliable supply of DR-grade material to meet environmental targets. Zanaga’s product aligns perfectly with these needs.

Global Supply Chain Resilience: Diversifying sources of DR-grade ore ensures supply chain stability, especially as geopolitical and logistical challenges impact traditional suppliers like Brazil.

SUMMARY:

Zanaga’s 67.5% fines product is highly desirable due to its suitability for DR-grade pellet production, aligning with global trends toward green steel and decarbonization. This product would likely command a significant price premium over lower-gra

Q. Would Zanaga's 66% to 68.5% grades be of benefit to Rio Tinto?

ChatGPT

Yes, Zanaga's 66% to 68.5% high-grade iron ore could offer significant benefits to Rio Tinto, particularly as it grapples with declining grades in its Pilbara operations and increasing demand for high-grade ore globally. Here's why:

1. MARKET DEMAND FOR HIGH-GRADE ORE:

Steelmaking Efficiency: High-grade iron ore (66%-68.5%) is increasingly sought after because it enhances blast furnace efficiency, reducing coke consumption and emissions.

Environmental Regulations: Stricter emissions regulations in major steel-producing countries, such as China, prioritize higher-grade ore to lower carbon footprints during production.

2. CONTRAST WITH PILBARA CHALLENGES:

Quality Gap: Rio Tinto's Pilbara Blend products have seen a decline in Fe content, with reports indicating levels closer to 61.3%, compared to traditional 62%. This gap between Pilbara's grades and Zanaga's premium grades highlights the potential value of integrating higher-quality ore.

SP10 Proportion: The increased share of SP10 in Rio Tinto's portfolio (25% in 4Q2024) reflects the growing challenge of maintaining product quality, reinforcing the need for supplementary high-grade sources.

3. STRATEGIC BENEFITS:

Blending Opportunities: Zanaga's high-grade ore could be blended with Pilbara's lower-grade ores to improve the overall Fe content and reduce impurities like silica and moisture.

Diversification: Integrating a premium product like Zanaga's could diversify Rio Tinto’s portfolio, aligning with its strategy to adapt to shifting market preferences.

Simandou Synergy: Rio Tinto is developing the Simandou mine in Guinea, which also boasts high-grade ore. Zanaga's products could complement Simandou's output, strengthening Rio Tinto's foothold in the high-grade market.

4. COMPETITIVE EDGE:

Rio Tinto faces competition from Vale's high-grade Brazilian ore (65%-67%). By leveraging Zanaga’s ore, Rio Tinto could better compete in the premium segment.

Maintaining access to premium markets like China and Europe, where demand for high-grade ore is rising, would reinforce Rio Tinto’s market position.

SUMMARY:

Zanaga’s 66%-68.5% high-grade ore could significantly benefit Rio Tinto by improving its product quality, blending potential, and competitive positioning. It aligns with the market shift toward premium ores and offers a strategic solution to counteract Pilbara's declining grades.

We have been told, and FEED is sure to be part of the upcoming Investor Briefing.

FEED is actual development, and a lot flows from it:

Even if 'potential strategic investors' were to be funding FEED on its own their names would have to be disclosed. 100%.

And, if the Strategics have to come out of the shadows they'll come out with a fanfare.

> As I say, we're held on a hair trigger.

April 2024, FS RNS:

The Company believes these positive results provide much greater confidence in the Project's economic feasibility in today's market and cost environment, and with this, provides a key catalyst for potential strategic investors to consider funding of the next logical Project phase, being the front end engineering and design (FEED) program to further define the Project's physical elements and risk abatement strategies.

Direct from the man himself, yesterday in Davos:

SAUDI ARABIA WEIGHS GLOBAL MINING DEALS AS SECTOR CONSOLIDATES

Bloomberg News | January 23, 2025 |

Saudi Arabia is looking for mining deals in a push to secure supplies of critical minerals for its industrialization plan, just as a wave of attempted consolidation sweeps the sector.

Joining the consolidation drive “could be a good way of entering the market or getting at least access to different assets in a more structured way,” Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef said in an interview at the World Economic Forum in Davos. He didn’t elaborate whether this would be buying stakes in assets or buying companies outright.

