African Pioneer Plc

(“African Pioneer” or the “Company”)

Final Results for period to 31 December 2025

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 2025.

The Annual Report and Financial Statements for the year ended 31 December 2025 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:

African Pioneer Plc Colin Bird Executive Chairman	+44 (0) 20 3416 3695
Beaumont Cornish Limited (Financial Adviser) Roland Cornish / Asia Szusciak	+44 (0) 20 7628 3396
AlbR Capital Limited (Joint Broker) Jon Belliss	+44 (0) 20 7399 9425
Shard Capital Partners LLP (Joint Broker) Damon Heath	+44 (0) 20 7186 9952

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 – £ 4,467,588 (2024 – £ 4,640,962)

·    Consolidated (Loss)/Profit – Loss – £ (612,466) (2024 – £ (650,973))

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

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

 

CHAIRMAN’ STATEMENT

Dear Shareholder

African Pioneer continues to make progress in all aspects of its business and have reached the point where the full potential of the Ongombo Project has been determined.  It is apparent that Ongombo, on a stand-alone basis, has immense potential since it potentially has over 200,000 tonnes of contained copper and is open ended.  Fieldwork has indicated that the adjacent Ongeama Project has potential to add to the overall resource as well as the open pit potential.

There exists opportunity in the immediate area to acquire significant additional ore resources, which could be fed to a central plant, which is our ultimate objective but not essential for the viability of Ongombo.  We are about to embark upon drilling programs at both Ongeama and Ongombo.

During the period under review, we have received financing approaches regarding Ongombo and are optimistic that we will be able to make an investment decision during 2026.  The order of magnitude of the mine is expected to be annual copper production in the region of 10,000 tonnes sustainable with production potential increasing according to resource definition and acquisition.  When designing the plant, the ability to expand will be integrated into the mining design.

Our exploration and activities in Zambia have been revisited and whilst we continue to investigate the potential for Kamoa style mineralisation, we have not dismissed the potential for near surface bulk mining of a lower grade copper.  Drilling has demonstrated that this potential exists, but the concept has been subordinated to the quest to identify Kamoa style mineralisation.  We will continue to explore in parallel both routes now that the dry season has commenced.

We did not carry out any drilling programmes in Botswana during the year and the licences are , under review by the Company in cooperation with its external geological consultant with specific expertise of Botswanan copper geology. The region represents a significant copper exploration and resource development destination and as such all exploration ground has potential strategic importance particularly in the case of African Pioneer which has several licences in the general area.

During the year we raised £420K(gross) in February 2025 and post the period end in February 2026 raised £1.8 m (gross).

More detailed information regarding the Company’s operations and policies are included in the following sections of the Financial Statements, Financial, Corporate and Operational review, Director’s report, Director’s remuneration report, Corporate Governance report and Strategic report.

Outlook: During late 2025, the copper price strengthened materially, reaching levels in excess of US$11,000 per tonne and, at times, trading close to US$12,000 per tonne, reflecting tightening supply conditions and strong demand from electrification, renewable energy and infrastructure investment.  Moving into 2026, copper prices have remained elevated and volatile, with spot prices generally trading in a range between US$12,000 and US$13,000 per tonne, and market consensus forecasts continuing to point to structurally higher long‑term price levels.

Notwithstanding this price volatility, forecasts for the price of copper and its by‑product metals remain positive. The outlook for copper supply is widely regarded as constrained, as a significant number of large‑scale copper mining projects have been deferred or cancelled due to political, regulatory and economic factors.  This supply shortfall is expected to result in the development of smaller but profitable mining operations and to increase consolidation activity, with junior mining companies holding high‑quality copper resources in stable jurisdictions becoming potential acquisition targets for major mining groups.

Against this backdrop, the Board feels the Group has assembled an enviable portfolio of projects is well positioned across its portfolio of projects, particularly our Namibian projects, to benefit from a potential acquisition cycle within the copper sector or, alternatively, to attract project financing for the development of its own operations.  We look forward to advancing all our projects and providing our shareholders with the prospects of enhanced value flowing into next year.

