African Pioneer Plc
(“African” or the “Company”)

Interim Results forthe Six Months Ended30 June 2026

African Pioneer Plc a company engaging in development of natural resources exploration projects in Sub-Saharan Africa, announces its unaudited interim results for the six months ended 30 June 2026 as set out below. A copy of the Interims is available on the Company’s website https://africanpioneerplc.luminated.co.uk/

Chairman’s Statement

Dear Shareholder,

I am pleased to report that the period under review has been a successful and important one for African Pioneer, with considerable progress made in advancing our Namibian copper portfolio, while continuing to progress our exploration interests in Zambia and evaluate additional opportunities in Namibia and Botswana.  The Company also improved its financial position by the issue shares for £2,208,707  which included gross cash proceeds of £1,800,000 and £408,667 to settled accrued fees

Namibia – Ongombo and Ongeama

The most significant development during the period has been the signing of a term sheet for a definitive financing and technical services agreement with Hong Kong Xinhai Mining Services Limited (“Xinhai”) for the development of our Ongombo and Ongeama copper projects in Namibia.  Post period-end the definitive agreement was executed in respect of which all conditions precedent have now been met.

The agreement represents an important milestone for African Pioneer and provides a clear pathway towards the further definition and potential development of these projects.

Operations are now being established and planning for the substantial drilling programme at Ongombo and Ongeama is well advanced. The programme provides for 7,000 metres of drilling across the two projects, with provision for a further 3,000 metres at Ongeama subject to the results of the initial programme.

The drilling is designed to provide additional geological and technical information required for mine planning, while also seeking to expand and further define the existing mineral inventory. Our attention is firmly focused on implementation of the programme and establishment of the necessary operational capability in Namibia.

We believe that Ongombo, together with the exploration potential at Ongeama, provides African Pioneer with an excellent opportunity to establish a meaningful copper business in Namibia.

In parallel, we continue to pursue other potential opportunities within Namibia’s Northern Matchless Belt. This highly prospective geological setting remains an area of particular interest to the Company and we will continue to evaluate opportunities capable of complementing our existing Namibian copper portfolio.

Zambia

Our projects in the North-Western Province of Zambia remain an important component of the Company’s exploration portfolio.

Field exploration has been undertaken during the period and we continue to evaluate the geological potential of our licence areas.

We are also currently in discussions with a number of major copper mining companies regarding the potential for joint venture arrangements over our Zambian interests.

The North-Western Province is an established copper mining region and we believe that participation by larger industry partners could provide the technical capability and financial resources appropriate for more extensive exploration programmes, while allowing African Pioneer to maintain exposure to exploration success.

These discussions remain ongoing and there can be no certainty that they will result in a transaction. Nevertheless, we are encouraged by the interest being shown in both the region and our project portfolio.

Botswana

In Botswana, we continue to maintain and evaluate our exploration interests in the southern part of the Kalahari Desert.

Our activities in Botswana are presently at an earlier stage and receive a lesser degree of expenditure and management focus than our Namibian and Zambian projects.   Nevertheless, we continue to review the geological information available to us and will progress opportunities where the technical and commercial case justifies further exploration.

Copper Market

The outlook for copper continues to support our strategy of identifying and advancing copper projects in established and prospective mining regions.

Over an extended period, exploration expenditure by the larger mining companies has increasingly been directed towards existing operations, brownfield expansion and more advanced projects, with comparatively less expenditure committed to grassroots exploration for major new copper deposits.

This has contributed to a relatively limited pipeline of significant new copper discoveries capable of developing into the large mines required to replace declining production from existing operations and meet future demand.

The challenge is compounded by the increasingly long period required to take a major copper discovery through resource definition, permitting, financing, construction and ultimately into production. A shortfall in exploration today can therefore have consequences for copper supply many years into the future.

At the same time, demand for copper is expected to benefit from continuing investment in electricity generation and transmission, renewable energy, electric vehicles, data centres and the broader electrification of the global economy.

While commodity markets will inevitably remain cyclical, the combination of increasing demand and insufficient investment in the discovery and development of major new copper mines has the potential to result in meaningful future supply constraints.

Against this background, we believe African Pioneer’s strategy is well positioned. Our objective is to identify and advance copper projects to the point where their potential can be demonstrated and, where appropriate, work with larger industry participants to provide the capital and technical expertise required for their development.

Outlook

African Pioneer enters the next period with a considerably strengthened position.

The agreement with Xinhai provides a pathway for the advancement of Ongombo and Ongeama, and the forthcoming drilling programme represents an important next step in establishing the scale and development potential of these projects.

At the same time, we continue to progress our Zambian portfolio and discussions with potential joint venture partners, while actively seeking additional opportunities within the Northern Matchless Belt of Namibia and maintaining our exploration interests in Botswana.

Our immediate focus will be on the commencement and successful execution of the Namibian drilling and development programme. We believe that the combination of our existing copper assets, exploration potential and relationships with larger industry participants provides African Pioneer with a strong platform from which to grow.

I would like to thank our employees, consultants, contractors and partners for their contribution during the period and, as always, our shareholders for their continued support.

Colin Bird
Executive Chairman
30 September 2026

The full African Pioneer PLC Interim Results for the Six Months to 30 June 2026 are also available in our Financial Reports Section.