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Very quiet, which is/was to be expected.

After today the next 7 nominal LSE working days contain 3 bank holidays, 2 half days and a Friday.

Effectively our next working day is January 2nd 2025. This means Trahar's, '....we now have a string of announcements planned for the early part of next year that we are going to be hitting milestones on and getting into the public domain for our shareholders.'

I wouldn't want to be out of this etc.

We're making it into the industry press, and this before the Port MoU with Arise was announced.

At some point 'in the early part of next year' our Strategics will be announced. That news will make it to the likes of the FT, Bloomberg, Reuters at al. and then there'll be no holding us.

2nd December 2024; DEVELOPMENT MINERALS TO DRIVE DIVERSIFICATION, ECONOMIC GROWTH IN CONGO

The Republic of Congo seeks to accelerate the diversification of its economy, reducing the reliance on the oil sector by increasing investment in mining.

As part of its strategy to revitalize the energy sector and achieve universal energy access by 2040, the Congolese government has launched several major infrastructure projects. In November 2024, the government approved the construction of the Sounda Dam. The project, set to begin construction in January 2025 at a price tag of €2 billion, is expected to generate between 600 MW and 800 MW of electricity. During the same month, Congo approved a €150 million bulk cargo port project to enhance industrial activities in the Pointe-Noire SEZ, focusing on timber, agriproducts and processing industries.

Meanwhile, in September 2024, the Congo and Russia greenlit the construction of an oil pipeline connecting Pointe-Noire, Brazzaville and Oyo.

Expanding Opportunities in Congo’s Mining Sector

Beyond development minerals, Congo is rich in untapped mining resources, including iron ore, copper, gold and potash. Key iron ore projects, such as the Mbalam-Nabeba project – developed by Australian miner Sundance Resources – began technical construction in November 2024, while the Mayoko project – operated by Congolese firm Sapro – delivered its first 800 tons of iron ore in August 2024. MEANWHILE, A PROMISING FEASIBILITY STUDY FROM CONGO’S ZANAGA IRON ORE PROJECT – WHICH AIMS TO PRODUCE 30 MILLION TONS ANNUALLY – HIGHLIGHTS A POSITIVE OUTLOOK FOR THE COUNTRY’S IRON ORE SECTOR.

https://energycapitalpower.com/development-minerals-to-drive-diversification-economic-growth-in-congo/

Strong close on Friday, at 7.06, the best weekly since late June immediately prior to the 5.25p mates rates fund raise of July 1st. (Recall that Elphick and Glencore joined in).

Better still for me is that the close improved on the previous week's 6.45p, even into the holiday period. Consistent demand from the brokers every day last week as they bid for stock, and then a delayed 700,000 buy posted yesterday afternoon. That the single largest open-market purchase I recall for months, certainly through 2024.

We have had 7 trades today, all buys, for a total of 451,563 shares. Whatever legacy 2024 supply there is is being trousered by long term and researched investors, and when it's gone it'll be gone and no-one will be selling.

Trahar's 'early part of next year' is much closer than appears. Over the next 10 'working days', the LSE has 3 Bank Holidays, 2 half days, and 2 Fridays ahead of 'holiday' weekends. There will likely only be 2 days of a liquid market until we arrive at January 6th which, as we know, is in 'the early part of. next year'. Effectively we are there already, and hence that trickle of supply is being snaffled.

There's news about that reinforces 'Power' as the next of Trahar's milestones, and I reckon the week of 6th January will see it drop. I'll try and detail shortly.

Anyway, when this supply is gone, it'll be gone.

Never convincing denied by the company, an 'insider' predicted in June a deal 'within a few months'

24 June 2024 WHY ZANAGA IRON ORE IS A £48M COMPANY WITH A MULTI-BILLION-POUND ASSET

Stage one, aiming to produce 12 million tonnes per annum (Mtpa) of premium pelletisable iron ore concentrate, is now estimated at $1.94 billion, with an additional $1.87 billion needed to expand to 30 Mtpa.

