REG - Zanaga Iron Ore - INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2025
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RNS Number : 5028B Zanaga Iron Ore Company Ltd 01 October 2025
1 October 2025
Zanaga Iron Ore Company Limited
("ZIOC" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC) is
pleased to announce its unaudited interim results for the six months ended 30
June 2025, together with an update on post-reporting period events to 30
September 2025.
Highlights
· Strategic Fundraising and Glencore Share Buyback
o In March 2025, ZIOC completed an equity fundraising (the "2025 Fundraise")
for gross proceeds of US$23.01 million, with a group of investors who have
significant experience in the mining industry, project and infrastructure
development, and strong relationships in the Republic of Congo ("RoC"). Key
investors included:
§ Greymont Bay LLC ("Greymont Bay"), whose investors and advisers include
Mark Cutifani, Tony Trahar, Tony O'Neil, Phil Mitchell, and Heeney Capital
Resource Partners
§ Gagan Gupta, Founder and CEO of Arise
§ Sir Mick Davis, a highly successful mining executive, is credited with
listing, leading, and growing Xstrata into one of the world's largest
diversified mining companies before its acquisition by Glencore in 2013
o As part of the transaction, marketing rights over 20% of the iron ore
products from the Zanaga Project will be allocated to Gulf Iron and Steel
(GIS).
o Use of the Proceeds from the 2025 Fundraising:
§ US$15 million of the gross proceeds was used to repurchase and then cancel
Glencore's entire 43% equity stake in ZIOC, leading to the termination of
Glencore's Offtake Agreement and Relationship Agreement with the Company.
§ The additional proceeds provided the Company with more than 12 months of
corporate and project level working capital expenditure (from March 2025).
· Initiatives and Key Partnerships
o Power MoU: On 3rd February 2025, an MoU was signed with Centrale Électrique
du Congo ("CEC") SA to evaluate the technical, economic, and legal factors
necessary for power generation and distribution for the Zanaga Project's needs
for its Stage One operations.
· Board Appointments: Strengthened leadership with key appointments
o Martin Knauth, CEO, was appointed to the Board, bringing over 30 years of
international mining industry experience.
o Phil Mitchell was appointed as Non-Executive Director, representing Greymont
Bay, bringing extensive strategic and financial expertise from his time at Rio
Tinto and his current role at I-Pulse Group.
· Zanaga Project Development Strategy
Four targeted high-impact initiatives have been identified and are underway,
with combined potential NPV increases exceeding US$4 billion.
1) Direct Reduction Iron ("DRI") product quality:
o Positive test work results announced on 25 June 2025, confirming the ability
to produce DRI specification pellet feed concentrate with low impurities:
§ Stage One (hematite) concentrate grade results: 68.5 %Fe, 1.05 %SiO₂,
0.47 %Al(₂)O(3), 0.034 %P
§ Stage Two (magnetite) concentrate grade results: 69.1 %Fe, 1.96 %SiO₂,
0.40 %Al(₂)O(3), 0.028 %P
o Test work results show a significant improvement in the planned product
quality compared to the 2014 Feasibility Study, especially in reducing
impurities (gangue minerals)
o DRI pellet feed quality confirmation further emphasises the strategic
importance of the Zanaga Project.
2) Pellet Plant Feasibility Study: Opportunity to develop a pellet plant
capable of producing value-added DRI-grade pellets (results due Q4 2025)
3) Single Pipeline Feasibility Study: Opportunity to lower Stage Two capital
costs and speed up expansion timelines by constructing a single 30Mtpa
capacity pipeline in Stage One (results expected in Q4 2025).
4) Dry Tailings Management: Has the potential to significantly reduce
sustaining capital over the Zanaga Project's lifespan by implementing a
thickened paste or dry tailings solution (results expected in Q4 2025).
· Improved Zanaga Project economics driven by high-grade DRI pellet feed
product confirmation
o Post-tax NPV (10%) increased by 37% to US$5,206 million.
o IRR has risen to 26.7%, reflecting improved project returns.
o FOB operating costs, including Government Royalty, are expected to remain
competitive at approximately US$27/tonne.
o Proposed asset lifespan: 30 years of premium DRI grade pellet feed, with a
planned production of 12 million tonnes per annum (Mtpa) during Stage 1 and 18
Mtpa during Stage 2.
o Higher iron content with low impurities is anticipated to generate an
increased price premium.
