African Pioneer plc confirmed that the latest quarterly Report from First Quantum Minerals Limited ("FQM") has confirmed the presence of mineralisation with diagnostic regional geological and architectural similarities apparently consistent with Kamoa-Kakula deposit mineralisation located in the DRC. The targets are located in northwest Zambia on licences within the AFP-FQM Option Agreement concluded by the parties with AFP's 80% owned subsidiary African Pioneer Zambia Ltd. Highlights v Exploration has demonstrated that the geological setting, regional geology and architectural vectors evident on the JV licences show apparent similarities to that needed to facilitate the large-scale deposition of high-grade copper mineralisation of the Kamoa-Kakula-type. Sufficient drilling and geophysics have been completed by FQM to generate a 3D model of the Western Foreland, the regional setting evident at Kamoa-Kakula in the DRC.

Multiple high grade copper intercepts peaking at 8m @ 1.25% Cu (ICP) will be followed up on the Turaco prospect. High-grade cobalt mineralisation has also been identified peaking at 0.23% Co over 4m within the Fold and Thrust Belt. Diamond drilling in 2023 will focus on targeting reduced diamictite in the Western Foreland target, as well as testing depth extent of mineralisation at the Turaco target, previously delineated with aircore drilling in 2022.

Further aircore drilling in 2023 is expected at Chibwika and Chipopa targets and on the other cumulative >35km of anomalous soil geochemical targets broadly defined and reported at the end of the 2022 field season. Background AFP's licence package in Zambia covers part of the NW extension of the Zambian Copperbelt. The properties are located within 80-100km of First Quantum Minerals' Sentinel mine, one of the largest copper mines in Africa, with current Measured and Indicated Resources 867.1Mt @ 0.44% Cu.