Askari Metals Divests Burracoppin to Focus on African Gold and Lithium

About Askari Metals Ltd

Askari Metals Limited (ASX: AS2) is a mineral exploration and development company focused on gold, copper, and lithium projects across Southern Africa. The company is advancing the Uis Lithium Project in Namibia, strategically located along the Cape Cross–Uis Pegmatite Belt, near Andrada Mining’s operating tin-tantalum-lithium mine. It is also progressing the Nejo Gold and Copper Project in Ethiopia, a district-scale opportunity within the prolific Arabian-Nubian Shield, renowned for hosting multi-million-ounce gold and copper deposits.

Strategic Development: Burracoppin Divestment

On 12 September 2025, Askari Metals Limited announced a pivotal strategic move with the sale of its wholly owned subsidiary, First Western Gold Pty Ltd, to Forrestania Resources Limited (ASX: FRS). The total consideration for the transaction amounts to A$700,000, comprising A$250,000 in cash and A$450,000 in tradable shares of Forrestania Resources. This dual-structured payment provides Askari with both immediate liquidity and equity exposure, ensuring the company retains a stake in Forrestania’s growth while freeing up capital for its own initiatives.

First Western Gold Pty Ltd controlled a portfolio of seven granted exploration licences and one application in Western Australia. Among these, the most notable asset was the Burracoppin Gold Project, which hosts a JORC (2012) Mineral Resource Estimate (MRE) of 2.14 million tonnes at 1.2 grams per tonne of gold, for a contained 82,700 ounces at a 0.55 g/t Au cut-off grade. This resource base reflects years of exploration and provides a significant foundation for Forrestania Resources as it integrates the project into its own pipeline.

Askari’s decision to divest the Burracoppin Gold Project is both strategic and timely. According to Executive Director Gino D’Anna, the sale comes at a point when gold prices are hovering near record highs, offering an optimal environment for realising value from Australian gold assets. Equally important, the transaction enables Askari to avoid undertaking a dilutive capital raising, a common challenge for junior explorers. Instead, the company can redirect its strengthened balance sheet toward advancing its African portfolio, particularly the Nejo Gold and Copper Project in Ethiopia and the Uis Lithium Project in Namibia.

Growth Pipeline and Opportunities

With the divestment complete, Askari has sharpened its focus on Africa, where it holds two highly prospective projects with district-scale potential.

The Nejo Gold and Copper Project in Ethiopia spans an impressive 1,174 square kilometres within the prolific Arabian-Nubian Shield, one of the most mineral-rich geological regions globally. Historical exploration at Nejo, including trenching and drilling, has already confirmed high-grade gold and copper mineralisation. Askari has completed the design of its regional exploration program, incorporating soil and rock sampling, detailed geological mapping, and an airborne geophysical survey. This groundwork will directly inform a maiden drilling campaign, scheduled for November 2025, to test shallow high-grade targets and fast-track toward a maiden JORC-compliant resource.

Meanwhile, the Uis Lithium Project in Namibia positions Askari in one of Africa’s most promising critical minerals districts. Covering ~400km², the project lies just 2.5 kilometres from Andrada Mining’s operating Uis tin-tantalum-lithium mine. Recent drilling and trenching by Askari have intersected rare-metal pegmatites with high-grade tin, tantalum, rubidium, and lithium, reinforcing the project’s multi-commodity potential. Its proximity to established infrastructure, including sealed roads and the deep-water port of Walvis Bay, strengthens the case for future development.

Together, Nejo and Uis provide Askari with a unique dual exposure to gold, copper, and lithium, commodities that underpin both traditional and emerging markets.

Industry Context: Gold and Critical Metals Outlook

The timing of Askari’s pivot could not be more advantageous. Gold prices remain near record levels, bolstered by global economic uncertainty and investor demand for safe-haven assets. By monetising its Australian gold holdings now, Askari maximises value while freeing resources to invest in African growth opportunities.

At the same time, the global push for electrification and renewable energy continues to drive strong demand for lithium and copper. Both are critical inputs in battery manufacturing, electric vehicles, and energy storage systems. The Arabian-Nubian Shield, home to Nejo, is recognised as one of the last major underexplored mineral frontiers, offering significant potential for new world-class discoveries. Askari’s presence in this belt positions it at the intersection of strong market demand and untapped geological opportunity.

Outlook: Positioning as an African Explorer

The divestment of Burracoppin marks a turning point in Askari Metals’ evolution from a diversified junior explorer into a focused African growth story. With fresh capital, a streamlined strategy, and active exploration programs underway, the company is well-placed to deliver near-term milestones.

Askari’s consolidation around gold, copper, and lithium assets is designed to create long-term shareholder value by targeting globally significant discoveries. The upcoming maiden drilling campaign at Nejo is expected to be a key catalyst, potentially unlocking a resource that could transform the company’s trajectory.

Looking ahead, Askari Metals is emerging as a dedicated African explorer, with the scale, focus, and strategic positioning to capitalise on rising demand for both precious and critical metals. The company’s pivot reflects not just a divestment, but a redefinition of its identity and ambitions in the global resource sector.