African Pioneer (AFP) H1 2026 earnings summary

Executive summary

• Significant progress made in advancing Namibian copper portfolio, especially Ongombo and Ongeama projects, with all government approvals secured and a major financing and technical services agreement signed with Xinhai post-period end.

• Exploration interests in Zambia and Botswana maintained, with ongoing discussions for joint ventures in Zambia and continued review of Botswana licences.

• Financial position strengthened by £2.2m share issue, including £1.8m cash and £408k in settled accrued fees.

Financial highlights

• Loss after tax for H1 2026 was £224k, improved from £333k loss in H1 2025.

• Cash at bank at period end was £756k (Dec 2025: £69k).

• Net asset value at 30 June 2026 was £6.45m (Dec 2025: £4.47m).

• Basic and diluted loss per share was (0.049)p (H1 2025: (0.13)p).

• £1.8m raised via share issue at 0.9p per share, with additional shares issued to settle fees.

Outlook and guidance

• Focus for H2 2026 is on implementing the Namibian drilling and development programme, progressing Zambian joint venture discussions, and maintaining disciplined expenditure.

• Copper market fundamentals remain strong, with anticipated supply constraints and robust demand from electrification and renewables.

• The company aims to advance projects to demonstrate potential and attract further capital and technical partners.