23 May 2025 

Zanaga Iron Ore Company Limited

("ZIOC" or the "Company")

Option Exercise and Issue of Shares

Zanaga Iron Ore Company Limited (AIM: ZIOC) announces that the Company's Chief Executive Officer ("CEO") and Director, Martin Knauth, has exercised share options, which have already vested under the Company's long term incentivization plan ("LTIP"). As a result, the Company has agreed to issue 1,500,000 new ordinary shares of no par value in the Company ("Ordinary Shares") in relation to the exercise of these options.

Admission

An application for the admission to trading on the AIM Market of the London Stock Exchange of the new Ordinary Shares to be issued pursuant to the Equity Issue has been made and the 1,500,000 new Ordinary Shares are expected to be admitted to trading on AIM on or around 30 May 2025. These shares will rank pari passu with the Company's existing Ordinary Shares from their date of issue.

The Company does not hold any shares in treasury. Following admission of these new Ordinary Shares, the total number of Ordinary Shares and voting rights in the Company will be 832,379,996.

This figure of 832,379,996 Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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

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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.