African Pioneer (AFP) H1 2025 earnings summary

Executive summary

• Focused on advancing copper projects in Namibia, Zambia, and Botswana, with the Ongombo Project in Namibia receiving a 20-year mining licence and environmental clearance.

• First Quantum exercised its option over four Zambian exploration licences, progressing towards potential earn-in and development.

• Botswana projects under review for small to medium-scale mining potential, with strategic importance in the Kalahari Copperbelt.

Financial highlights

• Loss after tax for the six months ended 30 June 2025 was £333K, compared to £322K for the same period in 2024.

• Net asset value as at 30 June 2025 was £4.73m, up from £4.64m at 31 December 2024.

• Cash at bank at period end was £69K, up from £13K at December 2024.

• Basic and diluted loss per share was (0.13)p, compared to (0.14)p in 2024.

• £420,000 raised before expenses through share issue in February 2025.

Outlook and guidance

• Positive outlook for copper prices, with forecasts remaining strong despite short-term volatility.

• Anticipates increased interest from major mining companies in acquiring junior miners with quality copper resources.

• Well positioned to benefit from potential acquisition activity or to attract financing for project development.