Zanaga Iron Ore - Execution of Share Lock-in Agreements

29 September 2025 

Zanaga Iron Ore Company Limited

("ZIOC" or the "Company")

Execution of Share Lock-in Agreements with Major Shareholders

Zanaga Iron Ore Company Limited (AIM: ZIOC) announces that, following a request from a potential investor engaged in ZIOC's strategic partner process, lock-in agreements have been signed between the Company and a number of its significant shareholders, representing approximately 34.86% of the Company's issued share capital.

The details of the arrangements are as follows:

·      Lock-in type: Fully restricted

·      Lock-in period: Six months until 26^th February 2026

·      Shareholders involved: The combined lock-in accounts for approximately 34.86% of the Company's issued share capital. The shareholders subject to this arrangement are:

1.   Guava Minerals Limited: owning 9.60% of the Company's issued share capital

a.  Mr Clifford Elphick, Chairman of ZIOC, continues to be a potential beneficiary of a discretionary trust that has an interest in Guava Minerals Limited

2.   Greymont Bay Consortium, including:

b.  Greymont Bay I LLC: owning 18.28% of the Company's issued share capital

c.  Regatta HCRP I LP: owning 6.98% of the Company's issued share capital

For further information, please contact:

About ZIOC:

Zanaga Iron Ore Company Limited (AIM ticker: ZIOC) is an iron ore exploration and development company, with its flagship asset being the 100% owned Zanaga Iron Ore Project, located in the Republic of Congo. The Government Mining Licence, Environmental Permit, and Mining Convention are all in place for this project.

The Zanaga Iron Ore Project is a highly significant asset with a 6.9 billion tonne resource and 2.1 billion tonne reserve, aimed at 30Mtpa production of high-grade DRI pellet feed with very low impurity levels. A 2024 Feasibility Study confirmed its strong economic viability. When fully developed, Stage One (12Mtpa) and Stage Two (18Mtpa expansion) together could establish Zanaga as one of the largest iron ore mines worldwide. With all key permits secured, Zanaga is well positioned to benefit from increasing demand for high-quality, low-impurity iron ore, utilising low operating costs and an efficient slurry pipeline to the port.

In light of the changes in the world's economy and the increasing demand for low-carbon steel production, the Zanaga Project is well-positioned to become one of the largest producers of high-grade premium DRI pellet feed iron ore concentrate.

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