Forrestania Resources Ltd (ASX:FRS) has completed the acquisition of First Western Gold Pty Ltd (FWG) from Askari Metals Ltd (ASX:AS2) following the deal first announced on September 12, 2025.
The sale involves 100% of the shares in Askari subsidiary First Western Gold Pty Ltd, which holds seven exploration licences and one application, including Burracoppin’s JORC 2012 mineral resource of 2.14 million tonnes at 1.2 g/t gold for 82,700 ounces.
Askari confirmed last month that it has entered a binding agreement to divest its Burracoppin Gold Project to Forrestania for A$700,000. Executive director Gino D’Anna said the divestment removes local exposure and allows both financial and human resources to be redeployed in Africa.
The deal reshapes Askari’s African exploration portfolio, which includes the Nejo Gold and Copper Project in Ethiopia and the Uis Rare Metals Project in Namibia. The company said the timing aligns with strong gold prices and is intended to progress its African assets without resorting to dilutive capital raisings.
Askari is finalising plans for initial fieldwork at Nejo ahead of a maiden drill campaign expected to start in November. The program is slated for 3,000–5,000 metres of diamond core drilling, targeting extensions to historical intercepts and broader mineralised zones.
In Namibia, the Uis project spans about 400 square kilometres near Andrada Mining’s operating Uis mine. Trenching and drilling to date have intersected rare-metal pegmatites containing high-grade tin, tantalum, rubidium and lithium. The company said it is in active talks with potential partners to support future development of the asset.
Askari said its objective is to build a meaningful footprint across Africa as a focused explorer of gold, copper and critical minerals.
Forrestania consolidates position
FWG holds seven exploration licences and one exploration licence application in Western Australia, including E70/5049, which hosts the Burracoppin Gold Project.
As consideration for the transaction — and subject to Askari Metals shareholder approval — Forrestania is to receive:
- 15 million listed Askari options (ASX: AS2OB), exercisable at A$0.022 and expiring on December 31, 2028; and
- 30 million unlisted Askari options, exercisable at A$0.06 and expiring three years from their date of issue.
The acquisition consolidates Forrestania’s position around Burracoppin while adding a broader package of WA exploration tenure through FWG’s portfolio. Further details of the individual licences will be provided as Forrestania integrates FWG’s assets into its exploration plans.