Deals have been on Saudi Arabia’s radar for a while as it pushes through with an ambitious economic transformation plan. The overseas drive has had limited results so far with just one major completed deal and another in the works in Pakistan, but recent dealmaking efforts by major companies may give the Saudis an opportunity to deploy their cash.

https://www.mining.com/web/saudi-arabia-weighs-global-mining-deals-as-sector-consolidates/

> ....and still the Saudis have yet to secure a single tonne of DF-grade iron ore to feed their green steel industry.

>> Their 'typical' 10-20% stake and off-take if applied to Zanaga could solve **ALL** their issues in one deal.

Or....

Glencore to be bought out in stages on completion of defined workstreams (FEED completion and Resource-into-Reserve extension drill program) over the next 2 years. Valuation on pre-scripted and NPV basis .

Same offer extended to us PIs by rights.

Those who don't take up the offer (assuming Strategics don't secure 75%+ of voting rights) get to remain for long term growth.

Clifford and Co to brief us on the proposals on Feb 11th.

The nuance we need to consider is that if this scenario is indeed the case then our Strategics will also be front and centre with their own messaging. For example a Rio Tinto of this world will/would be banging the drum hard about the prospects of Zanaga - 12-30mtpa possibly rising 50mtpa for 50 years.

Now that would make an interesting Investor Briefing.

Consider the evidence. This from BHP's half-yearly report (1):

"BHP’s average realised price for a tonne of iron ore was $US81.11 per wet metric tonne ($129.34), down 22 per cent on this time last year."

Benchmark 62% averaged $101/t in 2H24, yet BHP realised just $81.11/t. At a generous $5/t discount for each 1% Fe below benchmark, this means that BHP's *AVERAGE EXPORTED GRADE* was just 58% Fe. That's rust and rubble on a Fortescue scale.

Meanwhile, last quarter (4Q24), Rio Tinto's proportion of SP10 fines (58% Fe) rose to 25% of their exported total. As recently as 1Q22 the SP10 proportion was at 6%, rising to 19% in 3Q24 - (useful graphic, see 2 below). By any measure a precipitous collapse of grades.

What they've both have been doing is raiding any high grade deposits to try to maintain benchmark 62% - but failing. Their replacement tonnage doesn't come on stream until 2030, and even then the best is just 61.7% to 62.1%. So, does Pilbara benchmark 62% even exist anymore?

Last year Rio and BHP proposed to CMRG that the benchmark be reduced to 60% IODEX. CMRG told them where to stuff it and declined new long term contracts.

Rio and BHP are now caught in a pincer. They have project finance on each of their mines, plus port facilities. If they cannot deliver benchmark (and the evidence says they are all but failing) then their bankers are going to be asking serious questions - as might their regulators and investors.

> There is now a screaming imperative for the 2 to secure high grade replacement tonnage. If we can deduce this then it is racing cert that Glencore did so long ago, and so did our BoD.

>> It's a sellers market. NPV+ and then some.

*****

1. https://thenightly.com.au/business/red-metal-steals-the-show-for-bhp-as-iron-ore-cools-c-17457371

2. https://www.afr.com/companies/mining/rio-tinto-considers-iron-ore-strategy-shift-20241015-p5kim9#:~:text=Rio%20Tinto's%20flagship%20iron%20ore,desire%20to%20cut%20carbon%20emissions.

June 2024, I think Ian Lyall of Proactive was very close here, but just missed a trick:

"The updated feasibility study offers potential strategic investors a wealth of new information.

SEVERAL COMPANIES ARE REPORTEDLY INTERESTED, RANGING FROM THOSE CONSIDERING A CONSORTIUM STAKE TO OTHERS LOOKING TO ACQUIRE ZANAGA ENTIRELY. Although there is no formal deadline, a deal is expected within a few months, according to an insider."

https://www.thisismoney.co.uk/money/markets/article-13563755/SMALL-CAP-IDEA-Zanaga-Iron-Ore-48m-company-multi-billion-pound-asset.html

> The trick being that one of our Strategics could well have a foot in several camps....from what I discovered about the confidentiality agreements in place.

>> I think there are now 2 hot Consortia to secure Zanaga development rights (in partnership with ZIOC):

Rio Tinto and Baowu to reprise their success at developing Simandou, with Manara Minerals securing off take in return for early stage finance, and

Vale to secure the whole with funding from Manara Minerals.

