Annuncio • May 08

Zanaga Iron Ore Company Limited Confirms Completion of DRI Process Plant Costing and Updates DRI Product Strategy

Zanaga Iron Ore Company Limited had announced 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. 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. As the final step of the Programme, the DRI process plant results are completed and incorporated into an updated financial model and economic evaluation. Workstreams now completed include: The confirmation of DRI product quality potential in Stage One and Stage Two; The completion of costing and feasibility of: modular hematite processing facilities for Stage One; thickened and dry tailings facilities for both Stage One and Stage Two; and an optional single 30 million tonnes per annum ("Mtpa") pipeline during Stage One (providing a compelling optional alternative to the April 2026 case two-stage pipeline plan); Update of specific project costs through an Original Equipment Manufacturer ("OEM") enquiry process; Assembly of a Constructor Engagement Programme for the Project. The completion of the Programme offers increased confidence in the Project's economic prospects, which are now updated and accurate as of end December 2025. Key Highlights from the April 2026 Case: Stage One Capital Expenditure Estimate: USD 2,170 million; Stage One Net Present Value ("NPV"): USD 2,540 million (increase of approx. 30.9% vs 2024 Feasibility Update); Stage One Internal Rate of Return ("IRR"): 22.5% (vs 21.4%); Combined Stage One & Two Capital Expenditure Estimate: USD 4,050 million; Combined Stage One & Two NPV: USD 4,900 million (increase of 29.4%); Combined Stage One & Two IRR: 24.3% (vs 23.0%); Processing, Filter Plant and product handling Cost: USD 11.95 per tonne of concentrate. Following successful laboratory-scale DRI test work completed in mid-2025, ZIOC commissioned detailed conceptual and feasibility-level designs to refine capital and operating cost estimates to ±20% accuracy. The updated development strategy incorporates: A modular 12Mtpa hematite concentrator complex consisting of three 4Mtpa lines; A two-stage, 12Mtpa and 18Mtpa, pipeline system, with optional single 30Mtpa slurry pipeline system; Thickened tailings storage facilities; A 12Mtpa filter plant and covered concentrate handling facilities. The Company's DRI product strategy positions the Zanaga Project to benefit from: Increasing demand for premium iron ores, particularly DRI grade iron ore; Global steel sector decarbonisation via growth in Electric Arc Furnace ("EAF") steel production; Firm positioning in the lowest cost quartile of iron ore producers. The updated Stage One processing capital expenditure estimate (April 2026 Case) totals approximately USD 753.7 million for processing, filtration, and concentrate handling facilities, contributing to a total expected Stage One capital requirement of USD 2,170 million. Operating unit processing, filter plant and product handling costs for Stage One are estimated at USD 11.97 per tonne of concentrate. While Stage One processing operating costs and capital expenditure estimates have increased moderately compared with previous studies, the inclusion of DRI-grade product premiums significantly improves the Project's Stage One NPV by approximately 31% relative to the 2024 Feasibility Study Update. The investment in a DRI-producing flowsheet demonstrates strong value creation, as shown below: April 2026 Economic Update Previous Studies Change vs 2024 Feasibility Update Financial Metric 2026 Based on DRI product 2024 Feasibility Study Update 2014 Feasibility Study % Stage One Capex (USD million) 2,174 1,935 2,196 12.5% NPV (USD million) 2,539 1,939 2,132 30.9% IRR (%) 22.5 21.4 22.9 +1.1% Avg. Product Grade (%Fe) 68.5 65.9 65.9 +2.6% Stage One and Two Expansion Capex (USD million) +1,871 +1,871 +2,488 - Combined NPV (USD million) 4,897 3,784 4,026 29.4% Combined IRR (%) 24.3 23.0 23.92 +1.3% Avg. Product Grade (%Fe) 68.8 67.2 67.2 +1.6%. As part of the Programme, extensive engagement with leading Chinese OEMs and construction groups took place during 2025, enabling the Company to: Pre-qualify equipment suppliers and contractors; Identify lump-sum and other cost frameworks for major equipment and construction scopes; Define construction productivity assumptions; Improve cost transparency and risk management plans. A second qualification and RFQ process is planned during 2026, aligned with metallurgical bulk testing and detailed engineering. Upon analysis of the single-pipeline option, announced in January 2026, the April 2026 Case retains the two-stage pipeline design basis, involving the construction of a 12Mtpa capacity pipeline for Stage One, and an additional 18Mtpa capacity pipeline for the Stage Two expansion to 30Mtpa total production capacity.