· In September 2025, pursuant to a request from a prospective investor
involved in ZIOC's strategic partnership process, lock-in agreements were
executed between the Company and several of its substantial shareholders,
collectively representing approximately 34.86% of the issued share capital of
the Company.
· Cash balance of US$3.9 million as at 30 June 2025 and cash balance of
US$2.9 million as at 25 September 2025.
· Annual General Meeting to be held on 10(th) December 2025, with the
requisite notice to be sent to shareholders in due course.
Clifford Elphick, Non-Executive Chairman of ZIOC, commented:
"During the first half of 2025, ZIOC experienced a transformative period in
its history, securing Glencore's exit as a major shareholder and the
termination of its offtake rights, while welcoming a new group of investors
with substantial experience in the mining sector, including expertise in
project and infrastructure development. Additionally, key elements of the
strategy were developed to add value to the Zanaga Project.
A positive metallurgical test result, which confirmed the DRI grade pellet
feed quality from the Zanaga Project, not only significantly improved the
Zanaga Project's economics but also elevated its profile globally,
demonstrating its capacity to supply the growing low-emission DRI sector-an
essential step towards producing green steel.
Moreover, the strategic initiatives being pursued by management are expected
to further boost the Zanaga Project's economic performance throughout the
remainder of the year. I am confident that with the current momentum, the
Zanaga Project is on the path to realising its true potential."
Copies of the unaudited interim results for the six months ended 30 June 2025
are available on the Company's website at www.zanagairon.com
(http://www.zanagairon.com/)
The Zanaga Iron Ore Company Limited LEI number is 21380085XNXEX6NL6L23.
For further information, please contact:
Zanaga Iron Ore
Corporate Development and Andrew
Trahar
Investor Relations Manager +44
20 7399 1105
Panmure Liberum Limited
Nominated Adviser, Financial Scott
Mathieson, John More
Adviser and Corporate Broker
+44 20 3100 2000
Shard Capital Partners LLP
Corporate Broker
Damon Heath
+44
207 186 9952
BlytheRay
Public Relations
Tim Blythe, Megan Ray, Will Jones
+44
20 7138 3204
Zanaga@BlytheRay.com
About us:
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
Zanaga Project.
In light of changes in the world's economy and increasing demand for more
efficient, low-carbon-emission steel production, the Zanaga Project is
well-placed to become one of the largest producers of high-grade, premium DRI
pellet feed iron ore.
Business Review - Operations update
Iron Ore Market
Iron ore prices stayed mostly steady in the first half of 2025, unlike the
volatility seen in the previous six months. The market was most recently
supported by high iron and steel production rates in China, yet several supply
disruptions to iron ore supply, including weather-related issues affecting
seaborne supply and the ongoing impact of safety inspections at Chinese
domestic iron ore mines. This resulted in a decrease in iron ore stocks at
major Chinese ports.
In the medium to long term, momentum around global decarbonisation is expected
to increase demand for premium-grade ore, especially as EAF and DRI
technologies gain traction. Structural reforms and capacity controls in China
will also support recovery. Strategically, low-cost producers like Zanaga are
better positioned to be a key supplier of DRI-grade pellet feed to the growing
market of iron and steel manufacturers focused on improved efficiency, lower
operating costs, and reduced emissions related to electric arc furnace iron
and steel production.
Strategic fundraising and Glencore share buyback
In March 2025, ZIOC successfully completed the buyback of Glencore's entire
equity stake for US$15 million, culminating in the termination of the previous
Relationship and Offtake Agreements. This significant transaction restored
strategic independence and allowed new cornerstone investors to participate in
the equity fundraise, which raised gross proceeds of US$23.01 million.
Our new investors, notably Greymont Bay advised by industry veterans including
Mark Cutifani, Tony Trahar, Tony O'Neill, and Phil Mitchell, together with
Gagan Gupta of Arise and Sir Mick Davis, bring world-class expertise and
strategic relationships that are essential for advancing the Zanaga Project.
