Annual Results

Zanaga Iron Ore Company Ltd

03 July 2023

Zanaga Iron Ore Company Audited Results for the Year to 31 December 2022

3 July 2023

2022 Highlights and post reporting period end events to 30 June 2023

Zanaga Iron Ore Project (the "Project" or the "Zanaga Project")

· Partnership launched with Chinese iron ore technical expert engineering firm ("Chinese EPC Partner") as part of a two stage optimsation process of the Zanaga 30Mtpa staged development project

o Phase 1 - Feasibility Study update (the "FS Update")

§ 2014 Feasibility Study cost estimates to be updated to current market pricing using Chinese contractor pricing for both phases of both 12Mtpa Stage One ("Stage One"), plus 18Mtpa Stage Two expansion ("Stage Two") projects.

§ Chinese EPC Partner possesses specific, specialised, design and construction expertise in slurry pipeline projects as well as iron ore pellet feed concentrate projects similar to the Zanaga Project.

§ Guidance provided by Chinese EPC Partner that potential capital and operating cost savings of more than 20% could be achieved.

§ The results of this exercise are expected to be received in Q4 2023.

o Phase 2 - Processing technology application study

§ Chinese EPC Partner possesses proprietary new processing technology for iron ore processing, with the potential to provide further capital and operating cost savings beyond the results of the FS Update.

§ The application of this processing technology to the iron ore from the Zanaga Project is planned to undergo technical assessment as initial results from the FS Update are received in the coming months.

· Port infrastructure discussions underway

o Discussions in progress with large port infrastructure development firm, including consideration of:

§ Opportunity for expansion of the existing port of Pointe-Noire.

§ Potential development solutions for a large bulk mineral port capable of supporting the Zanaga 30Mtpa staged development project.

· Early Production Project ("EPP Project" or "EPP")

o Multiple production scenarios remain under investigation on processing facilities and suitable logistics solutions, with a particular focus on an export solution through the Republic of Congo ("RoC").

Corporate

· Acquisition completed of Glencore Projects Pty Limited's ("Glencore Projects") 50% plus one share interest in Jumelles Limited (the "Acquisition"), owner of the Zanaga Project.

o Acquisition increased Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") ownership of the Zanaga Project to 100%.

o Acquisition concluded through the issuance of 286,340,379 new Shares (the "Consideration Shares") to Glencore Projects, representing a post-transaction shareholding of 48.26% in ZIOC.

o Appointment of Peter Hill and Denis Weinstein to the board of the Company, following their nomination by Glencore Projects.

o Relationship Agreement entered into between Glencore Projects and ZIOC to ensure that the Company can carry on its business independently of Glencore Projects.

o Agreement by Glencore Projects that it will not dispose of any of the Consideration Shares in the Company in the six months following Admission without the consent of the Company (not to be unreasonably withheld or delayed) other than in certain limited circumstances and to comply with orderly market provisions in the following six months.

· Marketing Agreement entered into between Glencore International, the Company and MPD Congo.

o Life-of-mine marketing agreement granting Glencore International the exclusive marketing right for all iron ore conforming to certain specifications produced by MPD Congo, ZIOC or their respective Affiliates from the Project or in the Republic of Congo using similar infrastructure that is not subject to existing sales arrangements.

o Agreement by Glencore Projects to purchase from MPD Congo or the Company the Product, or sell the Product on behalf of the Company on arm's length terms.

o Glencore International to be entitled to receive a marketing fee in accordance with the detailed provisions of the Marketing Agreement.

Funding

· Loan funding agreement

o In order to fund the Project's continuing work programme and budget, as well as the working capital requirements of ZIOC, until 31 December 2023, Glencore Projects entered into a loan facility (the "Loan Facility") with Jumelles Ltd to provide up to US$1.8 million of loan capital.

§ Loan repayable by 31 December 2023.

§ ZIOC able to utilise up to US$200,000 of the loan facility to fund its working capital.

§ As at 29 June 2023, ZIOC had drawn US$1.185m of the Loan Facility and acrued US$70k of loan interest.

· Shard Merchant Capital Ltd ("SMC") equity subscription agreements ("Shard ESAs").

o Original SMC equity subscription agreement (ESA) fully completed ("2020 ESA").

§ In 2022 SMC subscribed for 7 million shares of no par value in ZIOC, as part of the final tranche of the 21 million ordinary share facility signed in 2020.

§ Total proceeds of £1,318,126.12 were received from the facility, following the placement of the final 7,000,000 tranche shares by SMC in 2022.

o New ESA signed with SMC on 1 July 2023 ("2023 ESA").

§ Following the successful completion of the 2020 ESA, ZIOC has entered into the 2023 ESA with SMC.

§ Under the terms of the 2023 ESA the Company will issue and SMC will subscribe for up to 36 million ordinary shares of no par value in the Company ("Subscription Shares") in up to three tranches of up to 12 million shares each.

§ Pursuant to the 2023 ESA, SMC has undertaken to use its reasonable endeavours to place the relevant Subscription Shares that it has subscribed for and to pay to ZIOC 95% of the gross proceeds of any such sales.

o Proceeds of the Shard ESAs applied to general working capital, including the provision of further contributions to the Zanaga Project's operations.

· Cash balance of US$0.3m as at 31 December 2022 and a cash balance of US$0.5m as at 29 June 2023.

Clifford Elphick, Non-Executive Chairman of ZIOC, commented:

"I am pleased to report that ZIOC has launched a process with its Chinese EPC Partner to secure Chinese contractor pricing and to update the cost estimates of the 30Mtpa Feasibility Study, while also considering the application of new iron ore processing technology to reduce estimated costs further.

Furthermore, port infrastructure discussions are underway with a large port infrastructure development firm seeking to expand the existing port of Pointe-Noire. Consideration is also being given to potential development solutions for a large bulk mineral port capable of supporting the 30Mtpa staged development project.

2022 was apivotal year for ZIOC, with the controlling shareholding of the Zanaga Project being acquired from Glencore in exchnage for shares in ZIOC. The streamlining of the ownership and control of the Zanaga Project enables ZIOC to now engage with strategic entities interested in participating in the Zanaga Project going forward, and ensures a single unified voice engaging with collaboration partners on the ground. It is pleasing to have secured the support of Glencore for this initiative and I look forward to working with the Glencore team in unlocking value from the project for all stakeholders going forward."

The Company will post its Annual Report and Accounts for the year ended 31 December 2022 ("2022 Annual Report and Accounts") to shareholders on approximately 10 July 2023.

The 2022 Annual Report and Accounts will be available on the Company's website www.zanagairon.com today.

For further information, please contact:

Zanaga Iron Ore

Corporate Development and Andrew Trahar

Investor Relations Manager +44 20 7399 1105

Liberum Capital Limited

Nominated Adviser, Financial Scott Mathieson, Edward Thomas

Adviser and Corporate Broker +44 20 3100 2000

About us:

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM ticker: ZIOC) is the owner of 100% of the Zanaga Iron Ore Project based in the Republic of Congo (Congo Brazzaville) through its subsidiary Jumelles Limited. The Zanaga Iron Ore Project is one of the largest iron ore deposits in Africa and has the potential to become a world-class iron ore producer.

Chairman's Statement

Dear Shareholder,

Following the acquisition of the controlling shareholding in the Zanaga Project we are progressing in-country activities with the objective of unlocking the potential of Zanaga's vast resource. Our focus is on updating the cost estimates of the 30Mtpa staged development project, while investigating the potential to enable port logistics solutions in country with a large port developer and operator.

Chinese EPC contractor engagement

ZIOC has entered into an engagement with a Chinese EPC partner with substantial experience in the design, engineering and construction management of large iron ore projects. The Chinese EPC contractor possesses specific, specialised, design and construction expertise in slurry pipeline projects as well as iron ore pellet feed concentrate projects similar to the Zanaga Project.

The process involves a two stage project optimisation work programme.

The initial FS Update will involve updating the 2014 Feasibility Study cost estimates to current market pricing using Chinese contractor pricing for both phases of the 30Mtpa staged development project, including both 12Mtpa Stage One, plus 18Mtpa Stage Two expansion.

The Chinese EPC has guided that cost savings of more than 20% could be available through the utilisation of Chinese construction contractor firms capable of building the Zanaga Project utilising lower cost construction solutions than traditional Western EPC firms would typically be able to provide.

The results of this exercise are expected to be received in Q4 2023.

The second phase of work will involve investigating the potential to apply proprietary iron ore processing technology that the Chinese EPC Partner possesses, with the potential to provide further capital and operating cost savings beyond the results of the FS Update.

The application of this processing technology to the iron ore from the Zanaga Project is planned to undergo technical assessment as initial results from the FS Update are received in the coming months.

Port infrastructure discussions underway

I am pleased to report that discussions are in progress with a large port infrastructure development firm to investigate opportunities to align the Zanaga Project with their planned port infrastructure facilities in Pointe-Noire. Consideration is being given to both of the following port infrastructure initiatives:

· Opportunity for expansion of the existing port of Pointe-Noire, potentially enabling a larger solution for the EPP Project.

· Potential development solutions for a large bulk mineral port terminal capable of supporting the Zanaga 30Mtpa staged development project.

Iron Ore Market

The iron ore market has been relatively stable in recent months, providing a positive backdrop for sustained pricing at these levels. China continues to consume significant quantities of iron ore to feed its substantial steel industry. Furthermore, given the current geopolitical environment, we believe that increased resource independence will provide impetus to strategtic investors in China and outside of China to secure access to globally signifiant assets, especially outside Australia and Brazil - for Chinese investors. The Zanaga Project therefore has the potential to deliver substantial iron ore production to strategic customers looking to secure positions in the commodity.

Acquisition of controlling shareholding in the Zanaga Project

On 16 December 2022 ZIOC completed the the acquisition of Glencore Projects' controlling shareholding in the Project through the purchase of Glencore Projects' 50% plus one share interest in Jumelles, an entity which indirectly holds the benefit of the Project's mining licence, in exchange for a minority shareholding of 48.26% in ZIOC. ZIOC and MPD, an indirect wholly owned subsidiary of Jumelles which holds the benefit of the Project's mining licence, also entered into a Marketing Agreement with Glencore International for the sale and purchase of all future iron ore production from the Project or any other of their or their Affiliates' assets using similar infrastructure in the Republic of Congo.

Transaction overview

Prior to the Acquisition of Glencore Projects' ownership of Jumelles, the Project was managed through a joint venture agreement in respect of Jumelles. The Company held 50% less one share of the entire issued share capital of Jumelles, whilst Glencore Projects owned 50% plus one share of the entire issued share capital of Jumelles. The Acquisition involved the Company purchasing Glencore Projects' entire holding in the Project (comprising 50% plus one share interest in Jumelles) in consideration for issuing new Consideration Shares in the Company to Glencore Projects.

Transaction rationale

The Project is one of the largest iron ore deposits in Africa and the Company believes that the Project has the potential to become a world-class iron ore producer. Based on the 2014 FS, the quality of the Project's iron ore resource indicates the potential to produce premium iron ore product with prospective premium pricing. It is expected that new strategic investors are required to enable the development and construction of the Project.

