30 Sep Interim Results for Six Months Ended 30 June 2025

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

Interim Results for the Six Months Ended 30 June 2025

African Pioneer Plc a company engaging in development of natural resources exploration projects in Sub-Saharan Africa, announces its unaudited interim results for the six months ended 30 June 2025 as set out below. A copy of the Interims is available on the Company’s website https://africanpioneerplc.com/

Chairman’s Statement

Dear Shareholder,

African Pioneer has in prior periods carried out fieldwork in and around the Ongombo Project in Namibia and are convinced that we can increase the open pit potential, whilst identifying further ore contiguous to the boundaries and infill the area between the central and east shoot.  Ongombo has the benefit of mining and exploration permits and represents a viable near production mining potential for a 8,000 tonne of copper year project. 

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.  Notwithstanding the aforementioned, Ongombo has the benefit of 300,000 tonnes of contained copper and is open ended for further additions. 

The Zambian Northwestern copper exploration areas have had positive exploration undertaken by First Quantum our joint venture partner, and the company is in discussions with a number interested parties wishing to joint venture the exploration potential. 

The exploration area lies some 100km from the Kamoa mine in the Democratic Republic of Congo, which is the second richest copper mine in the world and is hosted in the Western Foreland, similar geological, architectural environment.  The Company has a passionate believe in copper and feel that its southern African positions will add considerable value to shareholders in the coming months.

The exploration projects in Botswana are currently being re-evaluated for small mining potential.

Colin Bird

Executive Chairman

30 September 2025

 

OPERATIONAL, FINANCIAL CORPORATE and STRATEGY REVIEWS

1.    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 which First Quantum has exercised more details of which are provided in the Corporate Highlights section of this review.

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 the Zambian licence (80% owned) and Botswana Projects (100% owned) that are not the subject of options.  

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

 

1.2.  Namibia Project Background: The Ongombo copper gold 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.

EPL 5772 has been renewed to 1 February 2026. A conditional Environmental Clearance Certificate for mining activities was granted on EPL 5772 and is valid until 16 April 2026. A 20 Year Mining Licence, ML 240, has been unconditionally granted until 23 March 20245  and covers a portion of EPL 5772 and approximately one third of the open pit resource. An extension to the Mining Licence was submitted on 6 September 2022 to encompass the wider Resource Area.

1.3. Zambia Project Background:  As described at paragraph 3.4 below on 19 January 2022 African Pioneer Zambia Ltd, which is 80% owned by the Company, entered into an option agreement with First Quantum (listed on the Toronto Stock Exchange FM.TO) over 4 of the 5 Zambian exploration licences held by a subsidiary company, African Pioneer Zambia.

First Quantum has exercised its option over the 4 Zambian licences which it has an option over.

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.

·      During the course of the programme First Quantum confirmed their intention to exercise their option as reported on 16 February 2024.

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.

1.4. Botswana:  The Botswana projects comprise 5 prospecting licences which have been renewed through 31 March 2026 and comprise approximately 770 sq. km. in the Kalahari Copperbelt. 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.

2.      Financial Review

2.1 Financial highlights:

·      £333K loss after tax (June 2024: £322K)

·      Approximately £69K cash at bank at the period end (Dec 2024: £13K).

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

Loss per share (pence)		2025	2024
Basic & diluted	Note 3	(0.13)p	(0.14)p

·      The net asset value as at 30 June 2025 was £4.73m (31 December 2024 £4.64m)

2.2 Fundraising and Issue of shares during the period:

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.

3.   Corporate Review

3.1 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.

3.2 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.

3.3 Corporate Acquisitions and Group: As previously reported the Company completed the acquisition of projects based in Namibia, Zambia, and Botswana and on 27 August 2021 announced that it had acquired a further 15% interest in its Namibian Projects.  During the period the Company did not make any corporate acquisitions.

