Historical Data Limits Pose Validation Challenge for Askari’s Nejo Gold Ambitions

Background to the Supplementary Announcement

Askari Metals Limited (ASX – AS2) has issued a supplementary announcement to its July 8, 2025, release concerning the acquisition of the Nejo Gold Project in Ethiopia. This update addresses previously omitted technical details, specifically drill hole collar coordinates and tables of significant gold intercepts, which are critical for investor assessment and regulatory compliance.

The original announcement showcased promising historical exploration results but lacked the detailed data required under Mining FAQ 36. The supplementary release now fills this gap, providing comprehensive coordinate information and intercept grades from multiple target zones within the project area.

Historical Data and Compliance Challenges

The exploration results referenced stem from historical work conducted before the introduction of the JORC (2012) Code, which sets rigorous standards for reporting mineral resources and exploration results. While the Competent Person overseeing the supplementary release has conducted validation checks and found no reason to doubt the accuracy or reliability of the data, Askari Metals has not independently verified these results to JORC standards.

This distinction is important. The data is presented on a provisional basis under Mining FAQ 36 guidelines, meaning investors should interpret the results cautiously. There remains a possibility that further field validation and updated drilling could alter the confidence level in these historical findings.

Significant Intercepts and Project Potential

The supplementary tables reveal multiple significant gold intercepts across various targets such as Guji, Komto, Dina, Soyoma, and others. Noteworthy results include intercepts like 7.1 meters at 30.3 grams per tonne gold at the Dina target and 14.2 meters at 8.18 grams per tonne at Soyoma. These grades and widths suggest the Nejo Gold Project holds considerable exploration upside, reinforcing Askari’s strategic interest in advancing the asset.

However, the company emphasizes that these results were previously reported by other ASX and LSE-listed entities, including Dwyka Resources, Nyota Minerals, OreCorp, and Kefi Gold + Copper. Askari’s role is to validate and build upon this legacy data as it moves forward with exploration programs.

Strategic Context and Next Steps

Askari Metals is actively exploring its Southern African portfolio, including the Uis Lithium Project in Namibia and the Matemanga Uranium Project in Tanzania. The Nejo Gold Project acquisition fits within this broader strategy of targeting advanced-stage assets with potential for value creation.

The company is currently assessing options for a “value-add” divestment strategy for its Australian projects, which include gold, copper, and rare earth elements. Meanwhile, the Nejo project’s historical data limitations underscore the need for rigorous field validation and updated JORC-compliant reporting to underpin future resource estimates and investment decisions.