Announcement • Jul 31
Zanaga Iron Ore Company Limited Provides Update on Zanaga Project Bulk Sampling Process Zanaga Iron Ore Company Limited reported that earthworks and logistics partners have commenced mobilisation with all related activities advancing according to plan. The completion of the bulk sampling will be a significant step in optimising the process flow sheet and equipment definition, bringing the project closer to producing DRI-grade pellet feed product. The Zanaga Iron Ore Project is a globally significant asset with a 6,900,000,000 tonne resource and a 2,100,000,000 tonne reserve, targeting 30,000,000 tonnes per annum production of high-grade DRI pellet feed with very low impurity levels. When fully developed, Stage One (12,000,000 tonnes per annum) and Stage Two (18,000,000 tonnes per annum expansion) together could establish Zanaga as one of the world's largest iron ore mines. 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. New Risk • Jul 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (UK£44.6m market cap, or US$59.6m). New Risk • Jul 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (UK£37.5m market cap, or US$50.0m). 