The Acquisition enabled ZIOC to:

(a) consolidate the Company's ownership of Jumelles to provide a clear ownership structure and direction in respect of the development and management of the Project;

(b) provide Glencore Projects with the right to appoint up to two non-executive directors of the Company (comprising of a minority within the Board) whilst still also requiring Glencore Projects to observe the terms of the Relationship Agreement;

(d) remove the complexities of the previous joint venture structure.

The Company believes that the factors mentioned above will enhance the attractiveness of the Project as a potential investment for large strategic investors.

Project progress

Whilst ZIOC's focus during 2022 was on completing the acquisition of a controlling stake in the Zanaga Project, the Project Team continued to undertake a process to evaluate the potential development of an EPP Project that would be quicker to construct than the larger 30Mtpa staged development project and would utilise existing road, rail and port infrastructure.

Engagement with other mining project developers in RoC has been increased in order to explore potential collaboration opportunities, especially in relation to logistics solutions and alternatives for upgrades to existing infrastructure. Multiple contract operators have been engaged across mining, logistics, and processing disciplines with the objective providing updated cost estimates in-country.

The Project Team continued to advance study work in an effort to improve their understanding of the viability of the EPP Project. The Project Team has continued to evaluate the potential for the EPP Project to operate as a standalone project, or as an initial pathway to production during the construction period of the flagship 30Mtpa staged development project.

Cash Reserves and Project Funding

At 31 December 2022 the Company had cash reserves of US$0.3m. As at 29 June 2023, ZIOC has outlined a 2023 Project Work Programme and Budget as outlined below.

The Company had cash reserves of US$0.5m as at 27 June 2023.

In order to raise additional funding the Company entered a Subscription Agreement with SMC (as described above). The financing structure with SMC enables the Company to access funding for the costs that the Company is expected to meet in the near future. For illustrative purposes only, if the average price at which SMC places the 36,000,000 shares was 13.30 pence (being ZIOC's mid-market closing share price on 29 June 2023), the net proceeds received by ZIOC from such sales would be approximately £4.55m. Based on the current cost base at the Zanaga Project, the direct loan facility to Jumelles Ltd, the current low corporate overheads of ZIOC, the agreed cash preservation plan adopted by the Company (described on page 51 of the 2022 Annual Report), the Company's existing cash reserves and (on the basis of cautious assumptions made by the Company in its funding model) the funds expected to be obtained from the funding facility established by the Subscription Agreement with SMC, the board of directors of ZIOC (the "Board") believes that the Company will be adequately positioned to support its operations going forward in the near future. As the final cash amounts to be received for each tranche of issued shares, and the timing of this receipt, are dependent on SMC successfully selling the shares prior to transferring funds to the Company, the Board is of the view that the going concern basis of accounting is appropriate. However, the Board acknowledges that there is a material uncertainty which could give rise to significant doubt over the Company's ability to continue as a going concern and, therefore, that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. Nevertheless, based on and taking into account the foregoing factors, the Board are satisfied 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 continues to review the costs of its operational activities with a view to conserving its cash resources. As part of such review, and in order to preserve the cash position of the Company, it has been agreed with the Directors (since January 2019) and Management (since September 2019) that fees previously deferred would be reviewed. As of today, discussions with management continue and a resolution is expected to be reached in due course.

Subscription Agreement with Shard Merchant Capital Ltd

The Company has been pleased with the success of the 2020 ESA with SMC which has provided the Company with access to funding through a relatively low cost structure that minimised dilution to shareholders.

The proceeds received by the Company from SMC pursuant to the Subscription Agreement have been applied to general working capital, including the provision of further contributions to the Zanaga Project's operations.

As a result the Company has entered into a new 2023 ESA with SMC. An overview of the two ESAs is provided below:

1) 2020 ESA

a. As previously announced, on 26 June 2020 ZIOC announced that the Company had entered into a Subscription Agreement with SMC, a financial services provider.

b. Under the Subscription Agreement, and over the course of 2020 to 2022, the Company issued and SMC subscribed for 21 million ordinary shares of no par value in the Company ("Subscription Shares") in three tranches of 7 million shares each (First tranche in 2020 and the subsequent tranches in 2021 and 2022).

c. During 2022, the final 7,000,000 ordinary shares in the Company were placed by SMC. As a result of such transactions, as at 28 June 2023, all of the 21,000,000 ordinary shares in the Company had been placed and the Company had received the aggregate net sum of £1,318,126.12.

2) 2023 ESA

a. As announced by the Company, on 1 July 2023 the Company entered into a new Subscription Agreement (the 2023 ESA) with SMC.

b. Under the Subscription Agreement, the Company will issue and SMC has subscribed for 36 million ordinary shares of no par value in the Company ("Subscription Shares") in three tranches of 12 million shares each (First tranche to be issued immediately).

Outlook

With ZIOC now positioned as 100% owner of the Zanaga Project we are now able to engage with strategic entities interested in partnering with us going forward. It is pleasing to have secured the support of Glencore for this initiative and we look forward to working with the Glencore team in unlocking value from the project for all stakeholders.

Despite globally uncertainty, the Project Team have continued to progress numerous workstreams with the potential to add significant value to the options available for the development of the Zanaga Project.

Our investigations of opportunities that have the potential to unlock existing infrastructure solutions, as well as options available for lowering capital and operating costs of the project have been a key focus of the team, and we hope to provide an update on these intitiatives in due course.

Clifford Elphick

Non-Executive Chairman

Business Review

The Zanaga Project remains a unique large scale tier one asset with multiple potential development options from a scale perspective.

The Project Team have dedicated significant effort to securing updated development costs associated with the flagship 30Mtpa staged development project, and are excited to have engaged its Chinese EPC partner to provide a cost update of the 30Mtpa Zanaga Project to current market pricing estimates. The Chinese EPC also posseses substantial technical capabilities in iron ore process plant design and engineering which we expect to bring value to the cost exercise process. This study work is expected to complete by the end of this year.

In addition, the EPP Project remains an area of significant interest for the Project Team and work continues to explore the potential to utilise existing logistics infrastructure to enable initial production to take place, particularly through collaboration and joint infrastructure intiaitives underway investigation in RoC.

30Mtpa staged development Project

The Project Team's ultimate objective remains to develop the flagship 30Mtpa staged development mining project. As a reminder, the Stage One project plans to produce 12Mtpa of premium quality 66% Fe content iron ore pellet feed product at bottom quartile operating costs for more than 30 years on a standalone basis.

The Stage Two expansion of 18Mtpa is nominally scheduled to suit the project mine development, construction timing and forecast cash flow generation, and would increase the Project's total production capacity to 30Mtpa. The product grade would increase to an even higher premium quality 67.5% Fe content due to the addition of 18Mtpa of 68.5% Fe content iron ore pellet feed production, at an even lower operating cost. The capital expenditure for the additional 18Mtpa production, including contingency, could potentially be financed from the cash flows from the Stage One phase.

The Zanaga Project Team has continually taken steps to monitor evolving improvements into its strategy for assessing the options available for the development of the Zanaga Project. The Project Team maintained its view that high quality products will continue to achieve significant price premiums in the future and has sought to lock in this additional revenue benefit into the Project's development plan.

The Project Team will continue to engage in activity to ascertain opportunities for optimisation and improvement of the 30Mtpa staged development project and will update the market as these improvements develop.

Chinese EPC contractor engagement

The process involves a two stage project optimisation process.

The results of this exercise are expected to be received in Q4 2023.

The second phase of work will involve investigating the potential to apply proprietary processing technology to Chinese EPC Partner possesses proprietary new processing technology for iron ore processing, with the potential to provide further capital and operating cost savings beyond the results of the FS Update.

EPP Project

The Project Team continue to undertake a process to evaluate the potential development of an EPP Project that would be quicker to construct than the larger 30Mtpa staged development project and would utilise existing road, rail and port infrastructure.

During 2022 the Project Team have made a number of significant steps in advancing solutions to unlock the key logistical challenges associated the EPP Project. The Project Team are engaging with other mining project developers in RoC to explore potential collaboration opportunities, especially in relation to logistics solutions and alternatives for upgrades to existing infrastructure. We look forward to updating our shareholders on the outcome of these initiatives.

The Project Team continue to advance study work in an effort to improve their understanding of the viability of the EPP Project. The Project Team continue to evaluate the potential for the EPP Project to operate as a standalone project, or as an initial pathway to production during the construction period of the flagship 30Mtpa staged development Project.

Next Steps

Throughout the remainder of 2023, the Project Team will focus on engaging with our selected Chinese EPC partner to update the development costs of the 30Mtpa Zanaga Project and investigate applicability of new iron ore processing technology, while continuing to investigate potential opportunities for smaller scale production utilising existing infrastructure.

Financial Review

Results from operations

The financial statements contain the results for the Group's twelfth full year of operations following its incorporation on 19 November 2009. The Group made a total comprehensive income in the year of US$4.7m (2021: total comprehensive loss US$1.9m). The total comprehensive income for the year comprised:

	2022 US$000	2021 US$000
General expenses	(516)	(1,214)
Net foreign exchange (loss)	-	(12)
Share of loss of associate	(436)	(672)
Gain on revaluation of investment	9,050	-
Profit / (Loss) before tax	8,098	(1,898)
Share of other comprehensive income / (loss) of associate - foreign exchange	61	(17)
Reclassification of share of other comprehensive (loss) / income of associate	(3,447)
Total comprehensive income / (loss)	4,712	(1,915)

General expenses of US$0.5m (2021: US$1.2m) consists of Long Term Incentivisation Plan ("LTIP") US$0.2m (2021 US$0.5m) and US$0.3m (2021: US$0.7m) of other general operating expenses.

The share of loss of associate reflected above relates to ZIOC's investment in the Project, through Jumelles, which, generated a loss of US$0.8m in the year to 31 December 2022 (2021: loss US$1.3m). During the year Jumelles spent a net US$0.8m (2021 US$1.3m) on continuing operations.

The aqquistion of the Glencore stake in Jumelles generated a gain on revaluation of investment of US$9.05m

Financial Position

ZIOC's Net Asset Value ("NAV") of US$85.2m] (2021: US$37.7m) comprises of US$nil (2021: US$37.3m) investment in Jumelles, US$85.3m of exploration and evaluation assets.US$0.7m of PPE, US$0.3m (2021: US$0.4m) of cash balances and US$1.11m (2021: US$0.08m) of other net current liabilities.

	2022	2021
	US$000	US$000
Investment in Associate	-	37,269
Exploration and evaluation assets	85,300	-
PPE	703	-
Cash	310	387
Net current assets/(liabilities)	(1,110)	80
Net assets	85,203	37,736

Subscription Agreement concluded with Shard Merchant Capital Ltd

As outlined in the Chairman's Statement above, on 1 July 2023 ZIOC entered into a 2023 ESA with SMC, a financial services provider. Under the terms of the agreement the Company will issue and SMC will subscribe for up to 36 million ordinary shares of no par value in the Company in up to three tranches of up to 12 million shares each.