AGM and Resolutions: The resolutions for the forthcoming Annual General Meeting will be contained in a separate Notice which will be made available to shareholders and on the website https://africanpioneerplc.com/ , The Directors will recommend shareholders to vote in favour of all the resolutions and a form of proxy will be dispatched to all shareholders for this purpose.

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

29 April 2026

 

 

BOARD OF DIRECTORS

Colin Bird – Executive Chairman

Colin is a chartered mining engineer and a Fellow of the Institute of Materials, Minerals and Mining with more than 40 years’ experience in resource operations management, corporate management, and finance.  Colin has multi commodity mine management experience in Africa, Spain, Latin America and the Middle East. He has been the prime mover in a number of public company listings in the UK, Canada and South Africa. His most notable achievement was founding Kiwara Resources Plc and selling its prime asset, a copper property in Northern Zambia, to First Quantum Minerals for US$260 million in January 2010.

Raju Samtani – Finance Director

Raju is currently also finance director of Bezant Resources Plc, traded on AIM. His previous experience includes three years as Group Financial Controller at marketing services agency WTS Group Limited, where he was appointed by the Virgin Group to oversee their investment in the WTS Group Ltd. He was also involved as founder shareholder and finance director of Kiwara Plc which was acquired by First Quantum Minerals Ltd in January 2010. Over the last few years, he has been involved in senior managerial positions for several AIM/Johannesburg Stock Exchange listed companies predominantly in the resource sector and has also been involved in FCA compliance work within the investment business sector.

Christian Cordier – Business Development Director

Christian has had considerable involvement in corporate finance and investments in both public and private mining and exploration companies for over 26 years. His portfolio includes joint ventures with major international mining houses, investments in listed companies in the United Kingdom, Australia, Canada and Southern Africa as well as private mining operations. He has extensive experience in sourcing natural resource projects and nurturing them through the value curve by packaging and arranging venture funding, managing the permitting and exploration process, negotiating off-take agreements and the formation of a strong management team. He worked as CFO and senior accountant as well as company secretary for private and public companies and is a member of SA Institute for Professional Accountants (“SAIPA”). Christian has done various transactions in Coal, Platinum Group Metals, Chrome, Copper, Silver, Potash, Phosphates, Diamonds, Gold, Lithium and Manganese. Christian focuses on business development and wealth creation for private and publicly listed companies in the mining and exploration sector.

Kjeld Thygesen – Independent Non-Executive Director

Kjeld Thygesen is mining investment veteran of more than 45 years. After being a mining analyst at James Capel in the latter half of the 1970’s he was manager of the commodities department at Rothschild Asset Management between 1980-89. In 1990 he formed Lion Resource Advisors (LRA) as a specialist adviser in the mining and natural resource sectors. LRA was the advisor to the Midas Fund in the US between 1992 – 2000, which was one of the top performing finds during that period. From 2002-2008 he was Investment director of Resources Investment Trust Limited, a London listed investment trust which returned a threefold investment during that period. He has served on several mining company boards over the past twenty years.

James Cunningham-Davis – Non-Executive Director

James Cunningham- Davis is a qualified solicitor who is currently non-practising. He is the Founder and Managing Director of Cavendish Trust Company Limited and Cavendish Secretaries Limited, both headquartered in the Isle of Man. Through these firms, he oversees the delivery of a broad suite of professional services to a diverse portfolio of private companies and publicly listed entities across multiple jurisdictions, with particular focus on the natural resources and mining, technology, and property sectors. He brings over 30 years of experience spanning international legal practice, corporate finance, and professional services. Throughout his career, he has served as a director of numerous private and publicly traded companies.

 

FINANCIAL CORPORATE AND OPERATIONAL REVIEW

INTRODUCTION

African Pioneer Plc a company engaging in development of natural resources exploration projects in Sub-Saharan Africa presents its year-end results for the year ended 31 December 2025.

The Directors are required to provide a year-end report in accordance with the Financial Conduct Authorities (“FCA”) Disclosure Guidance and Transparency Rules (“DTR”). The Directors consider this Financial, Corporate and Operational Review along with the Chairman’s Report, the Strategic Review and the Director’s Report provides details of the important events which have occurred during the period and their impact on the financial statements as well as the outlook for the Company going forward.

