Member Info for technician

"Well done Ex & team. Efforts much appreciated."

Agreed. I strongly feel that whatever the eventual outcome, this was the right thing to do.

I don't like the thought of just laying down and accepting being robbed by a load of wealthy people who should know better and who have no need to be quite so greedy.

I'm glad you (extrader) and others have taken the time to create this action group. It's not something I have time to take on but I will support you in any way I can. When I get time later I will reach out.

The offer RAM have proposed just isn't even close to being fair or reasonable. It may well be the only offer currently on the table but we have no way of knowing this as it seems our BOD are now more aligned with RAM than ZIOC.

"GGG I think if you spent an hour on the solg forum you would see how angry their shareholders are at being sold down the river cheaply to the Chinese on the back of not disimilar circumstance."

This is true, they are very disgruntled but the difference is they've been offered a significant precentage of their NPV as a cash settlement.

An equivalent for us would be in the region of £1 per share.

The 10% deal is incredible. How an earth that could be seen as reasonable is beyiond me.

The whole thing looks to me like AT and MK have been concocting this deal since MK came on board. Probably with no intention of looking for any alternative investors.

It wouldn't surprise me. If RAM can buy more at this level it will just give them an even bigger share of the mine.

I consider the deal the have come up with to be despicable but can't help but feel if we challenge it they will just point to our share price prior to the RNS.

Based on our share price alone the deal looks ok.

This is why I think it's important to look at whether we can prove the share price was manipulated prior to the RNS.

My guess is that Elphick will have been offered some sort of sweetener or shares in RAM.

I can't believe he'd agree to this deal otherwise.

It makes you wonder why on earth they have been through all this work to try to increase the NPV. To what end?

Just to put a bigger spotlight on how much money they are going to make long term.

This makes the SOLG buyout offer look positively generous.

Futsal can I politely request you go back and read section 7 of the TR1

I agree GGG, the timing of all this does seem a bit too convenient for it not to have been managed.

For what reason remains to be seen.

Please explain Futsal.

As I see it the RNS states he owned 10% of the company at a previous time but in the notification date he only owned 6%.

Are you suggesting he gave them away or transferred to a third party?

..."

Hi Ex,

As I understand it Mr Gupta's sale of his 4% must have been completed by 08/12/25 as that was when the change of ownership became notifiable.

As GGG has suggested that doesn't rule out the possibilty that the MM's have kept his approx 33million shares in stock in order to drip feed into the market at their 7.4p target price

"If G_G_G's thesis re share stabilisation has legs, this may have been the counterpart?"

Not sure that is the case as the date the threshold was crossed is listed as 08/12/25

GGG. I get your theory on the share price and how it's being held in this tight range but one thing I'm not clear on is who would be supplying the shares to sell to keep the share price where it is?

Assuming you've bought your 7.25m recently then that's a lot of shares that have been sold to allow your buying. Someone must be providing these shares to sell into the market to allow all your and others buying.

"Mines a chipolata by comparison"

Likewise mine is a comparatively small shareholding but if everyone on this board is to be believed then between everyone on here we must own a ssizeable chunk of the company. Off the top of my head I can think of close to 30 million shares being claimed by posters from here.

And that is only the few posters who have mentioned their stakes.

I'm inclined to agree with Marcus on this.

We can't argue with the current share price and that bit is indisputable but some of the rest of the figures Jack came out with don't make sense to me. We have SOLG that have just been offered 0.3 x NPV to sell. How does that fit into Jack's formula?

NPV stands for Net Present Value, not Value When Producing.

Obvisouly I can see the reality of our current share price and that does concern me but I don't recognise Jack's valuations as making a lot of sense. Not without seeing some sort of justification or examples of other mining projects that have been valued along these lines.

I don't know where you have got these valuations from and I'm not going to give an opinion on whether they are right or wrong but how do you reconcile these valuations with the fact these shares were floated with an IPO price of £1.56 per share and both institutional and private investors were happy to invest at that price?

"I for one find Ex’s posts both informative and more importantly unbiased, and look forward to reading them.

So if you have nothing worthwhile to add, please crawl back to whatever dark hole you crawled forth from."

Seconded.

"Well it must be hard going around asking for billions when they themselves paid 4p a share for it 😉"

Exactly that ATG. I don't t hink they have helped our case for a fair valuation by buying in at 4 pence per share.

And although it was good for us, the fact Glen sold out for a fraction of fair value quite recently is another reason for a potantial buyer to bid us very low.

I hope these factors won't come into any offer but I suspect they will all work against us and if/when we get an offer we may all be left a bit underwhelmed.

Hi Ex,

Yes I had already done the NPV base calculations and come up with almost exactly the same £1.58 per share that you did (based on the lower price).

However I just can't see how any buyer, Rio for example would go to their shareholders and say they have made an offer for ZIOC of 20 x the current or long term average share price.

The only way I see us getting anything close to fair value is if the share price can somehow be brought up to a reasonable figure before any offers are made. Unfortuanetly as long as holders keep selling it doesn't look like the share price is going anywhere quickly.