This investment projects a net present value (NPV) of $3.68 billion, rising to $7.36 billion upon full build-out.

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

There's another reason why we are parked at this level.

It is 523 trading days since the Glencore deal.

The 523-day VWMA (Volume Weighted Moving Average) since then is......7.14p, right in the middle of our spread.

That VWMA gives a very good approximation of where the market is positioned on aggregate.

We've gravitated here and stopped - at least for now

Chart here: https://invst.ly/182mq6

So let's work this forward.

1. Investec's 2013 methodology of $0.04/t attributable Fe gives us an SP of 6.76p, which is near enough where we are.

As per Investec's method, this 6.76p implies a zero chance of finance (i.e. no premium at all to that basic EV price).

However we all know that Strategic engagement is likely 'early next year', and that means finance.

2. Investec then observe that 'current producers' are valued 30-40 as much, (between $1.26 and $1.59/t). Magnetite gets you $2.16 - $5.27/t of contained Fe.

As the article states, '..This offers the aspirants the potential for quantum upgrades in valuation should they succeed in achieving even moderate components of their planned production.' - and that means Zanaga.

30-40x our EV-derived SP of 6.76p gets us to 202.8p - 270.4p ( which wraps round our NPV for Stage 1 alone).

3. Finally fully producing West African mines in 2013 were this:

'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.'

> That $17.74-28.25/t margin is significantly below Zanaga's.

>> I'll leave you to do the numbers.

4. 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.”

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

Head scratching until you realise we are being priced on our Enterprise Value, as per Investec as far back as 2013, name-checking Zanaga. Specifically they use an EV of $0.04/t of attributable and contained iron.

Zanaga Resource/Reserve Numbers:

100% of Reserve 2.07bn t at 33.9% Fe = 701.73m t Fe

50% of Resource 4.83bn t at 32% Fe = 724.5m t Fe (balance over Reserve at 50% confidence weighting)

Total of 1.426bn t. At $0.04/t gives an EV of $57.05m

WITH $/£ AT 1.25 AND 675M SHARES , INVESTEC'S EV METHOD IMPLIES AN SP OF 6.76p

AS I say, Investec nailed it as far back as 2013 - making the article below a 'must read'. I've sat on this a while, waiting until we are about to be financed:

WEST AFRICAN IRON ORE COMPANIES "VALUE ABYSS"

Posted on 10 Apr 2013

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, with African Minerals at $1.59/t and London Mining $1.26/t. ....THE POTENTIAL FOR QUANTUM UPGRADES IN VALUATION SHOULD THEY SUCCEED IN ACHIEVING EVEN MODERATE COMPONENTS OF THEIR PLANNED PRODUCTION.

....

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.”

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

A very good point nibj. 100%.

Recall too that Marty got his 1.5m options at the end of August with no strings or conditions. I reckon a deal was agreed in principle even then, and wince when we have been ticking boxes for the Strategics.

Yesterday at 09:50 I suggested a list of 'milestones' that the company could be aiming for in the 'early part of next year', with POWER coming first.

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.

OTHER ONGOING INVESTIGATIONS INTO THE ESTABLISHMENT OF HYDRO-ELECTRIC POWER ASSETS AND MINERAL PORT AND THEIR RESPECTIVE THIRD-PARTY INVESTMENTS ARE ON SCHEDULE AND THEIR RESULTS WILL BE INCORPORATED INTO THE FEED PROGRAM.

I have rediscovered the above on 'hydro-electric power assets' from April's FS RNS. By my reckoning the supply of power to Zanaga is the final box to be ticked before any Strategic announcement. Hence hydro power news to come shortly into the new year.

WITH REGARDS TO THE CORPORATE STRUCTURE AS OUTLINED PREVIOUSLY, AT WHICH LEVEL WOULD ANY STRATEGIC BUY-IN LIKELY OCCUR?