The acquisition of Glencore's shareholding and the successful equity
fundraising have strengthened our position, boosting both our financial
stability and strategic flexibility to move the Zanaga Project towards a
construction decision. As part of the transaction marketing rights over 20% of
the iron ore products from the Zanaga Project will be allocated to Gulf Iron
and Steel (GIS).
Corporate Developments
Martin Knauth (Chief Executive Officer) was appointed as an Executive
Director, and Phil Mitchell was appointed as a Non-Executive Director, both to
the Board, strengthening our leadership with extensive mining and development
expertise crucial for the Zanaga Project's next phase.
Additionally, a strategic MoU was signed with CEC for reliable and sustainable
power solutions. This partnership significantly reduces the risk for the
Zanaga Project, paving the way for a dependable power supply.
Zanaga Project Development Opportunities
The management team has identified and advanced work on four key
opportunities. These are promising prospects aimed at increasing the project's
NPV by over US$4 billion. When completed by the end of the year, they could
become some of the most value-creating projects in the company's recent
operating history.
1. Direct Reduction Iron ("DRI") test work: Confirmation received,
through laboratory-based tests, that the Zanaga Project can produce DRI
specification pellet feed products of more than 68% Fe grade. This successful
test confirmation has resulted in a significant increase in the project's NPV
compared to the 2024 FS update results.
2. Pellet Plant Feasibility Study: Feasibility study in progress to
evaluate the opportunity to construct a pellet plant as part of the Zanaga
Project, producing value-added DRI specification pellets, which have the
potential to increase the NPV of the Zanaga Project by up to US$1 billion. The
results are expected in Q4 2025.
3. Single 30Mtpa Capacity Pipeline: An opportunity is being explored to
reduce overall project capital expenditure by approximately US$0.7 billion and
to accelerate the timetable for the Stage Two expansion by constructing a
single 30Mtpa capacity pipeline in Stage One. A contractor has been appointed
for detailed assessment, and a feasibility study-level costing for this
pipeline is scheduled for completion in Q4 2025.
4. Dry Thickened Tailings Feasibility Study: A large wet tailings
storage facility is currently planned for the Zanaga Project. An opportunity
exists to utilise thickened paste or filtered tailings technology to reduce
moisture content, thereby providing significant benefits such as lowering
ongoing capital costs. This could potentially save up to US$2 billion in
sustaining capital expenditure over the mine's lifespan. The non-monetary
benefits are expected to include reduced construction and operational
complexity, as well as simplified rehabilitation. The results expected in Q4
2025.
DRI product quality test work update
During Q2 2025, the Company commissioned and completed a metallurgical
laboratory test programme aimed at assessing the Zanaga Project's ability to
produce DRI grade pellet feed concentrate at its full 30Mtpa planned capacity,
including both Stage One and Stage Two. The primary test programme was carried
out in China, involving detailed laboratory analyses that used magnetic
separation and flotation processes. The modifications to the Zanaga Project's
planned process flow sheet are expected to have no significant change to
capital and operating costs. The results confirmed the production of a DRI
specification pellet feed product, and these findings were later verified
through a separate and independent test programme conducted in the United
Kingdom.
The high-grade DRI pellet feed, verified through detailed metallurgical
testing and process flow sheet optimisation, is expected to command a
significant price premium globally, especially from iron and steel producers
focused on improved efficiency, lower operating costs, and reduced emissions
related to electric arc furnace steelmaking.
Key Indicative Economics
o Post-tax NPV (10%) increased 37% to US$5,206 million
o IRR increased to 26.7%, reflecting enhanced project returns
o FOB operating costs, including Royalty, expected to stay competitive
at approximately US$27/tonne (updated process flow sheet costings to be
completed to confirm estimates)
o Proposed Life of Asset: 30 years of premium DRI grade pellet
feed, with a planned production of 12 million tonnes per annum ("Mtpa")
during Stage 1 and 18 Mtpa during Stage 2
o Higher iron content with low impurities is expected to result in an
increased price premium.
