Question 1

When were the conditions precedent expected to be satisfied under the Xinhai agreement?

Accepted Answer

The agreement said conditions precedent, including Chinese regulatory approvals, were expected to be satisfied within 20 business days.

Question 2

How much is the estimated total cost for the Ongombo-Ongeama development programme funded via a holding company?

Accepted Answer

The Ongombo-Ongeama (Namibia) development programme has an estimated total cost of about US$60 million, covering staged milestones from drilling to commercial production of at least 720,000 tonnes per annum.

Question 3

What financing and technical services agreement did African Pioneer sign on 30 July 2026?

Accepted Answer

African Pioneer signed a definitive financing and technical services agreement with Hong Kong Xinhai Mining Services for Namibia’s Ongombo and Ongeama copper projects.

Question 4

What does African Pioneer get an option to convert its residual holding into after milestone four?

Accepted Answer

After milestone four, African Pioneer can convert its residual stake into a 4% net smelter royalty on gross project revenue.

Question 5

How much will Xinhai pay for African Pioneer shares under the Ongombo-Ongeama financing deal?

Accepted Answer

Xinhai will subscribe £712,786 for 61.98 million African Pioneer shares at 1.15p per share, taking a 10% stake and board representation, and receiving warrants exercisable at 1.6p after milestone four.

Question 6

What exclusivity period did African Pioneer grant Xinhai for the Ongombo-Ongeama copper project?

Accepted Answer

African Pioneer granted Xinhai an exclusivity period of up to 60 days to agree Definitive Agreements under a Term Sheet for the Ongombo-Ongeama (Namibia) development project.

Timeline

African Pioneer

African Pioneer signs Xinhai deal to fund Namibian copper mine

African Pioneer signs term sheet with China's Xinhai to fund Zambia development

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