3.4 First Quantum Option Agreement: The First Quantum Option Agreement was announced on 20 January 2022 and the highlights of the agreement are:

·      The four exploration licences the subject of the First Quantum Option Agreement are in the highly prospective Central Africa Copperbelt in northwest Zambia which is the largest and most prolific mineralized sediment- hosted copper province in the world and are located less than 100km from First Quantum’s giant Sentinel copper mine.

·      The exploration licenses include geological formations similar in age and rock type to that hosting the major copper deposits of the Copperbelt

·      On 16 February 2024 the Company announced that First Quantum had delivered a notice to exercise their option over exploration licences 27770-HQ-LEL and 27768-HQ-LEL having already exercised in October 2023 their option over licences 27767-HQ – LEL and 27771-HQ – LEL. Prior to exercising these options First Quantum had met the 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”). 

·      Although First Quantum has exercised its option it has at this stage it has not earned any shares in African Pioneer Zambia, just the right to proceed to the First Earn In Period.

·      During the First Earn In Period which expires on 28 February 2026, First Quantum has the right but not the obligation to prepare a Technical Report in respect of the Zambian Projects demonstrating an Indicated Mineral Resource of at least 300,000 tonnes of contained copper (the “Technical Report Requirement”). First Quantum is to fund the Technical Report. Once the Technical Report is issued First Quantum has the right to be issued shares equal to a 51% shareholding in African Pioneer Zambia. This will also trigger the Second Earn-In Period.

·      In the Second Earn-In Period First Quantum shall have the right but not the obligation to complete all necessary mining, metallurgical and development studies to establish a mine at the Property and make a public announcement that it intends to proceed towards commercial development of a Mine on the Property (a “Decision to Mine”). First Quantum is to fund all costs related to the Decision to Mine.  Once First Quantum announces a Decision to Mine First Quantum has the right to be issued shares in African Pioneer Zambia to increase their 51% shareholding in African Pioneer Zambia to 75%.

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.

Exploration licence 27769-HQ-LEL which is not covered by the Option Agreement has been transferred from African Pioneer Zambia to African Pioneer Chongwe Ltd a new Zambian company owned 80% by the Company and 20% by its local partners and is in the Zambezi area located within the Zambezi belt of southern Zambia that hosts a Lower Katanga supergroups but due to its relative lack of prospectivity compared to the Company’s other licences the Company will not be undertaking further exploration work in relation to this licence.

3.5  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.

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.

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.

4.   Strategy Review

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.

5.   Outlook

Outlook for Copper: During late 2024 the copper price was around US$9,370 per tonne and in 2025 has been in the range of around US$9,000-US$10,000 and at the time of writing is just under US$10,000 per tonne. Notwithstanding this short-term volatility the forecasts for the price of copper and its by-product metals remain positive as the outlook for copper supply remains quite pessimistic as most large copper mining projects have been shelved as a result of political or economic reasons but we anticipate this will lead to both smaller but profitable mines being developed , and junior mining companies with good copper resources in reliable jurisdictions becoming potential targets for acquisitions by major mining companies. As a result, the Company is well positioned with all its projects, to take part in a potential acquisition boom or alternatively to attract financing for its own operations which might not otherwise have been available.

The major mining companies are seeking new projects for acquisition and all our projects have the fundamentals which may attract the attention of larger companies as reflected in the fact that First Quantum has as reported in the Corporate review section above issued an Option Exercise Notice in relation to the 4 Zambian exploration licences the subject of the First Quantum Option Agreement

The Board feels the Group has assembled an enviable portfolio of projects and we are pleased that Sandfire has taken and retained a significant equity position in the Company. We look forward to advancing all our projects and providing our shareholders with the prospects of enhanced value flowing into next year.

6.      Post Period Events

There have been no significant events post the period end.

INTERIM MANAGEMENT REPORT

The Directors are required to provide an Interim Management Report in accordance with the Financial Conduct Authorities (“FCA”) Disclosure Guidance and Transparency Rules (“DTR”). The Directors consider the preceding Operational, Financial, Corporate and Strategy Review of this Half Yearly Financial 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 for the remaining six months of the year ended 31 December 2025.

