Askari Metals’ $1.15M Raise Sets Stage for Critical African Exploration Risks
Askari Metals has raised $1.15 million to fund its first drilling campaign at the Nejo Gold and Copper Project in Ethiopia and to advance exploration at its Uis Project in Namibia. The placement, supported by new and existing sophisticated investors including company directors, positions Askari to accelerate its African exploration strategy.
- Placement raises $1.15 million led by CPS Capital
- Funds to support maiden drilling of 3,000-5,000m at Nejo Project
- Directors Martin Holland and Tim Morrison participate in placement
- Exploration to expand across gold, copper, and rare metals in Ethiopia and Namibia
- Company holds $3.2 million in cash and assets, well-funded for 2026
Funding Boost for African Exploration
Askari Metals Limited (ASX – AS2) has successfully secured $1.15 million through a placement to sophisticated investors, including participation from newly appointed non-executive directors Martin Holland and Tim Morrison. This capital injection is earmarked to accelerate exploration activities at the company’s flagship Nejo Gold and Copper Project in Ethiopia and to recommence work at the Uis Project in Namibia.
The placement was led by CPS Capital and involves the issue of 115 million new shares at $0.01 each, with shareholders set to vote on attaching options that sweeten the deal for investors. The company’s strong cash position of approximately $3.2 million, including assets held for sale, provides a solid foundation to execute its ambitious exploration plans.
Maiden Drilling and Regional Exploration
The funds will primarily support Askari’s maiden drilling campaign at Nejo, targeting 3,000 to 5,000 metres initially, with plans to expand beyond that. The drilling will focus on high-priority gold targets at Guji, Komto 1, and Komto 2, aiming to confirm and extend known mineralisation zones. This campaign is part of a broader strategy to drill over 20,000 metres in phases, complemented by trenching, geophysical surveys, and detailed mapping across the extensive 1,200 square kilometre landholding.
Alongside gold, the company is advancing copper exploration at the Katta Target, where historical drilling has revealed high-grade copper mineralisation. The use of digitised historical data and modern geophysical techniques aims to validate and expand on these promising results.
Reinvigorating Rare Metals Exploration in Namibia
At the Uis Project in Namibia, Askari plans to resume exploration activities focusing on rare metals such as tin, tantalum, rubidium, and lithium. The project lies near the operating Uis Tin Mine and benefits from excellent infrastructure, including proximity to the Walvis Bay deep-water port. The company anticipates releasing assay results from recent trenching campaigns soon, at a time when tin prices remain elevated, potentially enhancing the project’s value proposition.
Strategic Vision and Market Positioning
Askari’s Executive Director Gino D’Anna highlighted the company’s early mover advantage in the underexplored Arabian-Nubian Shield, a mineral-rich frontier in Africa. The Nejo Project, described as an advanced-stage brownfields asset, is positioned as a flagship for the company’s growth ambitions. The capital raise not only strengthens the balance sheet but also signals confidence from insiders and sophisticated investors in Askari’s disciplined approach to exploration and development.
Looking ahead, the company is gearing up for a busy 2026, with systematic exploration designed to unlock value and potentially establish a significant JORC-compliant mineral resource. The combination of gold, copper, and rare metals projects across Ethiopia and Namibia offers diversified exposure to multiple commodities in emerging African mining jurisdictions.
Bottom Line?
With fresh capital secured, Askari Metals is poised to transform its African exploration potential into tangible results in 2026.
Questions in the middle?
- Will the maiden drilling at Nejo confirm significant new mineral resources?
- How will shareholder approval of attaching options and director participation impact investor sentiment?
- What are the timelines and expected outcomes for assay results from the Uis Project trenching?
