Zanaga Iron Ore Company Limited provided an update to shareholders following completion of the Zanaga Iron Ore Project re-costing exercise and Ore Reserve update. Highlights: Zanaga Iron Ore Project 30Mtpa staged development project, Initiative to update the cost estimates associated with the 12Mtpa Stage One Project, as outlined in the 2014 Feasibility Study, has been completed, External independent technical expert engineering firms engaged by Jumelles Limited ("Jumelles"), the joint venture company between ZIOC and Glencore to oversee and provide input into the FS Review, Objective is to ascertain the potential capital and operating costs associated with the construction of the Zanaga Project's 12Mtpa Stage One Project in the current market environment, FS review indicates capital and operating cost estimates for the 12Mtpa Stage One development project remain approximately within the guidance levels outlined in the 2014 Feasibility Study, specifically: Capital expenditure expected to range between -2.9% and +2.5% of the 2014 Feasibility Study estimate, or to range between USD 2,154 million and USD 2,275 million. The lower range being dependent on the implementation of a number of potential savings opportunities identified by the independent technical experts. 12Mtpa Stage One operating cost estimate estimated to be approximately in line with the estimates provided in the 2014 FS. Ore Reserve estimate re-statement: The Zanaga Project's 2.1 billion tonne Ore Reserve estimate has been re-stated by SRK and updated based on market pricing as of 31 December 2020.