Ongombo and Ongeama Development Programme Update

African Pioneer PLC

01 September 2026

 

1 September 2026

African Pioneer Plc
("African Pioneer" or the "Company")

Ongombo and Ongeama Development Programme Update

African Pioneer Plc ("AFP"), the exploration and resource development company is pleased to announce that planning work has commenced on the Ongombo - Ongeama development programme under the terms of the conditional financing and technical services agreement (the "Definitive Agreement") signed between the Company and Hong Kong Xinhai Mining Services Limited ("Xinhai") and announced on 30 July 2026.

Highlights

·    The parties plan, subject to availability of drill rigs, an initial drill programme for up to 4 diamond drill rigs split between Ongombo and Ongeama to complete the drilling required for geotechnical studies, final underground and open pit mine design and the update of the current 29Mt @ 1.1% Cu Eq JORC (2012) Mineral Resource Estimate for the Ongombo project

·    Drilling will commence once all regulatory requirements have been completed and the parties have agreed on drill hole locations and final depths

·   A considerable number of technical personnel will be required to oversee and manage the estimated volume of core to be generated by up to 4 drill rigs and recruitment is underway managed by African Pioneer's in-country management

·    The drill programme will be multi month with an additional period thereafter for the receipt of final assays

·    Discussions are also underway to agree the final mine design and plant throughput scope for the development of Ongombo-Ongeama

Colin Bird, Chairman of African Pioneer, commented:

"We are very pleased with the rapid progress in the drill program planning and this is a credit to our technical team and the highly professional approach of Xinhai and their commitment to a significant drilling campaign in the short term. The pending completion requirements in relation to the Definitive Agreement with Xinhai are well in hand.   We will keep shareholders informed as matters progress."

Update on Financing and Mine Development Agreement

Further to the Company's announcement on 30 July 2026 the Company confirms that the administrative processes in relations to the conditions precedent in the Definitive Agreement are being finalised and we will announce when the conditions precedent have been completed.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

For further information, please contact:

African Pioneer Plc Colin Bird, Chairman	Tel [phone]
Beaumont Cornish Limited (Financial Adviser) Roland Cornish/Asia Szusciak	Tel [phone]
AlbR Capital Limited (Joint Broker) Jon Belliss	Tel [phone]
Shard Capital Partners LLP (Joint Broker) Damon Heath	Tel [phone]

or visit  https://africanpioneerplc.com/

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is Financial Adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

 

END