ChatGPT

In the corporate structure of the Zanaga Iron Ore Project, a strategic buy-in would most likely occur at the level of Jumelles Limited. This is the holding company that directly owns MPD Congo SA, which holds the mining license for the Zanaga Project.

Key Considerations:

Strategic Buy-in at Jumelles Limited:

Reason: Jumelles Limited holds the direct ownership of MPD Congo SA, the project’s operational entity. Acquiring an interest in Jumelles allows a strategic partner to gain proportional exposure to the project's value and operations, including its assets, mining rights, and future production.

Control and Influence: A buy-in at this level ensures that the partner has influence over the operational and decision-making processes for the entire project.

Buy-in at ZIOC Level:

Less Likely: ZIOC (Zanaga Iron Ore Company Limited) is the ultimate parent company listed on the London Stock Exchange. A strategic partner could buy into ZIOC via equity investment or acquisition of shares, but this might dilute other shareholders without directly targeting the project’s core ownership.

Advantages for Partner: A ZIOC-level buy-in would give the investor exposure to ZIOC’s broader corporate activities but might not provide the same degree of control as investing directly in Jumelles.

Direct Investment in MPD Congo SA:

Unlikely: Any direct strategic buy-in at the MPD Congo SA level would be complicated by the Republic of Congo's 10% free carried interest, and such arrangements typically occur at the level of the holding company (Jumelles) for easier structuring.

Legal/Regulatory Complexities: Direct investments in the Congolese operating company would require negotiation with the Congolese government, potentially complicating the transaction.

Why Jumelles Limited Is the Likely Target:

Ownership Simplification: Jumelles is a single, focused entity, making it an ideal investment target for strategic partners looking to invest specifically in the Zanaga Project.

Glencore’s Historical Role: Historically, Glencore held a significant stake in Jumelles, which ZIOC proposed acquiring in 2022. This demonstrates that Jumelles has been the focal point for significant ownership transitions.

Alignment of Interests: A buy-in at this level aligns the strategic partner's interest with the direct operational assets, ensuring clarity in governance and financial returns.

Conclusion:

Any strategic buy-in for the Zanaga Iron Ore Project would most likely occur at the Jumelles Limited level, providing the new partner with direct exposure to the project and operational control without the complexity of navigating ZIOC’s public shareholder base or MPD Congo’s regulatory environment.

I've also asked ChatGPT the following. If anybody can clarify or confirm from direct comms with the company on this matter it would be most useful:

DO THE NPVS IN ZIOC'S APRIL 2024 FEASIBILITY STUDY MAKE ALLOWANCE FOR THE REPUBLIC OF CONGO'S 10% FREE CARRY IN A PRODUCING ZANAGA MINE?

ChatGPT

The Net Present Values (NPVs) presented in Zanaga Iron Ore Company Limited's (ZIOC) April 2024 Feasibility Study update are calculated before accounting for the Republic of Congo's (RoC) 10% free carried interest in the Zanaga Iron Ore Project.

Key Points:

Republic of Congo's Free Carried Interest: Under the terms of the Mining Convention, the RoC government is entitled to a minimum 10% free carried interest in the mine operating company, MPD Congo SA, which holds the mining license for the Zanaga Project. This means the government will own at least 10% of the project without contributing to the capital expenditures.

Feasibility Study Financial Metrics: The 2024 Feasibility Study update reports the following NPVs for the project's staged development:

Stage One (12Mtpa):

Capital Investment: US$1.94 billion

Operating Cost: US$31.5 per dry metric tonne (FOB)

Net Present Value (NPV): US$3.68 billion

Internal Rate of Return (IRR): 26.2%

Stage Two Expansion (additional 18Mtpa, totaling 30Mtpa):

Capital Investment: US$1.87 billion

Operating Cost: US$24.9 per dry metric tonne (FOB)

Combined NPV (Stages One and Two): US$7.36 billion

IRR: 28.2%

Clarification on NPV Calculations: These NPVs are presented on a 100% project basis, meaning they reflect the total value of the project without adjustments for ownership interests. Therefore, they do not account for the RoC government's 10% free carried interest. The effective NPV attributable to ZIOC would be proportionally reduced to reflect this government stake.

