Askari Metals has completed data compilation at its Nejo Gold and Copper Project, setting the stage for a 5,000m maiden drilling campaign targeting high-grade gold and copper. Meanwhile, trenching at its Uis Project in Namibia reveals robust polymetallic mineralisation, including tin, tantalum, lithium, rubidium, and caesium, underpinning plans for RC drilling later this year.
- Maiden 5,000m drilling program designed for Nejo’s high-grade gold and copper targets
- Nejo Project covers 1,174km² in a proven gold-copper province near multi-million-ounce mines
- Uis Project trenching confirms significant tin, tantalum, lithium, rubidium, and caesium mineralisation
- Clean, debt-free balance sheet following repayment of convertible and redeemable notes
- Upcoming drilling and assay releases expected to drive near-term news flow
Nejo Project Prepares for Maiden Drilling Campaign
Askari Metals Limited (ASX:AS2) has reached a pivotal milestone at its flagship Nejo Gold and Copper Project in Ethiopia, completing a comprehensive historical data compilation and finalising a maiden 5,000-metre diamond drilling program targeting high-grade gold and copper mineralisation. The Nejo Project spans a district-scale 1,174km² within the Arabian-Nubian Shield, a globally recognised gold-copper province, and strategically surrounds the 1.7 million-ounce Tulu Kapi Gold Mine while lying on strike from the 3.4 million-ounce Kurmuk Mine.
The upcoming drilling will focus on three drill-ready targets; Guji, Komto 1, and Komto 2; forming a continuous 9-kilometre NE-SW mineralised corridor parallel to the Tulu Kapi Trend. Historical exploration including trenching and drilling has identified significant shallow, high-grade gold mineralisation at these targets, which has yet to be systematically followed up. The program aims not only to validate these historical intersections but also to test for copper, antimony, and silver, advancing the project toward a maiden JORC (2012) Mineral Resource Estimate.
Askari’s Executive Director, Gino D’Anna, emphasised the strategic importance of Nejo, noting the district-scale opportunity within a proven geological corridor and the company’s readiness to unlock value through systematic drilling and resource definition. The company’s recent site visits and data reviews have reaffirmed the prospectivity and scale potential of mineralisation at Nejo, setting the stage for a phased exploration campaign exceeding 20,000 metres over time.
Robust Polymetallic Mineralisation Confirmed at Uis Project
In Namibia, Askari continues to build momentum at its Uis Project, located adjacent to the operating Uis Tin Mine owned by Andrada Mining Ltd. Trenching results from the DP Pegmatite Target reveal significant polymetallic mineralisation, with peak assays including 3,360 ppm tin, 1.25% lithium oxide, 364 ppm tantalum, 3,370 ppm rubidium, and 587 ppm caesium. These findings confirm the project’s potential as a strategic polymetallic asset, with tin and tantalum as primary commodities and lithium and rubidium providing valuable critical mineral upside.
The DP pegmatite extends approximately 700 metres along strike with an average surface thickness of around 6 metres, demonstrating meaningful scale. Systematic trenching on a 40-metre grid has generated a robust dataset supporting drill targeting, with reverse circulation (RC) drilling planned for the second half of 2026. The company’s technical review and re-interpretation of historical data have enhanced confidence in the mineralisation continuity and resource potential.
Rubidium, a critical mineral with limited global production and strategic importance in biomedical research and defence, features prominently in the results, with values comparable to Western Australia’s Mt Edon project. Caesium assays also show promising grades, supporting further exploration given its growing demand in advanced technologies.
These developments follow Askari’s earlier reporting of strong polymetallic trenching results at Uis, reinforcing the project’s significance within its portfolio and the company’s strategy to capitalise on critical mineral demand. The ongoing assay compilations and planned drilling programs are expected to provide consistent news flow through 2026.
Financial Position and Corporate Activity
Askari Metals has strengthened its financial footing by fully repaying all outstanding convertible and redeemable notes, leaving the company with a clean, debt-free balance sheet. Cash on hand at the end of March 2026 stood at approximately AUD 667,000, supplemented by around AUD 800,000 in listed securities available for sale. The company also maintains an undrawn working capital facility of AUD 350,000 from Executive Director Gino D’Anna and related entities.
Cost reduction measures have been implemented to maximise exploration funding, aligning with Askari’s focus on low-cost, high-impact activities across its African projects. The company expanded its investor network and global reach through participation in the Cape Town 121 Investment Conference and the 2026 Mining Indaba, enhancing market visibility ahead of its upcoming exploration milestones.
Askari’s approach to stakeholder engagement remains robust, with ongoing community consultations and government liaison in Ethiopia ensuring operational and administrative support for exploration activities. This groundwork is critical given the underexplored nature of the Nejo licences and the company’s commitment to responsible development.
Given the company’s recent progress, the market will be watching for the release of initial drilling results at Nejo and further assay updates from Uis, including the forthcoming compilation of PS and K9 trenching results. These catalysts will be pivotal in assessing Askari’s potential to define and advance significant mineral resources within its district-scale landholdings.
Notably, Askari’s recent robust polymetallic mineralisation at Uis report underscores the critical metals potential that complements its gold and copper focus at Nejo, positioning the company at the intersection of multiple commodity themes.
Bottom Line?
Askari Metals is poised to unlock value through maiden drilling at Nejo and critical mineral exploration at Uis, but its limited cash runway highlights the urgency of forthcoming assay results and potential capital raising.
Questions in the middle?
- Will maiden drilling at Nejo validate historical high-grade gold and copper intersections sufficiently to support a maiden JORC resource?
- How will assay results from the Uis Project’s planned RC drilling influence the company’s critical mineral resource potential and project valuation?
- What funding strategies will Askari pursue to extend its cash runway beyond one quarter while advancing its ambitious exploration programs?