The following statement of the Principal Risks and Uncertainties, the Related Party Transactions, the Statement of Directors’ Responsibilities and the Operational, Financial, Corporate and Strategy Review constitute the Interim Management Report of the Company for the six months ended 30 June 2025.

Principal Risks and Uncertainties

The principal risks and uncertainties for the remaining six months of the financial year remain the same as those contained within the annual report and accounts as at 31 December 2024.

The principal risks and uncertainties facing the group are as follows:

·      There are significant risks associated with any exploration project and the ability of the Company to explore, develop and generate operational cashflows from its projects requiring the Company to reply on fundraisings to funds its operational costs

·      No assurances can be given that minerals will be discovered in economically viable quantities at the Company’s projects 

·      Adverse foreign exchange fluctuations

·      Volatility in financial markets and commodity markets

Related Party Transactions during the period

The table below shows the shareholdings of Directors and their related parties as at 30 June 2025 and the date of these interim accounts and % shareholdings at 30 June 2025 and the date of these interim accounts.

Director & Position	No. of shares	% of shares in issue
Colin Bird: Chairman *	24,492,284	8.80%
Raju Samtani: Finance Director	18,395,061	6.61%
Christian Cordier Commercial Director **	17,222,222	6.19%
Kjeld Thygesen: Non Executive	1,033,334	0.27%
James Cunningham-Davis: Non Executive	–	Nil

 

* Colin Bird’s shareholding includes 5,000,000 ordinary shares held by Campden Park Trading, a company owned and controlled by Colin Bird, the Company’s Chairman

** Christian Cordier’s shareholding includes 4,000,000 ordinary shares held by Tonehill Pty Ltd as trustee for The Tonehill Trust and 5,222,222 ordinary shares held by Coreks Super Pty Ltd as trustee for Coreks Superannuation Fund both of which companies are owned and controlled by Christian Cordier. It also includes 8,000,000 ordinary shares held by Breamline Pty Ltd of which Christian Cordier is a director and which is a trustee company for Breamline Ministries

Directors’ Letters of Appointment and Service Agreements as disclosed in the Prospectus, and which remained in force during the period are summarized below:

(a)    Pursuant to an agreement dated 24 May 2021, the Company renewed the appointment of James Cunningham-Davis as a Director. The appointment continues unless terminated by either party giving to the other 3 months’ notice in writing. James Cunningham-Davis is entitled to director’s fees of £12,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties which will be invoiced by Cavendish Trust Company Ltd an Isle of Man Trust Company that James Cunningham-Davis is a founder and managing director of. James Cunningham-Davis is not entitled to any pension, medical or similar employee benefits. The agreement replaces all previous agreements with James Cunningham-Davis and/or Cavendish Trust Company Ltd in relation to the appointment of James Cunningham-Davis as a director of the Company. 

(b)    Pursuant to an agreement dated 24 May 2021, the Company appointed Kjeld Thygesen as a non-executive Director with effect from the date of the IPO. The appointment continues unless terminated by either party giving to the other 3 months’ notice in writing and Kjeld Thygesen is entitled to director’s fees of £18,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Kjeld Thygesen is not entitled to any pension, medical or similar employee benefits.  

(c)    Pursuant to an agreement dated 24 May 2021, the Company renewed the appointment of Colin Bird as a Director. The appointment continues unless terminated by either party giving to the other 3 months’ notice in writing. Colin Bird is entitled to director’s fees of £18,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Colin Bird is not entitled to any pension, medical or similar employee benefits. The agreement replaces all previous agreements with Colin Bird in relation to his appointment as a director of the Company. 

(d)    Pursuant to a consultancy agreement dated 24 May 2021, the Company has, with effect from the date of the IPO, appointed Colin Bird as a consultant to provide technical advisory services in relation to its current and future projects including but not limited to assessing existing geological data and studies, existing mine development studies and developing exploration programs and defining the framework of future geological and mine study reports (the “Colin Bird Services”). The appointment continues unless terminated by  either party giving to the other 3 months’ notice in writing. Colin Bird is entitled to fees of £3,500 per month for being a consultant to the Company plus reasonable and properly documented expenses incurred during the performance of the Colin Bird Services.