Implications for Investors:

Investors should be aware that while the headline NPVs indicate robust project economics, the actual value attributable to ZIOC shareholders will be approximately 90% of the reported figures, due to the RoC government's free carried interest. This adjustment is standard in mining projects where host governments hold free carried interests, ensuring that the economic benefits are shared with the country where the resources are extracted.

For a comprehensive understanding of the project's financial metrics and ownership structure, stakeholders are encouraged to review ZIOC's official communications and detailed reports.

Following the discussion started yesterday about who owns what and at which level any Strategic buy-in (buy-out!!) would occur, here's our corporate structure as tidied up by ChatGPT.

> KEY - Where our value is contained and what the Strategics are after are the mining rights, as held by MPD Congo.

>> Cash received from selling/dividing/reallocating those rights held by MPD according to any Strategic deal will then pass up the chain to us as shareholders of ZIOC.

> Strategics could become ZIOC shareholders if, for example, they wanted to buy out Glencore from the project.

CHATGPT: THE mining rights to the Zanaga Iron Ore Project are held by MPD Congo SA, a Congolese entity and an indirect wholly owned subsidiary of Jumelles Limited. Jumelles Limited is controlled by Zanaga Iron Ore Company Limited (ZIOC).

OWNERSHIP STRUCTURE AND MINING RIGHTS:

MPD CONGO SA:

Holds the mining license for the Zanaga Iron Ore Project in the Republic of Congo.

Responsible for operations, development, and compliance with local mining regulations.

JUMELLES LIMITED:

Jumelles Limited owns MPD Congo SA.

Historically, it was a joint venture between ZIOC and Glencore, with Glencore holding a significant interest.

As of late 2022, ZIOC announced plans to acquire Glencore's stake in Jumelles Limited, which would give ZIOC full ownership of Jumelles Limited and, consequently, full indirect control of MPD Congo SA and the Zanaga mining rights.

ZANAGA IRON ORE COMPANY LIMITED (ZIOC):

A publicly traded company listed on the AIM market of the London Stock Exchange.

Focuses on developing its interest in the Zanaga Project and holds its stake via its ownership of Jumelles Limited.

Recent Developments:

MINING LICENSE FOR ZANAGA:

The Zanaga Project's mining rights are secured under a license granted to MPD Congo SA by the Republic of Congo.

This license gives MPD Congo the exclusive right to explore, develop, and mine iron ore within the specified area.

FULL OWNERSHIP BY ZIOC:

In 2022, ZIOC initiated a move to acquire Glencore's stake in Jumelles Limited, aiming for 100% ownership of the mining rights via its subsidiary structure.

GLENCORE’S ROLE:

While ZIOC seeks full ownership of Jumelles, a marketing agreement with Glencore ensures that Glencore retains rights to market and sell iron ore production from the Zanaga Project.

This structure consolidates ZIOC’s control over the Zanaga Iron Ore Project, with all mining rights held through its subsidiaries.

I think you need to consider the ownership structure and what changes hands under this deal scenario.

ZIOC own 100% of MPD Congo in which is lodged the right to develop Zanaga.

Strategics buy 50% of MPD. They don't buy ZIOC and no ZIOC shares change hands.

That cash goes to ZIOC. After CapEx and cash reserve build, ZIOC distribute the balance as a special dividend to the holders of the 675m shares - Us.

Well, Thank You!! - always a pleasure to share some research into here.

To answer nibj as to why I don't think the Strategic/s will buy us out 100%. I think it's because there is so much Resource yet to be proved up into Reserve (4.8bn t of it yet) plus so much strike along length and at depth. It's impossible to put a price on it so it cannot be either sold or bought.

