Member Info for Thor121

Yes I do. Wonderfully missed by the masses. Expect it to at least double in the next 2-3 years without much meaningful M&A.

Strong sounding update tempered as usual by the outstanding litigation around Mach 49. Good to see the Tier 1 businesses performing strongly and net debt seems to have come in about £15 million below forecasts (unless that was updated post September last year). All in all encouraging and definitely cheap on a pe of 6.

Very good summary.

As long as the board are following their fiduciary duty and are open and transparent (ie they are engaging with other potential participants if approached), then I can't see the problem.

As you have said any other interested party could acquire shares on the market or let it be known that the board has not been engaging. Assuming that is not the case, those shareholders in this group are "turkeys voting for Christmas" if they try to get it pulled. Months to go to there deadline, not days, so not sure anyone could argue they are pushing it through. It will have been a near 6 month process.

Here are the main permits and regulatory authorisations that the Zanaga Iron Ore Project in the Republic of Congo has secured, according to the company’s filings and public reports:

🛠 Key Permits & Approvals for the Zanaga Project

Mining Licence

A 25-year Mining Licence was granted in August 2014, covering the Zanaga mining area (about 499 km²).

It gives the holder the exclusive right to extract iron ore within the licence area.

The licence can be renewed for successive 15-year terms under the Republic of Congo Mining Code.

Mining Convention

A Mining Convention was signed with the Government of the Republic of Congo alongside the Mining Licence to set out fiscal, tax and legal terms for the project’s operation.

This Convention was ratified and promulgated as law in the RoC after approval by Parliament.

Environmental Permit

An Environmental Permit was awarded in November 2017 by the Ministry of Environment of the Republic of Congo.

It covers the first phase of the project’s development (Stage 1) based on the approved Social and Environmental Impact Assessment (SEIA) submitted to and reviewed by the Government.

📌 Summary

Mining Licence – granted and active, with multi-decade duration.

Mining Convention – regulatory and fiscal regime formalised and adopted into law.

Environmental Permit – obtained for Stage 1 development following government review of environmental assessments.

Martin was appointed CEO of Zanaga in November 2023 and has extensive experience in the industry spanning more than 30 years in a wide range of commodities and countries, with notable success in project development, operations and transformational growth phases.

Martin’s experience includes project leadership in Australia and the Pacific, Africa, Central Asia, and Central and South America, with companies such as Vale, Glencore, Sherritt Metals International, KAZ Minerals, and Western Mining Corp.

If you look at his Bio - he is basically a project manager......that is sadly why it needs somebody like RAM to get this done.

If 15p is the effective price that RAM are investing at. Then at the share-rice at 6p implies a 40% chance that we either have a higher offer or that the RAM consortium take it through FID and commit to putting in into production.

Bearing in mind the calibre of the RAM consortium you would think the odds would be much higher.

I think this just reflects the expectations of those that bought ahead of this "deal" and are now forced sellers. In time the share price should increase you would think.

Clarificartion of the call that I had. Thanks Nibj. Vote against the deal and it's like turkeys voting for Christmas. You might not like the deal but without it there is no alternative unless of course anyone wants to wait for a cash call at what would now be 4p say. If they get an alternative offer pre 30/6 then great. If not MD and party have the best chance of cobbling together something that works for both them and us.

Alternative was a $25 million discounted placing at what share price? 4p,5p,6p?

This way shareholders get the cash and MD plus others to make sure the project gets done. And get on with it without possibly years of further waiting.

No other firm offers on the table. Had lots of interested parties.

RAM are open to offers. Happy to pass it on / share it.

70 people at the presentation including trading houses, steel mills, industry figures etc.

MD has effectively put up $25 million at 15p...we are trading at 6...

Trahar's Dad not part of RAM.

ZIOC share of 12.5% is non-dilutable.

If shareholders want to take this forward there is no alternative at the moment.

Rewards for shareholders back loaded but still enormous.

I have spoken got them.

They are very happy and open if you want to talk to them. Martin's number is on the RNS. FWIW

To clarify I am a shareholder (1 million shares) and underwater too (average 7.7).

The reality is for many that after a day of disappointment and shock the reality is what an alternative might look like.

1) Another bidder emerges. The window is open for them.

2) We proceed as per the deal and should see a higher share price and for those that care to wait dividends and royalties down the line.

3) RAM walk and with no other bidders RAM pick it up from administration and do it themselves.,

This is the Congo not the UK.

Just saying...,careful what you wish for.

One thing that makes me wonder if it is not such a terrible deal if why Glencore sold at 4p if the asset is so valuable.

There aren't that many majors who could finance it, RIO is busy in Gabon and Australia etc

Or was that before the quality of the FE content became known?

Other questions.

Can the terms of the contract be changed and what happens if the Capex costs suddenly go up before or indeed after FID. Is that 12m5 for 12.5% set in stone.

What about the governments share. Are they participating via RAM?

Hard to know what to say.

Sad to see so many loyal shareholders feel they have been shafted and presumably they have.

The only crumb of comfort is that IF the board and RAM are decent and honourable (?) then shareholder's should find themselves in 18 months with 11p in cash.

It is then in the hands of the board to decide whether to invest if for a 12.5% stake or return it to shareholders.

Won't be a calamity...just not as profitable as he thought.

Not a calamity. Just going to require a lot of patience.

The thought that the strategic invests would allow the value to accrue to ordinary investors was fanciful. Talk of 30p, 50p,£1 extra.

These guys are in it for themselves and their backers...

But the large strategic investors own nearly 50%....