This positive economic impact assessment follows the test results, which
confirm the ability to produce a high-grade product suitable for DRI pellet
feed. The in-house economic evaluation provides guidance on the Zanaga
Project's targeted economics by updating the Company's project with new
higher-grade DRI product sales price estimates. The Company's technical
consultants have indicated that capital and operating costs are unlikely to
differ significantly from those in the 2024 FS cost update exercise;
therefore, the Company has used the capital and operating costs from the 2024
FS cost update to generate the economic evaluation above. Updated capital and
operating costs for the revised process design are expected to be obtained by
the end of Q4 2025, after which the Company will announce the Zanaga Project's
enhanced development plan.
Execution of Share Lock-in Agreements with Major Shareholders
In September 2025, pursuant to a request from a prospective investor involved
in ZIOC's strategic partnership process, lock-in agreements were executed
between the Company and several of its substantial shareholders, collectively
representing approximately 34.86% of the issued share capital of the Company.
The details of the arrangements are as follows:
· Lock-in type: Fully restricted
· Lock-in period: Six months until 26(th) February 2026
· Shareholders involved: The combined lock-in accounts for
approximately 34.86% of the Company's issued share capital. The shareholders
subject to this arrangement are:
1. Guava Minerals Limited: owning 9.60% of the Company's issued share
capital
a. Mr Clifford Elphick, Chairman of ZIOC, continues to be a potential
beneficiary of a discretionary trust that has an interest in Guava Minerals
Limited
2. Greymont Bay Consortium, including:
a. Greymont Bay I LLC: owning 18.28% of the Company's issued share capital
b. Regatta HCRP I LP: owning 6.98% of the Company's issued share capital
Cash Reserves and Zanaga Project Funding
The Company and Group had cash reserves of US$3.9 million as at 30 June 2025
and a cash reserve of US$2.9 million as at 25 September 2025.
Following the completion of the 2025 Fundraise, the Company is in a
significantly stronger financial position. Based on the current cost base at
the Zanaga Project, the board of directors of ZIOC believes that the Company
and its Group will be sufficiently positioned to support its operations in the
near future and into Q2 2026.
The Fundraising has eliminated any material uncertainty that might have caused
significant doubt regarding the Company and Group's ability to continue as a
going concern. Therefore, it believes that the Company will be able to realise
its assets and settle its liabilities in the normal course of business. The
Board is satisfied that the Company and Group will have sufficient funds to
meet their own working capital needs up to, and beyond, twelve months from the
date of approval of these accounts.
The Group continues to assess the costs of its operational activities to
conserve its cash resources. As part of this review, and to maintain the
Group's cash position, it has been agreed with the Directors since January
2023 that fees previously deferred will be reviewed.
Financial overview
Results from operations
The financial statements contain the results for ZIOC for the first half of
2025. ZIOC made a loss in the half-year of US$3.5m compared to a loss of
US$2.3m in the full year ended December 2024. The loss for the 2025 half-year
period comprised:
1 January to 1 January to 1 January to
30 June
30 June
31 December
2025
2024
2024
Unaudited Unaudited Audited
US$000
US$000 US$000
General expenses (3,491) (1,053) (2,294)
Net foreign exchange (loss) (1) (5) -
(Loss) before tax (3,492) (1,058) (2,294)
Total Comprehensive income (3,492) (1,058) (2,294)
General expenses of US$3.5m (H1 2024: US$1.1m), consisting of: Directors' fees
of US$67.5k (2024: US$Nil), professional fees of US$2.5m (2024: US$0.2) and
US$0.9m (2024: US$0.9m) of other general operating expenses, including
studies.
Financial position
ZIOC's net asset value ("NAV") of US$90.1m is comprised of a US$85.3m
exploration and evaluation assets, US$0.5m of PPE, US$3.9m of cash balances
and US$0.4m of other net current assets.
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
US$m
US$m
US$m
Exploration and Evaluation 85.3 85.3 85.3
Property, plant and equipment 0.5 0.7 0.6
Cash 3.9 0.1 0.1
Other net current assets/(liabilities) 0.4 (1.3) (0.4)
Net assets 90.1 84.8 85.5
Cash flow
Cash balances have increased by US$3.9m since 31 December 2024. This was
primarily driven by an issue of shares, which raised US$23.01m, less US$15m
from a buy-back from Glencore, and payments of US$4.1m for operating
activities.
