Business
Completion of DRI Process Plant Costing
Zanaga Iron Ore Company Limited has completed its project development strategy programme, confirming robust project economics for its Direct Reduced Iron (DRI) pellet feed concentrates. The updated financial model, as of December 2025, shows a Stage One capital expenditure estimate of US$2.17 billion, with a Net Present Value (NPV) of US$2.54 billion and an Internal Rate of Return (IRR) of 22.5%. For combined Stage One and Two, the capital expenditure is US$4.05 billion, with an NPV of US$4.90 billion and an IRR of 24.3%. The company is progressing towards a Final Investment Decision targeted for mid-2027, and the strategic investment by Red Arc Minerals is on track for finalisation of binding agreements in July 2026. Disclaimer*
About this update from Zanaga Iron Ore Co. Ltd.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR 06 May 2026 Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") Robust Project Economics Confirmed Following Completion of DRI Process Plant Costing Update on Strategic Investment in Zanaga Project Zanaga Iron Ore Company Limited (AIM: ZIOC) is pleased to announce the successful completion of the project development strategy programme (the "Programme"), which now includes the results of a technical and commercial evaluation of the process flowsheet to produce premium quality Direct Reduced Iron ("DRI") pellet feed concentrates. The Programme has provided increased confidence in the economic potential of the Zanaga Iron Ore Project in the Republic of Congo (the "Project"), confirming the achievement of significant value enhancements since the Programme was launched in March 2025. Background In March 2025, the Company launched the Programme with the ambition to deliver value enhancements to the Project through product quality enhancements, improved thickened tailings solutions, and options for the pipeline development solution. This was intended to culminate in securing updated technical cost estimates and economic results, capable of being provided to strategic investors, lenders and financiers. The first key objective was to ascertain the potential to adjust the process plant flow sheet to produce an even higher grade premium DRI grade product - which was achieved and announced in July 2025. This provided a foundation for the next phases of work, most of which were completed and announced in January 2026, but at that stage ZIOC still did not possess updated estimates for the newly designed DRI process plant. Today, as the final step of the Programme, the DRI process plant results are completed and incorporated into an updated financial model and economic evaluation. The Programme has achieved all of its most important objectives, and now provides a clear pathway to launch the detailed engineering process ahead of a Final investment Decision ("FID") recommendation, targeted for mid-2027. Workstreams now completed in...
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