Whilst the Strategic/s might want to take us out 100% upfront I cannot see Elphick or Glencore foregoing that huge upside potential. By the back of my envelope it might eventually be 3-4x our current upper NPV.

This being the case I think the Strategic/s will be able to buy into the combined Stages 1&2 project and then a drill campaign launched to prove up for the deposit. This would lead to a further deal somewhere down the line for the balance of the deposit.

Finally to the all important numbers.

This is the most basic scenario: ZIOC sell 50% at NPV of Stage 1 alone ( NOT the combined project), fund their % of development costs from cash, create a reserve and issue a special dividend:

SUMMARY OF STRATEGIC BUY-IN AND FINANCIAL ACTIONS

ZIOC Sells 50% Stake at Full NPV:

ZIOC sells 50% of the Zanaga project to a strategic investor for $1.84 billion (50% of the project NPV of $3.68 billion).

Pro Rata Funding for Remaining 50% Stake:

ZIOC uses $970 million (50% of the Stage One CapEx of $1.94 billion) to fully fund its share of the project.

10% Cash Reserve Creation:

From the remaining funds, ZIOC sets aside 10% as a cash reserve to manage contingencies and operational flexibility.

Reserve amount: $87 million (10% of remaining $870 million after CapEx contribution).

Special Dividend Distribution:

The remaining funds, after setting aside the cash reserve, are distributed to shareholders as a special dividend:

Total Distributed: $783 million.

Converted to GBP: £616.54 million (at a 1.27 exchange rate).

Per Share Dividend: £0.913 per share (675 million issued shares).

ZIOC’s New 50% Stake Valuation:

After the transaction, ZIOC retains a 50% ownership in the project.

Adjusted attributable NPV for ZIOC's remaining stake: $2.024 billion (based on the updated project NPV of $4.048 billion after removing 1 year at 10% DR and applying 9% for the next 15 years).

Revised ZIOC Share Price:

Based on the attributable NPV of $2.024 billion, the share price is estimated at £2.36 per share.

KEY RESULTS

Special Dividend: £0.913 per share.

Revised ZIOC Share Price: £2.36 per share.

Cash Reserve: $87 million for contingencies.

Fully Funded CapEx: No additional debt or equity financing required.

This for a 50% Strategic buy in to Stage 1 *alone*. Thereafter ZIOC have:

> All of Stage 2

> 100% of the Reserve growth potential from 4.8bn t of Resource

> All of Resource extension along both strike and at depth

> Reducing Discount Rate over time as project advances and de-risks = sharp increase in NPVs

> Upside from increasing premiums from producing Dr grade iron ore.

*****

Based on the above our inbound Strategics 100% will negotiate to get their hands on a slice of this upside.

But what will they have to pay?

TRAHAR'S STRING OF ANNOUNCEMENTS PLANNED FOR THE EARLY PART OF NEXT YEAR

Here's my best guess as to what and their order:

1a. POWER - Hydro MoU/offtake from CMEC, completes the mining practicilaties from pit to port

(1b. Chinese EPC - Have remained in the shadows. They might come into the daylight before Strategics.)

2. STRATEGIC PARTNER/S investment - After all mining practicalities are complete, to allow.....

3. FEED - The Strategic/s to fund and manage FEED, in no small part because of .....

4. DRILL CAMPAIGN - to extend the Reserve (2.1bn t on which NPVs were calculated) into the Resource ( an extra 4.8bn t)

I would give it a 50:50 chance that POWER is announced in very early January. This to allow a possibe STRATEGIC announcement on, at or around the Future Minerals Forum this 14-16 January in Riyadh if Manara Minerals were to be early off take financiers to meet their green steel mandate.

With POWER (maybe CHINESE EPC) into the public domain I cannot then see any further hurdles to STRATEGICS.

Just a guess. Of course, we shall see.

STRING OF ANNOUNCEMENTS PLANNED FOR THE EARLY PART OF NEXT YEAR

Trahar then namechecks power, "Some of them we have already indicated to the market, such as power agreements, for example."

