Glencore Loan Update

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC), is pleased to confirm that the Company has agreed a loan repayment extension with Glencore.

As a reminder, on 29 June 2022, Glencore and ZIOC entered into a loan facility agreement (the Facility Agreement), under which a loan would be provided directly to Jumelles Ltd by Glencore to provide funding for ongoing working capital required to progress initiatives at the Zanaga Project. The Facility Agreement provided for funding of up to US$1.8m (the "Loan Facility"), repayable at 31 December 2023.

Today, Glencore and ZIOC have agreed to extend the repayment date of the Loan Facility to 31 March 2024. ZIOC has already repaid US$463k of the Loan Facility and had US$1.39m of the Loan Facility outstanding (including accrued interest).

Clifford Elphick, Chairman of ZIOC commented:

"I am pleased to report that ZIOC has already partially repaid the Glencore loan, and continues to receive the support of Glencore going forward through the extension of the loan repayment date.

ZIOC is pleased with the ongoing progress being made in advancing discussions with potential partners, and as part of ZIOC's strategic objectives has already recently concluded an MoU relating to power solutions for the Zanaga Project. We look forward to progressing further strategic initiatives in early 2024."

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