29 August 2024 

Issue of Shares due to existing option exercise and grant of Share Options

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC) announces that the Company has issued new ordinary shares of no par value in in the Company ("Ordinary Shares") in relation to the exercise of existing share options by former management, and has granted new share options to the Company's Chief Executive Officer ("CEO").

Further details on the Company's share issuance, and option award, are provided below:

1)    Share issuance (the "Equity Issue"):

a.    Issue of 2,000,000 new Ordinary Shares to a former management employee, upon the exercise of options, which had already vested, under the Company's long term incentivization plan ("LTIP")

2)    Grant of new options to CEO (the "New Options")

a.    As part of the Company's intention to incentivise management, the Board of ZIOC has granted share options in respect of 1,500,000 shares in the Company to the CEO, Mr Martin Knauth, at an exercise price of 0.01 pence per share, with the following vesting conditions:

i.  500,000 of the shares would vest and become capable of exercise immediately

ii. 1,000,000 of the shares would vest and become capable of exercise on 1 November 2024.

Admission

An application for the admission to trading on the AIM Market of the London Stock Exchange of the new Ordinary Shares to be issued pursuant to the Equity Issue has been made and the 2,000,000 new Ordinary Shares are expected to be admitted to trading on AIM on or around 3 September 2024. These shares will rank pari passu with the Company's existing Ordinary Shares from their date of issue. The Company does not hold any shares in treasury. Following admission of these new Ordinary Shares, the total number of Ordinary Shares and voting rights in the Company will be 675,793,471.

This figure of 675,793,471 Ordinary Shares 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.

Following the grant of the New Options and the exercise of options described in this announcement, the Company will have 6,903,675 Options outstanding.

Clifford Elphick, Chairman of ZIOC commented:

"Marty has played an instrumental role in delivering an update cost estimate for the Zanaga Project and advancing progress with potential Strategic Investors. The ZIOC Board has unanimously agreed to the granting of share options and is delighted with Marty's efforts to date, and expect to see his efforts delivering meaningful outcomes in due course."

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

For further information, please contact:

Zanaga Iron Ore

Corporate Development and                         Andrew Trahar

Investor Relations Manager                           +44 20 7399 1105

Panmure Liberum Limited

Nominated Adviser, Financial                        Scott Mathieson, John More

Adviser and Corporate Broker                       +44 20 3100 2000

Shard Capital Partners LLP

Corporate Broker                                                Damon Heath

                                                                                   +44 207 186 9952