Ann: Nzuri Raises $6M to Advance Kalongwe Copper-Cobalt Project, page-33

It is a foregone conclusion that they would like to buy as much as they can at 25c, but it is important that we don't need to give them as much as they like and show self sufficiency to a degree. Tembo obviously agreed and put cash in. Note that Tembo did not participate in the raise before this one along side Huayou. They did not participate in the raise before that either, from memory they converted some outstanding notes. They did jump into this one.



Aside for shaving some of the cream off the top the main impact the mining code has on Nzuri are the changes around debt financing, it will be more expensive debt now. This makes attracting strategic interest and generating competitive tension more important.

Timeline: I still think the flashpoint will be just prior to executing financing/off-take (with a competing offer submitted to a board meeting with Huayou attending) and we will never see Kalongwe developed. However management (And tembo when I last spoke to them ages ago) either have a very good poker face or are intent on taking this into production. Quite intriguing to see how this will go the closer we get.