(e)    Pursuant to an agreement dated 24 May 2021, the Company renewed the appointment of Raju Samtani. The appointment continues unless terminated by either party giving to the other 3 months’ notice in writing. Raju Samtani is entitled to director’s fees of £18,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Raju Samtani is not entitled to any pension, medical or similar employee benefits. The agreement replaces all previous agreements with Raju Samtani in relation to his appointment as a director of the Company.

(f)    Pursuant to a consultancy agreement dated 24 May 2021, the Company has ,with effect from the date of Admission, appointed Raju Samtani as a financial consultant to provide financial advisory services to the Company (the “Raju Samtani Services”). The appointment continues unless terminated by  either party giving to the other 3 months’ notice in writing. Raju Samtani is entitled to fees of £2,667 per month for being a consultant to the Company plus reasonable and properly documented expenses incurred during the performance of the Raju Samtani Services.  

(g)    Pursuant to an agreement dated 24 May 2021, the Company appointed Christian Cordier as a Director with effect from the date of Admission. The appointment continues unless terminated by either party giving to the other 3 months’ notice in writing. Christian Cordier is entitled to director’s fees of £18,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Christian Cordier is not entitled to any pension, medical or similar employee benefits.  

(h)    Pursuant to a consultancy agreement dated 24 May 2021, with Mystic Light Pty Ltd a personal service company of Christian Cordier the Company has secured the services of Christian Cordier, with effect from the date of the IPO, as a business development consultant to provide business development l advisory services to the Company in relation to its existing and future projects (the “Christian Cordier  Services”). The appointment continues unless terminated by  either party giving to the other 3 months’ notice in writing. Mystic Light Pty Ltd is entitled to fees of £1,000 per month for providing the Christian Cordier Services plus reasonable and properly documented expenses incurred during the performance of the Christian Cordier Services.  

(i)     The Company entered into a contract, dated first August 2013 with Lion Mining Finance Limited (“LMF”) a company controlled by Colin Bird, under which LMF provides administrative services to the Company for £750 plus VAT per calendar month

Related Party transactions described in the annual report to 31 December 2024

Other than disclosed above and the intra group loans made by Company to its subsidiaries to finance their ongoing activities there have been no changes in the related party transactions described in the annual report for the year ended 31 December 2024 that could have a material effect on the financial position or performance of the Company in the first six months of the current financial year.

Responsibility Statement

The Directors, whose names and functions are set out in this report under the heading Company Board, are responsible for preparing the Unaudited Interim Condensed Consolidated Financial Statements in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority (‘DTR’) and with International Accounting Standard 34 on Interim Financial reporting (IAS34).  The Directors confirm that, to the best of their knowledge, this Unaudited Interim Condensed Consolidated Report, which has been prepared in accordance with IAS34, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the interim management report includes a fair review of the information required by DTR 4.2.7 R and by DTR 4.2.8 R, namely:

·      an indication of key events occurred during the period and their impact on the Unaudited Interim Condensed Consolidated Financial Statements and a description of the principal risks and uncertainties for the second half of the financial year; and

·      material related party transactions that have taken place during the period and that have materially affected the financial position or the performance of the business during that period.

For and on behalf of the Board of Directors

Colin Bird

Executive Chairman

30 September 2025

African Pioneer Plc    Colin Bird Executive Chairman	+44 (0) 20 7581 4477
Beaumont Cornish (Financial Adviser)  Roland Cornish/Asia Szusciak	+44 (0) 20 7628 3396
Novum Securities Limited (Broker) Jon Belliss	+44 (0) 20 7399 9400

or visit  https://africanpioneerplc.com/  

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”). 

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.

 

The full African Pioneer Interim Results for Six Months Ended 30 June 2025 are available in our Financial Section here.