The Company’s short to medium term strategic objectives are to enhance the value of its mineral resource Projects through exploration and technical studies conducted by the Company or through joint venture or other arrangements (such as the Option Agreement with First Quantum on its 4 North-West Zambian licences) with a view to establishing the Projects can be economically mined for profit.  With a positive global outlook for both base and precious metals, the Directors believe that the Company’s Projects provide a base from which the Company will seek to add significant value through the application of structured and disciplined exploration and development of the Ongombo copper gold project in Namibia into an operating mine.

Financial Review

Financial highlights:

·    Consolidated  Loss: £612k loss after tax (2024: £651k – loss)

·    Approximately £23k cash at bank at the period end (2024: £13k)

·    The basic and diluted profit (losses) per share are summarised in the table below

Profit (Loss) per share (pence)
		2025	2024
Basic & Diluted	Note 6	(0.23)p	(0.29)p

·    Net assets as at 31 December 2025 was £4.5m (31 December 2024 £4.6m)

 

Fundraisings and issue of shares:

On 10 February 2025 the Company announced it had raised £420,000 before expenses at 1 pence per Ordinary Share (“Fundraising Price”) through the issue of 42,000,000 new Ordinary Shares of no par value each (“Ordinary Shares”) (the “Fundraising Shares”).  Each participant in the Fundraising also received one (1) warrant exercisable at 1.75 pence per ordinary share from 12 months to 36 months after admission on 13 February 2025 (“Admission”) for each Fundraising Share issued.  The Company also issued a warrant to Shard Capital Partners LLP to subscribe for a total of 2,100,000 new Ordinary Shares exercisable at the Fundraising Price for a period of three years from Admission.

On 13 February 2025 the Company issued 207,039 new Ordinary Shares to Strategic Investments International Ltd a company controlled by PDMR Mike Allardice at 3.5 pence per share to settle £7,246 of accrued fees and 1,000,000 new Ordinary Shares will be issued at the Fundraising Price to settle £10,000 of accrued fees due to a consultant.

On 23 May 2025 the Company issued 5,970,149 Ordinary Shares at 0.67 pence to settle £40,000 of accrued fees and 252,307 Ordinary Shares at 1.95 pence to settle £4,920 of accrued fees.

Post the period end on 2 February 2026 the Company announced it had raised £1,800,000 before expenses at 0.9 pence per Ordinary Share. Each participant in this fundraising will, subject to general meeting approval, receive one (1) warrant for each fundraising share issued exercisable at 1.6 pence each  for two years from 16 February 2026 . The issue of these  warrants is conditional on the passing of a resolution at a General Meeting to allow their issue.  The Company also issued a warrant to Shard Capital Partners LLP to subscribe for a total of 2,973,750 new Ordinary Shares exercisable at 1.6 pence for a period of two years from 16 February 2026 these broker warrants are not subject to shareholder approval at a General Meeting.

Corporate Review

Company Board: The Board of the Company comprises Colin Bird, Executive Chairman Raju Samtani, Finance Director Christian Cordier, Business Development Director Kjeld Thygesen, Independent Non-executive Director James Nicholas Cunningham-Davis, Non-executive Director

Listing: The Company was admitted to the Official List (by way of Standard Listing under Chapter 14 of the Listing Rules) and commenced trading on the Main Market for listed securities of the London Stock Exchange on 1 June 2021 (the “Listing” or “IPO. On 29 July 2024, the Listing Rules were replaced by the UK Listing Rules (“UKLR”) under which the existing Standard Listing category was replaced by the Equity Shares (transition) category under Chapter 22 of the UKLR.  Consequently, with effect from that date the Company is admitted to Equity Shares (transition) category of the Official List under Chapter 22 of the UKLR and to trading on the London Stock Exchange’s Main Market for listed securities.

Corporate Transactions during the period:  There were no corporate transactions during the period.

