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African Pioneer has raised £1.8 million through an equity fundraising to advance its Ongombo and Ongeama copper/gold projects in Namibia, alongside supporting working capital. The company plans to issue 200 million new shares at 0.90p each, representing a 10% discount to the market price as of January 30, 2026.

The fundraising includes a placing of over 88.1 million shares and a direct subscription for over 111.8 million shares. Proceeds will primarily fund project activities at Ongombo and Ongeama, with additional allocation for exploration in Zambia and strategic review in Botswana.

The Ongombo project targets an estimated 1 million tonnes grading 1.33% copper. In Zambia, the company plans geophysical surveys and drilling. A fee settlement for directors and consultants will involve issuing new shares. The fundraising also affects a previously disclosed concert party's shareholding, potentially triggering a mandatory takeover offer if holdings exceed 30%.