LONDON, June 30, 2026, 19:03 BST
- Zanaga Iron Ore Co. Ltd. (LON:ZIOC) traded at a 4.31p bid and 4.50p offer after the London close, gaining 10.12%. Volume hit 30.3 million shares, well above the 60-day LSE/FTSE Russell average of 2.23 million shares.
- Volume for the day was about 3.1% of the increased share base, around 13.6 times the 60-day average, using reported shares after May’s issue.
- There was no ZIOC RNS for June 30 in the Investegate feed as of press time. A May RNS had set June 30 as the date for the 2025 annual results deadline and bulk-sampling target.
- The AIM All-Share added 0.27%. The FTSE 100 gained 0.12%. ZIOC outperformed both indexes by a wide margin.
Zanaga Iron Ore Co. Ltd. (LON:ZIOC) finished the London session with a 4.31p bid and 4.50p offer, up 10.12% for the day. Hargreaves Lansdown showed volume at 30,290,662 shares and put the market cap at 44.6 million pounds.
The move outpaced the headline price change. Volume on Tuesday hit nearly 13.6 times the 60-day average of 2.23 million shares, according to the latest LSE/FTSE Russell numbers. That was about 3.1% of the company’s expanded share base. Shares traded at the mid-price were valued at around £1.3 million.
There was no clear explanation from the company. On Investegate’s ZIOC page, the latest RNS as of now is the May 21 admission and voting rights statement. Zanaga’s results page did not include an annual report for the year ended December 2025 when checked.
Zanaga in May put a clear date on its timeline, saying full-year 2025 results would land by June 30 and bulk sampling should start by then too. AIM rules on the London Stock Exchange warn that companies missing annual accounts will get suspended under Rule 40.
Red Arc Minerals had another deadline. February documents gave the group exclusivity up to June 30, aiming for an extraordinary general meeting by the end of June. But Zanaga said in May final paperwork would slip into July, shifting the EGM into the third quarter. There’s still no guarantee the deal closes.
| Market measure | Latest read | Investor math |
|---|---|---|
| ZIOC bid-offer | 4.31p / 4.50p | Mid-price comes to roughly 4.405p |
| ZIOC day change | +10.12% | Beats FTSE 100 by nearly 10 points |
| ZIOC volume | 30.3 million shares | Roughly 13.6x the 60-day run rate |
| ZIOC volume / shares in issue | 3.1% | Uses 991.1 million as the base for voting rights |
| FTSE AIM All-Share | +0.27% | AIM lagged well behind ZIOC |
| FTSE 100 | +0.12% | Blue chip index barely moved |
The dilution level is key after May’s fundraising changed the deal math per share. Zanaga brought in £5.7 million gross with a placing, subscription, retail offer, and director fee shares at 4p each. Chief Executive Martin Knauth said there was “strong support shown by both existing and new investors”, and Chairman Clifford Elphick called it “materially oversubscribed”. Investegate
The May admission brought in 158.7 million more shares, pushing total voting rights to 991.1 million. Share count was up 19.1% from before the admission.
| Funding line | Cash or price | Ownership or share-count effect |
|---|---|---|
| May placing, subscription and retail offer | £5.7 million gross at 4p | New and fee shares brought voting rights up to 991.1 million |
| Red Arc Tranche One | Up to $25 million | 20% of Jumelles changes hands for project funding aiming at FID |
| Red Arc Tranche Two | Optional $125 million | Another 67.5% of Jumelles; Red Arc moves to 87.5% stake |
| Zanaga residual economics after Tranche Two | 1% net smelter return royalty, possible hold on a 12.5% project interest | Cash might be kept back until FID, not paid out right away |
Using the 1.36 pound-dollar rate from the February RNS, the $125 million Tranche Two would come to about 91.9 million pounds. With 991.1 million shares outstanding, that works out to about 9.3p per share. That’s down from the 11p a share Zanaga cited before the May placement. It’s still about 2.1 times Tuesday’s mid-quote and similar to the multiple off the Hargreaves Lansdown value, but this payment is optional and depends on Red Arc taking a much bigger piece of the project.
The move in ZIOC shares followed a drop from earlier levels. The LSE/FTSE Russell data for June 29 showed ZIOC off 52.0% in the last 52 weeks and down 52.3% since the start of the year. The relative strength index was 33.54.
Iron ore prices didn’t give much support to the stock. Trading Economics showed 62% iron ore at $100.26 a tonne on June 29, off 0.07% for the day. Zanaga’s April project case was based on a 65% Fe price of $115 a tonne, with a DRI premium of $5 a tonne for each percentage point above 65% Fe.
Zanaga said its Republic of Congo project holds a 6.9 billion tonne resource and a 2.1 billion tonne reserve. The company is targeting 30 million tonnes a year of high-grade DRI pellet feed, planning to start with 12 million tonnes in Stage One and expand to 18 million tonnes.
