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$22.65 premium for 3% higher grade = $7.55 per % 66.6% FE = 4.6% above 62% benchmark = $34.73 + $75.95 = $110.68/ton Stage 1 Opex costs reduced to $24/ton (top end estimate) = $86.68/ton profit potential 12Mtpa = $1,040,160,000 9 years = $9,361,440,000 Stage 2 Opex costs reduced to $22/ton (my estimate) = $88.68/ton profit potential 30Mtpa = $2,660,400,000 21 years = $55,868,400,000 Total profit over 30 year life = $65,229,840,000 ($65.3 billion) Less $4.4billion capex = $60,829,840,000 ZIOC share = $30,414,920,000 (�22.8 billion) 278,780,000 shares = �81.82 per share If cold pelletisations works and is accepted, we can get even higher returns. Everything is slowly coming together here, the bank is now open and the Chinese are ready to splash the cash.

Adds another �31million profit per year once SQZ keep 100% revenue after 2021. Takes earnings per share to 52p so based on 10x P/E would give �5.20 per share. This excludes Columbus, Rowallan and other prospects. Very good share to be holding (the Hardy's agree too)

BKR regularly exceeds 20,000 boepd Erskine regularly exceeds 3,800 boepd 23,800 boepd 1 boe = 55.5 therms x 41p = �22.76/boe against opex of �10.58, so net profit of �12.18/boe 8,687,000 boe per year x �12.18 = �105,807,660 / 263,680,000 shares = �0.40 per share 10 x P/E would value SQZ at �4.00 per share This is after full transfer so scaled back profits pre-2021 and excludes other opportunities that could add significantly to the portfolio and excludes todays cash in bank

Rio arent the only mining major divesting from coal assets to focus on iron ore ;)

Sounds like RoC are seeking alternative ways of financing this so they can keep their 10% stake in ZIOC rather than selling it to Rio. Smart move.

You've got to look at undeveloped iron ore deposits globally and then look at where they are in the development cycle i.e. how far are they down the line of proving up the resource. With 770 MT proven reserve, 2.1 BT probable and 6.9 BT total resource ZIOC is the best out there at present. As stated, plenty of big miners will be circling like vultures, awaiting port construction which then opens this up to market.

Very much agreed MM and we've proven that we can produce a 66.6% FE product. China arent the only interested parties though. Rio need to tighten their grip on premium products to maintain their leading position. Anglo are focusing their efforts on higher grade FE Fortescue and other lower grade suppliers are feeling the pinch and need to act quickly to secure higher grade supplies Glencore have no producing iron ore assets and are rumoured to want in to this lucratrive area. Literally we have everything to play for our as it's the only undeveloped asset of its size not already under control of the super majors.

With over $65 billion in profit over 30 years which is based on the proven 770 MT reserves, combined with the potential to expand this significantly to the full 6.9 BT resource, the numbers are truely impressive. This is your once in a generation opportunity, but we need the new port to see these huge gains. ZIOC specifically tell you this in the RNS. Once the parties involved in the port agree, we will be ready for a full sale. In the interim, if Rio do buy the RoC stake, that would go some way to value the asset, which I'm expcting to be around $1.3bn for 10%. This would then value ZIOC at $5.85bn or c. �16 per share. Remeber Lazard are here to advise on a major transaction so will be making sure its a realistic value to help RoC payoff their debts to Glencore.

It's not a cash offer, so you get 0.7622 shares NWF doing massive capital raise at AU$0.15 So thats 0.11433 rounded up to AU$0.12 equates to �0.068

Dont forget the fairly regual trips between China and Congo with senior executives and government minsters working to advance the port development. Zanaga has always been waiting on port finalisation. As soon as that is confirmed, which is getting very close now, this will be ready for takeover i.e. the big players will be jumping over themselves to get a slice.

The Zanaga Project team continue to investigate power solutions with independent power providers and equipment suppliers with an aim to seek an optimal solution to the energy requirements of the 12Mtpa Stage One mining project. Remember that they only need 100MW for Stage 1 with existing capacity in the grid and recent announcements from ENI. Energy prices have reduced significantly over the last year, so looks like they are playing off the different providers to lock in the best rates for ZIOC and further reduce our processing costs.

Yep, so below 3% if they previously held to now being above 5%.

Great to see some high net worth individuals loading up here. Few more of these and the market wont be able to ignore the tremendous value.

Classic case of buy the dips, now back on the up towards 52 week high.

Vod were always top of the list as a potential buyer, but seems they are building their customer base by offering cut-price deals and winning talktalk customers at the end of their contracts, rather than straight purchase of all customers/assets. Not sure if they would still be interested now.

Yep steady as she goes. I'm holding to 500p Easily achievable from the BKR assets alone, then you add in the additional drills/re-works and cash in the bank to buy into more projects, this could go considerably higher.

So looks like everyone agreed to making us all rich. thanks

£134m paid to BP plus other contingencies on price (minimum) Based on free cash flow over 4 years, so after that it's all SQZ profit. At that point, full value will vest here, so I'm still happy with £4.20 target.

Don't forget the changes to CO2 at the processing site which is due before year end. That will further improve profitability of the gas.

Think they reported $74million in H1 2017 for the BKR assets. That's $148m (£111m) for the year or £0.42 per share, so were currently trading at 1.5 P/E 10 x P/E would give us £4.20 per share. Happy days.