Pursuant to the 2023 ESA, SMC has undertaken to use its reasonable endeavours to place the relevant Subscription Shares that it has subscribed for and to pay to ZIOC 95% of the gross proceeds of any such sales.

Cash flow

Cash balances decreased by US$0.08m during 2022 (2021: decrease of US$0.03m). Additional investment in Jumelles required under the 2022 Funding Agreement (outline details in Note 1 to the financial statements) utilised US$0.1m (2021: US$0.6m) and operating activities utilised US$0.5m (2021: US$0.4m). The Company raised funds of US$0.2m from the Shard facility during the year and $385k was drawndown from the Glencore loan facilty

Fundraising activities

The fundraising activities carried out in 2022 of US$0.2m (2021: US$0.6m) unaudited by MHA were those relating to the SMC facility which are described earlier in this announcement.

Reserves & Resource Statement

The Zanaga Project has defined a 6.9bn tonne Mineral Resource and a 2.1bn tonne Ore Reserve, reported in accordance with the JORC Code (2012), and defined from only 25km of the 47km strike length of the orebody so far identified.

Ore Reserve Statement

The Ore Reserve estimate (announced by the Company on 5 May 2021) was prepared by independent consultants, SRK Consulting (UK) Ltd ("SRK") and is based on the 30Mtpa Feasibility Study and the 6,900Mt Mineral Resource (announced by the Company on 8 May 2014).

As stipulated by the JORC Code, Proven and Probable Ore Reserves are of sufficient quality to serve as the basis for a decision on the development of the deposit. Based on the studies performed, the mine plan as reported in the 2014 FS was reassessed in respect of the updated sales revenue, operating expenditure and capital expenditures and confirmed as at 31 December 2020 to be technically feasible and economically viable.

Ore Reserve Category	Tonnes (Mt_Dry)	Fe (%)	SiO₂ (%)	Al₂O₃ (%)	P (%)
Proved	774	37.3	35.1	4.7	0.04
Probable	1,296	31.8	44.7	2.3	0.05
Total	2,070	33.9	41.1	3.2	0.05

Notes:

Long term price assumptions are based on a CFR IODEX 65%Fe forecast of US$90tdry (USc138/dmtu) with adjustments for quality, deleterious elements, moisture and freight.

Discount Rate 10% applied on an ungeared 100% equity basis

Mining dilution ranging between 5% and 6%

Mining losses ranging between 1% and 5%

Note: The full Ore Reserve Statement is available on the Company's website (www.zanagairon.com)

Mineral Resource

Classification	Tonnes (Mt)	Fe (%)	SiO₂ (%)	Al₂O₃ (%)	P (%)	Mn (%)	LOI (%)
Measured	2,330	33.7	43.1	3.4	0.05	0.11	1.46
Indicated	2,460	30.4	46.8	3.2	0.05	0.11	0.75
Inferred	2,100	31	46	3	0.1	0.1	0.9
Total	6,900	32	45	3	0.05	0.11	1.05

Reported at a 0% Fe cut-off grade within an optimised Whittle shell representing a metal price of 130 USc/dmtu. Mineral Resources are inclusive of Reserves. A revised Mineral Resource, prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition) was announced on 8 May 2014 and is available on the Company's website (www.zanagairon.com).

Note: The figures shown are rounded; they may not sum to the subtotals shown due to the rounding used.

The Mineral Resource was estimated as a block model within constraining wireframes based upon logged geological boundaries. Tonnages and grades have been rounded to reflect appropriate confidence levels and for this reason may not sum to totals stated.

Geological Summary

The Zanaga iron ore deposit is located within a North-South oriented (metamorphic) Precambrian greenstone belt in the eastern part of the Chaillu Massif in South Western Congo. From airborne geophysical survey work, and morphologically, the mineralised trend constitutes a complex elongation in the North-South direction, of about 47 km length and 0.5 to 3 km width.

The ferruginous beds are part of a metamorphosed, volcano-sedimentary Itabirite/banded iron formation ("BIF") and are inter-bedded with amphibolites and mafic schists. It exhibits faulted and sheared contacts with the crystalline basement. As a result of prolonged tropical weathering the BIF has developed a distinctive supergene iron enrichment profile.

At surface there is sometimes present a high grade ore (+60% Fe), classified as canga, of apparently limited thickness (<5m) capping a discontinuous, soft, high grade, iron supergene zone of structure-less hematite/goethite of limited thickness (<7m). The base of the high-grade supergene iron zone grades quickly at depth into a relatively thick, leached, well-weathered to moderately weathered friable hematite Itabirite with an average thickness of approximately 25 metres and grading 45-55% Fe.

The base of the friable Itabirite zone appears to correlate with the moderately weathered/weakly weathered BIF boundary, and fresh BIF comprises bands of chert and magnetite/grunerite layers.

Competent Persons

The statement in this announcement relating to Ore Reserves is based on information compiled by Dr Iestyn Humphreys, FIMM, AIME, PhD who is a Corporate Consultant, and Practice Leader with SRK. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code (2012). The Competent Person, Dr Iestyn Humphreys, confirms that the Ore Reserve Estimate is accurately reproduced in this announcement and has given his consent to the inclusion in the report of the matters based on his information in the form and context within which it appears.

The information in this announcement that relates to Mineral Resources is based on information compiled by Malcolm Titley, BSc MAusIMM MAIG, of CSA Global (UK) Ltd. Malcolm Titley takes overall responsibility for the report as Competent Person. He is a Member of the Australasian Institute of Mining and Metallurgy ("AUSIMM") and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the JORC Code. The Competent Person, Mr Malcolm Titley, has reviewed this Mineral Resource statement and given his permission for the publication of this information in the form and context within which it appears.

Definition of JORC Code

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012) as published by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia.

Principal Risks & Uncertainties

The principal business of ZIOC currently comprises managing ZIOC's interest in the Zanaga Project, including the Jumelles group, and monitoring the development of the Project and engaging in discussions with potential investors. The principal risks facing ZIOC are set out below. Risk assessment and evaluation is an essential part of the Group's planning and an important aspect of the Group's internal control system. Overall these potential risks have remained broadly constant over the past year with the exception of the implications of COVID-19 on the long term outlook for the iron ore market.

Risks relating to iron ore prices, markets and products

The ability to raise finance for the Project is largely dependent on movements in the price of iron ore. Iron ore prices have historically been volatile and are primarily affected by the demand for and price of steel and the level of supply of iron ore. Such prices are also affected by numerous other factors beyond the Company's and the Jumelles group's control, including the relative exchange rate of the U.S. dollar with other major currencies, global and regional demand, political and economic conditions, production levels and costs and transportation costs in major iron ore producing regions.

While it appears to be the case that there has been some degree of stabilisation of iron ore prices in the global market for iron ore, the duration of such stabilisation remains uncertain. The level of iron ore prices in the global market for iron ore continues to be subject to uncertainty. Although the 2014 FS identifies the product from the Project and the potential demand for such product within a range of iron ore prices, there are no assurances that the demand for the Project's product will be sufficient in quantity or in price to ensure the economic viability of the Project or to enable finance for the development of the Project to be raised. Furthermore, the range of iron ore prices in the 2014 FS will need to be reviewed so as to reflect changed market conditions and changed expectations relating to the supply and demand for iron ore. Such risk is reviewed constantly and any relevant changes considered.

Risks relating to an EPP

For some considerable period, an initiative has been and is being carried out to investigate the possibility of a low-cost small scale start-up, using existing infrastructure, focussing on a standard 62% Fe benchmark iron ore product or a high grade 65% Fe pellet feed iron ore product that would involve simple 'processing' applications. In conjunction with this, the possibility of a low-cost small scale start-up involving the production of a pellet feed concentrate and conventional pelletisation continues to be investigated. This initiative also involves the assessment of methods of providing the necessary power requirements as well as logistical support to enable the product to be transported to an available exit port. There will also be the need to put in place the appropriate contractual and permitting arrangements. There is a risk that such kind of start-up is found not to be viable or is not proceeded with for other reasons or is delayed. Such risk is reviewed constantly and any relevant changes considered.

Risks relating to financing the Zanaga Project

Any decision of the Company to proceed with construction of the mine and related infrastructure (or any variant such as a low capital cost, small scale start-up EPP Project) is itself dependent upon the ability of the Company to raise the necessary debt and equity to finance such construction and the initial operation of the mine (or any variant such as a low-cost small scale start-up). The Company may be unable to obtain debt and/or equity financing in the amounts required, in a timely manner, on favourable terms or at all and should this occur, it is highly likely to pose challenges to the proposed development of the Zanaga Project and the proposed timeline for its development. Moreover, the poor current global equity and credit environment may pose additional challenges to the ability of the Company to secure equity or debt finance or to secure equity or debt finance on acceptable terms, including as to rates of interest. Current negative global market conditions and increasing political and geopolitical tensions could also adversely impact the ability to finance the Zanaga Project. Such risk is reviewed constantly and any relevant changes considered.

Risks relating to financing of the Company

The Company will not generate any material income until an operating stage of the Project has been constructed and mining and export of the iron ore has successfully commenced at commercial volumes. In the meantime the Company will continue to expend its cash reserves. Should the Company seek to raise additional finance, it may be unable to obtain debt and/or equity financing in the amounts required, in a timely manner, on favourable terms or at all.

If construction of the mine and related infrastructure proceeds (including any preparatory steps associated with the construction of the mine and related infrastructure) or any small scale start-up proceeds, and ZIOC elects to fund its pro rata equity share of construction capital expenditure, there is no certainty as to its ability to raise the required finance or the terms on which such finance may be available.

If ZIOC raises additional funds (including for the purpose of funding the construction of the Project or any part of the Project, including any small-scale start-up) through further issuances of securities, the holders of ordinary shares could suffer significant dilution, and any new securities that ZIOC issues could have rights, preferences and privileges superior to those of the holders of the ordinary shares.

If the Company fails to generate or obtain sufficient financial resources to develop and operate its business, this could materially and adversely affect the Company's business, results of operations, financial condition and prospects. Current negative global market conditions and increasing political and geopolitical tensions could also adversely impact the ability to finance the Company. Such risk is reviewed constantly and any relevant changes considered.

Risk relating to Ore Reserves estimation

Ore Reserves estimates include diluting materials and allowances for losses, which may occur when the material is mined. Appropriate assessments and studies have been carried out and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified. Ore Reserve estimates are by their nature imprecise and depend, to a certain extent, upon statistical inferences and assumptions which may ultimately prove unreliable. Estimated mineral reserves or mineral resources may also have to be recalculated based on changes in iron ore or other commodity prices, further exploration or assessment or development activity and/or actual production experience. Such risk is reviewed constantly and any relevant changes considered.

