Announcement • May 28
African Pioneer PLC, Annual General Meeting, Jun 19, 2026 African Pioneer PLC, Annual General Meeting, Jun 19, 2026. Location: the offices of druces llp, 6th floor, 99 gresham street, ec2v 7ng, london United Kingdom New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 42% per year over the past 5 years. Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£4.45m market cap, or US$6.02m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Feb 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 92% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 42% per year over the past 5 years. Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£6.39m market cap, or US$8.72m). Announcement • Feb 02
African Pioneer PLC has completed a Follow-on Equity Offering in the amount of £180 million. African Pioneer PLC has completed a Follow-on Equity Offering in the amount of £180 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 88,111,112
Price\Range: £0.9
Security Features: Attached Warrants
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 111,888,888
Price\Range: £0.9
Security Features: Attached Warrants
Transaction Features: Subsequent Direct Listing New Risk • Sep 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£520k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£520k free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 42% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£2.58m market cap, or US$3.46m). Minor Risk Shareholders have been diluted in the past year (22% increase in shares outstanding). Announcement • Jul 02
African Pioneer PLC, Annual General Meeting, Jul 25, 2025 African Pioneer PLC, Annual General Meeting, Jul 25, 2025. Location: druces llp, salisbury house, london wall, ec2m 5ps, london United Kingdom Announcement • Jun 25
African Pioneer plc Announce That It Has Received the Official, Unconditional Mining Licence for Its 85%-Owned Ongombo Copper-Gold Project African Pioneer Plc announce that it has received the official, unconditional Mining Licence (ML 240) 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 marks the final step in the government permitting process and follows the recent award 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. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 54% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£2.52m market cap, or US$3.35m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Apr 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 54% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£2.52m market cap, or US$3.29m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Mar 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 54% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£1.89m market cap, or US$2.44m). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). Announcement • Feb 12
African Pioneer PLC has completed a Follow-on Equity Offering in the amount of £0.42 million. African Pioneer PLC has completed a Follow-on Equity Offering in the amount of £0.42 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,000,000
Price\Range: £0.01
Security Features: Attached Warrants
Transaction Features: Subsequent Direct Listing Announcement • Jul 11
African Pioneer PLC, Annual General Meeting, Aug 01, 2024 African Pioneer PLC, Annual General Meeting, Aug 01, 2024. Location: fladgate llp, 16 great queen street, wc2b 5dg, london United Kingdom New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 40% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£4.45m market cap, or US$5.53m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (7.7% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • Feb 07
African Pioneer plc Provides Ongombo Copper-Gold Project Update African Pioneer plc informed shareholders of Permitting and Ore Processing Testwork at its 85% owned Ongombo (copper-gold) Project located within Exclusive Prospecting Licence EPL 5772, 40km NE of the capital city, Windhoek, Khomas Region, Namibia. The proposed off-site processing arrangement would significantly reduce the capital requirements of the Ongombo Project. In parallel, with metal recovery testwork, Addison Mining Services (AMS) has indicated significant increases in resources with further scope for another meaningful increase in Project CuEq grade contingent upon follow-up work to test gold content in the East/Ost Shoots. The Board has approved a short drill programme to twin some historic Goldfields Namibia holes to assess the Au content. Goldfields Namibia often did not assay for gold but in some of their drill holes in areas of East/Ost Shoots that were assayed for gold they returned values ranging from 9.6g/t Au over 0.17m to 0.12g/t Au over 1.1m. The average calculated gold grade based on a limited population of samples, if repeated across the shoots, potentially offers a significant addition to the overall CuEq grade of the deposit. The Company has engaged the services of a highly experienced mining engineer with a career in narrow orebody exploitation in African projects. The Company is in advanced discussions with parties regarding project level funding that will enable progression of the initial Ongombo open-pit to exploit the easily-accessible surface ore resources. In this context engineering design of pre-production works has commenced along with design of the lay-out of internal access roads and the accommodation, office upgrades and fencing required to securely operate the mine site. New Risk • Jan 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.5m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 40% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£6.04m market cap, or US$7.69m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Oct 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.5m free cash flow). Earnings have declined by 40% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£4.56m market cap, or US$5.58m). