Askari Metals sells Burracoppin project - Change of course with focus on Africa

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Askari Metals Limited announced that it has divested its Australian gold projects to focus exclusively on developing its exploration projects in Africa. The company announced that it has entered into a definitive agreement with Forrestania Resources Limited. This agreement covers the sale of its subsidiary, First Western Gold Pty Ltd, which holds several exploration licenses in Western Australia.

Askari Metals Limited announced that it has divested its Australian gold projects to focus exclusively on developing its exploration projects in Africa. The company announced that it has entered into a definitive agreement with Forrestania Resources Limited. This agreement covers the sale of its subsidiary, First Western Gold Pty Ltd, which holds several exploration licenses in Western Australia.

Sale strengthens financial position

First Western Gold holds seven exploration licenses and one additional license application, including the Burracoppin Gold Project. According to a resource estimate (JORC 2012), this project contains 2.14 million tonnes of ore with an average grade of 1.2 grams of gold per tonne, equivalent to a total of approximately 82,700 ounces. The purchase price is A$700,000, of which A$250,000 will be paid in cash and A$450,000 in freely tradable shares of Forrestania Resources. The transaction is expected to close by the end of September 2025.

Focus on Nejo in Ethiopia

Management stated that the sale is part of the company's strategy to define Askari as an African-focused explorer and developer. The funds will enable the company to complete the acquisition of the Nejo gold and copper project in Ethiopia and commence initial exploration work there. The first drilling campaign is planned to commence in November 2025.

According to Executive Director Gino D'Anna, the timing is favorable, as the gold price is currently at record levels. The sale avoids a capital increase, allowing Askari to advance its African projects without diluting its shareholder structure.

African project portfolio grows

Askari Metals' project portfolio will focus on three core areas in Africa. In Ethiopia, the Nejo gold and copper project covers an area of ​​1,174 square kilometers on the Arabian-Nubian Shield, where historical data indicate high-grade deposits that will now be systematically tested through modern exploration. The company is also pursuing further projects in the Adola Greenstone Belt, a region that has already produced several million ounces of gold and is geologically considered one of the most important gold belts in East Africa. In addition, the Uis project in Namibia is an area of ​​mineralized pegmatites in which tin, tantalum, rubidium, and lithium have been identified, and where further exploration programs are planned.

outlook

Management indicated that Askari will focus on completing the initial drilling at the Nejo project in the coming months. In parallel, an airborne geophysical survey program will be conducted to identify additional drill targets. The company will also gradually advance its work in Namibia and the Adola Belt in Ethiopia.

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