African Pioneer PLC - Namibia-focused exploration and development company - Updates in relation to First Quantum Minerals Ltd's option agreement with AFP's 80% owned subsidiary African Pioneer Zambia Ltd. Explains an addendum was agreed on October 20 to the deal which was announced in January. Confirms First Quantum have exercised their option over two out of four licences subject to the option agreement thereby commencing a two year earn-in period. In light of expenditure and work to date, First Quantum has been granted an additional six months to January 17 2024 to incur USD500,000 of exploration expenditure over the other two licences that are the subject of the option agreement.

Further, First Quantum has identified the key structural architecture determining the boundary between the Western Foreland and the Central Fold and Thrust Terrain in the area of AFP's licences. Deep drilling on AFP's licences has successfully identified diagnostic features indicative of similar stratigraphy and mineralisation processes to those involved in the formation of the Kamoa-Kakula deposit.

Executive Chair Colin Bird says: "We are very pleased to be advised by First Quantum that they have exercised their option to commence earning in on two licences and we have agreed to extend their option period on the other two licences."

Current stock price: 1.73 pence

12-month change: down 35%

By Jeremy Cutler, Alliance News reporter

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