Zanaga Completes Bulk Sampling Programme

Zanaga Iron Ore Company Limited (“ZIOC” or the “Company”) is pleased to announce the successful completion of the bulk sampling programme (“Programme”) at its Zanaga Iron Ore Project (“Zanaga” or the “Project”) in the Republic of Congo (“RoC”).

Completion of the Programme marks an important milestone in the continued development of the Zanaga Project and a key step toward completing the metallurgical test work and the subsequent Front-End Engineering and Design (“FEED”) programme.

Overview

Programme completed on time and within budget.

Successful extraction of approximately 30,000 tonnes of ore to assemble a 100-tonne composite sample from the hematite zone targeted for Stage 1’s 12Mtpa operation.

Progress towards metallurgical testing: The composite sample will support the next phase of pilot scale metallurgical test work validation of Zanaga’s revised Direct Reduced Iron (“DRI”) processing flowsheet, allowing immediate progress to detailed engineering and design.

Safety, environmental and community performance: No non-compliances reported throughout the Programme.

Regulatory engagement: Representatives of RoC authorities expressed complete satisfaction with the Programme, including its planning, communication and transparency.

Martin Knauth, CEO of Zanaga Iron Ore Company Ltd, commented:

“The successful completion of the bulk sampling Programme represents a significant milestone for the Zanaga Project, constituting the first major equipment mobilisation at the Project site since 2014. The Programme was completed on schedule and within the allocated budget, while maintaining the highest standards of safety, environmental stewardship and community engagement.

“We are particularly pleased with the positive feedback from observers representing the RoC authorities, who commended the Programme’s planning, communication and transparency. This reflects the considerable effort invested by our team and partners to deliver the Programme responsibly and in close coordination with the relevant stakeholders.

“With this important phase complete, we aim to progress to metallurgical testing and the subsequent final engineering and design work, strengthening the technical basis for Zanaga’s DRI grade plan.”

Next Steps

With the bulk sampling programme now complete, the composite sample will support subsequent metallurgical testing, including pilot-scale test work to validate Zanaga’s revised DRI processing flowsheet, characterise concentrate specifications, and facilitate product testing with steel mill customers, independent laboratories, and off-takers.

The results of this work will define process equipment requirements (including crushing, grinding and screening configurations), update mass, energy and water balances, and inform the basis for capital and operating cost estimates

The Company remains on schedule to advance through these next stages of technical development, supporting Zanaga’s continued progression toward a Final Investment Decision (“FID”) and eventual project construction.

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Figure 1: Bulk sampling pit (top left) and stockpile and sampling area (right) at Zanaga Project

Figure 2: Samples being excavated at Zanaga Project

Figure 3 : ITG and ITF hematite lithology