6 April 2021

Update on timing of 12Mtpa Project Re-Costing Exercise

Zanaga Iron Ore Company ("ZIOC" or the "Company") (AIM:ZIOC) announces that the re-costing exercise on the Zanaga 12Mtpa Staged Development Project ("FS Cost Review"), announced on 29 September 2020, is being completed and is expected to be concluded around the middle of April 2021.

As announced in September, Jumelles Limited ("Jumelles"), the joint venture company between ZIOC and Glencore initiated the FS Cost Review process in order to ascertain the potential costs associated with the construction of the Zanaga Project's 12Mtpa Stage One Project in the current contractor pricing market. External engineering firms were engaged by Jumelles to complete this evaluation.

A further announcement will be made once the FS Cost Review has been completed.

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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

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.

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