Zanaga Iron Ore Co. Ltd. · LSE:ZIOC
Zanaga Iron Ore — Investor Presentation (May 2026)
36 slides from Zanaga Iron Ore's investor presentation, May 6, 2026
Slide 1: Zanaga Iron Ore Company Presentation May 2026
May Zanaga Iron Ore Company 2026 Company Presentation
Slide 2: 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 3: Agenda
Agenda 01 02 03 04 05 06 Executive Market Project Red Arc Development Conclusion Summary Overview Overview Minerals Timetable Transaction 3
Slide 4: Zanaga Project is a fully permitted tier 1 asset
Zanaga Project is a fully permitted tier 1 asset Zanaga Iron Ore Company Ltd AIM:ZIOC Market Cap: US$60m3 LARGE SCALE HIGH GRADE LOGISTICS SOLUTION 6.9Bt Resource / 2.1Bt Reserve 68.5% - 69.1% Fe1 Low-cost pipeline Large Strategic Scale Orebody Premium DRI2 Grade Product Deepwater port LOW COST LONG
Slide 5: The Zanaga story has materially improved
The Zanaga story has materially improved Recent developments have provided a clear pathway to production Prior 2026 “Now” ✘ Glencore role & ownership ✔ Strategic investment secured Offtake tied up and mandate doesn’t allow 1 1 Funds available to complete pre-production greenfield project development
Slide 6: Experienced Board & Management
Experienced Board & Management Board of Directors Management & Advisors ▪ +35 years of experience ▪ +30 years global ▪ +15 years mining ▪ +40 years of in the mining sector experience in project transaction experience experience in the ▪ Founder and CEO of development, operational mining sector ▪ Co-
Slide 7: Agenda
Agenda 01 02 03 04 05 06 Executive Market Project Red Arc Development Conclusion Summary Overview Overview Minerals Timetable Transaction 7
Slide 8: Strong fundamentals of the iron ore industry
Strong fundamentals of the iron ore industry Sector remains underinvested, supply shortfall forecasted, and existing mines suffering grade decline Sector has been underinvested over the last decade1 Emerging global iron ore supply gap to be filled1 Declining Average Grade Across the Industry2 Zanaga
Slide 9: Global steel industry experiencing a major structural change
Global steel industry experiencing a major structural change Global population growth underpinning strong steel demand, but new steel projects are seeking high-grade iron ore feedstock Global Population Growth1 (Billion people, grouped by income) EAF steel demand causing deficit of DRI feed2 > $20k
Slide 10: Very few iron ore projects can supply the necessary high-grade product (68%+Fe)
Very few iron ore projects can supply the necessary high-grade product (68%+Fe) Iron Ore projects with +68% Fe grade product1 Feasibility Completed Project Zanaga Zanaga is the Company ZIOC largest high- Fe Grade 68% grade iron ore Resource 6,900Mt project de- risked through a Reserve 2,070Mt feasib
Slide 11: Potential global market for Zanaga's DRI grade pellet feed product
Potential global market for Zanaga’s DRI grade pellet feed product Europe Global DRI Pellet Demand by Region1 (Mt) • The Middle East currently has the highest demand for DRI pellets and is North projected to continue growing at a America Middle CAGR of 4% East Asia • Europe is expected to be the fas
Slide 12: Agenda
Agenda 01 02 03 04 05 06 Executive Market Project Red Arc Development Conclusion Summary Overview Overview Minerals Timetable Transaction 12
Slide 13: Location and overview of logistics route options
Location and overview of logistics route options 30Mtpa project requires construction of mine, process and operations infrastructure at Zanaga site, buried pipeline, and concentrate handling facilities at Pointe Indienne. Mayoko Djambala 80km Zanaga Project 95km Zanaga Mossendio Gabon 75km Republic
Slide 14: Zanaga Project Overview
Zanaga Project Overview Project Overview Project Location Reserve Resources Atlantic Tonnage 2.1 bn 6.9 bn Ocean Phase Stage One Stage Two3 Production Scale 12Mtpa +18Mtpa (30Mtpa total) Avg. Product Grade 68.5% Fe 68.8% Fe Republic of Congo Avg. Opex FOB1 US$ 33.5/t US$ 28.1/t Avg. Opex CFR2 US$ 59
Slide 15: Zanaga Project development programme is clear
Zanaga Project development programme is clear Work programme launched in 2025 has delivered US$2.2bn of cash cost savings1 1. Completed: Strategic funding in place 3. Underway: Agreements to support project pillars 2. Completed: Republic of Congo support cemented 4. Underway: Pre-production workplan
Slide 16: Completion of value-add workstreams and process plant cost update
Completion of value-add workstreams and process plant cost update The development strategy launched in March 2025 has delivered significant value uplift Update to 2024 feasibility study plan 1 DRI product quality Test work completed during Q2 2025 utilising the revised process flow sheet Changes to
Slide 17: April 2026 Economic Update
April 2026 Economic Update April 2026 Base Case includes DRI product quality, twin pipeline system, thickened and dry tailing facilities, updated costing of Stage One hematite plant Unit April 2024 FS Update April 2026 Economic Update Stage 1 Stage 21 Stage 1 Stage 21 Price 65% Fe US$/t 115 115 115
