9 October 2019

Issue of Equity and Total Voting Rights

Further to the announcement made by the Company on 30 August 2019 in relation to the Company's management incentivisation scheme, the Company has issued 2,833,334 ordinary shares of no par value each in the Company ("Ordinary Shares") to satisfy the Company's 2019 retention fee package. Application for 2,833,334 Ordinary Shares to be admitted to trading on AIM has been made and is expected on 11 October 2019. The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares. The Company does not hold any shares in treasury. Following admission, the total number of Ordinary Shares and voting rights in the Company will be 286,034,367.

This figure of 286,034,367 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.

Enquiries:

For further information please visit www.zanagairon.com or contact:

Zanaga Iron Ore

Corporate Development and                               Andrew Trahar

Investor Relations Manager                                +44 20 7399 1105

Liberum Capital Limited

Nominated Adviser, Financial                             Andrew Godber, Edward Thomas, Kane Collings

Adviser and Corporate Broker                            +44 20 3100 2000

About us:

Zanaga is the owner of 50% less one share in the Zanaga Iron Ore Project based in the Republic of Congo (Congo Brazzaville) through its investment in its associate Jumelles Limited. The Zanaga Iron Ore Project is one of the largest iron ore deposits in Africa and has the potential to become a world-class iron ore producer.