Drilling commences on the Ongombo Project

(LSE:AFP) African Pioneer Plc announced that drilling has commenced on the Ongombo Project in Namibia as part of the mine development programme under the terms of the conditional financing and technical services agreement (the “Definitive Agreement”) with Hong Kong Xinhai Mining Services Limited, previously announced on 30 July 2026. The drilling programme has started with one drill rig to ensure technical personnel are properly trained to manage the estimated core volume. Planning is underway for the construction of an onsite facility for core reception, logging, cutting, sampling, and secure long-term storage. The programme is designed for 119 holes totaling approximately 7,000 metres and is expected to last several months, with an additional period for receipt of final assays. The Ongombo Project is 85% owned by African Pioneer Plc and currently has a 29Mt @ 1.1% CuEq JORC (2012) Mineral Resource Estimate as defined by external resource consultants. The drill programme aims to extend open pit resources, validate the estimated potential of 3 to 4 years of open pit mining, explore up-dip extensions at the neighbouring Ongeama project, and provide additional early years open pit feed. Additional objectives include informing mine design and long-term underground development planning, conducting geotechnical assessments at both Ongombo and Ongeama, and improving grade and mineralised width data for the East – Ost shoots, where historical gold assays were not completed. The East – Ost shoots are noted as being thicker in some areas, potentially offering more substantial tonnage subject to ongoing infill drilling. The programme also aims to develop a single Mineral Resource for mining and processing from the two deposits. Colin Bird, Chairman of African Pioneer Plc, stated that work is underway to develop a new mining operation at Ongombo – Ongeama, with Xinhai working closely with the Namibian-based team and in-country technical skills being provided for drilling management, logging, sampling, and sample custody. The company plans to increase the number of drill rigs on-site to fast-track the programme. Beaumont Cornish Limited is acting as Financial Adviser to the company, with AlbR Capital Limited and Shard Capital Partners LLP as joint brokers.

Conditions Precedent met re Xinhai Agreement

(LSE:AFP) African Pioneer Plc announced that all conditions precedent have been met in relation to the financing and technical services agreement (the “Definitive Agreement”) signed with Hong Kong Xinhai Mining Services Limited (“Xinhai”) and originally announced on 30 July 2026. The company states that, upon Xinhai making payment of their share subscription of GBP712,786 under the Definitive Agreement, African Pioneer will announce and arrange the issue of Xinhai’s share subscription shares. The company will also arrange the issue of the Xinhai Warrants. Additionally, African Pioneer will issue 3,333,333 African Pioneer shares to Xinhai in relation to the conversion of Xinhai’s previously paid intention money of GBP30,000. The announcement references prior disclosures made on 30 July 2026 and 1 September. Colin Bird is named as Chairman of African Pioneer Plc. Beaumont Cornish Limited is acting as Financial Adviser to the company, with Roland Cornish and Asia Szusciak named as contacts. AlbR Capital Limited and Shard Capital Partners LLP are named as joint brokers, with Jon Belliss and Damon Heath as contacts, respectively. Beaumont Cornish Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority. The announcement confirms that Beaumont Cornish Limited is acting exclusively for African Pioneer Plc in relation to the matters described. The company will provide further updates upon receipt of the share subscription payment from Xinhai. The agreement involves both financing and technical services components. The transaction is structured to include both a cash subscription and the conversion of previously paid intention money into shares. The announcement was disseminated via RNS, the news service of the London Stock Exchange.

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