Percentuale dello stipendio del CEO	n/a
Mandato del CEO	2.7yrs
Proprietà del CEO	n/a
Durata media del management	2.6yrs
Durata media del Consiglio di amministrazione	7.8yrs

Nome	Posizione	Mandato	Compensazione	Proprietà
Martin Knauth	CEO & Director	2.7yrs	Nessun dato	Nessun dato
Gary Vallerius	Chief Financial Officer	2.6yrs	Nessun dato	Nessun dato
Andrew Trahar	Manager of Corporate Development & Investor Relations	1.4yrs	Nessun dato	Nessun dato

Nome	Posizione	Mandato	Compensazione	Proprietà
Martin Knauth	CEO & Director	1.3yrs	Nessun dato	Nessun dato
Clifford Elphick	Non-Executive Chairman	16.7yrs	Nessun dato	Nessun dato
Clinton Dines	Independent Non-Executive Director	15.9yrs	Nessun dato	0.22% € 111.6k
Philip Mitchell	Non-Executive Director	1.3yrs	Nessun dato	Nessun dato
Jonathan Velloza	Independent Non-Executive Director	7.8yrs	Nessun dato	0.19% € 96.4k

Dati	Ultimo aggiornamento (ora UTC)
Analisi dell'azienda	2026/07/16 22:34
Prezzo dell'azione a fine giornata	2026/07/16 00:00
Utili	2025/12/31
Utili annuali	2025/12/31

Pacchetto	Dati	Tempistica	Esempio Fonte USA ^*
Dati finanziari della società	10 anni	Conto economico Rendiconto finanziario Bilancio	Modulo SEC 10-K Modulo SEC 10-Q
Stime di consenso degli analisti	+3 anni	Previsioni finanziarie Obiettivi di prezzo degli analisti	Rapporti di ricerca degli analisti Blue Matrix
Prezzi di mercato	30 anni	Prezzi delle azioni Dividendi, scissioni e azioni	Dati di mercato ICE Modulo SEC S-1
Proprietà	10 anni	Top azionisti Insider trading	Modulo 4 SEC Modulo 13D SEC
Gestione	10 anni	Team di leadership Consiglio di amministrazione	Modulo SEC 10-K Modulo SEC DEF 14A
Sviluppi principali	10 anni	Annunci aziendali	Modulo 8-K SEC

Analista	Istituzione
Andrey Litvin	Edison Investment Research
Hunter Hillcoat	Investec Bank plc (UK)
Duncan Hay	Panmure Liberum

Zanaga Iron Ore Gestione

Criteri Gestione verificati 2/4

Informazioni chiave

Aggiornamenti recenti sulla gestione

Less than half of directors are independent

Zanaga Iron Ore Company Limited, Annual General Meeting, Dec 10, 2025

Zanaga Iron Ore Company Limited Announces Board Appointments

Zanaga Iron Ore Company Limited Announces Board Changes

Zanaga Iron Ore Company Limited, Annual General Meeting, Dec 05, 2024

Zanaga Iron Ore Company Limited Announces Cessation of Denis Weinstein as Director

Recent updates

New minor risk - Shareholder dilution

New minor risk - Financial data availability

Less than half of directors are independent

Zanaga Iron Ore Company Limited has filed a Follow-on Equity Offering in the amount of £4.15 million.

Zanaga Iron Ore Company Limited Confirms Completion of DRI Process Plant Costing and Updates DRI Product Strategy

Zanaga Iron Ore Company Limited, Annual General Meeting, Dec 10, 2025

Zanaga Iron Ore Company Limited Provides Update on Improved Project Economics Driven by High-Grade DRI Pellet Feed Product

Zanaga Iron Ore Company Limited Announces Positive Metallurgical Test Results Confirm DRI Product Quality

Zanaga Iron Ore Company Limited Announces Board Appointments

Zanaga Iron Ore Company Limited has completed a Follow-on Equity Offering in the amount of £18.28314 million.

Zanaga Iron Ore Company Limited has filed a Follow-on Equity Offering.

Zanaga Iron Ore Company Limited Announces Board Changes

Zanaga Iron Ore Company Limited, Annual General Meeting, Dec 05, 2024

Zanaga Iron Ore Company Limited Announces Cessation of Denis Weinstein as Director

New minor risk - Financial data availability

Zanaga Iron Ore Company Limited to Report Fiscal Year 2023 Results on Jul 10, 2024

New minor risk - Financial data availability

New minor risk - Shareholder dilution

Zanaga Iron Ore Company Limited Announces the Appointment of Martin Knauth as Chief Executive Officer

Zanaga Iron Ore Company Limited, Annual General Meeting, Dec 19, 2023

Zanaga Iron Ore Company Limited Announces Board Appointments

Insufficient new directors

Zanaga Iron Ore Company Limited, Annual General Meeting, Nov 24, 2022

Insufficient new directors

Insufficient new directors

Insufficient new directors

Zanaga Iron Ore Company Limited Provides an Update of Completion of the Zanaga Iron Ore Project Re-Costing Exercise and Ore Reserve Update

Zanaga Iron Ore Company Limited Auditor Raises 'Going Concern' Doubt

AMMINISTRATORE DELEGATO

Gruppo dirigente

Membri del Consiglio di amministrazione

Analisi aziendale e situazione dei dati finanziari

Fonti dei dati

Modello di analisi e Snowflake

Metriche di settore e industriali

Fonti analitiche