African Pioneer (AFP) H2 2024 earnings summary

Executive summary

• Loss after tax for 2024 was £651k, a slight improvement from £689k loss in 2023, with net assets at £4.64m (2023: £5.21m).

• Cash at year-end was £12.7k, down from £372k in 2023; post year-end, £420k was raised via share issue.

• The company’s main assets are copper-focused projects in Zambia, Namibia, and Botswana, with significant progress on the Ongombo project in Namibia.

• Strategic focus remains on advancing exploration and technical studies, with joint ventures and option agreements to de-risk projects.

Financial highlights

• Consolidated loss after tax: £651k (2023: £689k loss).

• Net assets at 31 December 2024: £4.64m (2023: £5.21m).

• Basic & diluted loss per share: (0.29)p (2023: (0.33)p).

• Cash at bank at year-end: £12.7k (2023: £372k).

• Fundraising: £21,940 in shares to settle consultancy fees; £1m convertible loan facility arranged, £50k drawn in 2024.

Outlook and guidance

• Copper price volatility noted, but long-term outlook remains positive due to supply constraints and demand growth.

• Company expects to benefit from potential acquisition interest by major mining companies and is positioned for further project advancement.

• Ongoing focus on securing project-level funding and advancing the Ongombo project to production.