African Pioneer Plc., a London-listed exploration company focused on Sub-Saharan Africa, has secured $2.4 million (£1.8 million) in fresh capital to accelerate development at its Ongombo and Ongeama copper-gold projects in Namibia, as global demand for critical minerals continues to strengthen.
The equity raise, completed at 0.90 pence per share, involved the issuance of 200 million new ordinary shares, representing approximately 71.8% of the company’s existing share capital. The offer price reflects a 10% discount to the company’s previous closing market price, a move aimed at attracting both institutional and insider participation.
Strategic fundraising backed by insiders
The fundraising was split between a placing arranged by Shard Capital Partners, which raised roughly $1 million, and a direct subscription by existing shareholders and company directors, contributing about $1.3 million. The insider participation underscores management’s confidence in the near-term potential of the company’s Namibian assets.
Each new share carries a two-year warrant exercisable at 1.6 pence, pending shareholder approval. The warrant price represents a premium of nearly 78% to the fundraising price, offering upside exposure tied to project execution and commodity price momentum.
Drilling program targets mine development readiness
African Pioneer said the bulk of the proceeds will be deployed toward mine development drilling at Ongombo and the adjacent Ongeama project, following the completion of an internal technical review.
The upcoming drilling campaign is designed to deliver final geotechnical data required for both open-pit and underground mine design, while also expanding and confirming existing mineral resources.
The company is reassessing mine design and processing capacity amid rising copper, gold, and silver prices, which have improved project economics across the sector.
At Ongombo, drilling will focus on extending the current starter pit, estimated at one million tonnes grading 1.33% copper, 0.17 g/t gold, and 6.3 g/t silver. Additional targets include up-dip mineral extensions, geophysics-defined anomalies, and higher-grade zones at Ongeama South.
Regional footprint across Southern Africa
Beyond Namibia, African Pioneer holds exploration licenses in Zambia and Botswana, with funds also earmarked for early-stage exploration and a strategic portfolio review.
While Botswana and Zambia are landlocked, Namibia’s access to Atlantic ports at Walvis Bay and Lüderitz offers a logistical advantage for future mine development.
African Pioneer focuses on base and precious metals, positioning itself to benefit from long-term demand tied to electrification, infrastructure, and energy transition trends across Africa.
