African Pioneer (AFP) H1 2024 earnings summary

Executive summary

• Focused on advancing copper projects in Namibia, Zambia, and Botswana, with copper as the primary metal and by-product potential in cobalt, gold, and silver.

• First Quantum exercised its option over four Zambian exploration licences, progressing to the First Earn-In Period.

• Ongombo copper-gold project in Namibia advanced with renewed licences, positive ore sorting results, and ongoing funding discussions.

• Botswana portfolio under review for smaller-scale copper mining opportunities, with all licences renewed through March 2026.

Financial highlights

• Loss after tax for the six months ended 30 June 2024 was £322K, compared to £301K for the same period in 2023.

• Cash at bank at period end was £87K, down from £372K at December 2023.

• Net asset value as at 30 June 2024 was £4.92m, compared to £5.24m at 31 December 2023.

• Basic and diluted loss per share was (0.14)p, improved from (0.16)p year-over-year.

Outlook and guidance

• Copper price remains strong, with forecasts in the US$10,000–15,000/t range and current prices around US$9,000/t.

• Positive outlook for copper supply-demand dynamics, with potential for smaller profitable mines and increased M&A activity.

• Company well positioned to benefit from industry trends and attract financing or acquisition interest.