Operational Review

The Company completed an Initial Public Offering (IPO) on the Standard List of the London Stock Exchange and the acquisition of its projects in Zambia, Namibia,  and Botswana in 2021.  The primary metal in all countries is copper with by-product potential in all of our projects. In Zambia we have potential for cobalt, in Namibia for gold and in Botswana for silver.   In 2022 the Company granted an option to First Quantum in relation to 4 of the 5 Zambian exploration licences held by African Pioneer Zambia (the “First Quantum Option Agreement”).  On 16 October 2023 the Company announced that First Quantum had exercised its option in relation to 2 of the 4 Zambian exploration licences the subject of the First Quantum Option Agreement and on 16 February 2024 that First Quantum had issued an Option Exercise Notice in relation to the 2 other Zambian exploration licences the subject of the First Quantum Option Agreement.  Prior to exercising its option First Quantum had met is initial expenditure requirement by spending US500,000 on each of the exploration licences 27767-HQ-LEL, 27768-HQ-LEL, 27770-HQ-LEL, and 27771-HQ-LEL. An update on the First Quantum Option Agreement is provided in the Post Period End and Outlook section of this report.

The Company’s main focus during the period was on evaluating and advancing its 85% owned Namibian Projects, including the Ongombo mining licence application, and Botswana Projects (100% owned) that are not the subject of options.

 

NAMIBIA:

On 25 June 2025 the Company announced that it had received the official, unconditional Mining Licence (ML 240) which is valid until 23 March 2045 for its 85%-owned Ongombo Copper-Gold Project, located approximately 40 km northeast of Windhoek in the Khomas Region of Namibia. The formal receipt of the physical licence marked the final step in the government permitting process and follows the award in early April 2025 of the Environmental Clearance Certificate (ECC No. 2302356, dated 24 March 2025).

Key Highlights

·     All required Namibian government approvals now formally granted

·     Mining Licence No. 240 is fully active and unconditional and is valid to 23 March 2045

·    Company is engaging with external mining and resource advisors who provided updated resource estimates for the open pit mineralisation who will provide recommendations for infill drilling and colour locations that will maximise increases in the global resource

·   Planning discussions are ongoing with preferred mining contractor for both open pit and underground mining. Specifically looking to build a database of unit costs for key components of the mine plan to update the financial model

The company is investigating nearby mining concessions which have known resources and access.  The company believes there is synergy between a number of projects and that Ongombo can be enlarged by collaboration or acquisition

·   Independent updated total (gross)* Indicated Mineral Resource Estimate (MRE) of 5.7Mt at 1.1% Cu Equivalent (CuEq), 0.94% Cu and 0.23g/t Au and a very substantial Inferred underground potential Resources of 23Mt at 1.1% CuEq, 0.95% Cu and 0.24g/t Au as announced on 16 May 2023

·     Advanced discussions with multiple parties about project level funding of the Ongombo Project.

*gross representing 100% MRE and African Pioneer has 85% interest in the Project

 

Optimisation studies have been undertaken by external consultant Sound Mining with the mandate to investigate the potential for development of the Ongombo Mineral Resource, to review the Addison geological block model, develop a set of mine design criteria, complete a base case for optimisation and generate sensitivity analysis of the base case under a range of operating scenarios.

The Addison Mineral Resource Estimate was based on a total of 295 drillholes completed between 1988 and 1991 with a further 33 holes drilled between 2008 and 2014 followed by 54 holes drilled by African Pioneer. All drill data was incorporated in Sound Mining’s study.

Mine design criteria used assumed for the base case a discount rate of 10%, and metal prices including copper at US$9,100 per tonne, gold at US$2,300 per ounce and silver at US$28 per ounce. Payability factors of 82%, 70% and 0% respectively were applied to all copper, gold and silver assumed to be recovered.

Other mine design criteria included the following:

The resulting pit optimisation results returned the “Ultimate Pit” scenario:

When compared to the Mineral Resource (as at 16 May 2023), the optimisation increased the run of mine estimation by approximately 13 % and increased the estimated copper grade by approximately 124%.

The resulting 2024 Ultimate Pit resulted in the creation of two separate open pits duly named the South and north Pits which better reflect a more realistic mining methodology and recognise two separate phases on mining. Phased development and preliminary planning indicates a preference for the development of the North Pit in the first instance.

Further work required ahead of completion of a final mine plan and schedule includes some geotechnical drilling and  infill drilling especially in areas where historically no gold assays were completed.

