Askari Metals Ltd (ASX:AS2) is raising $1,150,000 (before costs) via a placement at an issue price of A$0.01 per share, to put towards a maiden drilling program at the Guji, Komto 1 and Komto 2 gold targets, initially planned for 3,000–5,000 metres with scope for expansion.
Following the placement, Askari will be in a strong financial position, with approximately $3.2 million in available cash and assets. The placement has attracted support from both new and existing sophisticated investors, including directors and related parties, with CPS Capital acting as lead manager. Newly appointed non-executive director Martin Holland will invest $100,000 in the placement, while non-executive director Tim Morrison will contribute $50,000.
“I thank our existing shareholders for their ongoing support for Askari’s vision for exploration in Africa, and welcome new investors to our register. Our focus is on exploration and development in Southern Africa where we benefit from our early entry and an experienced team providing a clear first-mover advantage. This resonates with investors, and we are excited to ramp up our exploration activities across our portfolio of highly prospective projects in Southern Africa,” executive director Gino D’Anna said.
“Following completion of our recent capital raising initiatives, the company is well funded to execute on its exploration and development strategy across its portfolio of assets in Ethiopia and Namibia. The advanced nature of Nejo represents a true flagship project for our company with a clear pathway to value-creation through systematic exploration, designed to progress towards a significant potential JORC (2012) mineral resource. We look forward to mobilising drill rigs for our maiden drilling campaign and undertaking systematic exploration to unlock the value potential and upside of this exciting project.
“We will also be re-commencing exploration activities at the Uis Project in Namibia, which presents a significant polymetallic opportunity showcasing high-grade tin, tantalum, rubidium and lithium mineralisation. We have completed significant exploration in the past and look forward to releasing the assay results from our recent trenching campaign at a time where tin prices remain at record highs.
“We are setting up for a very busy 2026 and this funding will allow the company to continue its strong momentum and further the advancement of our exploration and development strategy. I look forward to keeping our shareholders updated as we enter an exciting time of growth.”
Exploration at Nejo
Exploration at the Nejo Gold and Copper Project has seen historic work outline significant high-grade gold and copper mineralisation that has yet to be systematically tested using modern techniques.
The company is now funded to start a maiden 3,000–5,000 metre drilling program at Nejo, initially targeting the high-priority Guji, Komto 1 and Komto 2 gold prospects. This forms part of a broader phased strategy that envisages more than 20,000 metres of drilling, plus infill and extensional trenching, geophysics, and mapping and sampling across the district-scale 1,200-square-kilometre landholding. A maiden regional program over the Guji-Gudeya and Guliso gold trends (more than 18 km of cumulative strike) is in progress, with technical teams on site for an extended campaign.
A dual-approach program at the Katta Target is testing high-grade copper zones to confirm mineralisation and validate earlier UNDP diamond drilling, which intersected shallow copper and identified outcropping copper gossans with potential VMS-style mineralisation. Within the Guliso Trend, targets at Soyoma, Dina, Chago and South Chago define a continuous ~10 km NE–SW strike, while in the Guji-Gudeya Trend, Guji, Komto 1 and Komto 2 form a ~9 km NE–SW corridor parallel to the Tulu Kapi Trend. Historical work across these areas returned high-grade, near-surface gold with minimal follow-up, and the company plans to commence further drilling as field conditions allow.
Askari is also compiling historical geophysical datasets ahead of a detailed airborne survey designed to trace mineralised shear zones beneath thin cover, improving understanding of mineralised continuity and linking zones along key geological trends.
Resuming at Uis
Exploration will also resume at the Uis Project in Namibia to expand known rare metal mineralisation within pegmatites hosting high-grade tin, tantalum, rubidium and lithium. Uis lies directly along strike from the Uis Tin Mine, owned and operated by Andrada Mining Ltd.
Askari is advancing its Tier 1 gold strategy in Ethiopia on the highly prospective Arabian-Nubian Shield, one of the last underexplored, mineral-rich frontier belts hosting multiple large-scale gold and copper deposits. Completion of the placement will provide working capital for ongoing operations and support the company’s African-focused exploration strategy under a disciplined approach.