African Pioneer (AFP) investor relations material

Executive summary

• Net assets at year-end were £4.47m, down from £4.64m the previous year, with a consolidated loss after tax of £612k, an improvement from a £651k loss in 2024.

• The Ongombo Project in Namibia received an unconditional mining licence valid until 2045, with updated resource estimates and ongoing optimisation studies.

• Significant fundraising activities included £420k raised in February 2025 and £1.8m post-period in February 2026.

• Copper prices strengthened in late 2025 and remained elevated into 2026, supporting a positive outlook for project development and potential acquisition interest.

Financial highlights

• Consolidated loss after tax was £612k for 2025, compared to £651k in 2024.

• Net assets stood at £4.5m at 31 December 2025, down from £4.6m a year earlier.

• Cash at bank at period end was approximately £23k, up from £13k in 2024.

• Basic and diluted loss per share was (0.23)p, improved from (0.29)p in 2024.

Outlook and guidance

• Copper prices are forecast to remain structurally higher, with spot prices between $12,000 and $13,000 per tonne.

• The company is positioned to benefit from industry consolidation or project financing, especially for Namibian assets.

• Drilling programs are planned for both Ongombo and Ongeama projects in Namibia.