Non-precious iron-based catalysts (Fe-NCs) require high active site density (SD) to meet the performance targets as cathode catalysts in proton exchange membrane fuel cells (PEMFCs). SD is generally limited to that achieved at 1-3 wt%(Fe) loading due to the undesired formation of iron-containing nanoparticles at higher loadings. Here we show that by pre-forming a carbon-nitrogen matrix using a sacrificial metal (Zn) in the initial synthesis step and then exchanging iron into this preformed matrix we achieve 7 wt% iron coordinated solely as single atom Fe-N4 sites as identified by 57Fe cryo Mössbauer spectroscopy and X-ray absorption spectroscopy. SD values measured by in situ nitrite stripping and ex situ CO chemisorption methods are 4.7x1019 and 7.8x1019 sitesg-1, with a turnover frequency of 5.4 electrons̭sites-1s-1 at 0.80 V in 0.5M H2SO4 electrolyte. The catalyst delivers excellent PEMFC performance with current densities of 41.3 mAcm-2 at 0.90 ViR-free using H2-O2 (10.6 Ag-1) and 145 mA cm-2 at 0.80 V (199 mAcm-2 at 0.80 ViR-free) using H2-air.