During the September quarter, Askari Metals Ltd (ASX:AS2) executed a binding agreement to acquire the Nejo Gold and Copper Project, a 1,174 km² district-scale landholding in central-western Ethiopia. Nejo is positioned on the Tulu Dimtu Shear Belt within the Arabian–Nubian Shield.
The project surrounds the 1.7 Moz Tulu Kapi mine and sits on the same greenstone belt as the 3.4 Moz Kurmuk deposit. Historical datasets — trenching, drilling and geochemical surveys — confirm the presence of gold and copper mineralisation across more than 60 km of strike. Despite this foundation, modern exploration has been limited.
Askari plans systematic, data-driven fieldwork comprising rock and channel sampling, verification of historical drilling, detailed mapping and target ranking ahead of drilling planned for Q4 2025. Initial efforts will focus on the Guliso (~10 km strike) and Guji–Gudeya (~9 km strike) trends.
Regulatory steps progressed during the quarter, with visas and work permits issued for the geological team and written support from the Federal Ministry of Mines and OMDA, enabling near-term mobilisation.
Highlights
- Ethiopia expansion: Askari Metals has signed a binding agreement to acquire the Nejo Gold and Copper Project in central-western Ethiopia, covering 1,174 km² on the Arabian–Nubian Shield. The tenure surrounds the 1.7 Moz Tulu Kapi mine and lies along strike from the 3.4 Moz Kurmuk deposit, providing access to more than 60 km of prospective strike.
- Exploration pipeline: Multiple drill-ready gold and copper targets have been identified at Nejo. Initial work — rock sampling, verification of historical drill holes, channel sampling and mapping — will commence in the coming days, with drilling planned for Q4 2025. Two priority corridors will anchor the campaign: the ~10 km Guliso Trend and the ~9 km Guji–Gudeya Trend.
- Portfolio fit: Nejo complements Askari’s 460 km² position on the Adola Greenstone Belt in southern Ethiopia, adjacent to the Lega Dembi and Sakaro gold operations (>3 Moz combined production). Early-stage programs across this belt are being advanced to define additional high-grade targets.
- Permits and approvals: Work permits and visas have been granted for the geological team. Written support has been received from the Federal Ministry of Mines and the Oromia Mineral Development Authority (OMDA), enabling mobilisation.
- Funding and corporate actions: After quarter-end, Askari announced a rights issue offering 1 new share for every 3 held at $0.01, with two free attaching options (AS2O and AS2OB). Major shareholders, including Executive Director Gino D’Anna, have taken up full entitlements. The company also completed the sale of First Western Gold Pty Ltd for A$850,000 (cash and shares), sharpening focus on African gold and copper.
- Cost focus: Ongoing cost-reduction initiatives are intended to channel capital to low-cost, high-impact exploration in Ethiopia and Namibia.
- Near-term outlook: A field campaign scheduled for November 2025 will target high-grade gold and copper systems at Nejo with a pathway toward a JORC (2012) Mineral Resource.
“As a company, we have continued to deliver on our strategic vision to build a leading African-focused gold and copper exploration business. The acquisition of the Nejo Gold and Copper Project in Ethiopia marks a transformational milestone for Askari Metals — one that firmly underpins our exploration thesis and positions us at the centre of one of the world’s most prospective, underexplored mineral belts,” executive director Gino D’Anna said.
“Our team in Ethiopia has performed exceptionally well, securing all necessary permits, approvals, and on-ground support from key stakeholders and government authorities. This achievement demonstrates the strength of our local relationships and our commitment to operating responsibly and collaboratively as we establish the foundations for a long-term presence in-country.
“With field mobilisation set for November, Askari is now transitioning from strategy to action. The upcoming exploration campaign across the Nejo Project will target high-grade, drill-ready gold and copper prospects, leveraging a strong dataset of historical work and modern exploration methods to accelerate discovery and value creation.
“The recently announced Rights Issue, combined with the sale of our Australian asset portfolio, strengthens our balance sheet and ensures we are well funded to pursue our Ethiopian objectives. Our focus remains on low-cost, high-impact exploration designed to deliver meaningful results for our shareholders.
“As we advance into the next phase of our growth, Askari is firmly focused on building a Tier-1, multi-asset gold and copper portfolio. Our strategic position on the Arabian-Nubian Shield provides exposure to a proven geological setting that hosts several world-class deposits. Through systematic exploration and disciplined execution, we will unlock the potential of our projects and demonstrate the strength of our first-mover advantage.”
Outlook
Askari has set out a staged, cost-efficient exploration program to advance its Ethiopian portfolio. Work will start by verifying historical drilling and trenching results, then move to systematic fieldwork — mapping, trenching, soil surveys and sampling. Follow-up validation drilling will use both RC and diamond methods, with the aim of progressing the Nejo Gold Project toward a JORC (2012)-compliant Mineral Resource.
In parallel, Askari is pursuing a broader gold-and-copper strategy across Ethiopia and says it will maintain transparent, collaborative engagement with local communities, government agencies and regional partners. The company frames its approach around long-term, sustainable development so exploration contributes to local economic and community outcomes. With its landholdings, regulatory backing and a disciplined technical plan, Askari targets unlocking further value from its Ethiopian assets over the coming quarters.