Host country related risks

The operations of the Zanaga Project are located mainly in the RoC. These operations will be exposed to various levels of political, regulatory, economic, taxation, environmental and other risks and uncertainties. As in many other countries, these (varying) risks and uncertainties can include, but are not limited to: political, military or civil unrest; fluctuations in global economic and market conditions impacting on the economy; terrorism; hostage taking; extreme fluctuations in currency exchange rates; high rates of inflation; labour unrest; nationalisation; changes in taxation; illegal mining; restrictions on foreign exchange and repatriation. In addition, the RoC is an emerging market and, as a result, is generally subject to greater risks than in the case of more developed markets.

HIV/AIDS, malaria and other diseases are prevalent in the RoC and, accordingly, the workforce of the ZIOC group and of the Jumelles group will be exposed to the health risks associated with the country. The operating and financial results of such entities could be materially adversely affected by the loss of productivity and increased costs arising from any effect of HIV/AIDS, malaria and other diseases on such workforce and the population at large.

Weather conditions in the RoC can fluctuate severely. Rainstorms, flooding and other adverse weather conditions are common and can severely disrupt transport in the region where the Jumelles group operates and other logistics on which the Jumelles group is dependent.

The host country related risks described above could be relevant both as regards day-to-day operations and the raising of debt and equity finance for the Project. The occurrence of such risks could have a material adverse effect on the business, prospects, financial condition and results of operations of the Company and/or the Jumelles group. Such risk is reviewed constantly and any relevant changes considered.

Risks relating to the Project's licences and the regulatory regime

The Project's Mining Licence was granted in August 2014 and a Mining Convention has been entered into. With effect from 20 May 2016, the Zanaga Mining Convention has been promulgated as a law of the RoC, following ratification by the Parliament of the RoC and publication in the Official Gazette.

The holder of a mining licence is required to incorporate a Congolese company to be the operating entity and the Congolese Government is entitled to a free participatory interest in projects which are at the production phase. This participation cannot be less than 10%. Under the terms of the Mining Convention, there is a contingent statutory 10% free participatory interest in favour of the Government of the RoC as regards the mine operating company and a contingent option for the Government of the RoC to buy an additional 5% stake at market price.

The granting of required approvals, permits and consents may be withheld for lengthy periods, not given at all, or granted subject to conditions which the Jumelles group may not be able to meet or which may be costly to meet. As a result, the Jumelles group may incur additional costs, losses or lose revenue and its business, result of operations, financial condition and/or growth prospects may be materially adversely affected. Failure to obtain, renew, enforce or comply with one or more required approvals, permits and consents could have a material adverse effect on the business, prospects, financial condition and results of operations of the Company and/or the Jumelles group. Mitigation of such risks is in part dependent upon the terms of the Mining Convention and compliance with its terms. Such risk is reviewed constantly and any relevant changes considered.

Transportation and other infrastructure

The successful development of the Project (including any low-cost small scale start-up) depends on the existence of adequate infrastructure and the terms on which the Project can own, use or access such infrastructure. The region in which the Project is located is sparsely populated and difficult to access. Central to the Zanaga Project becoming a commercial mining operation is access to a transportation system through which it can transport future iron ore product to a port for onward export by sea. In order to achieve this it will be necessary to access a port at Pointe-Indienne, which is still to be constructed, or some other exit port in the case of a low-cost small scale start-up.

The nature and timing of construction of the proposed new port are still under discussion with the government of the RoC and other interested parties. In relation to the pipeline and Project facilities at the proposed new port and (to the extent needed) other infrastructure, the necessary permits, authorisations and access, usage or ownership rights have not yet been obtained.

Failure to construct the proposed pipeline and/or facilities at the proposed new port and/or other needed infrastructure or a failure to obtain access to and use of the proposed new port and/or other needed infrastructure or a failure to do this in an economically viable manner or in the required timescale could have a material adverse effect on the Project.

In the case of a low-cost small scale start-up, failure to put in place the necessary logistical requirements (including trucking, rail transportation and port facilities) and/or other needed infrastructure or a failure to obtain access to and use of the proposed logistical requirements or a failure to do this in an economically viable manner or in the required timescale could have a material adverse effect on the Project.

The availability of reliable and continuous delivery of sufficient quantity of power to the Project at an affordable price will also be a significant factor on the costs at which iron ore can be produced and transported to any proposed exit port and will impact on the economic viability of the Project.

Reliable and adequate infrastructure (including an outlet port, roads, bridges, power sources and water supplies) are important determinants which affect capital and operating costs and the ability of the Jumelles group to develop the Project, including any low-cost small scale start-up. Failure or delay in putting in place or accessing infrastructure needed for the development of the Zanaga Project could have a material adverse effect on the business, prospects, financial condition and results of operations of the Company and/or the Jumelles group. Such risk is reviewed constantly and any relevant changes considered.

Risks associated with access to land

Pursuant to the laws of the RoC, mineral deposits are the property of the government with the ability to purchase surface rights. Generally speaking, the RoC has not had a history of native land claims being made against the state's title to land. There is no guarantee, however, that such claims will not occur in the future and, if made, such claims could have a deleterious effect on the progress of development of the Project and future production.

The Mining Convention envisages that the RoC will carry out a process to expropriate the land required by the Zanaga Project and place such land at the disposal of the holder of the Mining Licence in order to build the mine and the infrastructure, including the pipeline, required for the realisation of the Zanaga Project. This means that the rights of the Jumelles company which holds the Mining Licence to the relevant land will be subject to negotiation between the Congolese government and such company. Alternatively, if the land is not declared DUP (i.e. is expropriated by the State under its sovereign powers) then the Jumelles group will have to reach agreement with the local land owners which may be a more time consuming and costly process. Such risk is reviewed constantly and any relevant changes considered.

Risks relating to timing

Any delays in (i) obtaining rights over and access to land and infrastructure; (ii) obtaining the necessary permits and authorisations; (iii) the construction or commissioning of the mine, the pipeline or facilities at or offshore an exit port or power transmission lines or other infrastructure; or (iv) negotiating the terms of access to the exit port and supply of power and other infrastructure (including an offshore loading facility); or (v) raising finance to fund the development of the mine and associated infrastructure, could prevent altogether or impede the development of the Zanaga Project, including the ability of the Zanaga Project to export its future iron ore products whether on the anticipated timelines or at projected volumes and costs or otherwise. Such delays or a failure to complete the proposed infrastructure or the terms of access to infrastructure or to do this in an economically viable manner, could have a material adverse effect on the business, results of operations, financial condition and prospects of the Company and/or the Jumelles group. Such risk is reviewed constantly and any relevant changes considered.

Environmental risks

The operations and activities of the Zanaga Project are subject to potential risks and liabilities associated with the pollution of the environment and the disposal of waste products that may occur as a result of its mineral exploration, development and production, including damage to preservation areas, over-exploitation and accidental spills and leakages. Such potential liabilities include not only the obligation to remediate environmental damage and indemnify affected third parties, but also the imposition of court judgments, administrative penalties and criminal sanctions against the relevant entity and its employees and executive officers. Awareness of the need to comply with and enforcement of environmental laws and regulations continues to increase. Notwithstanding precautions taken by entities involved in the development of the Project, breaches of applicable environmental laws and regulations (whether inadvertent or not) or environmental pollution could materially and adversely affect the financial condition, business, prospects and results of operations of the Company and/or the Jumelles group. Such risk is reviewed constantly and any relevant changes considered.

Health and safety risks

The Jumelles group is required to comply with a range of health and safety laws and regulations in connection with its business activities (including laws and regulations relating to the COVID-19 pandemic) and will be required to comply with further laws and regulations if and when construction of the Project commences and the mine goes into operation. A violation of health and safety laws relating to the Jumelles group and/or the Project's operations, or a failure to comply with the instructions of the relevant health and safety authorities, could lead to, amongst other things, a temporary shutdown of all or a portion of the business activity of the Jumelles group and/or the Project's operations or the imposition of costly compliance measures. Where health and safety authorities and/or the RoC government require the business activity of the Jumelles group and/or the Project to shut down or reduce all or a portion of its activities of operations or to implement costly compliance measures, whether pursuant to applicable health and safety laws and regulations, or the more stringent enforcement of such laws and regulations, such measures could have a material adverse effect on the financial condition, business, prospects, reputation and results of operations of the Company and/or the Jumelles group. Such risk is reviewed constantly and any relevant changes considered.

Risks relating to third party claims

Due to the nature of the operations to be undertaken in respect of the development of the Zanaga Project, there is a risk that substantial damage to property or injury to persons could be sustained during such development. Any such damage or injury could have a material adverse effect on the financial condition, business, prospects, reputation and results of operations of the Company and/or the Jumelles group. Such risk is reviewed constantly and any relevant changes considered.

Risks relating to outsourcing

The 2014 FS envisages that certain aspects of the Zanaga Project will be carried out by third parties pursuant to contracts to be negotiated with such third parties. Any low-cost small scale start-up is also likely to involve the undertaking of various key elements of the Project by third parties. There is a risk that agreement might not be reached with such third parties or that the terms of any such agreement are more stringent than currently anticipated; this could adversely impact upon the Project and/or the proposed timescale for carrying out the Project. Such risk is reviewed constantly and any relevant changes considered.

Fluctuation in economic factors

In terms of currency exchange rates, the Jumelles group's functional and reporting currency is the U.S. dollar, and most of its in country costs are and will be denominated in CFA francs and Euros. Consequently, the Jumelles group must translate the CFA franc and Euro denominated assets and liabilities into U.S. dollars. To do so, non-U.S. dollar denominated monetary assets and liabilities are translated into U.S. dollars using the closing exchange rate at the reporting period end date. Consequently, increases or decreases in the value of the U.S. dollar versus the Euro (and consequently the CFA franc) and other foreign currencies may affect the Jumelles group's financial results, including its assets and liabilities in the Jumelles group's balance sheets. These factors will affect the financial results of the Company. In addition, ZIOC holds the majority of its funds in Pounds Sterling, and incurs the majority of its corporate costs in Pounds Sterling, but its contributions to funding the Jumelles group in 2021 and 2022 are calculated in U.S. dollars. Consequently, any fluctuation in exchange rates between Pounds Sterling versus the U.S. dollar or the Euro, could also adversely affect the financial results of the Company. Furthermore, current fluctuations in inflation, interest rates, and supply chain reliability has the potential to adversely impact the Company and Jumelles today, while also potentially adversely impacting the economic viability of the Zanaga Project, as well as the ability to secure finance for the development of the Zanaga Project. Such risks are reviewed constantly and any relevant changes considered.

Cash resources

The Company has limited cash resources. Although the Company has taken steps to conserve and replenish its cash resources, there is a risk that a shortage of such cash resources will adversely affect the Company. Such shortage could result in further expenditure cuts being introduced by the Company, both in its internal and its external operations. Volatile and uncertain economic global conditions in means that there can be no certainty as to when the Zanaga resource is likely to be developed. The challenging economic conditions as well as difficulties of monetising this resource given its location impact upon the ability of the Jumelles group to raise new finance for the Project as well as on the Company's ability to raise new finance for itself. The Company's existing cash resources may continue to come under increasing pressure unless a more predictable investment, travel and trading climate materialises in the foreseeable future which benefits the Project and the Company can take steps which result in an improvement of its financial position. Such risk is reviewed constantly and any relevant changes considered.