Project Background: The Ongombo project is situated in Exclusive Prospecting License (EPL) 5772 in the Khomas region of the Windhoek District of Namibia, 45 km from Windhoek, the capital of Namibia. The project area has relatively well-developed infrastructure on the farms Ongombo Ost and Ongombo West. The property is easily accessed by a tar road from Windhoek to Gobabis  and then on a gravel road up to the project area. There is also a railway line from Gobabis to Walvis Bay, via Windhoek running parallel to the tarred road. The Ongombo Project is located 15km northeast from Otjihase Mine which consists of two underground mines (Otjihase and Matchless) and an 800ktpa copper concentrator.

The Ongombo project lies within the Matchless Member of the Kuiseb Formation, a conspicuous assemblage of lenses of foliated amphibolites, chlorite-amphibolite schist, talc schist and metagabbro. This belt, up to 5km wide in the Otjihase area, stretches 350km east-north-eastwards in the Southern Zone of the Damara Orogen from the Gorob – Hope area. The deposit is generally described as a Besshi-type massive sulphide. These are described as thin sheet-like bodies of massive to well-laminated pyrite, pyrrhotite, and chalcopyrite within thinly laminated clastic sediments and mafic tuffs. At the Ongombo project mineralisation occurs in one continuous zone approximately 7 km long and 0.5 – 1 km wide. The mineralisation zone dips consistently 15-20° northwest and plunges 5° northeast. Mineralisation is gradually thinning westward.

On 25 June 2025 the Company announced that it had received the official, unconditional Mining Licence (ML 240) which is valid until 23 March 2045 for its 85%-owned Ongombo Copper-Gold Project, ML 240 is within EPL 5772 and the pending renewal of EPL 5772 which expired on 1 February 2026 is reflected on the Namibian Mines and Energy Cadastre Map Portal. The Company’s 85% owned subsidiary Manmar Investments One Three Six (Pty) Ltd holds EPL 6011 which expires on 5 December 2026.

 

ZAMBIA:

As mentioned above First Quantum has issued Option Exercise Notices in relation to all 4 of the  Zambian exploration licences having spent in excess of US$500,000 on each of these 4 licences prior to issuing the Option Exercise Notices.

The licence package the subject of the First Quantum Option Agreement covers part of the north-western extension of the Zambian Copperbelt. The properties are located within 80-100km of First Quantum’s giant Sentinel copper mine, one of the largest copper mines in Africa, with a reported Measured and Indicated Resources of 891Mt @ 0.45% Cu. They also lie close to the Enterprise nickel deposit (37.7Mt @ 1.03% Ni) which is being reportedly moved towards development.

The Projects lie on the Lufilian Fold Belt in the Domes region of the Central African Copperbelt, straddling the western boundary of the Kabompo Dome, underlain principally by rocks of the Lower and Upper Roan, as well as the stratigraphically higher Kundelungu and Nguba Groups. This geological package is similar in age and rock type to that hosting the major copper deposits of the Copperbelt, including Sentinel. Therefore, the licence areas are considered to be strongly prospective for Copperbelt-type copper/cobalt and/or nickel deposits. They are historically underexplored, representing the westerly extension of the Copperbelt which has not been investigated in detail, as previous work focussed primarily on the central part of the zone.

Highlights

·  Drilling confirmed proof of concept that licences are in the right lithology confirming Congo-style mineralisation.

·    4 diamond drill holes completed at the Turaco target for 1,297.1m.

·    A 772.3m deep diamond drill hole completed over the Ikatu on an Audio Magneto Telluric (“AMT”) generated target. Awaiting results.

·    9 reverse circulation (“RC”) holes drilled at the Chipopa target for a total of 780m.

First Quantum continue to evaluate the licences under the option agreement based on licence-wide geochemical analysis and drilling completed to date. A number of targets have been identified, some of which warrant more detailed follow up. This geological environment classified as the Fold and Thrust Belt is complex and the Company benefits from the expertise and local knowledge gained by First Quantum following years of exploration in the region. The Fold and Thrust Belt and adjoining Western Foreland are currently the focus of intense exploration and speculation from exploration companies of varying size and the information being generated by African Pioneer and First Quantum represents extremely valuable data and knowledge of a region with little detailed exploration having taken place but where the exploration prize is potentially significant.

