Buyback of Glencore Shares and Board Change

Zanaga Iron Ore Company Limited (AIM: ZIOC) is pleased to announce the completion of the buyback ("Buyback") of 290,843,718 ordinary shares of the Company ("Ordinary Shares") held by Glencore Projects Pty Limited ("Glencore") ("Glencore Shares") in accordance with the terms of a share purchase agreement dated 1 March 2025 ("Buyback Agreement").

Pursuant to the Buyback Agreement, the Company has purchased all the shares held by Glencore at US$0.0516 per share (approximately 4.16 pence per share) for an aggregate purchase price of US$15.0 million. All Ordinary Shares repurchased from Glencore will be cancelled later today. The Company has also applied to have the admission to trading on AIM of the Glencore Shares cancelled ("Cancellation") and Cancellation is expected to occur on Monday 17 March 2025.

The Company also announces that pursuant to the completion of the Buyback, the existing Relationship Agreement between the Company and Glencore, and the offtake agreement between the Company's wholly owned subsidiary MPD Congo S.A, the Company and Glencore International AG have been terminated.

The Company also announces Mr. Peter Hill has resigned as a director of the Company. The Board would like to thank Mr Hill for his valuable service and consistent support for the Company and the long-term objectives of the Company's iron ore project.

Total Voting Rights

Following completion of the Buyback and cancellation of the Glencore Shares, the total number of Ordinary Shares and voting rights in the Company will be 722,740,460 and this figure 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 Company does not hold any shares in treasury.

As a result of the cancellation of the Buyback Shares, each shareholders' percentage shareholding will increase and accordingly, each shareholder should ensure that they comply with their obligations to disclose interests in the total voting rights of the Company.

Further announcements will be made in due course and as required as Second Admission of the fundraise announced on 3 March 2025 is completed.

Martin Knauth, CEO of ZIOC, commented:

"I'm pleased that this process has been finalised in line with our expectations, and I would like to reiterate our thanks to Glencore for their support and positive engagement around this transaction.

"Now that these strategic changes have been enacted, we are well placed to proceed with our drive toward a construction decision and the formation of a construction consortium. I look forward to outlining these key processes, pathways and initiatives at our upcoming Investor Day."

Investor Day

The management team will update shareholders at the Investor Day on 18 March 2025, where it will provide further clarity on the ongoing strategic review process, financing pathway, and key operational updates and initiatives.

To register for the Investor Event please follow the link below:

Registration link: Zanaga Iron Ore Company Investor Day, Tue, Mar 18, 2025 at 5:00 PM