9 April 2025

Zanaga Iron Ore Company Limited

("ZIOC" or the "Company")

Board Appointments

Zanaga Iron Ore Company Limited (AIM: ZIOC) is pleased to announce the appointment of Martin Knauth to the Board of Directors in his role as Chief Executive Officer ("CEO"), and Phil Mitchell to the Board of Directors in his role as Non-Executive Director, with immediate effect.

Martin was appointed CEO of ZIOC 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. He has a strong record in establishing performance cultures and maintaining positive relationships with governments, communities, employees and other project stakeholders.

Martin holds a Bachelor's degree in Mining Engineering from the University of Queensland, a Master's degree in Mineral Economics from Curtin University and is a Fellow of the AusIMM.

Phil is formerly of Rio Tinto, where he played a pivotal role in transforming its iron ore division into the company's flagship business unit, with over 300 million tonnes of iron ore produced. He later served as Rio Tinto's Head of Business Development, overseeing strategy, mergers and acquisitions, and strategic business change. Phil also serves as Chief Financial Officer of I-Pulse Group, where he previously served as Chairman of I-Pulse's I-ROX business and Société des Mines de Fer de Guinée (SMFG). Phil is also Chairman of the Board at AIM listed Aura Energy Ltd.

The Company and Greymont Bay have proposed entering into a relationship agreement amongst other things to formally grant the right for Greymont Bay to make an appointment to the ZIOC Board. Phil has been appointed to the Board as Greymont Bay's representative, following the completion of Greymont Bay's recent investment in the Company.

Clifford Elphick, Chairman of ZIOC, commented:

"I am delighted to welcome both Martin and Phil to the Board. Their vast experience across the mining industry will prove invaluable in supporting the Company during this pivotal and exciting period.

"Martin's work as CEO has already delivered significant value, notably with the private placing announcement in Q1 2025, and he continues, with the support of Andy Trahar and the ZIOC team, to drive the four key workstreams which have been identified as having the potential to result in high impact value improvement outcomes for the Zanaga Project.

"I look forward to working further with Phil, as a representative of Greymont Bay, to extend the partnership between ZIOC and its cornerstone investors."

The following disclosures are provided in respect of Martin David Knauth, aged 54, pursuant to Schedule 2(g) of the AIM Rules for Companies. Martin owns 7,751,938 ordinary shares of the Company.

The following disclosures are provided in respect of Philip Wesley Mitchell, aged 65, pursuant to Schedule 2(g) of the AIM Rules for Companies. Phil owns 2,422,481 ordinary shares of the Company.

There are no further disclosures required in accordance with AIM Rule 17 or Schedule 2(g) of the AIM Rules for Companies.

ENDS

About ZIOC:

Zanaga Iron Ore Company Limited (AIM ticker: ZIOC) is an iron ore exploration and development company, with the Company's flagship asset being its 100% owned Zanaga Iron Ore Project located in the Republic of Congo, for which the Government Mining Licence, Environmental Permit and Mining Convention are all in place.

The Zanaga Iron Ore Project is a world-class asset with a 6.9 billion tonne resource and 2.1 billion tonne reserve, designed for 30Mtpa production of high-grade (66-68.5% Fe) pellet feed with very low levels of impurities. A 2024 Feasibility Study reaffirmed its robust economics. When fully ramped, Phase 1 and Phase 2 combined could make Zanaga one of the largest iron ore mines globally. With all key permits in place, Zanaga is positioned to capitalise on growing demand for high-quality, low-impurity iron ore, leveraging low operating costs and a cost-efficient slurry pipeline to the port.

In light of the changes in the world's economy, and the growing demand for low-carbon steel production, the Zanaga Project is well-placed to become one of the largest producers of high grade premium pellet feed iron ore.

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