Financial Statements

Consolidated statement of total comprehensive income for year ended 31 December 2022

		2022	2021
	Note	US$000	US$000
Gain on revaluation of investment	6b	9,050	-
General and administrative expenses		(516)	(1,226)
Share of loss of associate	6b	(436)	(672)
Operating profit / (loss)		8,098	(1,898)
Profit / (Loss) before tax		8,098	(1,898)
Taxation	5	-	-
Profit / (Loss) for the year		8,098	(1,898)
Items that will not be reclassified subsequently to profit or loss: Share of other comprehensive loss of associate - foreign exchange translation	6b	-	(17)
Items that may be reclassified subsequently to profit or loss: Share of other comprehensive income of associate - foreign exchange translation	6b	61	-
Reclassification of share of other comprehensive loss of associate	6b	(3,447)	-
Other comprehensive loss		(3,386)	(17)
Total comprehensive income / (loss)		4,712	(1,915)
Earnings / (Loss) per share
Basic (Cents)	12	0.3	(0.60)
Diluted (Cents)	12	0.3	(0.60)

Gain / (Loss) and total comprehensive income / (loss) for the year is attributable to the equity holders of the Parent Company and are from continuing operations.

The notes form an integral part of the financial statements.

Consolidated statement of financial position

as at 31 December 2022

		2022	2021
	Note	US$000	US$000
Non-current assets Exploration and evaluation assets	6a	85,300	-
Property, plant and equipment	6a	703	-
Investment in Associate	6b	-	37,269
		86,003	37,269
Current assets
Other receivables	7	113	233
Cash and cash equivalents	8	310	387
		423	620
Total Assets		86,426	37,889

Non-current liabilities
Lease liability	9a	104	-

Current liabilities
Loans and borrowings	9b	385
Trade and other payables	9c	724	153
Lease Liability	9a	11
Net assets		85,202	37,736
Equity attributable to equity holders of the Parent Company
Share capital	10	313,689	270,935
Accumulated deficit		(228,418)	(236,516)
Foreign currency translation reserve		(69)	3,317
Total equity		85,202	37,736

The notes form an integral part of the financial statements.

These financial statements were approved by the Board of Directors on 2 July 2023 and were signed on its behalf by:

Mr Clifford Elphick

Director

Consolidated statement of changes in equity

for year ended 31 December 2022

			Foreign
			currency
	Share	Accumulated	translation	Total
	Capital	deficit	reserve	Equity
	US$000	US$000	US$000	US$000
Balance at 1 January 2021	268,864	(234,618)	3,334	37,580
Loss for the year	-	(1,898)	-	(1,898)
Other comprehensive loss	-	-	(17)	(17)
Total comprehensive income for the year	-	(1,898)	(17)	(1,915)
Transactions with owners in their capacity as owners:
Issue of ordinary shares	1,525	-	-	1,525
Consideration for share-based payments	546	-	-	546
Balance at 31 December 2021	270,935	(236,516)	3,317	37,736
Balance at 1 January 2022	270,935	(236,516)	3,317	37,736
Profit for the year	-	8,098	-	8,098
Other comprehensive income	-	-	(3,386)	(3,386)
Total comprehensive income for the year	-	8,098	(3,386)	4,712
Transactions with owners in their capacity as owners:
Issue of shares as consideration for acquisition of assets	42,591	-	-	42,591
Consideration for share-based payments	163			163
Balance at 31 December 2022	313,689	(228,418)	(69)	85,202

Consolidated cash flow statement

for year ended 31 December 2022

		2022	2021
	Note	US$000	US$000
Cash flows used in operating activities
Profit/(Loss) for the year		8,098	-1,898
Adjustments for:
Share based payments		163	547
Net exchange loss		-	12
Gain on revaluation of investment in associate	6b	(9,050)	-
Share of loss in associate	6b	436	672
Working capital changes:
- (Increase)/decrease in other receivables	7	130	(175)
- (Decrease)/increase in trade and other payables	9c	126	(31)
Net cash used in operating activities		(97)	(873)
Cash flows used in investing activities
Investment in associate	6b	(95)	(604)
Net cash used in investing activities		(95)	(604)
Cash flows generated by financing activities
Proceeds from share issuance		-	1,524
Net cash flow generated by financing activities		-	1,524
Net increase/(decrease) in cash and cash equivalents		(192)	47
Cash and cash equivalents at beginning of year		387	352
Acquired as acquisition of assets (refer note 6b)		115	-
Effect of movements in exchange rates on cash held		-	(12)
Cash and cash equivalents at end of year	8	310	387

Notes to the financial statements

1 Business information and going concern basis of preparation

Background

Zanaga Iron Ore Company Ltd (the "Company"), was incorporated on 19 November 2009 under the name of Jumelles Holdings Limited. The Company changed its name on 1 October 2010. The Company is incorporated in the British Virgin Islands ("BVI") with registered office is situated at 2nd Floor, Coastal Building, Wickham's Cay II, Road Town, P.O. Box 2221, Tortola, British Virgin Islands. On 18 November 2010, the Company's share capital was admitted to trading on the AIM Market ("AIM") of the London Stock Exchange ("Admission"). The Company's principal place of business as an investment holding vehicle is situated in Guernsey, Channel Islands.

At 31 December 2010 the Company held 100% of the share capital of Jumelles Limited subject to the then Call Option.

On 14 March 2011 the Company incorporated and acquired the entire share capital of Zanaga UK Services Limited for US$2, a company registered in England and Wales which provides investor management and administrative services.

In 2007, Jumelles became the special purpose holding company for the interests of its then ultimate 50/50 founding shareholders, Garbet Limited ("Garbet") and Guava Minerals Limited ("Guava"), in MPD Congo which, owns and operates 100% of the Zanaga Project in the RoC (subject to a minimum 10% free carried interest in MPD Congo in favour of the Government of the RoC).

In December 2009 Garbet and Guava contributed their then respective 50/50 joint shareholding in Jumelles to the Company.

Guava is majority owned by African Resource Holdings Limited ("ARH"), a BVI company that specialises in the investment and development of early-stage natural resource projects in emerging markets. Guava owns approximately 27.39% of the share capital of the Company.

At the time that Garbet was a shareholder in the Company, it was majority owned by Strata Limited ("Strata"), a private investment holding company based in Guernsey, which specialises in the investment and development of early-stage natural resource projects in emerging markets, predominately Africa. Until 3 April 2017 Garbet owned approximately 41.49% of the share capital of the Company. Pursuant to a transaction effected on 2 April 2017 Garbet ceased to hold any shares in the Company. As part of such transaction the shares in the Company which were held by Garbet were transferred directly or indirectly to Garbet's shareholders and the shareholders of Garbet's holding company, Strata.

Jumelles has three subsidiary companies, namely Jumelles M Limited, Jumelles Technical Services (UK) Limited and MPD Congo.

Transactions involving Xstrata and Glencore

· As a result of transactions entered into on 16 October 2009 and 3 December 2009, Xstrata acquired a majority stake in Jumelles in return for providing funding towards ongoing exploration of the Zanaga exploration licence area, the preparation of a pre-feasibility study (the "PFS") and a feasibility study (the "FS"). In addition a joint venture agreement which regulated the respective rights of the Company, Jumelles and Xstrata in relation to Jumelles was entered into. >Subsequently:

o Xstrata merged with the Glencore group on 2 May 2013 to form Glencore Xstrata and the holding company of the merged group subsequently changed its name to Glencore.

o the Feasibility Study was completed in March 2014 and paid for.

o In December 2022, ZIOC acquired Glencore's 50% plus one share in Jumelles in exchange for 286,340,379 new Shares in ZIOC, enabling ZIOC to secure 100% ownership of Jumelles

Relationship between Jumelles and its shareholders since February 2011 until December 2022

The Company, Jumelles and Xstrata Projects agreed to regulate their respective rights in relation to the Project following exercise of the Call Option under the terms of the joint venture agreement ("JVA"). Under the terms of the JVA (as amended), all significant decisions regarding the conduct of Jumelles' business (other than certain protective rights which require the agreement of shareholders holding at least 95% of the voting rights in Jumelles) were made by the Board of Directors.

Glencore had the right to appoint three directors to the Jumelles Board while ZIOC had a right to appoint two directors. At any Jumelles Board meeting, the directors nominated by Glencore had between them such number of votes as represents Glencore's voting rights in the general meetings of Jumelles and the directors nominated by ZIOC had between them such number of votes as represents ZIOC's voting rights in the general meetings of Jumelles.

As a consequence of the provisions of the JVA (in its original version and as subsequently amended), Glencore controled Jumelles at both a shareholder and director level and therefore controled what was the Company's sole mineral asset, the Zanaga Project. As a result, the Company previously accounted for this as an Investment in Associate in respect of the Project with Glencore.

Since the acquisition by ZIOC of Glencore's majority stake in Jumelles the JVA is no longer effective and ZIOC has 100% ownership of Jumelles.

Future funding requirements and going concern basis of preparation

The Directors have prepared the accounts on a going concern basis. At 31 December 2022 the Company had cash reserves of US$0.3m.

The Company had cash reserves of US$0.5m as at 27 June 2023, with annual ZIOC corproate costs of US$0.6m, project operating costs of US$1.3m, deferred transaction fees of US$0.2m, and deferred Glencore loan and interest costs of US$1.2m. In order to raise additional funding the Company entered a Subscription Agreement with SMC (as described above). The financing structure with SMC enables the Company to access funding for the costs that the Company is expected to meet in the near future. For illustrative purposes only, if the average price at which SMC places the 36,000,000 shares was 13.30 pence (being ZIOC's mid-market closing share price on 29 June 2023), the net proceeds received by ZIOC from such sales would be approximately £4.55m. Based on the current cost base at the Zanaga Project, the direct loan facility to Jumelles Ltd, the current low corporate overheads of ZIOC, the agreed cash preservation plan adopted by the Company (described below), the Company's existing cash reserves and (on the basis of cautious assumptions made by the Company in its funding model) the funds expected to be obtained from the funding facility established by the Subscription Agreement with SMC, the board of directors of ZIOC (the "Board") believes that the Company will be adequately positioned to support its operations going forward in the near future. As the final cash amounts to be received for each tranche of issued shares, and the timing of this receipt, are dependent on SMC successfully selling the shares prior to transferring funds to the Company, the Board is of the view that the going concern basis of accounting is appropriate. However, the Board acknowledges that there is a material uncertainty which could give rise to significant doubt over the Company's ability to continue as a going concern and, therefore, that the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. Nevertheless, based on and taking into account the foregoing factors, the Board are satisfied 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 continues to review the costs of its operational activities with a view to conserving its cash resources. As part of such review, and in order to preserve the cash position of the Company, it has been agreed with the Directors (since January 2019) and Management (since September 2019) that deferred fees previously would be reviewed. As of today, discussions with management continue and a resolution is expected to be reached in due course.

