Company Announcements

16 December 2022

Completion of Acquisition, Admission and Board Appointments

Zanaga Iron Ore Company Limited ("Zanaga" or the "Company") (AIM: ZIOC) announces that, further to the Company's previous announcements regarding the Company's proposed acquisition of all of Glencore Projects Pty Limited's ("Glencore Projects") 50% plus one share interest in Jumelles Limited (the "Acquisition"), Completion of the Acquisition has now occurred and the Consideration Shares have been admitted to trading on AIM ("Admission"), and the appointments of Peter Hill and Denis Weinstein to the board of the Company, following their nomination by Glencore Projects, have become effective.

Following Completion, the following Shareholders are interested, directly or indirectly, in 3 per cent. or more of the Company's issued share capital:

Shareholder                            Number of Shares       % of share capital

Glencore Projects                       286,340,379                  48.26%

Guava Minerals Limited*             80,252,592                    13.52%

*Clifford Elphick, the non-executive chairman of the Company, is indirectly interested in these Shares by virtue of his interest as a potential beneficiary in a discretionary trust which has an indirect interest in these Shares.

Admission of the 286,340,379 Consideration Shares has become effective today. These shares will rank pari passu with the Company's existing ordinary shares. 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 is 593,374,746. This figure of 593,374,746 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.

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Company's announcement of 23 November 2022.

For further information, please contact:

Zanaga Iron Ore Company Limited

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