Askari Acquires 1,174km² Nejo Project Near 5.1Moz Gold Mines

Strategic Acquisition Expands African Footprint

Askari Metals Limited has marked a significant milestone by completing the acquisition of Hong Kong Xingxu Mining International Investment Co. Ltd, securing ownership of the Nejo Gold and Copper Project in Ethiopia. This district-scale, advanced brownfields project spans approximately 1,174 square kilometres on the Arabian-Nubian Shield, a geological region renowned for hosting some of the world's most significant gold deposits.

Located adjacent to the 1.7 million-ounce Tulu Kapi Mine and along strike from the 3.4 million-ounce Kurmuk Mine, Nejo offers Askari a strategically valuable landholding within a proven greenstone belt. This acquisition not only broadens Askari’s African portfolio but also positions the company within a Tier-1 geological setting with substantial exploration upside.

Active Exploration and Resource Potential

Askari has swiftly initiated systematic exploration programs targeting both gold and copper mineralisation. The company is focusing on the Guji-Gudeya and Guliso Gold Trends, which together extend over 18 kilometres, employing soil and rock sampling, geological mapping, and trenching to identify drill targets. Concurrently, an expanded copper exploration program is underway at the Katta Target, where historical drilling has confirmed high-grade copper mineralisation over mineable widths.

Complementing these efforts, Askari is deploying airborne and ground-based geophysical surveys to refine drill targeting and better understand the continuity of mineralised shear zones beneath surface cover. The integration of digitised historical drilling and trenching data has enabled the early design of a maiden drilling campaign aimed at validating previous results and expanding known mineralised zones.

Financial Strength and Forward Momentum

Financially, Askari is well-positioned to advance its exploration agenda, having recently completed an oversubscribed entitlement offer that raised $1.6 million, alongside the sale of Australian assets to Forrestania Resources Limited. Executive Director Gino D’Anna highlighted that these developments mark an inflection point for the company, enabling accelerated exploration and development activities across Africa.

With Ethiopia’s pro-mining regulatory environment and established infrastructure providing a supportive backdrop, Askari’s immediate focus will be on fast-tracking exploration at high-priority targets such as Guji, Komto 1, and Komto 2. The company aims to delineate a maiden JORC-compliant mineral resource, leveraging multiple near-surface, high-grade gold and copper targets with relatively low geological risk.

Looking Ahead

Askari’s acquisition and exploration initiatives at Nejo signal a period of sustained operational momentum. The company’s disciplined approach and clear commitment to shareholder value through discovery and growth will be critical as it navigates the complexities of resource development in a competitive and evolving African mining landscape.