Slide 18: April 2026 economic update confirms attractive project economics
April 2026 economic update confirms attractive project economics Reasonable capex upfront, with high cash flow generation, enabling self-financing of Stage Two expansion Returns, Capital and Operating Cost Estimates(1) Phased Capex Profile Stage One Stage 2 (Optional expansion) Capex US$m Stage 1 St
Slide 19: Cost-efficient infrastructure solutions
Cost-efficient infrastructure solutions Zanaga’s competitive cost position is aided by attractive infrastructure solutions Shorter Distance to Port vs other Pipeline Port Power Major Iron Ore Assets Distance (km) ✓ Significant environmental and Multiple port solutions available Multiple power soluti
Slide 20: 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 21: 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 High-quality, low-impurity pellet feed product Rio Tinto New Iron Ore DRI Result
Slide 22: 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 23: Single 30Mtpa pipeline option
Single 30Mtpa pipeline option Single pipeline is beneficial in the longer–term, however, increases capex in Stage 1 Stage 1 + 2 Total Capex and Opex: For a twin pipeline system Stage 1 + 2 Total Capex and Opex: For a single 30Mtpa pipeline system 3,500 1,343 3,067 3,000 2,500 US$2.31/tonne US$1.04/
Slide 24: Agenda
Agenda 01 02 03 04 05 06 Executive Market Project Red Arc Development Conclusion Summary Overview Overview Minerals Timetable Transaction 24
Slide 25: Rationale for ZIOC's strategic transaction with Red Arc Minerals
Rationale for ZIOC’s strategic transaction with Red Arc Minerals ZIOC participates in immediate, medium, and long- term value creation from the Project 1 Secured Funding: Up to US$25m for pre-production work, advancing the Project to a Final Investment Decision 2 Limiting Dilution: Equivalent to an
Slide 26: Strategic transaction signed with Red Arc Minerals ("RAM")
Strategic transaction signed with Red Arc Minerals (“RAM”) Significant capital investment into the Zanaga Project, while securing ZIOC substantial future upside optionality Transaction Structure - Overview Red Arc Minerals Overview ▪ Private investment company focused on the development of strategic
Slide 27: Value Creation Pathway
Summary of strategic financing steps and value potential Red Arc Minerals partnership underlines ongoing tier 1 consortium funding Project Ownership % Steps Description ZIOC assets at each stage Outcome achieved for ZIOC ZIOC RAM ✓ No dilution at ZIOC listed company level ✓ Investment fully funds Pr
Slide 28: Illustrative ZIOC share price build up
Illustrative ZIOC share price build up The transaction provides critical capital for project advancement at a substantial premium, while providing significant further value upside optionality in the long-term for ZIOC 3,000 ZIOC valuation build-up Cash generative mine production phase 2,500Royalty v
Slide 29: Illustrative ZIOC share price build up (if partial royalty re-purchased)
Illustrative ZIOC share price build up (if partial royalty re-purchased) The impact of any partial re-purchase of the royalty has a negligible impact on ZIOC’s value outcomes 3,000 ZIOC valuation build-up Cash generative mine production phase 2,500Royalty value Zanaga Iron Ore Project / Mine 12.5% o
Slide 30: Agenda
Agenda 01 02 03 04 05 06 Executive Market Project Red Arc Development Conclusion Summary Overview Overview Minerals Timetable Transaction 30
Slide 31: Pre-FID development
Pre-FID1 development Funds to deliver the pre-production workplan to be secured via Project milestones our strategic transaction Q2 26: Pre-production H2 27: FID and activities commence commencement of early (including bulk sampling) works 1 Bulk sampling campaign: Hematite bulk sampling to enhance
Slide 32: Development Timetable
Development Timetable Clear pathway to a construction decision Zanaga Project Milestones Q1 2026: Q2 2026: Q4 2026: Q1 2027: H2 2027: H2 2027: Updated project Pre-production Completion of ESHIA completed Early works Construction economics activities engineering construction and contracts ready comme
Slide 33: Agenda
Agenda 01 02 03 04 05 06 Executive Market Project Red Arc Development Conclusion Summary Overview Overview Minerals Timetable Transaction 33
Slide 34: The 2025 work programme has given higher confidence in the economic potential of the project
The 2025 work programme has given higher confidence in the economic potential of the project Zanaga Project’s ability to produce a DRI grade pellet feed product, with the potential to enhance project value significantly Iron ore price differential expected to increase further (Illustrative scenario)
Slide 35: 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 36: Thank you
@ Zanaga Iron Thank you
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