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Oct 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.5m free cash flow). Earnings have declined by 40% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£4.90m market cap, or US$5.96m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). New Risk • Jul 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.1m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 8.1% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£4.22m market cap, or US$5.54m). Announcement • Jul 06
African Pioneer PLC, Annual General Meeting, Jul 28, 2023 African Pioneer PLC, Annual General Meeting, Jul 28, 2023, at 09:00 Coordinated Universal Time. Location: Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG London, Uk United Kingdom Announcement • Jun 20
African Pioneer PLC has completed a Follow-on Equity Offering in the amount of £0.79 million. African Pioneer PLC has completed a Follow-on Equity Offering in the amount of £0.79 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,666,667
Price\Range: £0.0225
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,000,000
Price\Range: £0.0225
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 18,444,444
Price\Range: £0.0225 Announcement • Jun 06
African Pioneer plc Provides Update on Western Foreland Exploration on the Nw Zambia Joint Venture African Pioneer plc confirmed that the latest quarterly Report from First Quantum Minerals Limited ("FQM") has confirmed the presence of mineralisation with diagnostic regional geological and architectural similarities apparently consistent with Kamoa-Kakula deposit mineralisation located in the DRC. The targets are located in northwest Zambia on licences within the AFP-FQM Option Agreement concluded by the parties with AFP's 80% owned subsidiary African Pioneer Zambia Ltd. Highlights v Exploration has demonstrated that the geological setting, regional geology and architectural vectors evident on the JV licences show apparent similarities to that needed to facilitate the large-scale deposition of high-grade copper mineralisation of the Kamoa-Kakula-type. Sufficient drilling and geophysics have been completed by FQM to generate a 3D model of the Western Foreland, the regional setting evident at Kamoa-Kakula in the DRC. Multiple high grade copper intercepts peaking at 8m @ 1.25% Cu (ICP) will be followed up on the Turaco prospect. High-grade cobalt mineralisation has also been identified peaking at 0.23% Co over 4m within the Fold and Thrust Belt. Diamond drilling in 2023 will focus on targeting reduced diamictite in the Western Foreland target, as well as testing depth extent of mineralisation at the Turaco target, previously delineated with aircore drilling in 2022. Further aircore drilling in 2023 is expected at Chibwika and Chipopa targets and on the other cumulative >35km of anomalous soil geochemical targets broadly defined and reported at the end of the 2022 field season. Background AFP's licence package in Zambia covers part of the NW extension of the Zambian Copperbelt. The properties are located within 80-100km of First Quantum Minerals' Sentinel mine, one of the largest copper mines in Africa, with current Measured and Indicated Resources 867.1Mt @ 0.44% Cu. Announcement • Feb 07
African Pioneer plc Report on Results from Shallow Drilling At Several Targets African Pioneer plc reported on results from shallow drilling at several targets, as well as two potentially significant copper intercepts from deeper drilling on a conceptual target undertaken by First Quantum Minerals Limited ("First Quantum"), operating in northwest Zambia under an Option Agreement with APP's 80% owned subsidiary African Pioneer Zambia Ltd. pXRF analytical results have now been received for sample pulps from the 2022 air-core shallow drilling programme at Turaco and Eagle targets in 27770-HQ-LEL. Selected intervals of interest are shown in Table 1 below. At Turaco, best results were from the north of the target where drillhole TUAC012 intersected several significant copper intercepts within a silicified and talc-altered black shale, including an oxide mineralised zone with 8m @ 1.19% Cu from 5m depth. Elsewhere at Turaco, another drillhole intersected 1m @ 1.14% Cu within a thin black shale unit. At Eagle target, the best intercept was in drillhole EAAC005 which intersected 29m @ 0.33% Cu, including 7m @ 0.61% Cu within a strongly chlorite-clay altered rock. Drillholes adjacent to TUAC012, interpreted to be within the footwall of the mineralisation in TUAC012, exhibit strong magnesian hydrothermal alteration within shales, breccias and diamictite. These drillholes also contain abundant pyrite mineralisation as well as minor chalcopyrite. It is planned to send samples from TUAC012 for a 4-acid ICP analysis with ALS Global laboratories in Johannesburg to check for cobalt and other metal contents not possible to analyse with pXRF. The first