First Quantum: is one of the world’s top 10 copper producers operating in several countries including Zambia where it owns the Sentinel and Kansanshi mines in North west Zambia and is known for its specialist technical engineering construction and operational skills which have allowed it to develop and successfully run complex mines and processing plants. Colin Bird, the chairman of African Pioneer,  was a founder of and floated Kiwara Plc in around 2008 which discovered copper in northwest Zambia and was sold to First Quantum in January 2010 for U$260 million. First Quantum then developed the Kiwara Plc projects into the Sentinel mine which is the world’s 14th largest copper mine.

 

BOTSWANA

The Botswana projects comprise 5 prospecting licences which have been renewed through 31 March 2026 and are now pending renewal and comprise approximately 770 sq. km. in the Kalahari Copperbelt. If the all the prospecting licences are not renewed then the Company would have to make an impairment provision against the Groups exploration and evaluation asset in relation to its Botswana project of £446K Whilst the exploration to date on the licences which were the subject of the Sandfire Option Agreement does not currently indicate prospectivity for a large-scale mining operation the Board believes that there is prospectivity for a smaller to medium sized mining operation targeting in the range of 5,000 to 10,000 tonnes of contained copper per annum. Although too small for a large-scale miner a mine of this size would fit very well into the demand for small to medium mines to help bridge the gap in the predicted shortfall of copper to meet future projected demand.

All the Botswana licences are currently under review by the Company in cooperation with its external geological consultant with specific expertise of Botswanan copper geology. The region represents a significant copper exploration and resource development destination and as such all exploration ground has potential strategic importance particularly in the case of African Pioneer which has several licences in the general area.

Sandfire Option Agreement: The Sandfire Option Agreement was announced on 4 October 2021 and was for two years from 2 October 2021 and relates to PL 100/2020, PL 101/2020, PL 102/2020 and PL 103/2020 (the “Included Licences”).  Sandfire paid US$500K and issued 107,272 Sandfire ordinary shares to the Company at the time of entering into the Sandfire Option Agreement.  As announced on 29 September 2023 Sandfire notified the Company that it would not be exercising its option under the Sandfire Option Agreement. Sandfire’s Exploration Commitment under the Sandfire Option Agreement was to fund US$1 million of exploration expenditure on the Included Licences (the “Exploration Commitment”) within the Option Period with 60% of the Exploration Commitment to be on drilling and assay costs. If the Exploration Commitment is not spent, any shortfall is due to be paid by Sandfire to African Pioneer.  The Company is reviewing the Exploration Commitment with Sandfire. Sandfire have confirmed that they will provide Exploration Information that it holds in relation to the Included Licences.

POST PERIOD END EVENTS AND OUTLOOK

Corporate Transactions:  Post the year end First Quantum has informally notified the Company that they will be looking to exit the First Quantum Option Agreement due to First Quantum’s current focus in Zambia being on their mining operations.  Prior to exercising its option First Quantum had met is initial expenditure requirement by spending US500,000 on each of the exploration licences 27767-HQ-LEL, 27768-HQ-LEL, 27770-HQ-LEL, and 27771-HQ-LEL (the “Zambian Projects”).   The Company has in the meantime received interest from third parties in acquiring an interest in / jointly developing its Zambian Projects and will be looking to conduct further exploration work on the Zambian Projects where a  number of targets which have been identified.

Fundraising:  Post the period end on 2 February 2026 the Company announced it had raised £1,800,000 before expenses at 0.9 pence per Ordinary Share. Each participant in this fundraising will, subject to general meeting approval, receive one (1) warrant for each fundraising share issued exercisable at 1.6 pence each  for two years from 16 February 2026 . The issue of these warrants is conditional on the passing of a resolution at a General Meeting to allow their issue.  The Company also issued a warrant to Shard Capital Partners LLP to subscribe for a total of 2,973,750 new Ordinary Shares exercisable at 1.6 pence for a period of two years from 16 February 2026 these broker warrants are not subject to shareholder approval at a General Meeting.

