30 Apr Annual Financial Report

African Pioneer Plc
(“African Pioneer” or the “Company”)

Final Results for period to 31 December 2024

African Pioneer plc, the exploration and resource development company with advanced projects in Namibia, Botswana, and Zambia, reports its full year results for the year ended 31 December 2024.

The Annual Report and Financial Statements for the year ended 31 December 2024 will shortly be available on the Company’s website at https://africanpioneerplc.com/.  A copy of the Annual Report and Financial Statements will also be uploaded to the National Storage Mechanism where it will be available for viewing at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Please note that page references in the text below refer to the page numbers in the Annual Report and Financial Statements.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”).

For further information, please contact:

or visit  https://africanpioneerplc.com/

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is Financial Adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

KEY HIGHLIGHTS

·    Consolidated Net assets – £ 4,640,962 (2023 – £ 5,214,181)

·    Consolidated (Loss)/Profit – Loss – £ (650,973) (2023 – (689,213))

·    The Group reports its results and raises funds in Pounds Sterling (GBP).

·    Its primary assets are in Zambia, Namibia, and Botswana

CHAIRMAN’ STATEMENT

Dear Shareholder,

The Company continued to make progress with its various southern African copper projects.  The objective for the year’s work was to determine the veracity of our various positions and direct our attention to value add so as to prioritise future direction for the Company and Shareholders.

Undoubtedly our Ongombo potential mine development is very well positioned to advance and can be progressed into an active mine at a time when copper demand is forecast to soar.  The contribution of gold and silver as by-products to the copper is expected to be substantial in the light of current precious metal prices.

Modelling of the orebody suggests that the project has the potential for more open cast development, which will also provide access for underground development. 

The shallow dipping orebody will facilitate a relatively low-cost mining option more akin to basic bord and pilar coal mining which is more cost effective than most metalliferous mining options.  The benefit of this method is to limit dilution, confining the bulk of mine development to the mineralised package.  Mine design work will continue accompanied by further exploration to define open pit parameters and the contribution of gold and silver.

Our joint venture with First Quantum on the Zambian Western Foreland and External Fold and Thrust Belt, has been generally directed towards detailed fieldwork following the initial reconnaissance drilling programme conducted by First Quantum, the objective being to further understand regional structures, propensity to lead to fluid traps and the combination of lithological units most likely to foster mineralisation in both the Western Foreland and External Fold and Thrust Belt.

In Botswana, we have continued our general studies to determine the possibility for further discoveries and again, there is sufficient evidence to justify additional exploration .  The mineralisation styles in the Botswana Kalahari belt are continually being revised and updated with each new discovery and we are assessing our overall exploration position by comparing the latest ore body analogues with the exploration data we have generated.

The natural resource sector smaller caps have continued to be neglected by most players in the investment arena.  This is mainly due to the uncertainties provided by geo-political tension and general political lack of stability. 

The investing world does not seem to accept that the demand for copper compared to the potential supply for the next 10 years, is completely out of balance.  The supply side is experiencing serious lack of discovery, caused by inadequate funding for exploration, coupled with a current lack of meaningful mine development.  The only financial activity in the copper arena has been M&A, which of course does not generate any new copper or indeed projects.  It remains our belief that the perfect storm is brewing and junior companies who have access to quality brownfield copper projects will be in a strong position over coming years.

Whilst we are somewhat disappointed with the financial climate in which we must operate, we remain convinced that the future is extremely bright for large company acquisition of smaller explorers and developers.  Against this, we continue our mission undeterred and will wherever possible seek out new opportunities for our shareholders. 

Finally, I would like to thank my fellow directors and management for their untiring efforts, in a difficult environment to make progressive progress.

Yours sincerely,

Colin Bird, Executive Chairman

African Pioneer Plc

30 April 2025

The full African Pioneer PLC Final Results for period to 31 December 2024 are available here.