8 January 2021

Shard Facility - Tranche 1 completed & Tranche 2 subscription

Zanaga Iron Ore Company ("ZIOC" or the "Company") (AIM:ZIOC) announces that, further to the announcement dated 26 June 2020 in relation to the Subscription Agreement with Shard Merchant Capital Ltd ("SMC"),  ZIOC is pleased to report that the first tranche of 7 million ordinary shares of no par value in the Company ("Ordinary Shares") issued pursuant to the Subscription Agreement have been successfully placed by SMC. As provided for in the Subscription Agreement, SMC has now subscribed for the second tranche of 7 million Ordinary Shares ("Second Tranche Subscription Shares"), conditional, amongst other things on admission of those shares to trading on AIM ("Admission").

ZIOC received net proceeds of approximately £412,322.18 in aggregate in relation to the placing by SMC of the first tranche of 7 million Ordinary Shares under the Subscription Agreement.

The Company has submitted an application for Admission and Admission is expected to take place on 11 January 2021. The Second Tranche Subscription Shares will rank pari passu with the Company's existing Ordinary Shares from Admission. The Company does not hold any shares in treasury and therefore, following Admission, the total number of Ordinary Shares and voting rights in the Company will be 300,034,367.

This figure of 300,034,367 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.

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

Zanaga Iron Ore

Corporate Development and                         Andrew Trahar

Investor Relations Manager                           +44 20 7399 1105

Liberum Capital Limited

Nominated Adviser, Financial                        Scott Mathieson, Edward Thomas

Adviser and Corporate Broker                       +44 20 3100 2000

This announcement contains inside information. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About us:

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM ticker: ZIOC) 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.