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
10 November 2026
Zanaga Iron Ore Company Limited
(“ZIOC” or the “Company”)
Update on RAM Transaction
Zanaga Iron Ore Company Limited (“ZIOC” or the “Company”) provides an update on the proposed strategic equity investment in the Zanaga Iron Ore Project (the "Zanaga Project") by Red Arc Minerals LLC (“RAM”), as first announced on 10 February 2026 (“RAM Transaction” or the “Transaction”).
The Company has been progressing the proposed Transaction with RAM however given the matters that still need to be agreed between RAM and ZIOC (the “Parties”), the Board believes that notwithstanding that discussions are ongoing, the Transaction is unlikely to conclude by 30 November 2026, being the end of the extended period referenced in the Company’s announcement dated 31 July 2026.
Whilst RAM no longer holds exclusivity in these negotiations, the Parties continue to progress discussions in good faith to advance the Transaction and concurrently, the Company has been exploring alternative financing solutions.
Given that the proposed Transaction is unlikely to be concluded by 30 November 2026, the Company plans to appoint a financial adviser to conduct a strategic review of all available options, including the RAM Transaction, and to recommend proposals that maximise value for all stakeholders.
In the meantime, the Company continues to progress technical development of the Zanaga Project, including the recently completed bulk sampling programme and planned metallurgical testing and engineering activities.
Overview
- RAM Transaction: RAM’s exclusivity expired on 31 July 2026, and the Parties have continued negotiations in good faith to advance the Transaction.
- RAM Financing: RAM has provided evidence of significant progress towards securing strategic financing of up to US$500 million, underlining the attractiveness of the Zanaga Iron Ore Project.
- Financial Adviser: The Company is seeking to appoint a financial adviser to support an evaluation of potential strategic options for the Zanaga Project.
Clifford Elphick, Non-Executive Chairman of ZIOC, commented:
“We have made encouraging progress with Red Arc Minerals and remain committed to working constructively with RAM to explore the proposed transaction. However, recognising that further matters need to be agreed, we believe it is prudent to broaden our financing options and undertake a strategic review of all available alternatives, to maximise value for all shareholders and stakeholders.
“Alongside this work, we continue to advance the technical development of the Zanaga Project. The successful completion of the bulk sampling programme is an important milestone, and forthcoming metallurgical testing and engineering work will further strengthen the Project's technical foundation. Our priority remains to secure the right funding solution to unlock Zanaga’s significant long-term potential.”
For further information, please contact:
Zanaga Iron Ore Company Limited | Andrew Trahar +44 20 3916 5021 |
Panmure Liberum Limited Nominated Adviser, Financial Adviser and Joint Broker | Scott Mathieson / John More +44 20 3100 2000 |
Tamesis Partners LLP Joint Broker | Richard Greenfield / Charles Bendon +44 203 882 2868 |
Shard Capital Partners LLP Joint Broker | Damon Heath +44 20 7186 9952 |
BlytheRay Public Relations | Megan Ray / Will Jones +44 20 7138 3204 Zanaga@BlytheRay.com |
ENDS
About ZIOC:
Zanaga Iron Ore Company Limited (AIM ticker: ZIOC) is an iron ore exploration and development company, with its flagship asset being the 100% owned Zanaga Iron Ore Project, located in the Republic of Congo. The Government Mining Licence, Environmental Permit and Mining Convention are all in place for the Project.
The Zanaga Iron Ore Project is a globally significant asset with a 6.9 billion tonne resource and a 2.1 billion tonne reserve, targeting 30Mtpa production of high-grade DRI pellet feed with very low impurity levels. When fully developed, Stage One (12Mtpa) and Stage Two (18Mtpa expansion) together could establish Zanaga as one of the world’s largest iron ore mines. With all key permits secured, Zanaga is well positioned to benefit from increasing demand for high-quality, low-impurity iron ore, supported by low operating costs and an efficient slurry pipeline to port.
In the context of the global transition towards lower-carbon steel production, the Zanaga Project is well positioned to become one of the largest producers of high-grade, premium DRI pellet feed iron ore concentrate.
The Zanaga Iron Ore Company Limited LEI number is 21380085XNXEX6NL6L23.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.