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
US$m US$m US$m
GBP Balances 0.4 0.1 0.1
USD value of GBP balances 0.5 0.1 -
USD value of other currencies 0.1 - -
USD balances 3.2 - -
Cash Total 3.9 0.1 0.1
Consolidated Statement of Comprehensive Income for the six months ended 30
June 2025
Note 1 January 1 January 1 January
to
to
to
30 June 2025 30 June 2024
31 December 2024
Unaudited Unaudited Audited
US$000 US$000 US$000
Administrative expenses (3,492) (1,058) (2,294)
Operating loss (3,492) (1,058) (2,294)
(Loss) before tax (3,492) (1,058) (2,294)
Taxation 5 - -
(Loss) for the period (3,492) (1,058) (2,294)
Total comprehensive (loss) (3,492) (1,058) (2,294)
(Loss)/Earnings per share (Cents)
Basic 7 (0.5) (0.1) (0.3)
Diluted 7 (0.5) (0-1) (0.3)
All other comprehensive income may be classified as profit and loss in the
future.
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2025
Foreign
currency
Share Retained translation Total
capital earnings reserve Equity
US$000 US$000 US$000 US$000
Balance at 1 January 2024 317,027 (231,141) (69) 85,817
Issued Capital - - - -
Loss for the period - (771) - (771)
Other comprehensive (loss)/ income - (286) - (286)
Total comprehensive (loss)/income - (1,057) - (1,057)
Balance at 30 June 2024 317,028 (232,198) (69) 84,760
Issue of shares as remuneration - - - -
Issued Capital 2,028 - - 2,028
Loss for the period - (1,237) (11) (1,248)
Other comprehensive (loss)/income - - - -
Total comprehensive (loss)/income (1,237) - -
Balance at 31 December 2024 319,056 (233,435) (80) 85,540
Consideration for share-based payments - other services - - -
Issue of shares 23,010 - - 23,010
Glencore buy-back (15,000) (15,000)
Loss for the period (3,492) - (3,492)
Other comprehensive (loss)/income - - (28) (28)
Total comprehensive loss - - - -
Balance at 30 June 2025 327,066 (236,926) (108) 90,030
Consolidated Balance Sheet
as at 30 June 2025
30 June 2025 Unaudited 30 June 2024 31 December 2024
Unaudited Audited
Note US$000 US$000 US$000
Non-current asset
Exploration and evaluation assets 85,300 85,300 85,300
Property, plant and equipment 516 667 555
85,816 85,967 85,855
Current assets
Other receivables 419 5 355
Cash and cash equivalents 3,936 91 110
4,355 96 465
Total Assets 90,171 86,063 86,320
Non-current liabilities
Lease liability 79 98 71
Current liabilities
Loans and borrowings - 750 -
Trade and other payables 62 455 687
Lease liability - 20
Net assets 90,030 84,760 85,540
Equity attributable to equity holders of the parent
Share capital 327,066 317,027 319,057
Retained earnings (236,926) (232,198) (233,435)
Foreign currency translation reserve (108) (69) (80)
Total equity 90,030 84,760 85,540
These financial statements were approved by the Board of Directors on 30
September 2025.
