African Pioneer (AFP) H2 2025 earnings summary

Executive summary

• Loss after tax for 2025 was £612k, a slight improvement from £651k loss in 2024, with net assets at £4.47m as of year-end 2025, down from £4.64m in 2024.

• Cash at year-end was £22.8k, but £1.8m was raised post-period in February 2026 to support ongoing projects and working capital.

• The group’s main assets are copper-focused projects in Namibia, Zambia, and Botswana, with the Ongombo project in Namibia receiving a 20-year mining licence in June 2025.

• First Quantum exercised options on Zambian licences but will exit the agreement post-period, with new third-party interest in these assets.

Financial highlights

• Consolidated loss after tax: £612,466 (2024: £650,973 loss).

• Net assets: £4,467,588 at 31 December 2025 (2024: £4,640,962).

• Cash at bank: £22,753 at year-end (2024: £12,690).

• Basic & diluted loss per share: (0.23)p (2024: (0.29)p).

• £420k raised in February 2025; £1.8m raised post-period in February 2026.

Outlook and guidance

• Copper prices surged above $11,000/t in late 2025 and remained volatile into 2026, trading between $12,000–$13,000/t.

• Market consensus expects structurally higher long-term copper prices, benefiting the group’s copper projects.

• The group is positioned to benefit from sector consolidation or project financing, especially in Namibia.