Corporate and Project Update

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC), is pleased to provide an update on the Company's review and re-costing of the 2014 Feasibility Study ("2014 FS"), an agreement to revised repayment terms on its loan from Glencore, and appointment of Shard Capital Partners LLP as Joint Corporate Broker.

Zanaga Iron Ore Project update (the "Zanaga Project")

The Company is pleased to provide an update to shareholders on the timing of the Company's FS update process with its Chinese EPC Partner.

• FS update process
• The review and re-costing phase of the 2014 FS has been completed and a near-final report has been received from the Company's Chinese EPC Partner, and this has progressed to peer and ZIOC board review.
• The final results of the 2014 FS update are expected to be announced during April 2024.
• FEED phase preparation
• Preparation for the Front End Engineering and Design (FEED) phase of the Zanaga Project is underway, including solicitation of cost and schedule estimates for the various workstreams associated with the FEED phase.
• Other strategic initiatives
• In September 2023, the Company outlined its strategic objectives, including the intention to secure MoUs with a number of potential partners to progress the Zanaga Iron Ore Project. An update on each MoU workstream is provided below:
• Hydro power MoU: signed with CMEC (announced on 29 December 2023)
• Port MoU: Significant progress has been made in securing interest from large scale port development companies interested in participating in the development of port infrastructure for the Zanaga Project. In parallel with the 2014 FS update process, these discussions are progressing.
• Strategic partner initiative: the Company is pleased to have received, interest in the development of the Zanaga Project from a number of parties. Discussions continue and the Company will provide further updates in due course.

Glencore loan update

Further to the Company's announcement on 2 January 2024 relating to the loan facility agreement between Glencore and ZIOC, under which a loan was provided directly to Jumelles Ltd by Glencore to provide funding for ongoing working capital required to progress initiatives at the Zanaga Project (the "Loan Facility"), Glencore and ZIOC have agreed to extend the repayment date of the Loan Facility to 31 July 2024.

ZIOC has repaid US$700,000 of the Loan Facility during Q1 2024, leaving an outstanding balance, including accrued interest, of US$726,384.

Funding update

On 2 July 2023, the Company entered into an Equity Subscription Agreement with Shard Merchant Capital Ltd ("SMC") (the "2023 ESA"). Under the Subscription Agreement, the Company will issue and SMC will subscribe for 36 million ordinary shares of no par value in the Company in three tranches of 12 million shares each. The First tranche was issued immediately on 1 July 2023 and the Second Tranche was issued 14 December 2023. These two tranches, totaling 24 million ordinary shares in the Company have been placed by SMC. As a result of such transactions, the Company has received net proceeds of £1,667,735.

Proceeds of the Shard ESAs are applied to general working capital, including the provision of further contributions to the Zanaga Project's operations.

The Company has cash on hand of US$491,000 as of 28 March 2024.

Appointment of Shard Capital as Joint Broker

Zanaga is pleased to announce that it has appointed Shard Capital Partners LLP as joint Corporate Broker with immediate effect.

Shard Capital Partners LLP commented:

"The Zanaga story is one we are committed to and have been following closely for some time. It is without doubt a world class iron ore project, with a fantastic team and we look forward to working with them to unlock what we see as major potential value for shareholders."

Clifford Elphick, Chairman of ZIOC commented:

"ZIOC is pleased with the progress of the FS update which is nearing completion. This is regarded as being key to further engagement of strategic partners.

I am also pleased to report that ZIOC has made a further repayment of the outstanding Glencore loan, and continues to receive the support of Glencore going forward through the extension of the loan repayment date.

In addition, I am delighted to announce the appointment of Shard Capital as Joint Broker to the Company."

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