Port development MOU signed with Arise

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC) is pleased to announce that it has entered into a Memorandum of Understanding ("Port MoU") with Arise Integrated Industrial Platforms Limited ("Arise") (together the "Parties") to advance the development of the Zanaga Iron Ore Project's ("Zanaga Project") onshore and offshore port infrastructure.

Arise is a large international corporation whose core divisions and specialties are developing industrial ecosystems inclusive of design, financing, construction and operation of interconnected infrastructure, with a particular focus on Africa. Arise is leading the development of a Special Economic Zone ("SEZ") at Pointe-Noire and is therefore uniquely positioned to host the Zanaga Project's concentrate handling facility within the SEZ and develop a mutually beneficial Mineral Export Facility.

Scope of Collaboration

Arise and ZIOC have entered into the MOU with a view to collaborating on, amongst other items, key aspects of the necessary port facilities for the Zanaga Project:

• Completion of engineering works required for geographical general arrangement, utilities (power, water, internet, roads and sub-surface works), concentrate handling and export infrastructure (shorefront, breakwater, jetty and ship loaders).
• Definition of a services agreement between the Parties where Arise provides services for SEZ leasing, concentrate handling, facility maintenance and utilities.
• Definition of a capital return agreement to provide a return on the capital investment required for infrastructure.

Background

The Company aims to develop the Zanaga Project, comprising iron ore deposits located in the Zanaga mining licence area, in the western part of the Republic of Congo. The Zanaga Project represents one of the largest iron ore reserves in the world with a JORC compliant 6.9 billion tonne iron Ore Resource and with 2.1 billion tonnes in iron Ore Reserve. The Zanaga Project is planned to be developed in stages, ultimately ramping up to targeted 30Mtpa of iron ore production capacity.

Arise is a highly regarded operator and developer of industrial ecosystems, designing, creating, financing and developing interconnected infrastructure, enabling superior logistics solutions for its partners. The Arise portfolio consists of three existing port assets in West Africa, as well as the development of the SEZ in Pointe-Noire.

Arise has entered into arrangements with the Republic of Congo regarding the development of the SEZ in Pointe-Noire and its related infrastructures facilities.

Clifford Elphick, Chairman of ZIOC commented:

"The Zanaga Project has now entered into an exciting new phase. ZIOC's partnership with Arise provides a pathway forward for the Zanaga Project, enabling the development of essential port export facilities, both onshore and offshore, with a highly-regarded port developer, financier and operator."

Martin Knauth, CEO of ZIOC commented:

"Arise possess an excellent track record in the successful development of bulk minerals ports in West Africa and successful collaboration with private corporations such as ZIOC and its subsidiary MPD Congo to ensure high quality project execution. This partnership represents a major milestone for the Zanaga Project and I look forward to working with the Arise team to rapidly advance the Mineral Export Facility to a construction decision, alongside the Zanaga Project's associated mine and infrastructure facilities."

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

Arise is a highly regarded operator and developer of industrial ecosystems, designing, creating, financing and developing interconnected infrastructure, enabling superior logistics solutions for its partners. The Arise portfolio consists of 3 existing port assets in West Africa, as well as the development of the Pointe Noire Special Economic Zone in the Republic of Congo.