The net proceeds from the February 2026 fundraising are planned to be used in relation to the project activities with the main focus on the Ongombo and Ongeama copper gold projects in Namibia, AFP’s projects in Zambia and Botswana and general working capital requirement of the group.

Information on the Company’s Projects and work planned subject to ongoing exploration results.

 

NAMIBIA:

Ongombo and Ongeama Resource Development Update

The Company has completed an in-house review of the Ongombo and adjoining Ongeama copper – gold project and will now undertake a mine development drill programme to provide final geotechnical data for both open pit and underground detailed mine design together with resource drilling to confirm orebody continuity aimed at extending the open pit footprint.

Highlights

·    Current escalation in metal prices has warranted a mine design and plant throughput capacity as project economics have benefitted from substantial prices rises in all three relevant metals, copper, gold and silver.

·    Drilling has been proposed to facilitate detailed mine design for both the Ongombo and Ongeama projects.

Drilling aims to increase the existing Ongombo starter pit (1.0Mt @ Cu 1.33%, Au 0.17 g/t and Ag 6.3 g/t) with further up-dip extensions to the northeast of the current pit outline

·    Additional underground resources will benefit from closer spaced drilling to provide geotechnical data for development planning, confirmation of the most appropriate underground mining method and a reclassification of the Mineral Resource.

Ongombo – Ongeama Programme

Work will be undertaken within Ongombo mining licence ML240 located within exploration licence EPL5772 and the Ongeama exploration licence, EPL6011.

The original JORC (2012) Mineral Resource Estimate determined a total Resource of 29 million tonnes at 1.1% CuEq ** Recent studies have also estimated a starter open pit containing 1.0Mt @ Cu 1.33%, Au 0.17 g/t and Ag 6.3 g/t

Work planned comprises the following:

·    Ongombo Eastern Shoot is open up-dip from historic drilling. The proposed drilling will aim to delineate the mineralisation extension to surface.

·    Ongombo Ost North Shoot has been under-explored. A ground magnetic geophysical survey will be undertaken following which a provisional drill programme has been recommended.

·    Ongeama South Project has defined higher grade mineralised shoots within low-grade envelopes. Two shoots have been targeted to test the up-dip extension towards surface.

 

Zambia: External Fold and Thrust Belt Exploration

·  Ground Geophysics: Additional geophysical surveys planned to better define drill targets within the 4 exploration licences

·    Drill Programme: Targeting near-surface mineralisation broadly defined by regional-wide geochemical surveys that highlighted extensive areas anomalous in copper.

Botswana:  The Company is continuing with its review of options and strategies for these projects in consultation with an external geological consultant with specific expertise of Botswanan copper geology. The region represents a significant copper exploration and resource development destination and as such all exploration ground has potential strategic importance particularly in the case of African Pioneer which has several licences in the general area.

Outlook for Copper: During late 2025, the copper price strengthened materially, reaching levels in excess of US$11,000 per tonne and, at times, trading close to US$12,000 per tonne, reflecting tightening supply conditions and strong demand from electrification, renewable energy and infrastructure investment. Moving into 2026, copper prices have remained elevated and volatile, with spot prices generally trading in a range between US$12,000 and US$13,000 per tonne, and market consensus forecasts continuing to point to structurally higher long‑term price levels.

Notwithstanding this price volatility, forecasts for the price of copper and its by‑product metals remain positive. The outlook for copper supply is widely regarded as constrained, as a significant number of large‑scale copper mining projects have been deferred or cancelled due to political, regulatory and economic factors.  This supply shortfall is expected to result in the development of smaller but profitable mining operations and to increase consolidation activity, with junior mining companies holding high‑quality copper resources in stable jurisdictions becoming potential acquisition targets for major mining groups.

Against this backdrop, the Board feels the Group has assembled an enviable portfolio of projects and the Company is well positioned across its portfolio of projects to benefit from a potential acquisition cycle within the copper sector or, alternatively, to attract project financing for the development of its own operations.  We look forward to advancing all our projects and providing our shareholders with the prospects of enhanced value flowing into next year.

Colin Bird

Chairman

29 April 2026