During the June quarter, Askari Metals Ltd (ASX:AS2) secured a binding agreement to acquire a portfolio of gold assets covering 460 square kilometres on the Adola Greenstone Belt in southern Ethiopia, adjacent to the Lega Dembi and Sakaro gold mines (combined production >3 million ounces). The belt remains underexplored despite hosting several large-scale deposits. A reconnaissance program involving soil and rock sampling and geological mapping is underway.
Subsequent to quarter-end, the company entered into a binding agreement to acquire the Nejo Gold and Copper Project in central-western Ethiopia. Covering 1,174 square kilometres on the Tulu Dimtu Shear Belt, the project lies near the Tulu Kapi and Kurmuk mines. Previous exploration identified high-grade mineralisation. A regional program is expected to commence shortly.
Askari aims to build a Tier-1 gold-copper portfolio in Ethiopia and is working closely with stakeholders to ensure sustainable development outcomes.
“The June quarter marks a transformational milestone for the company as we position ourselves as a gold and copper exploration and development company focused on advancing our assets in Ethiopia. We continue to take progressive steps forward to ensure the company leverages its African experience and delivers on its first mover advantage,” executive director Gino D’Anna said.
“As we prepare to undertake initial reconnaissance exploration campaigns in Ethiopia, we continue to set up critical infrastructure and focus on building long-term, sustainable and respectful relationships with key stakeholders.
“Our focus and discipline moving forward is unequivocal as the company aims to build a tier-1 multi-asset gold and copper portfolio in Ethiopia. Being positioned on the Arabian-Nubian Shield provides the company with the opportunity to explore along a well mineralised belt known to host significant gold and copper mines and major discoveries.
“We will unlock the value of our project portfolio through systematic and modern exploration in a known geological setting. We look forward to keeping our shareholders and investors informed as we progress our exploration and demonstrate the potential of our projects and validate our approach.”
Uis Project review highlights polymetallic potential
Askari progressed a comprehensive review of its Uis Project in Namibia, assessing tin, tantalum, rubidium and lithium mineralisation across its tenements.
- EPL 7345: Rock chip assays confirmed high grades including up to 4.05% tin oxide (SnO₂), 1,121 parts per million (ppm) tantalum pentoxide (Ta₂O₅), and 0.83% rubidium oxide (Rb₂O) across several pegmatite targets. Historical drilling also returned strong intercepts.
- EPL 8535: Sampling at the Kestrel Pegmatite Target revealed assays up to 3.17% SnO₂ and 5,226ppm Ta₂O₅. The pegmatite has a 3-kilometre strike length and widths up to 30 metres.
- EPL 7626: Located adjacent to Andrada Mining’s Uis Tin Mine, the licence is considered highly prospective. Phase I fieldwork is planned, targeting lithium-caesium-tantalum (LCT) pegmatites through geochemical soil sampling, mapping and trenching.
The project is emerging as a strategic polymetallic asset in a proven mineralised corridor.
Strategic exit from Tanzanian uranium
Askari has ceased uranium-related pursuits in Tanzania to prioritise its gold and copper development focus in Ethiopia.
Corporate activity supports strategic transformation
During the quarter, Askari raised A$694,500 via a share placement to fund exploration in Ethiopia and Namibia. A further A$25,500 investment by D’Anna is subject to shareholder approval.
Governance changes included the appointment of Timothy Morrison as non-executive Director and the reappointment of D’Anna as executive director. The company also completed an entitlement issue for expired options and repaid A$200,000 of a convertible note, reducing the balance to under A$500,000 ahead of its November 2026 maturity.
Cost-saving initiatives were implemented to prioritise low-cost, high-impact exploration, and CPS Capital was appointed as corporate advisor to assist with the company’s transition into gold and copper exploration.