In common with many exploration and development companies in the mining sector, the Company raises funding in phases as its project develops. As the Zanaga Project is still in the development stage and the cash resources of the Company are diminishing, the Company recognises that steps will need to be taken to raise additional investment either at the corporate level or at the Zanaga Project level, or a combination of the two. The raising of additional funds is linked to the progress that is made in relation to the development of the Zanaga Project. The initiatives that are being undertaken in relation to the development of the Zanaga Project have been described earlier in this announcement. There are a range of options for raising funds which the Company is pursuing. It is recognised that there is a risk that the Company may be unable to obtain debt and/or equity financing in the amounts required, in a timely manner, on favourable terms or at all and should this occur, it is highly likely to pose challenges for the Company and could adversely have an impact upon the proposed development of the Zanaga Project and the proposed timeline for its development.

If construction of the mine and related infrastructure proceeds (including any preparatory steps associated with the construction of the mine and related infrastructure), and the Company elects to fund its pro rata equity share of construction capital expenditure, it will need to raise further funds. There is no certainty as to the Company's ability to raise the required finance or the terms on which such finance may be available.

In addition, any decision of the Company to proceed with construction of the mine and related infrastructure (or any variant such as a low-cost small-scale start-up) is itself dependent upon the ability of the Company to raise the necessary debt and equity to finance such construction and the initial operation of the mine. Jumelles itself may be unable to obtain debt and/or equity financing in the amounts required, in a timely manner, on favourable terms or at all and should this occur, it is highly likely to pose challenges to the proposed development of the Zanaga Project and the proposed timeline for its development.

The Company still believes that once the proposed staged development of the Zanaga Project occurs, the Project offers high grade ore at competitive cost, thereby offering an attractive rate of return, at an acceptable level of risk. However, in order to carry out such staged development, it is still the case that substantial capital expenditure will be required both at the prospective mine site and in respect of transportation and other associated infrastructure and for working capital. Revenues from mining are dependent upon such development being financed and taking place.

At a time when the staged development of the Project takes place (or, if viable, a small-scale start-up takes place) the Company will need to obtain additional funding should it decide to elect to fund its share of any such development of the mine. If such staged development continues to be deferred due to unfavourable market conditions, the Company will need at the appropriate time to explore options to raise additional funding, pending the staged development (or, if viable, a small-scale start-up) taking place.

Volatility in currencies

Various factors, including the the Russia/Ukraine war and its impact on global markets as well as supply chain issues and inflation has resulted in increased volatility in currency rates applicable to Pounds Sterling. Such volatility is likely to continue. As the Company's cash resources are held in Pounds Sterling, such volatility could adversely affect the Company's financial position and results where it is obliged to make payments of sums denominated in other currencies. This particularly applies to contributions made by the Company to funding the Jumelles group as these amounts are calculated in United States dollars.

2 Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the United Kingdowm ("UK Adopted IFRS"). Adopted IFRS comprise standards and interpretations approved by the International Accounting Standards Board ("IASB") and the International Financial Reporting Interpretations Committee ("IFRIC") as adopted by the United Kingdom.

These consolidated financial statements comprise the Company and its subsidiaries (together referred as the 'Group'), and the Company's investment in an associate which is accounted for using the equity method.

The Company's presentation currency and functional currency is US dollars. All amounts have been rounded to the nearest thousand, unless otherwise indicated.

These financial statements were authorised for issue by the Company's board of directors on 2 July 2023.

New standards, amendments and interpretations

The following IFRSs standards and amendments are effective from 1 January 2022:

· Annual Improvements to IFRS Standards 2018-2020.

· Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37)

· Property, Plant and Equipment - Proceeds before Intended Use (Amendments to IAS 16)

· Reference to the Conceptual Framework (Amendments to IFRS 3)

· Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)

The amendments listed above did not have a material impact on the amounts recognsied in prior periods and are not expected to significantly affect the current or future periods.

New and revised IFRS Standards in issue but not yet effective

The following amendments are in issue, but are not effective for the current period:

· Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

· Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4)

· Classification of Liabilities as Current or Non-current - Deferral of Effective Date (Amendment to IAS 1)

· Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)

· Definition of Accounting Estimates (Amendments to IAS 8)

· Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

· Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

· Non-current Liabilities with Covenants (Amendments to IAS 1)

These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

Measurement convention

These financial statements have been prepared on the historical cost basis.

The preparation of financial statements in conformity with Adopted IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.

Basis of consolidation

Subsidiaries

Subsidiaries are all entities over which the group has control. . The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.

In case of acquisition of assets that do not qualify as a business, these are recignised as acquired when the company obtains control over the asset, which is typically evidenced by legal ownership or the ability to direct the use and obtain the economic benefits.

Acquired assets are initially measured at their fair value, which represents the amount for which the asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.

Consideration paid for the asset acquisition is allocated to the individual assets and liabilities acquired based on their respective fair values at the date of acquisition. The fair value of acquired assets is determined using appropriate valuation techniques, such as market comparisons, income-based approaches, or other relevant methods.

The initial recognition and measurement of acquired assets and liabilities occur at the date when the company obtains control over the assets, which is typically the date of legal transfer or other events signalling control. Subsequent measurement depends on the nature of the asset and is driven by the applicable standards.

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.

Associates

Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting right.

Investments in associates are recorded using the equity method of accounting.

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group's share of post-acquisition profits or losses of the investee in profit or loss, and the group's share of movements in other comprehensive income.

Where the group's share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.

Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group's interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described below.

Changes in ownership interests

An entity remeasures the previously held equity interest to fair value at the date on which it obtains control and recognises any resulting gain or loss in profit or loss or other comprehensive income, as appropriate.

Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of each of the group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency').

(ii) Transactions and balances

Transactions in foreign currencies are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss.

All foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within general and administrative expenses.

(iii) Group companies

The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

· assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet

· income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and

· all resulting exchange differences are recognised in other comprehensive income.

On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive income. When a foreign operation is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.

Leases

Assets and liabilities arising from a lease are initially measured on a present value basis, measured in accordance with IFRS 16.26. Lease liabilities include the net present value of the following lease payments:

· fixed payments (including in-substance fixed payments), less any lease incentives receivable

· variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date

· amounts expected to be payable by the group under residual value guarantees

· the exercise price of a purchase option if the group is reasonably certain to exercise that option, and

· payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:

· the amount of the initial measurement of lease liability

· any lease payments made at or before the commencement date less any lease incentives received

· any initial direct costs, and

· restoration costs.

Impairment of non financial assets

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

Share-based payments

Employees

The Group makes equity-settled share-based payments to certain employees and similar persons as part of a Long-Term Incentive Plan ('LTIP'). The fair value of options granted is recognised as an expense within general and administrative expenses, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:

· including any market performance conditions (e.g. the entity's share price).

· excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period).

· including the impact of any non-vesting conditions (e.g. the requirement for employees to save or hold shares for a specific period of time).

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity

Where awards were granted to employees of the Group's associate and similar persons, the equity-settled share-based payments were recognised by the Group as an increase in the cost of the investment with a corresponding increase in equity over the vesting period of the awards.

Non-employees

Where the Group receives goods or services from a third party in exchange for a fixed number of its own equity instruments, the equity instruments and related goods or services are measured at the fair value of the goods or services received. These are recognised as the goods are obtained or the services rendered. Equity instruments issued under such arrangements for the receipt of services are only considered to be vested once provision of services is complete.

Non-derivative financial instruments

Financial assets and financial liabilities are initially recognised when the group becomes a party to the contractual provisions of the instrument in accordance with IFRS 9.

Financial assets are initially recognised at their fair value, including, in the case of instruments not recorded at fair value through profit or loss, directly attributable transaction costs. Financial assets are subsequently measured at amortised cost, at fair value through other comprehensive income (FVTOCI) or at fair value through profit or loss (FVTPL) depending upon the business model for managing the financial assets and the nature of the contractual cash flow characteristics of the instrument.

Financial liabilities, other than derivatives, are initially recognised at fair value of consideration received net of transaction costs as appropriate and subsequently carried at amortised cost.

Non-derivative financial instruments in the balance sheet comprise other receivables, cash and cash equivalents, and trade and other payables.

(i) Impairment of financial assets

A loss allowance for expected credit losses is determined for all financial assets, other than those at FVTPL, at the end of each reporting period. The expected credit loss recognised represents a probability-weighted estimate of credit losses over the expected life of the financial instrument.

The expected credit loss allowance is determined on the basis of twelve month expected credit losses and where there has been a significant increase in credit risk, lifetime expected credit losses. Financial assets are credit impaired when there is no realistic likelihood of recovery.

(ii) Derecognition of financial assets and financial liabilities

The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.

The Group derecognises financial liabilities when the Group's obligations are discharged, cancelled or have expired.

On derecognition of a financial asset/financial liability in its entirety, the difference between the carrying amount of the financial asset/financial liability and the sum of the consideration received and receivable/paid and payable is recognised in profit and loss.

Other receivables

Other receivables amounts due from related parties and trade receivables, which are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less loss allowance. See note 13 for a description of group's impairment policies.

Trade and other payables

Trade and other payables are initially recognised at the fair value of consideration received net of transaction costs as appropriate and subsequently measured at amortised cost.

Cash and cash equivalents

Cash and cash equivalents comprise balances with financial institutions.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity.

When share capital recognised as equity is repurchased, the amount of consideration paid, including directly attributable costs, is recognised as a change in equity. Repurchased shares are cancelled.

Impairment of investment in associate

The carrying amounts of the group's investment in associate are reviewed at each reporting period end to determine whether there is any indication of impairment. The investment is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that investment. If any such indication exists, the investment's recoverable amount is estimated.

An impairment loss is recognised whenever the carrying amount of the investment or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.

(i) Calculation of recoverable amount

The recoverable amount of the Group's investments carried at amortised cost is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate computed at initial recognition of these financial assets).

(ii) Reversals of impairment

An impairment loss is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount.

An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Financing income and expenses

Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method.

Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.

Borrowing costs

Borrowing costs are expensed in the period in which they are incurred unless they relate to a qualifying asset, in which these are capitalised.

Taxation

The income tax expense or credit for the period is the tax payable on the current period's taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty, and any adjustment to tax payable in respect of previous years.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. . However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences.

Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

Segmental Reporting

The Group has one operating segment, being its investment in the Project, held through Jumelles. Financial information regarding this segment is provided in Note 6b.

Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares

• by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

• the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and

• the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares

Exploration and evaluation expenditure

Capitalised exploration and evaluation expenditure represents the accumulated costs incurred relating to exploration and evaluation of the Zanaga properties.

Ultimate recoupment of these costs is dependent on the successful development and commercial exploitation, or alternatively sale of the respective areas of interest.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate components of the item of property, plant and equipment and each component is depreciated over its estimated useful life.

Depreciation is charged to the consolidated income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as follows:

- Fixtures and fittings 3-10 years

- Motor vehicles 4 years

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.

Subsequent events

Post year-end events that provide additional information about the Group's position at the end of each reporting period (adjusting events) are reflected in the financial statements. Post year-end events that are not adjusting events are disclosed in the notes to financial statements where material. Please see note 17.

3 Critical accounting judgements and key sources of estimation uncertainty

The preparation of the Group's consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of expenses, assets and liabilities, and the accompanying disclosures as at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affected in future periods.

Judgements

In the process of applying the Group's accounting policies, management has made the following judgements, which has the most significant effect on the amounts recognised in the consolidated financial statements:

Acquisition of assets

The Company has acquired a 100% stake in Jumelles during the current year. IFRS 3 'Business Combinations' requires an entity to assess if the acquired set of assets and activities constitutes a business, which needs to have an input and a substantive process. The acquired set of assets and activities does not have significant processes and programs in place at the acquisition date. In addition, the employees that have been transferred are merely for administrative, maintenance and security of the site, which are not considered to have the intellectual capability or expertise to start development of the mine and convert the reserves underground into output for sales.

The acquired set does not include substantive processes due to lack of a skilled workforce or contracts in place for development and extraction activities and therefore does not meet the definition of business, and is accounted for as an asset acquisition. Accordingly, the Group has allocated the cost of acquisition to the assets and liabilities acquired in proportion of their relative fair values.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation undertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.

Given the material risk but also upside potential, in our opinion, detailed disclosure in the Financial Statementsshould be made that:

· the potential of the project is material, given the results of thefeasibility study, the material reserves, etc.

· the estimated future value considers the material risk at this phase, driven by the early/greenfield stage of the project, the relatively long development period of more than four years and large capital cost, and major project assumptions which might change in due course, but also country risk effects.

· the volatility of the markets, including the global uncertain geopolitical situation and country risks adds to the risks that affect the project.

· the sensitivity of the project to the weighted average cost of capital ("WACC") (and other major assumptions) could be indicated as: +/-0.5% change in the discount rate would change the value of the project by approximately -/+US$ 50-54m.

· due to the above factors, material risk and volatility of the future value could be expected under better/worse market or operational conditions.

(i) Deferred taxes

At each balance sheet, the Group assesses whether the realisation of future tax benefits is sufficiently probable to recognise deferred tax assets. This assessment requires the use of significant estimates with respect to assessment of future taxable income. The recorded amount of total deferred tax assets could change if estimates of projected future taxable income or if changes in current tax regulations are enacted. Refer note 5 for further information on potential tax benefits for which no deferred tax asset is recognised.

4 Note to the comprehensive income statement

Operating profit/(loss) before tax is stated after charging/(crediting):

	2022	2021
	US$000	US$000
Share-based payments (see Note 11)	163	547
Net foreign exchange loss/(gain)	(34)	(12)
Directors' fees	-	-
Auditor's remuneration	107	70

Other than the Company Directors, the Group did not directly employ any staff in 2022 (2021: Nil). The Directors received Nil remuneration for their services as Directors of the Group (2021: Nil).

5 Taxation

The Group is exempt from most forms of taxation in the BVI, provided the Group does not trade 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 are 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 Nil % (2021: Nil %).

In case of the wholly-owned subsidiary, Jumelles Limited (acquired during the current year), the Avenant to the MPD Convention applied from August 2010 provides corporate income tax exemption to foreign companies providing services to MPD for the benefit of the Zanaga project during the exploration and feasibility phase of the project. In 2011 a service note from the Congolese tax authorities gave further precisions and interpretations on the tax exemptions. The Mine Operating Agreement signed in August 2014 contains a detailed tax regime and in effect at the authorisation date.

Under the Mine Operating Agreement provisions of corporate tax exemption are as follows:

Complete exemption from corporate income tax during the First Exemption Period of 5 years from the First Financial Year which is defined as the financial year of the mining code ("SEM") as:

(i) after the year, in the course of which the date of Commercial Production Stage 1 occurs.

(ii) in relation to which previously reported tax deficits (ordinary losses and amortisations deemed deferred) have been set off against taxable profits.

(iii) in the course of which the SEM achieves a taxable profit.

An additional period of complete exemption from corporate income tax for a period of 5 years. However this exemption will only apply to 50% of the taxable profit and will be applicable from the First Financial Year of the Second Exemption Period which refers to the financial year of the SEM as:

(i) after the year, in the course of which the date of Commercial Production Stage 2 occurs.

(ii) in relation to which it is established that the tax deficits previously reported (ordinary losses and amortisations deemed deferred) have been previously imputed in their totality to taxable profits.

(iii) in the course of which the SEM achieves a taxable profit.

6a Property, Plant and Equipment

	Motor	Right of	Fixtures	Exploration	Total
	vehicles	use asset	and fittings	assets
	US$000	US$000	US$000	US$000	US$000
Cost
Balance at 1 January 2021	43	-	-	-	43
Additions on account of acquisition of assets (refer note 6b)	-	100	603	85,300	86,003
Balance as at 31 December 2022	43	100	603	85,300	86,046
Depreciation
Balance at 1 January 2021	43	-	-	-	43
Charge for period	-	-	-	-	-
Balance at 31 December 2022	43	-	-	-	43
Net book value
Balance at 31 December 2022	-	100	603	85,300	86,003
Balance at 31 December 2021	-	-	-	-	-

The Right-of-use assets consist of office space and airstrip.

6b Investment in Associate

	US$000
Balance at 1 January 2021	37,354
Additions	604
Share of profit or loss	(672)
Share of currency translation reserve	(17)
Balance at 31 December 2021	37,269
Balance at 1 January 2022	37,269
Share of profit or loss	(436)
Share of currency translation reserve	61
Additional investment during the year	95
Disposal - on account of acquisition of controlling stake	(36,988)
Balance at 31 December 2022	-

As at 1 January 2022, the investment in associate comprises of 2,000,000 shares, which accounts for 50% minus one share of the total share capital of 4,000,001 shares. Initially recorded at cost, this investment has been adjusted to reflect changes in the Company's share of the net assets of Jumelles, taking into account impairment losses. The investment has been historically impaired based on Company's proportionate share of the impaired value of the Project as declared in Jumelles's previous years' accounts.

The additions to the investment are made in accordance with the 2022 Funding Agreement amounting to US$0.95m (2021 US$0.60m).

During the current year, on 16 December 2022, the Company acquired the remaining stake in Jumelles from Glencore, thereby gaining control, with 100% stake in Jumelles. The consideration for this acquisition was made by issuing ordinary shares of the Company.

Summarised financial information of the associate as on the date of acquisition is set out below.

	15 December 2022	2021
	US$000	US$000
Non-current Assets:
Property, plant and equipment	703	828
Exploration and other evaluation assets	85,300	80,000
Total non-current assets	86,003	80,828
Current assets	125	202
Non-current liabilities	(100)	(117)
Current liabilities	(944)	(469)
Net assets	85,084	80,444
Share capital	293,103	293,103
Additional paid in capital	41,242	41,052
Translation reserve	(6,112)	(4,846)
Accumulated deficit	(243,149)	(248,865)
	85,084	80,444

The acquisition has been determined to involve assets that do not qualify as a business, therefore the purchase is an asset acquisition and not a business combination This is primarily due to the absence of a skilled workforce and contracts for development or extraction activities. As a result, the Company has allocated the consideration paid to the acquired assets and liabilities based on their respective fair values. These fair values are deemed equal to their existing carrying values as at the acquisition date.

The main assumptions used for the valuation were using a discounted flow model (DCF) using a discount rate of 18%.

In addition, the Company has revalued its investment in the associate and recorded a gain in statement of comprehensive income in amount of US$ 5,603,000 in accordance with the accounting policies outlined in Note 2.

Previously accumulated Foreign currency translation reserve on this investment of US$ 3,447,000 was also processed through the statement of comprehensive income.

7 Other receivables

	2022	2021
	US$000	US$000
Prepayments and receivables	103	199
Prepayments and receivales acquired as acquisition of assets (refer note 6b)	10	-
Amounts receivable from the Jumelles group	-	34
Other receivables	113	233

8 Cash and cash equivalents

	2022	2021
	US$000	US$000
Cash and cash equivalents	195	387
Acquired as acquisition of assets (refer note 6b)	115	-
	310	387

9a Lease liability

	2022	2021
	US$000	US$000
Acquired as acquisition of assets (refer note 6b)
Current portion	11	-
Non-current portion	104	-

9b Loans and borrowings

	2022	2021
	US$000	US$000
Acquired as acquisition of assets (refer note 6b)
Loan from Glencore	385	-

9c Trade and other payables

	2022	2021
	US$000	US$000
Accounts payable	279	153
Acquired as acquisition of assets (refer note 6b)
Other payables	445	-
	724	153

No amounts payable are due in more than 12 months (31 December 2021: US$nil).

10 Share capital

In thousands of shares	Ordinary Shares	Ordinary Shares
	2022	2021
In issue at 1 January	307,034	293,034
Shares issued	286,340	14,000
In issue at 31 December	593,374	307,034

The Company is able to issue an unlimited number of no par value shares. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. No dividends have been paid or declared in 2022 or in the prior year (2021: US$nil).

Share capital changes in 2022

286,340,379 shares were issued to Glencore International AG in 2022 as part of the Jumelles transaction as described in note 6b. There were no share repurchases.

Nature and purpose of reserves

Foreign currency translation reserve

The foreign currency translation reserve comprises of all foreign currency differences arising from translation of the financial statements of foreign operations.

11 Share-based payments

Employees

There are no new awards that have been issued during the current and previous years ended 31 December 2022 and 31 December 2021 respectively.

The following fully vested awards are currently in operation:

Award 6 (2014)

Award 8 (2014)

Award 9 (2014)

Total

Weighted

Average

Exercise Price

(£)

Number

(£)

Number

(£)

Number

(£)

Number

At 1 January 2021 *

0.01

1,002,771

0.01

1,013,418

0.01

2,000,000

£0.01

3,002,771

(US$0.04)

Granted

N/A

Nil

N/A

Nil

N/A

Nil

N/A

Nil

Forfeited

N/A

Nil

N/A

Nil

N/A

Nil

N/A

Nil

Exercised

N/A

Nil

N/A

Nil

N/A

Nil

N/A

Nil

Lapsed

N/A

Nil

N/A

Nil

N/A

Nil

N/A

Nil

At 31 December 2021 *

0.01

1,002,771

N/A

1,013,418

0.01

Nil

£0.01

Nil

At 1 January 2022 *

0.01

1,002,771

0.01

1,013,418

0.01

2,000,000

£0.01

3,002,771

(US$0.04)

Granted

N/A

Nil

N/A

Nil

N/A

Nil

N/A

Nil

Forfeited

N/A

Nil

N/A

Nil

N/A

Nil

N/A

Nil

Exercised

N/A

Nil

N/A

Nil

N/A

Nil

N/A

Nil

Lapsed

N/A

Nil

N/A

Nil

N/A

Nil

N/A

Nil

At 31 December 2022 *

0.01

1,002,771

0.01

1,013,418

0.01

2,000,000

£0.01

3,002,771

Award 6 (2014)

Award 8 (2014)

Award 9 (2014)

Total

Range of exercise prices *

£0.00-£0.01
(US$0.00-US$0.02)

£0.01

(US$0.02)

£0.01

(US$0.02)

£0.00 - £0.02
(US$0.00-US$0.04)

Weighted average fair value of share awards granted in the period *

N/A)

N/A

Weighted average share price at date of exercise (£)

N/A

Total share awards vested

1,137,338

1,013,418

4,000,000

Weighted average remaining contractual life (Days)

Nil

N/A

Expiry date

29 July 2024**

29 July 2024

N/A

* Sterling amounts have been converted into US Dollars at the grant dates exchange rates of: Awards 1,2, US$1.547:£1.00, Subsequent awards US$ 1.6944:£1.00.

** Excepting 199,076 share options with expiry date 7 July 2023

The following information is relevant for determination of fair value of options granted :

	Award 6 (2014)	Award 8 (2014)	Award 9 (2014)
Option pricing model used	Black-Scholes	Black-Scholes	Black-Scholes

Weighted average share price at date of grant	£0.19 (US$$0.31)	£0.19 (US$$0.31)	£0.19 (US$$0.31)
Weighted average expected option life	5.0 years	4.0 years	4.6 years
Expected volatility (%)	91%	91%	91%



Dividend growth rate (%)	Zero	Zero	Zero
Risk-free interest rate (%)	1.75% for	1.75% for	1.75% for
	12 month expected life	12 month expected life	12 month expected life
	2.25% in excess	2.25% in excess	2.25% in excess
	24 month expected life	24 month expected life	24 month expected life

* Sterling amounts have been converted into US Dollars at the grant dates exchange rates of: Awards 1,2, US$1.547:£1.00, Subsequent awards US$ 1.6944:£1.00.

Non-employees

In August 2019 the Group entered into a new incentive plan which granted share options in the Group to two non-employee individuals and Harris Geoconsult Limited who provide consulting services to the Group. On 29 August 2019, 13,633,335 options were granted under this scheme. The scheme will be settled in equity instruments of the Group and is therefore treated as an equity-settled share-based payment arrangement. The options vest in multiple tranches based on the Group achieving key performance milestone including:

(a) The approval by Jumelles of the Early Production Project (EPP), including its potential technical and financial feasibility, as the basis for advancing the development of the Zanaga Project;

(b) Raising finance either for the Group or separately for the development phase of the Zanaga Project; or

(c) The completion of a significant merger or acquisition involving the Group or any member of the Jumelles Group acquiring a material interest (as determined by the Group board) in a third party or a third party acquiring a material interest (as determined by the Group board) in the Group or a member of the Jumelles Group.

All unvested options will also vest on the occurrence of certain events, such as a change of control of the Company, which has now occurred. Once vested all options are exercisable within seven years of the grant date of award. The options have a nominal exercise price of 0.01p (one hundredth of one penny). The number of share options are as follows:

In number of shares	Number of options 2022	Number of options 2021
Granted during the year	-	-
Exercised during the year	-	-
Outstanding at the end of the year	13,633,335	13,633,335
Exercisable at the end of the year	13,633,335	-

The services to be provided in exchange for the options are unidentifiable at the date of the grant and therefore the Group has measured the fair value of the services with reference to the fair value of the options granted. The fair value is measured using a Black Scholes model. Measurement inputs and assumptions as follows:

		2022
Fair value at grant date		0.09
Share price at valuation date		0.09
Exercise price		Nominal
Expected volatility (weighted average)		N/A
Option life (weighted average life in years)		2.4
Expected dividends		Nil
Risk-free interest rate (based on national government bonds)		N/A

As the options are effectively nil-cost options, the expected volatility and risk-free rate does not impact the fair value under the Black Scholes model and therefore has been excluded from the inputs into the model. The share options are granted with a number of non-market performance conditions that relate to achievement of specific performance milestones for the Group as set out above. In addition, the option holders must continue to provide consulting services to the Group as at the vesting date. Such conditions are not considered in the fair value measurement on the grant date but to estimate the expected vesting period over which the equity-settled share-based payment charged to profit or loss. As at year end the expected vesting date of each tranche of options is between 30 June 2020 and 31 December 2021 resulting in a weighted average option life of 2.4 years.

The total expenses recognised for the year relating to equity-settled share-based payments is US$547k.

In addition, there are 1,600,000 options outstanding which were issued to a consultant in 2014 at 18.5p that have vested but have not yet been exercised.

12 Earnings / (Loss) per share

	2022		2021
Profit (Loss) (US$,000)	8,098		(1,898)
Weighted average number of shares (thousands)
Basic
Issued shares at beginning of period (a)	307,034		293,034
Shares issued during the year (b)	286,340	14,000
Weighted average of new shares issued (c)	11,767	14,000
Weighted average number of shares at 31 December - basic (a+c)	318,801		307,034
Loss per share
Basic (Cents)	0.3.		(0.60)
Diluted (Cents)	0.3.		(0.60)

13 Financial Risk Management and Fair value measurements

I. Financial Ris Management

The Group's activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk (comprising currency risk and interest rate risk). The Group seeks to minimise potential adverse effects of these risks on the Group's financial performance. The Board has overall responsibility for managing the risks and the framework for monitoring and coordinating these risks. The Group's financial risk management policies are set out below:

(a) Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group receivables related parties. The Group has a credit policy in place and exposure to credit risk is monitored on an ongoing basis. At 31 December, the Group's maximum exposure to credit risk was as follows:

	2022	2021
	US$000	US$000
Cash and cash equivalents	310	387
Receivables	113	199
Amounts receivable from Jumelles Group	-	34

Significant concentrations of credit risk manifest with the Group's banking counterparties with which the cash and cash equivalents are held, and accounts receivable from Jumelles.

(b) Liquidity risk

Liquidity risk is the risk that the Group is unable to meet its payment obligations when due, or that it is unable, on an ongoing basis, to borrow funds in the market on an unsecured or secured basis at an acceptable price to fund actual or proposed commitments. Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents and availability of adequate committed funding facilities.

The Group evaluates on a continuous basis, the amount of liquid funds that may be required for business operations, in order to secure funding needed for business activities.

The maturity profile of the Group's financial liabilities based on the contractual terms is as follows:

$'000	Less than 1 month	1 - 6 months	Greater than 6 months	Total
2022
Borrowings	-	-	385	385
Lease liabilities	11	-	104	115
Accounts payable	-	724	-	724
Total	11	724	489	1,224

2021
Accounts payable	83	-	70	153

(i) Foreign currency risk

Foreign curreny risk is the risk that changes in foreign exchange rates will affect the Group's income or value of its holdings of financial instruments, if any.

The foreign currency denominated financial assets and liabilities are not hedged, thus the changes in their value are charged or credited to profit and loss.

The Group's exposure to foreign currency risk at the end of the reporting period is as follows:

	31/12/2022			31/12/2021
	XAF	EURO	GBP	XAF	EURO	GBP
	$ 000	$ 000	$ 000	$ 000	$ 000	$ 000
Cash and cash equivalents	100	-	195	-	-	387
Receivables	10	-	103	-	-	233
Payables	(55)	(69)	(279)	-	-	(153)
Total	55	(69)	(19)	-	-	605

The following significant exchange rates applied during the year:

		Reporting date		Reporting date
	Average rate	spot rate	Average rate	spot rate
	2022	2022	2021	2021
Against US Dollars	US$	US$	US$	US$
Pounds Sterling	1.2369	1.2098	1.33680	1.3532

(ii) Sensitivity analysis

A 10% weakening of the following currencies against US Dollar at the end of the reporting period would have increased/(decreased) equity and profit or loss by the amounts shown below. This calculation assumes that the change occurred at the end of each reporting period and has been applied to risk exposures existing at that date. This analysis further assumes that all other variables remain constant.

	Equity	Profit or loss	Equity	Profit or loss
	2022	2022	2021	2021
	US$000	US$000	US$000	US$000
Pounds Sterling	(29)	(29)	(35)	(35)

A 10% strengthening of the above currencies against the US Dollar at the end of the reporting period would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.

(iii) Capital management

The Board's policy is to maintain a stable capital base so as to maintain investor and market confidence. Capital consists of share capital and retained earnings. The Directors do not intend to declare or pay a dividend in the foreseeable future but, subject to the availability of sufficient distributable profits, intend to commence the payment of dividends when it becomes commercially prudent to do so.

The Company has a share incentive programme which is now administered by the Board. The share incentive programme is discretionary, and the Board will decide whether to make share awards under the share incentive programme at any time. Fair value of financials assets and liabilities

All the financial assets and liabilities are measured at amortised cost. The carrying amounts of all financial assets and liabilities are a reasonable approximation of their fair values.

They are classified as Level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

14 Commitments for expenditure

None.

15 Related parties

I. Subsidiaries

(a) Wholly-owned subsidiaries

- Zanaga UK Services Limited

- Jumelles Limited*

(b) Indirectly wholly-owned subsidiaries (held by Jumelles Limited)

- MPD Congo

- Jumelles M Limited

II. Entities that have significant influence

- Glencore International AG*

*Until 15 December 2022, Jumelles Limited was an associate of the Company. The acquisition resulted in Jumelles Limited being a wholly-owned subsidiary of the Company and Glencore International AG exercising significant influence. Refer note 6b.

The following transactions occurred with related parties during the period:

	Transactions for the period		Closing balance (payable)/receivable
	2022	2021	2022	2021
	US$000	US$000	US$000	US$000
Funding:
Loan from Glencore to Jumelles	385	-	385	-

Non Executive Directors as at 31 December 2022 -

16 Transactions with key management personnel

	2022	2021
	US$000	US$000

Directors' fees	-	-
Total	-	-

The Directors have no material interest in any contract of significance subsisting during the financial year, to which the Group is a party.

17 Subsequent Events

On 1 July 2023, the Company entered into a new Subscription Agreement (the 2023 ESA) with SMC.

Under the Subscription Agreement, the Company will issue and SMC has subscribed for 36 million ordinary shares of no par value in the Company ("Subscription Shares") in three tranches of 12 million shares each (First tranche to be issued immediately).

*** End of Financial Statements ***

Glossary

AL₂O₃	Alumina (Aluminium Oxide)
Fe	Total Iron
JORC Code	The 2004 or 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves as published by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia.
LOI	Loss on ignition
LOM	Life of mine
Mineral Resource	A concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.
Mn	Manganese
Ore Reserve	The economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified. Ore Reserves are sub-divided in order of increasing confidence into Probable Ore Reserves and Proved Ore Reserves. A Probable Ore Reserve has a lower level of confidence than a Proved Ore Reserve but is of sufficient quality to serve as the basis for a decision on the development of the deposit.
P	Phosphorus
PFS	Pre-feasibility Study
SiO2	Silica
Beneficiation	The process of improving (benefiting) the economic value of the ore by removing the waste minerals, which results in a higher grade product (concentrate)
Pelletisation	The process of compressing or moulding a material into the shape of a pellet
Mtpa	Million Tonnes Per Annum

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Zanaga Iron Ore Co. Ltd (DI) (ZIOC)

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