Zanaga Iron Ore Co. Ltd. · LSE:ZIOC
Zanaga Iron Ore — Investor Presentation (December 2025)
37 slides from Zanaga Iron Ore's investor presentation, December 2025
Slide 1: Zanaga Iron Ore Company Presentation
Dec Zanaga Iron Ore Company 2025 Company Presentation
Slide 2: Agenda
Agenda 01 02 03 04 05 06 Executive Board & Asset Company Investment Conclusion Summary Management Overview Strategy Thesis Team 2
Slide 3: Disclaimer
Disclaimer This document, which is personal to the recipient, This document and its contents are confidential Neither this document nor any copy of it may be described herein. Forward-looking statements has been issued by Zanaga Iron Ore Company and may not be reproduced, redistributed or taken or t
Slide 4: Zanaga Project at a Glance
Zanaga Project at a Glance LARGE SCALE HIGH GRADE SIMPLE LOGISTICS 6.9Bt Resource / 2.1Bt Reserve 68.5% - 69.1% Fe1 Simple transport and Large Strategic Scale Orebody Premium DRI2 Grade Product logistics solution LOW COST LONG LIFE HIGH EBITDA MARGIN 1st Quartile Cost Curve 30+ Year asset life EBITD
Slide 5: Investment Highlights
Investment Highlights Attractive project economics, 100% ownership Stable jurisdiction with a supportive government Expected to deliver +68% Fe DRI-grade pellet feed product First class asset with first-quartile cash cost Multiple near-term value levers World-class team with deep project knowledge a
Slide 6: The Zanaga story has materially improved in the last year
The Zanaga story has materially improved in the last year Key Catalysts Previous Situation Current Situation (2014 - 2024) (Last 12 Months) Steel markets’ move to ✗ Blast Furnaces dominating global ✓ EAF1 steel market share expected to increase Electric Arc Furnace steel making from 29% in 2025 to 5
Slide 7: Board & Management Team
Board & 02 Management Team
Slide 8: Experienced Board and Management
Experienced Board and Management Board of Directors Clifford Elphick Martin Knauth Clinton James Dines Johnny Velloza Phillip Mitchell Non-Executive Chairman Chief Executive Officer Non-Executive Director Non-Executive Director Non-Executive Director • 36 years experience in the • 30 years global ex
Slide 9: Experienced Board and Management
Experienced Board and Management Key Management Colin Harris Gary Vallerius Florent Lager Andrew Trahar Lead Technical Expert Chief Financial Officer AGA MPD Congo Corporate Development and IR Manager • 40 years experience in the • 30 years experience in the • 20 years experience in the • 17 years m
Slide 10: Asset Overview
03 Asset Overview
Slide 11: Iron Ore projects with +68% Fe grade product
Iron Ore projects with +68% Fe grade product1 Feasibility Completed Project Zanaga Company ZIOC Zanaga is the largest high- Fe Grade 68% grade iron ore Resource 6,900Mt project de- risked through a Reserve 2,070Mt feasibility study Production 30Mtpa Ridley Project Kami Project Takamul Project Projec
Slide 12: Company Overview
Company Overview Project Overview Project Location Reserve Resources Atlantic Tonnage 2.1 bn 6.9 bn Ocean Phase Stage 1 Stage 2 Production Scale 12Mtpa +18Mtpa (30Mtpa total) Republic Product 68.5% Fe 68.5% Fe of Congo Opex FOB1 US$ 31.5 / dmt US$ 24.9 / dmt Opex CFR2 US$ 59.6 / dmt US$ 53.4 / dmt P
Slide 13: Location and overview of logistics route options
Location and overview of logistics route options 30Mtpa project requires construction of mine, process and operations infrastructure at the Zanaga Project site, buried pipeline, and concentrate handling facilities at Pointe Indienne. Mayoko Djambala 80km Zanaga Project 95km Zanaga Mossendio Gabon 75
Slide 14: Cost-efficient infrastructure solutions
Cost-efficient infrastructure solutions Zanaga’s competitive cost position is aided by attractive infrastructure solutions Shorter Distance to Port vs Pipeline Port Power other Major Iron Ore Assets ✓ Significant environmental and Multiple port solutions available Multiple power solutions being cost
Slide 15: The Zanaga Project is a globally significant iron ore resource
The Zanaga Project is a globally significant iron ore resource One of the only large, high grade, long-life, iron ore assets not controlled by existing major iron ore producers Orebody supports >30 year mine life Large Scale Reserves & Resources Positioning Zanaga as a Globally Significant Reserve1
Slide 16: Zanaga Project will Produce High Grade DRI Pellet Feed
Zanaga Project will Produce High Grade DRI Pellet Feed Zanaga has high-grade pellet feed product to achieve “DRI Grade” for direct use in electric arc furnaces High Grade Product with High Fe Content and Low Impurities Rio Tinto New Iron Ore DRI Results June 2025 DRI Quality ✓ High-quality, low-impu
Slide 17: Low Strip Ratio: Key for Low Operating Costs
Low Strip Ratio: Key for Low Operating Costs Low ratio of waste material movement per tonne of ore Attractive Resource Profile and Low Strip Ratio 4.00 3.52 3.50 3.00 Strip Ratio (Waste: Ore) 2.50 2.00 1.74 1.50 1.08 1.00 0.93 0.45 0.50 0.34 0.00 Zanaga - Stage 1+2 Zanaga - Stage 1 Brazil Canada Aus
Slide 18: 2024 Feasibility Study cost update confirmed attractive project economics
2024 Feasibility Study cost update confirmed attractive project economics Reasonable capex upfront, with high cash flow generation, enabling self-financing of Stage Two expansion Returns, Capital and Operating Cost Estimates1 Phased Capex Profile Stage 2 (Optional expansion) Stage 2 (Optional expans
