Extension of Shard Facility Tranche 1

30 September 2020

Extension of Shard Facility Tranche 1

Zanaga Iron Ore Company ("ZIOC" or the "Company") (AIM:ZIOC) announces that, further to the announcement dated 26 June 2020 in relation to the Subscription Agreement with Shard Capital,  the permitted sale period for the first tranche of the Company's shares issued pursuant to the Subscription Agreement has been extended by three months, as provided for in the Subscription Agreement. As announced in the Company's half-year results on 29 September 2020, of the 7 million shares issued to Shard Capital under the first tranche of the Subscription Agreement approximately 5 million of the shares have been successfully placed by Shard Capital as at 28 September 2020.

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

Zanaga Iron Ore

Corporate Development and                         Andrew Trahar

Investor Relations Manager                           +44 20 7399 1105

Liberum Capital Limited

Nominated Adviser, Financial                        Scott Mathieson, Edward Thomas

Adviser and Corporate Broker                       +44 20 3100 2000

About us:

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM ticker: ZIOC) is the owner of 50% less one share in the Zanaga Iron Ore Project based in the Republic of Congo (Congo Brazzaville) through its investment in its associate Jumelles Limited. The Zanaga Iron Ore Project is one of the largest iron ore deposits in Africa and has the potential to become a world-class iron ore producer.