# INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/interim-results-for-six-months-ended-30-june-2026--1c1ee026-2ae7-4e66-9d10-98d864da94b8 Original source: https://www.londonstockexchange.com/news-article/ZIOC/interim-results-for-six-months-ended-30-june-2026/17809115 Publisher: lse Original announcement: 2026-09-29T05:00:05.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T15:20:03.770Z Atlas analysis updated: 2026-09-29T15:20:03.770Z - Company: Zanaga Iron Ore Company Limited - Ticker: ZIOC - Exchange: LSE - Region: Republic of Congo - Primary commodity: Iron ore - Secondary commodities: None reported - Document categories: Metallurgy, Capital raise, Agreement transaction, Other - Extracted: 2026-09-29 15:20:04 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Zanaga Iron Ore Company Limited announced its unaudited interim results for the first half of 2026, highlighting a substantial increase in the Zanaga Project's NPV following an April 2026 economic update based on Direct Reduction Iron \(DRI\) product. The company successfully raised £5.6 million \(US$7.6 million\) through an equity placement and is progressing a strategic investment with Red Arc Minerals LLC, including a potential US$500 million government-backed financing. Additionally, the company commenced a bulk sampling program to confirm its revised DRI flowsheet at pilot scale, aiming to advance the project towards a Final Investment Decision. Reasoning: The company reported strong progress on its iron ore project, including a significant NPV increase from an economic update based on DRI product, a successful equity raise, and ongoing strategic investment discussions, despite an increased interim loss. - Positive factor: Significant increase in project NPV following economic update - Positive factor: Successful equity raise providing funding for project advancement - Positive factor: Positive laboratory test work confirming high-grade DRI product capability - Positive factor: Progress on strategic investment and potential large-scale financing - Positive factor: Identified substantial life-of-mine cash cost savings - Negative factor: Continued operating loss for the period - Negative factor: Extension of strategic investment transaction timetable Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 2 ## Classification and evidence **Free Milling** Polarity: positive Story-specific tag Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: Positive test work results confirmed the ability to produce DRI-grade pellet feed concentrate with low impurities, indicating a clean ore amenable to standard processing. Evidence · text > Positive test work results confirming the ability of the Zanaga Iron Ore Project \(the "Zanaga Project" or the "Project"\) to produce DRI-grade pellet feed concentrate with low impurities **Bench Scale Only** Polarity: negative Story-specific tag Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The reported concentrate grades are from 'laboratory-scale DRI test work' and the bulk sampling program is designed to confirm the flowsheet at 'pilot scale', indicating the current results are not yet from pilot-scale testing. Evidence · text > Following successful laboratory-scale DRI test work completed in mid-2025, ZIOC commissioned detailed conceptual and feasibility-level designs to refine capital and operating cost estimates to ±20% accuracy. **Mill Route** Polarity: neutral Story-specific tag Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The project involves a 'pellet plant' and a 'concentrator complex', which are typical mill-based processing methods. Evidence · text > A feasibility study was completed to verify the likely costs to construct and operate both 2.5 Mtpa hot and 2.5 Mtpa cold pellet plants in the Republic of Congo. **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Metallurgical Results (2) ### laboratory [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-six-months-ended-30-june-2026--1c1ee026-2ae7-4e66-9d10-98d864da94b8#fact-metallurgical-facts-0) Zanaga Project · iron\_ore #### Identity - Project: Zanaga Project - Commodity: iron\_ore - Region: republic of congo - Reported Region: Republic of Congo - Ticker: ZIOC #### Test Work - Program Status: scoping - Test Type: laboratory - Processing Route: pellet feed production - Sample: Stage One \(hematite\) concentrate #### Recovery - Conc. Grade: 68.5 - Conc. Grade Unit: %Fe #### Reagents - Reagent Notes: 1.05 %SiO₂, 0.47 %Al₂O₃, 0.034 %P #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Laboratory test work confirmed the ability to produce high-grade DRI pellet feed concentrate from Stage One hematite with low impurities, which significantly increases the project's revenue potential. - Positive factor: Confirms ability to produce high-grade DRI pellet feed - Positive factor: Low impurity levels - Positive factor: Increases project revenue potential Evidence · text > Stage One \(hematite\) concentrate grade results: 68.5 %Fe, 1.05 %SiO₂, 0.47 %Al₂O₃, 0.034 %P ### laboratory [Link to this fact](https://atlas-staging.minestarters.com/news/interim-results-for-six-months-ended-30-june-2026--1c1ee026-2ae7-4e66-9d10-98d864da94b8#fact-metallurgical-facts-1) Zanaga Project · iron\_ore #### Identity - Project: Zanaga Project - Commodity: iron\_ore - Region: republic of congo - Reported Region: Republic of Congo - Ticker: ZIOC #### Test Work - Program Status: scoping - Test Type: laboratory - Processing Route: pellet feed production - Sample: Stage Two \(magnetite\) concentrate #### Recovery - Conc. Grade: 69.1 - Conc. Grade Unit: %Fe #### Reagents - Reagent Notes: 1.96 %SiO₂, 0.40 %Al₂O₃, 0.028 %P #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Laboratory test work confirmed the ability to produce high-grade DRI pellet feed concentrate from Stage Two magnetite with low impurities, which significantly increases the project's revenue potential. - Positive factor: Confirms ability to produce high-grade DRI pellet feed - Positive factor: Low impurity levels - Positive factor: Increases project revenue potential Evidence · text > Stage Two \(magnetite\) concentrate grade results: 69.1 %Fe, 1.96 %SiO₂, 0.40 %Al₂O₃, 0.028 %P ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.