Slide 19: Company Strategy
04 Company Strategy
Slide 20: New strategic direction targets high value upside opportunities
New strategic direction targets high value upside opportunities 01 Background Key next steps launching immediately Investor engagement process resulted in key agreed Project value enhancement workstreams Project development consortium next steps ✓ Project enhancement workstreams identified for ✓ Hig
Slide 21: Global steel industry experiencing major structural change
Global steel industry experiencing major structural change 01 DRI Test Work Major Shift in Steel Making Process Electric Arc Furnace Steel vs Blast Furnace Steel 2 EAF share of global steel production expected to increase from 29% to 50% by EAF BF 2050 (c.870Mt annualised increase) Iron feedstock Gr
Slide 22: Driving demand for DRI pellet feed
Driving demand for DRI pellet feed 01 DRI Test Work Significant Increase in Pellet Demand1 Causing Major Supply Deficit of DRI Pellet Feed1 EAF transition will require a substantial increase in the supply of DRI pellets and scrap Limited iron ore assets capable of producing DRI quality product (espe
Slide 23: High-grade iron ore product continues to achieve the premium prices
High-grade iron ore product continues to achieve the premium prices 01 DRI Test Work 2024A1 Forecast Price 2025 Real Basis CFR China US$/t 1 Zanaga target potential pellet Zanaga Project 240 product now reference price transitioning to produce higher Zanaga 2025 premium reference DRI products 190 pe
Slide 24: Zanaga Project achieved positive DRI results in Q2 2025
Zanaga Project achieved positive DRI results in Q2 2025 01 DRI Test Work PROCESS OVERVIEW 01 Test work completed during Q2 2025 utilising revised process flow sheet ✓ Primary test work conducted in an internationally accredited laboratory in China ✓ Independently verified in an internationally accre
Slide 25: Potential global market for Zanaga’s DRI grade pellet feed product
Potential global market for Zanaga’s DRI grade pellet feed product 01 DRI Test Work Europe Global DRI Pellet Demand by Region1 (Mt) North America ✓ The Middle East currently has the Middle East Asia highest demand for DRI pellets and is projected to continue growing at a CAGR of 4% ✓ Europe is expec
Slide 26: Pellet Plant Feasibility Study
Pellet Plant Feasibility Study 02 Opportunity for development of bolt-on pellet plants, enhancing product quality further and strategic asset value Summary ✓ Republic of Congo is striving to develop new industrial manufacturing capability. Gas and energy in-country provide ideal environment to build
Slide 27: Single 30Mtpa Capacity Pipeline Feasibility Study
Single 30Mtpa Capacity 03 Pipeline Feasibility Study Opportunity to reduce significant cost and accelerate timing of Stage 2 expansion by building a larger capacity pipeline in Stage 1 Summary ✓ Opportunity to build a single 30Mtpa capacity pipeline in Stage 1, batch material during Stage 1 operatio
Slide 28: Thickened and Dry Tailings Study
Thickened and Dry Tailings Study 04 Ability to significantly reduce volume and cost of tailings management Summary ✓ Large wet Tailings Storage Facility (TSF) currently planned for base case staged development project ✓ Opportunity to utilise paste or filtered tailings technology to reduce moisture
Slide 29: Unique Project Offering Multiple Near-Term Upside Value Creation
Unique Project Offering Multiple Near-Term Upside Value Creation 1. DRI Grade Product 2. Single Pipeline 3. Pellet Plant 4. Thickened and Dry 5. FEED Completion 6. Final Investment Feasibility Study Feasibility Study Tailings Study Decision (June 25) (H2 2025) (H2 2025) (H2 2025) (2027) (2027) Strat
Slide 30: Investment Thesis
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Slide 31: Ability to Achieve DRI Pellet Feed Specification has the Potential to Transform the Economics
Ability to Achieve DRI Pellet Feed Specification has the Potential to Transform the Economics of the Zanaga Project Latest test work confirms Zanaga Project’s ability to produce a DRI grade pellet feed product, with the potential to enhance project value significantly Iron ore price differential exp
Slide 32: Conclusion
06 Conclusion
Slide 33: Conclusion
Conclusion ✓ 100% project ownership now secured ✓ Permits awarded and enshrined in law by the Republic of Congo Government ✓ Mining exploitation licence, Environmental Permit, Mining Convention ✓ Led by an experienced team, backed by a highly successful investor base ✓ Robust project fundamentals, s
Slide 34: Thank you
y Zanaga Iron Thank you
Slide 35: Appendix
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Slide 36: Compelling Value Comparable: Recent Transaction (Kami Project)
Compelling Value Comparable: Recent Transaction (Kami Project) Dec 2024: Champion Iron sold 49% of its ‘Kami’ Iron Ore Project to Nippon Steel and Sojitz for US$245mm, an Enterprise Value of US$500mm for the Project Category Kami Project Zanaga Project Comments Enterprise Value US$500mm (Dec 24) US$
Slide 37: Zanaga Project Value Build Up
Zanaga Project Value Build Up Zanaga management has conducted product test work to determine Zanaga’s ability to produce DRI-grade product. DRI test work proves, based on Kami’s transaction comparable a significant value potential. Value Comparable Analysis 10,384 US$mm unless noted Glencore Pro for
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