Debt-Free Askari Metals Focuses on African Gold and Critical Metals Exploration

Strategic Acquisition and African Focus

Askari Metals Limited has marked a significant milestone with the acquisition of the Nejo Gold and Copper Project, a district-scale asset spanning 1,174 square kilometres in Central Western Ethiopia. Situated within the Arabian-Nubian Shield, a globally recognised gold-copper province, Nejo surrounds the 1.7 million ounce Tulu Kapi Gold Mine and lies along strike from the 3.4 million ounce Kurmuk Mine. This acquisition positions Askari firmly within a Tier-1 geological corridor known for hosting large-scale deposits.

The company has concurrently divested its Australian subsidiary, First Western Gold Pty Ltd, to sharpen its strategic focus on its African portfolio, which now centres on gold, copper, and critical metals exploration in Ethiopia and Namibia.

Maiden Drilling Campaign and Exploration Plans

Askari is preparing to commence its maiden drilling program at Nejo in the first quarter of 2026. The initial phase targets up to 5,000 metres of drilling focused on high-priority gold targets along the Guji-Gudeya Trend, including Guji, Komto 1, and Komto 2, which collectively form a continuous strike length of approximately 9 kilometres. Historical drilling and trenching in these areas have revealed significant shallow, high-grade gold mineralisation that has yet to be systematically followed up.

This drilling campaign aims to validate these historical intersections, define the geometry and continuity of mineralised zones, and advance the project towards a maiden JORC (2012) Mineral Resource Estimate. Beyond gold, the program will also assess copper, antimony, and silver potential, enhancing the polymetallic upside of the project.

Looking beyond the initial phase, Askari plans a broader exploration program exceeding 20,000 metres of drilling, supported by trenching, geophysics, and geological mapping across its extensive landholding.

Robust Funding and Clean Capital Structure

Financially, Askari has strengthened its position through an oversubscribed Rights Issue and a Private Placement, raising a total of A$2.75 million before costs. This capital injection, combined with the divestment of non-core Australian assets, has enabled the company to repay all outstanding convertible and redeemable notes, resulting in a debt-free balance sheet. With approximately A$2.07 million in cash at quarter-end and no debt overhang, Askari is well positioned to fund its near-term exploration activities.

Namibian Critical Metals Exposure

In Namibia, Askari continues to advance its Uis Project, which offers exposure to high-grade tin, tantalum, rubidium, and lithium mineralisation. The project is strategically located adjacent to the operating Uis Tin Mine, enhancing its potential. Recent trenching and sampling programs have confirmed significant mineralisation, and the company plans further soil and stream sediment sampling, trenching, and reverse circulation drilling across multiple pegmatite targets in 2026.

Strong Government Engagement and Operational Readiness

Askari’s operational readiness is underpinned by strong relationships with Ethiopian federal and regional authorities, including the Oromia Mineral Development Authority and the Ministry of Mines and Petroleum. These engagements have been instrumental in securing support for exploration activities and align with Ethiopia’s broader green-energy transition initiatives, which rely on the development of natural resources.

Executive Director Gino D’Anna emphasised the transformational nature of the quarter, highlighting the company’s clear strategy, simplified portfolio, and multiple near-term exploration catalysts as key drivers for growth.