Retail Offer

• The Issue Price for the new Ordinary Shares is 4 pence per new Ordinary Share, representing a discount of 13.1 per cent to the closing mid-price of the Company's existing Ordinary Shares on 13 May 2026;
• The Retail Offer is available to both existing shareholders and new investors;
• There is a minimum subscription of £250 per investor in the Retail Offer;
• No commission will be charged by RetailBook on applications to the Retail Offer;
• More information on RetailBook's partner network and how investors can participate in the Retail Offer can be found here: app.retailbook.com/offers/zanaga-iron-ore-company-ltd.

The Retail Offer

Zanaga Iron Ore Company Limited (AIM : ZIOC), the AIM quoted iron ore exploration and development company is pleased to announce a conditional retail offer of new ordinary shares in the capital of the Company ("Ordinary Shares") via RetailBook (the "Retail Offer") at an issue price of 4 pence per new Ordinary Share (the "Issue Price"), being a discount of 13.1 per cent to the closing mid-price of the Company's existing Ordinary Shares on 13 May 2026. The Company is also conducting a placing of new Ordinary Shares to institutional investors by way of an accelerated bookbuilding process (the "Placing") and a subscription of new Ordinary Shares (the "Subscription") as announced by the Company earlier today. For the avoidance of doubt, the Retail Offer is not part of the Placing or Subscription.

The Retail Offer is conditional on the new Ordinary Shares to be issued pursuant to the Retail Offer and the Placing being admitted to trading on AIM ("Admission"). Admission is expected to take place at 8:00 a.m. on 22 May 2026.

The Retail Offer will not be completed without the Placing also being completed.

The Company will use the net proceeds of the Retail Offer for additional working capital and general corporate purposes.

Reason for the Retail Offer

The Retail Offer is open to eligible investors resident and physically located in the United Kingdom following release of this announcement. The Retail Offer is expected to close at 9 p.m. on 14 May 2026 and may close earlier at the discretion of the Company or if it is oversubscribed.

Investors can participate through RetailBook's partner network of investment platforms, retail brokers and wealth managers, subject to such partners' participation. More information on RetailBook's partner network can be found here: app.retailbook.com/offers/zanaga-iron-ore-company-ltd.

Eligibility for the Retail Offer

Some partners may only accept applications from existing shareholders and/or existing customers.

There is a minimum subscription of £250 per investor. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges. Note, no commission will be charged to investors by RetailBook in connection with the Retail Offer.

It is a term of the Retail Offer that the aggregate value of the shares available for subscription at the Issue Price does not, unless further allocations are agreed by the Company at its discretion, exceed £500,000.