drillhole (IKDD001A, 603.0 m), intercepted a diamictite unit from 229m to 252m, but with no visible copper mineralisation. The diamictite has an oxidised sandstone matrix as opposed to the reduced diamictite which hosts copper mineralisation at Kamoa-Kakula in DRC. However, at greater depth in IKDD001A, a 2.9m intersect of copper mineralisation (chalcocite, bornite and chalcopyrite) was encountered from 430.9m to 433.8m at the top of a sequence of reduced rhythmites (sandstone-siltstone and shale interbeds). The second drillhole (IKDD002, 650.3m) also intersected the diamictite unit from 593.3m to 602.3m. For the most part, the diamictite unit is hematitic and oxidized, as in IKDD001A, but at the base of the unit there is a 2m interval with strong chlorite alteration and disseminated chalcocite mineralisation selectively targeting certain clasts. First Quantum considers it is a positive sign to see copper mineralisation at the same part of the stratigraphy as at Kamoa-Kakula in DRC. No analytical information is available as yet for the mineralisation encountered in these holes. First Quantum plans to send half core samples to the ALS Global laboratory in Johannesburg for 4-acid ICP analysis. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Feb 09
African Pioneer Provides an Update on the 85% Owned Ongombo Copper Mine Project Situated in Namibia African Pioneer PLC provided an update on the 85% owned Ongombo Copper Mine Project ("Ongombo" or the "Project") situated in Namibia. Ongombo Engineering Studies & Plant Layout: The presence of potentially economic near-surface copper-gold mineralization requires the relocation of certain infrastructure to ensure that Mineral Resources are not sterilized. The proposed Mining Licence area covers less than 50% of the existing exploration licence and, there is ample room to accommodate the relocation of infrastructure. A box cut and portal excavated in the floor of any future open pit will provide a convenient location for underground access and, could result in a meaningful reduction in total metres of development and a corresponding reduction in capital expenditure. Near-surface mineralization & Drill Programme: The Company has elected to investigate the potential for an open pit to mine copper oxides. Oxides are known to occur at or near surface from the outcrop of the Ongombo deposit coincident with the Central Shoot and may extend for a strike length of approximately 350m. Drilling will test a horizontal distance of approximately 100 to 150m in the direction of dip. The purpose of the drill programme is many fold; to establish whether an economically viable copper resource is available near-surface that can be exploited by the Company; in the event that a viable resource is delineated, the extension of the life of mine of the Project by providing feedstock that can be processed at the same time as underground development is being installed to access sulphide copper - gold ores; and to sterilise ground at surface as part of the process of locating infrastructure. Goldfields Namibia Limited previously undertook a limited drill programme to test near-surface potential, delineating an open pittable non-compliant Resource of 335,256t at 1.035% Cu. African Pioneer will expand the footprint of the original Goldfields Namibia Limited drill programme which was undertaken in 1995 at a time when the copper price was less than one third of the current price. Drilling of approximately 700 metres (17 drillholes) will be undertaken. An additional metreage will be added to provide drill core for geotechnical analysis and thereafter metallurgical test work. Announcement • Dec 22
African Pioneer PLC Provides Update on the 85% Owned Ongombo Copper Mine Project Situated in Namibia African Pioneer PLC provided an update on the 85% owned Ongombo Copper Mine Project situated in Namibia and to inform shareholders that a Mining Licence Application has been submitted to the Ministry of Mines and Energy.Red Bush Analytics has re-worked all the historical drilling data from Ongombo generated by Gold Fields Namibia. In addition, more recent drilling by Namibian Copper in 2014, and the Shali Group in 2017, has been incorporated into the database. The updated 2021 Mineral Resource Estimation incorporates a total of 184 validated holes. These comprise 195 intersections from 153 Gold Fields holes drilled in the 1980's to early 1990's, 2 holes from the 2008 Namibian Copper (NCO programme), 23 holes from the 2014 NCO programme, and 6 holes from the 2017 Shali Group programme. The revised JORC (2012)-compliant mineral resource estimate, using a 1.0% Cu cut-off, increases the quantity of Measured and Indicated Mineral Resources by 3.76Mt to 10.47Mt at a grade of 1.39% Cu (previously 1.52% Cu), compared to the 2013 Coffey Mining report, and all Measured Resources have been re-classified as Indicated. The re-classification is due to the inclusion of the 2014 drilling which has no borehole deviation survey data available. The increase in tonnage is due to inclusion of downgraded 2013 Measured Mineral Resources, addition of new material from the 2014 drilling and re-evaluated tonnages due to reinterpretation of structure and statistics. The Au grade has also been reassessed and has been increased to 0.35g/t. Due to high level of uncertainty related to the scarcity of gold data, all Au resources are classified as Inferred Resources. 
