Askari Metals Limited has sold its Burracoppin Gold Project in Western Australia to Forrestania Resources for A$700,000 (about N$8.75 million), in a deal that frees up cash to accelerate exploration across its Namibian and Ethiopian portfolios.
The sale, structured as A$250,000 (N$3.13 million) in cash and A$450,000 (N$5.63 million) in shares plus options, gives Askari a much-needed funding boost without resorting to a dilutive capital raising.
Executive director Gino D’Anna said the proceeds would be used to complete the acquisition of the Nejo Project in Ethiopia and to commence maiden drilling there in November 2025.
But equally, the disposal clears the path for a sharper focus on Namibia, where Askari has built a commanding presence in the Uis pegmatite belt.
In Namibia, Askari is pursuing a multi-stage exploration plan that centres on its Uis Lithium-Tin-Tantalum Project. The company controls nearly 400 km² of prospective ground, located close to Andrada Mining’s operating Uis mine and just 230 km from the Walvis Bay port — a logistical advantage for any future development.
Trenching and RC drilling to date have confirmed high-grade lithium, tin, tantalum and rubidium mineralisation. A standout intercept of 112 metres of lithium-bearing pegmatite is now guiding preparations for a diamond drilling campaign scheduled for late 2025.
To support this next phase, Askari is setting up core cutting and storage facilities near Uis, signalling a transition from reconnaissance drilling into deeper, resource-focused exploration.
The company’s medium-term objective is clear: deliver a maiden JORC resource in Namibia and feed the global demand for battery metals at a time of record prices.
Askari’s entry into Namibia dates back to October 2022, when it signed a heads of agreement with LexRox Exploration Services to acquire 90% of Exclusive Prospecting Licence (EPL) 7345.
That deal was finalised in April 2023, and by May 2023, Askari had moved to 100% ownership by buying out the remaining interest through Kokerboom Mineral Processing.
Exploration began almost immediately. Phase I RC drilling commenced in early 2023, followed by Phase II later that year, intersecting broad zones of lithium-rich pegmatite.
Building on this momentum, Askari expanded its footprint in October 2023 with the acquisition of Green Lithium Pty Ltd, which held EPL 7626, a 68 km² tenement along strike of the Uis pegmatite belt.
Since then, field programs combining trenching, geological mapping, soil geochemistry and airborne geophysics have confirmed the district-scale potential of Askari’s Namibian ground.
The timeline now points toward diamond drilling in 2025 and, if results are positive, a maiden lithium-tin-tantalum resource by 2026.
Askari Metals was incorporated in November 2020 in Australia, initially as Askari Gold Limited, before rebranding in February 2021 to reflect a broader battery metals focus.
It is listed on the Australian Securities Exchange under the ticker AS2, and has since grown into a multi-commodity explorer with operations in Africa and Australia.
Ownership is widely held: the general public controls about 68% of the stock, insiders hold roughly 22%, and institutions hold around 7%.
Executive Director Gino D’Anna is among the most significant individual shareholders, providing him with a strong alignment with the company’s strategic direction.
With the Burracoppin sale complete, Askari describes itself as a focused African explorer.
The cash injection underpins its immediate work programs in Namibia and Ethiopia, but it is the Uis project that remains the company’s flagship.
From its first step into Namibia in late 2022 to its upcoming diamond drilling in 2025, the trajectory has been fast.
For a company that is less than five years old, Askari Metals has carved out a strong position in one of Africa’s most prospective battery metals districts.
The following 12 months will reveal whether its Namibian ambitions can transform into a maiden resource — and potentially into the foundations of a new supply chain for lithium and tin.
