ZIOC

Zanaga Iron Ore Company Limited

Basic Resources First-pass screen £41m

250/1000 Overall fit

AI beneficiary 35% 5

Operating leverage 25% 45

Valuation 25% 30

Downside protection 15% 30

First-pass take

Zero AI exposure; pure iron ore development company. Project fundamentals attractive (26.2% IRR, 2.1bn-tonne ore reserve) but severely undermined by material going-concern uncertainty, liquidity crisis (US$0.1m cash, US$2.7m annual burn), and pre-revenue status.

Flags

going-concernno-valuation-datapre-revenueloss-makingliquidity-crisiscommodity-cyclicaljurisdiction-risk