Askari Metals Sharpens African Focus After Selling Burracoppin Gold Project
Askari Metals has completed the sale of its Australian subsidiary First Western Gold, including the Burracoppin Gold Project, to Forrestania Resources, enabling a strategic pivot to its African exploration assets.
- Sale of First Western Gold Pty Ltd to Forrestania Resources completed
- Consideration includes A$250,000 cash plus A$600,000 in Forrestania shares
- Burracoppin Gold Project hosts 82,700 ounces gold resource
- Askari to focus on Nejo Gold and Copper Project in Ethiopia and Uis Lithium Project in Namibia
- Maiden drilling planned at Nejo Project in late 2025
Strategic Divestment Completed
Askari Metals Limited (ASX – AS2) has finalized the sale of its wholly owned Australian subsidiary, First Western Gold Pty Ltd, to Forrestania Resources Limited (ASX – FRS). This transaction includes the Burracoppin Gold Project in Western Australia, which carries a JORC-compliant mineral resource estimate of approximately 82,700 ounces of gold. The deal, settled on 17 October 2025, brings Askari A$250,000 in cash and 2.22 million unencumbered Forrestania shares valued at around A$600,000.
Refocusing on African Exploration
The sale marks a clear strategic shift for Askari, allowing the company to concentrate its efforts on advancing its African portfolio. Key assets include the Nejo Gold and Copper Project in Ethiopia, a district-scale landholding of over 1,170 square kilometres situated within the mineral-rich Arabian-Nubian Shield, and the Uis Lithium Project in Namibia, located near an operating tin-tantalum-lithium mine. Both projects offer exposure to high-grade mineralisation and rare metals, positioning Askari in growth sectors aligned with global demand.
Upcoming Exploration and Drilling Plans
Askari is preparing to launch its maiden exploration campaign at Nejo, with initial soil and rock sampling, geological mapping, and an airborne geophysical survey already underway. These efforts aim to identify high-grade gold and copper targets ahead of a maiden drilling program scheduled for November to December 2025. The company’s technical team is optimistic about fast-tracking resource definition given the district-scale landholding and multiple promising targets.
Market Timing and Capital Deployment
Executive Director Gino D’Anna highlighted the timing of the sale as advantageous, coinciding with record-high gold prices. The proceeds from the transaction will be immediately reinvested into accelerating exploration activities in Africa, underscoring Askari’s commitment to becoming a focused African explorer and developer. The divestment also streamlines the company’s asset base, potentially enhancing operational efficiency and investor clarity.
Looking Ahead
With the Burracoppin asset now under Forrestania’s stewardship, market watchers will be keen to observe how Forrestania integrates this resource into its portfolio. Meanwhile, Askari’s pivot to Africa places it in a compelling position to capitalize on emerging opportunities in gold, copper, and rare metals amid a favourable commodity environment. The next few months will be critical as exploration results start to materialize and define the company’s growth trajectory.
Bottom Line?
Askari’s divestment clears the path for accelerated African exploration, setting the stage for a pivotal drilling season.
Questions in the middle?
- How will Forrestania Resources integrate and develop the Burracoppin Gold Project?
- What initial results will Askari’s maiden drilling campaign at Nejo yield?
- How will fluctuating commodity prices impact Askari’s African project economics?
