18 July 2024 

Repayment of Glencore loan

Zanaga Iron Ore Company ("ZIOC" or the "Company") (AIM:ZIOC) is pleased to announce that, following the completion of the block sale of ZIOC shares by Shard Merchant Capital Ltd ("SMC") and share subscriptions by Glencore and Mr Clifford Elphick (Non-Executive Chairman of ZIOC), the Company has repaid the entirety of its loan to Glencore.

The Company is now debt free, which is a positive step in enabling the advancement of further discussions with potential strategic partners.

Clifford Elphick, Chairman of ZIOC commented:

"Following today's repayment of Glencore's loan I am delighted to inform shareholders that ZIOC is debt free. This is key to supporting management's engagement with strategic partners, and I look forward to the management team progressing the next phase of this initiative."

The Zanaga Iron Ore Company Limited LEI number is 21380085XNXEX6NL6L23.

For further information, please contact:

Zanaga Iron Ore

Corporate Development and                         Andrew Trahar

Investor Relations Manager                           +44 20 7399 1105

Panmure Liberum Capital Limited

Nominated Adviser, Financial                        Scott Mathieson, John More

Adviser and Corporate Broker                       +44 20 3100 2000

Shard Capital Partners LLP

Corporate Broker                                                Damon Heath

                                                                                   +44 207 186 9952

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR