Zanaga Iron Ore Company Limited (AIM: ZIOC), the iron ore exploration and development company behind the 6.9 billion tonne Zanaga Iron Ore Project in the Republic of Congo, has announced that its proposed strategic equity investment deal with Red Arc Minerals LLC is unlikely to conclude by the 30 November 2026 deadline. The company disclosed that RAM's exclusivity in negotiations has already expired, though discussions between both parties are continuing in good faith. In response, ZIOC's board plans to appoint a financial adviser to conduct a formal strategic review of all available financing and development options for the Zanaga Project.

Key Points

  • Zanaga Iron Ore Company Limited (AIM: ZIOC) — iron ore exploration and development company focused on the Republic of Congo
  • The proposed RAM Transaction is unlikely to conclude by the 30 November 2026 extended deadline, triggering a formal strategic review
  • RAM has provided evidence of progress towards securing strategic financing of up to US$500 million for the Zanaga Project
  • Investors should watch for the appointment of a financial adviser and outcome of the strategic review of all available options

RAM Transaction Deadline Passes Exclusivity as Negotiations Continue at Zanaga Iron Ore Project

ZIOC first announced the proposed RAM Transaction on 10 February 2026, with Red Arc Minerals LLC seeking a strategic equity investment in the Zanaga Iron Ore Project. RAM's exclusivity in those negotiations formally expired on 31 July 2026, as referenced in a prior company announcement on that date. Despite the lapse of exclusivity, both parties have continued discussions in good faith. The company has simultaneously been exploring alternative financing solutions, reflecting the board's view that it is prudent to broaden options given the outstanding matters that still require agreement before the transaction can be formally concluded.

ZIOC to Appoint Financial Adviser for Full Strategic Review of Zanaga Financing Options

With the 30 November 2026 deadline now expected to pass without completion, ZIOC's board has confirmed plans to appoint a financial adviser to lead a comprehensive strategic review. That review will evaluate all available options, including the RAM Transaction itself, with the stated objective of maximising value for all shareholders and stakeholders. Non-Executive Chairman Clifford Elphick stated in the announcement that the company remains committed to working constructively with RAM whilst broadening its financing approach. The company's current nominated adviser is Panmure Liberum Limited, with Tamesis Partners LLP and Shard Capital Partners LLP serving as joint brokers.

Bulk Sampling Programme Completed as Zanaga's Technical Development Advances

Alongside the financing developments, ZIOC confirmed that the Zanaga Project continues to advance technically. The company recently completed a bulk sampling programme, which the announcement describes as an important milestone. Planned metallurgical testing and engineering activities are scheduled to follow, intended to further strengthen the project's technical foundation. The Zanaga Project holds a 2.1 billion tonne reserve and targets 30Mtpa production of high-grade DRI pellet feed iron ore, with all key permits — including a Government Mining Licence, Environmental Permit, and Mining Convention — already in place in the Republic of Congo.

RAM's US$500 Million Financing Progress Underlines Zanaga Project's Global Significance

The announcement states that RAM has provided evidence of significant progress towards securing strategic financing of up to US$500 million, which ZIOC describes as underlining the attractiveness of the Zanaga Iron Ore Project. The project is positioned as a globally significant asset, with a 6.9 billion tonne resource base and the potential to become one of the world's largest iron ore mines across its two planned development stages. Investors may be watching closely to assess whether the strategic review produces a binding transaction with RAM or an alternative financing structure ahead of any formal development decision.