Zanaga Iron Ore Co. Ltd. · LSE:ZIOC
Zanaga Iron Ore — Mining Indaba 2026
22 slides from Zanaga Iron Ore's conference presentation, February 2026
Slide 1: Zanaga Iron Ore Company – Mining Indaba 2026 Investor Presentation
Feb Zanaga Iron Ore Company 2026 Mining Indaba 2026 Investor 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 1. Executive summary 2. Market update 3. Development strategy update 4. Transaction summary 5. Value creation potential 6. Conclusion
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$101m3 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 LON
Slide 5: The Zanaga story has materially improved
The Zanaga story has materially improved Recent developments over the last twelve months have provided a clear pathway to production Prior 2026 “Now” Glencore association Strategic investment secured Offtake tied up and not 1 1 Funds available to complete pre-production driving project development a
Slide 6: Market update
02 Market update
Slide 7: Global steel industry experiencing a major structural change…
Global steel industry experiencing a major structural change… Global population growth underpinning strong steel demand Global Population Growth1 (Billion people, grouped by income) Drivers for Green Steel Demand 1 Regulatory pressures 21 Industry demand 31 Social expectations > $20k per capita > $5
Slide 8: …Driving demand for DRI quality
…Driving demand for DRI quality New DRI supply is needed to fill the expected deficit Major Supply Deficit of DRI Feed1 • Limited iron ore assets capable of producing DRI quality product (especially at scale) • Global iron ore majors are forecasting declining iron grades and increasing impurities, d
Slide 9: Development strategy update
Development strategy 03 update
Slide 10: 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 savings 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 11: 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 Q2 27: FID and activities commence commencement of early (including bulk sampling) works 1 Bulk sampling campaign: Hematite bulk sampling to enhance
Slide 12: Transaction summary
04 Transaction summary
Slide 13: 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 Summary: Staged transaction providing RAM a pathway to total 87.5% P
Slide 14: Summary of strategic financing steps and value potential
Summary of strategic financing steps and value potential Red Arc Minerals partnership underlines ongoing tier 1 consortium funding Project Ownership % Steps Description ZIOC Asset Under Ownership Outcome Transaction Rationale ZIOC RAM 1✓ US$25m supports ✓ No dilution of the ZIOC listed pre-productio
Slide 15: Value creation potential
05 Value creation potential
Slide 16: Illustrative value creation for ZIOC shareholders targeted from the transaction
Illustrative value creation for ZIOC shareholders targeted from the transaction Investment values ZIOC at a significant premium Premium to current ZIOC market value1 Tranche 1 Tranche 2 Option 500 50% 600 450 45% 547 400 40% 500 533% 350 35% 400 245 370 300 30% US$m US$m 250 25% 300 200 Conversion P
Slide 17: ZIOC value creation
ZIOC value creation Illustrative long-term value creation potential strategy for ZIOC shareholders Stage 13 Stage 23 ZIOC ownership in the Zanaga Project % 12.5 ZIOC ownership in the Zanaga Project % 12.5 Attributable Avg. EBITDA per annum1 US$m 113 Attributable Avg. EBITDA per annum1 US$m 297 1 Val
Slide 18: Development Timetable
Development Timetable Clear pathway to a construction decision Zanaga Project Milestones Q4 2026: Q1 2027: Q2 2026: Pre- Q2 2027: Q4 2027: Completion of ESHIA completed Q3 2027: production activities FID complete Construction engineering construction and Early works Q1 2026: commence commences, majo
Slide 19: Conclusion
06 Conclusion
Slide 20: Strong fundamentals of the iron ore industry
Strong fundamentals of the iron ore industry Scrap has underperformed usage in steel making, while the sector remains underinvested Sector has been underinvested over the last decade1 Emerging global iron ore supply gap to be filled1 Declining Average Grade Across the Industry2 Zanaga Project Existi
Slide 21: Compelling investment case
Compelling investment case ✓ Costed development schedule based on legislated Mine Operating Agreement. ✓ Strong support from state, community, and international entities. ✓ Fully funded through pre-production starting in Q2 2026. ✓ Non-dilutive to ZIOC shareholders with significant future upside. ✓
Slide 22: Thank you
y Zanaga Iron Thank you