Consolidated Cash Flow Statement
for the six months ended 30 June 2025
1 January 1 January 1 January
to to To
30 June 30 June 31 Dec
2025 2024 2024
Unaudited Unaudited Audited
US$000 US$000 US$000
Cash flows from operating activities
Profit/(Loss) for the year (3,492) (1,058) (2,294)
Adjustments for:
Share-based payments - - -
(Increase)/decrease in other receivables (64) 1,188 838
Increase/(decrease) in trade and other payables (638) 89 284
Net exchange (profit)/loss - - 17
Net cash from operating activities (4,194) 219 (1,155)
Cash flows from financing activities
Glencore loan - (935) (1,385)
Glencore buy-back (15,000)
Issue of shares 23,010 - 1,729
Net cash from financing activities 8,010 (935) 344
Cash flows from investing activities
Interest received - - -
Acquisition of property, plant and equipment - - -
Net cash from investing activities - - -
Net increase/(decrease) in cash and cash equivalents 3,816 (716) (811)
Cash and cash equivalents at the beginning of period 110 899 899
Effect of exchange rate difference 10 (92) 22
Cash and cash equivalents at end of period 3,936 91 110
Notes to the financial statements
1. Business information and going concern basis of preparation
The Directors have prepared the accounts on a going concern basis. At 30 June
2025 the Company and Group had cash reserves of US$3.9m. The Company had cash
reserves of US$2.9m as at 25 September 2025.
Following the completion of the 2025 Fundraise, the Company and Group are in a
significantly stronger financial position. Based on the current cost base at
the Zanaga Project, the board of directors of ZIOC believes that the Company
and its Group will be adequately equipped to support its operations in the
near future.
The Fundraising has removed any material uncertainty that could give rise to
significant doubt over the Company and Group's ability to continue as a going
concern. Therefore, it believes that the Company and Group will be able to
realise its assets and discharge its liabilities in the normal course of
business. The Board is satisfied that the Company will have sufficient funds
to meet its own working capital requirements up to, and beyond, twelve months
from the approval of these accounts.
The Company and Group continue to review the costs of its operational
activities with a view to conserving its cash resources. As part of such a
review, and to preserve the cash position of the Company and Group, it has
been agreed with the Directors since January 2023 that fees previously
deferred would be reviewed.
2. Accounting policies
The principal accounting policies applied in preparing these financial
statements are outlined below. These policies have been consistently applied
to all the periods presented, unless otherwise stated.
3. Basis of preparation
The condensed set of financial statements has been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted by the EU.
In accordance with the AIM Rules for Companies, the condensed set of financial
statements has been prepared in applying the accounting policies and
presentation that were used in the preparation of the Company's published
consolidated financial statements for the year ended 31 December 2025. The
comparative figures for the financial year ended 31 December 2024 are not the
Company's statutory accounts for that financial year. The Company's auditors
have reported on the 2024 accounts. The report of the auditors was (i)
unqualified and (ii) did not include a reference to any matter to which the
auditors drew attention by way of emphasis without qualifying their report.
4. Segmental reporting
The Company has one operating segment, being its investment in the Zanaga
Project, held through Jumelles.
5. Taxation
The Company is exempt from most forms of taxation in the British Virgin
Islands ("BVI"), provided that the Company does not conduct business in the
BVI and does not have any employees working in the BVI. All dividends,
interest, rents, royalties and other expense amounts paid by the Company, and
capital gains realised with respect to any shares, debt obligations or other
securities of the Company, are exempt from taxation in the BVI.
The effective tax rate for the Group is 0.00% (as of December 2024: 0.00%).
6. Loss per share 30 June 30 June 31 December 2024
2025 2024 Audited
Unaudited Unaudited US$000
US$000 US$000
Profit/(Loss) (Basic and diluted) (US$000) (3,492) (1,058) (2,294)
Weighted average number of shares (thousands)
Basic and diluted
Issued shares at beginning of period 675,793 644,989 644,989
Shares bought back (290,844)
Shares issued during the year 447,430 - 30,803
Weighted average of new shares issued (176,195) - (15,401)
Weighted average number of shares at end of period - basic 656,185 644,989 660,391
(Loss)/Earnings per share (Cents)
Basic (0.5) (0.1) (0.3)
Diluted (0.5) (0.1) (0.3)
7. Related parties
The following transactions occurred with related parties during the period:
Transactions for the period Closing balance
30 June 30 June 31 December 30 June 31 December
2025 2024 2024 30 June 2024 2024
Unaudited Unaudited Audited 2025 Unaudited Audited
Unaudited
US$000 US$000 US$000 US$000 US$000 US$000
Funding: - (1,163) (1,685) - -
Loan from Glencore to Jumelles Ltd * (779)
Glencore share buy-back (15,000) - - - - -
* Repaid in full in July 2024
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