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 2023.

The Annual Report and Financial Statements for the year ended 31 December 2023 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 – £5,214,181 (2022 – £5,238,820)

·    Consolidated (Loss)/Profit – Loss – (£689,213) (2022 – (£670,871))

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

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

CHAIRMAN’S STATEMENT

Dear Shareholder,

African Pioneer continues to make good technical progress in a climate where smaller mining companies are starved for attention. 

Despite the lengthy period of smaller company neglect, your board remains convinced that it has an enviable portfolio of projects, which can only benefit from the forecasted decline in copper production, against an unprecedented demand for the metal. 

In Zambia, we have four exploration licences, which are under option to First Quantum Mineral Ltd (“First Quantum”).  During the period under review, First Quantum exercised their option on two of the licences and post review period exercised their option on the other two.  We are fortunate in having First Quantum as a joint venture partner, who throughout our association have exhibited diligence and transparency over their intent and results.

Our joint venture exploration with First Quantum have resulted in proof of concept that the rich Congo style and lithology of the Congo extends into Zambia and possibly beyond into Angola.  The exploration programmes have produced numerous intersections of copper mineralisation close to surface and our deeper holes have intersected all the pre-cursors necessary for the Kamoa and western Foreland style, evidenced by Ivanhoe Resources. Thus, the architecture for mineralisation is in place and our partners are busily modelling as well as practically pursuing the objective of discovery.

At our Namibian operation, Omgombo, we carried out a near surface drilling programme and extended the previously identified open-pittable mineralisation. 

In addition, we remodelled the population of boreholes and as announced on 16 May 2023 announced an increased gross [1] Indicated Mineral Resource Estimate (MRE) in our 85% owned Ongombo project of 5.7Mt at 1.1% Cu Equivalent (CuEq), 0.94% Cu and 0.23g/t Au and a very substantial Inferred underground potential Resource of 23Mt at 1.1% CuEq, 0.95% Cu and 0.24g/t Au. This result includes the eastern shoot, though not completely drilled and thus no account has been taken of the gold values, which is known to exist.  We intend to embark upon a further drilling programme to ascertain the contribution of gold and test the possibility of mineralisation between the eastern and central shoot, which has been postulated but not properly tested.  The Omgombo project has the benefit of a 20-year mining licence and an environmental clearance certificate, which makes it a valuable asset with the company’s portfolio of copper projects.

Our projects in the Botswana Kalahari Copperbelt are considered to be too small to satisfy the requirements of Sandfire and yet remain as active projects for our own activities.  The propensity for small mine discovery (5,000-10,000 tonnes per annum) exists as a future exploration activity for the Company.

The board considers the 4 Zambian licences held with First Quantum are ideally placed in a much sought-after exploration region and are optimistic for future exploration.  As a result of our general exploration work in Zambia, we have elected to prioritize Zambia as our key exploration destination and to this end are pursuing a number of licence acquisitions to complement our existing licences.

I would like to thank my fellow board members and management for their hard work during the year and look forward to adding significant value to our existing portfolio and acquiring new positions, further enhance the value of our copper portfolio.

Yours sincerely,

Colin Bird, Executive Chairman

African Pioneer Plc

30 April 2024