This from December 2023 - (1):

"Following CMEC's preliminary inspections and engineering of potential hydroelectric sites near the Zanaga Project, an MoU has been agreed between ZIOC and CMEC with the following objectives:

o Advance engineering and related studies for the identified hydroelectric sites near the Zanaga Project.

o Draft arrangements for the funding of development and operation of the identified hydroelectric project(s), between the government of the Republic of Congo and third Parties."

> We're going to get detail on that. Perhaps CMEC have selected sites? ZIOC can/will sign a preliminary offtaake agreement to facilitate finance, and finance itself as detailed 'between the government of the Republic of Congo and third Parties.'

Power news should complete the physical aspects of mine development:

Mining - to be done by Strategics themselves (think Rio at Simandou)

Ore Beneficiation - our Chinese EPC's partners are supposed experts with proprietary technology

Slurry Pipe - Chinese EPC again

Port - Arise MoU last week.

The final box to be ticked is 'Power' for the mine. That is what I think we are going to get. Then Strategic news.

ZIOC have indicated potential hydro power sites - see (2) slide 38.

(1) https://www.lse.co.uk/rns/ZIOC/mou-signed-with-cmec-and-fs-process-update-g59wn18fndidx6z.html

(2) https://www.zanagairon.com/wp-content/uploads/2019/06/ZIOC-IP-28.03.19.pdf

The nuance for me is why ZIOC signed the Port MoU with Arise.

The answer, I think, lies in what the Strategics want/need to have been done before they reveal themselves. Without an agreement, or at least an MoU, announcing Strategic investment into Zanaga would be putting the cart before the horse, or the mine before the port. As Trahar detailed, the port has always been the essential component, and without which there is no mine, the sine qua non.

Imagine a situation 'in the early part of next year' where a Strategic (RT, AA, BHP, etc) announced that they were investing in and developing Zanaga. Almost the first question to be asked would be, 'How do you intend to export the ore?'

In pure PR terms the Strategic would need to have an immediate reply - and we got that last Wednesday.

In other words, ZIOC have just facilitated the messaging for an imminent buy-in.

I

"Advancement of the new port development could provide a key catalyst in allowing the Zanaga 12Mtpa Stage One development project to derisk and proceed towards seeking finance." - Clifford Elphick and ZIOC, March 2018 - (1)

This is why the RNS of last Wednesday is so significant. We're going to get Strategic finance and hard development of Zanaga. Andrew Trahar said as much in his Proactive interview (2):

"This step (Arise MoU) for us is a major de-risking step as we engage our strategic partners. That is a process that we have announced previously to the markets, that we are engaging strategic partners to develop the project, bring it into construction, and finance it. But this port-side bottleneck was something that lingered over the project for a long time and had created a lot of uncertainty in the past. That uncertainty is now removed."

Better still is that Trahar told us when to expect news, (2 again):

"Andrew Trahar: We are very, very well-positioned now to move forward on a number of execution milestones that we've lined up in the early part of next year. Our shareholders have been very patient with us, and we're very grateful for that. But we now have a string of announcements planned for the early part of next year that we are going to be hitting milestones on and getting into the public domain for our shareholders.

Proactive: Andrew, maybe tell us about some of those milestones that you are targeting for next year as you take the project forward.

Andrew Trahar: Some of them we have already indicated to the market, such as power agreements, for example. The strategic partner process, in particular, has been a major focus for the company and a huge workstream for us. Once again, de-risking milestones such as this port definition and this port agreement and partnership is very important for us."

> So this is it, Zanaga is set for development and the news will be announced, and I quote, "....in the early part of next year."

>> When it is announced the SP is going to explode higher.

1. https://www.lse.co.uk/rns/ZIOC/project-update-g10hmba53y6452u.html

2. https://uk.investing.com/news/stock-market-news/zanaga-iron-ore-secures-gamechanging-port-partnership--icymi-3837585