We shall see, of course.

Meanwhile, recall this from Maaden's Bob Wilt last September: WE HAVE GOT INTENSE DUE DILIGENCE GOING ON SEVERAL GOOD PROJECTS.

"Ma’aden CEO Bob Wilt says there is “no slow-down in mining spending at all” in Saudi Arabia and that there are enough appealing projects for Manara Minerals to assess to give him confidence it can invest up to US$15 billion of growth spending by the end of the decade.

“I don't think people should expect a splashy announcement [from Manara] every six months,” he said. “I think they should expect an announcement every year. “ But we’re looking at risk management, we’re looking at returns, we’re looking at dividends; we’re looking at a lot of things. “We’re taking a long-term view on what we need for midstream and downstream development because the purpose of Manara is not an investment fund, it is to secure offtake in critical minerals.”

https://resourcingtomorrow.com/news/articles/no-flagging-for-maaden-and-its-ceo

Good spot, V10, that Bandar al Khorayef has met with Glencore in Davos. Regulars will no doubt recall that the Saudi Minister from Mines and Minerals also met with Glencore in Geneva in May 2023.

Helpfully transcribed by cChatGPT:

22.01.2025 - 12:30 Saudi minister Al-Khorayef Engages global leaders at Davos to boost industrial and mining sectors

"Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef met with international leaders at Davos 2025 to discuss cooperation opportunities in Saudi Arabia's industrial and mining sectors.

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef attended the World Economic Forum in Davos, Switzerland, from January 20-24, where he held a series of meetings with leading figures from the international industrial and mining community. The discussions covered critical issues such as the investment opportunities Saudi Arabia offers in the mining sector, ways to secure global supply chains, and the role of technological solutions in manufacturing. ... During his meetings in Davos, Minister Al-Khorayef met with the CEO of the London Metal Exchange, the Chairman of Glencore, the CEO of PepsiCo and the head of Siemens Global's technology and strategy unit. These meetings are part of Saudi Arabia's vision to develop international partnerships in the industrial and mining sectors. During the meetings, cooperation opportunities and sectoral innovations between the parties were discussed in detail."

> Recently the chair of Rio Tinto and the CEO of Baowu Steel were also key-note speakers at the FMF in Riyadh last week. We know that Rio have their pressing grade issues down at the Pilbara. They are JV'ed with Baowu at Simandou. Baowu are partnered with Aramco and PIF in the proposed 12mtpa steel plant at the Saudi green steel mega hub at Ras al Khair. Of note to fellow obsessives is that Bandar Al Khorayef was the driver behind Ras Al Khair before he became a minister.

Manara Minerals are tasked with securing high grade iron ore (DR grade we presume) to feed the Saudi steel industry and have yet to secure even 1 ton. Vale are stating that they will feed their pellet plants around the Gulf, but that runs counter to the stated Saudi intention to secure their own upstream feed stocks for their downstream industries.

Not long now.

Hi V10 - I bumped into Cliff at the club and we had a drink. Couldn't talk for long because the wives came back from shopping. Have a four ball with him, AT and Marty at the weekend. Will let you know what they say.

I don't think even LTH accounts appreciate that we are held of a hair trigger here.

Just the merest whiff of Strategic involvement **of any kind** and we are back at IPO in an instant.

With a little prodding the company are gently messaging, and every indication is that our agenda and venue will be announced 'shortly'. From what I understand the intention is to reveal a venue and time to ensure the largest attendance possible. The obvious implication that the company will shortly RNS sufficient juicy meat to entice not just us PIs but also IIs, Funds, Brokers and the industry press. The size and facilities of the venue will also be significant and a major steer.

FWIW I think the Strategics and the outlines of our deal will be revealed by then as well, more than enough to pack the venue.

Hence the hair trigger - and the market has no idea.

3 weeks until the Investor Briefing.

Today saw an Australian public holiday (think Rio Tinto's primary listing on ASX), and the US has Martin Luther King Day as well as the Donald's inauguration.

RNS Time. Tomorrow? Wednesday? We must be getting very close given we are due a string of announcements...