Askari Metals has secured A$1.15 million — roughly N$13 million — to accelerate exploration at its African projects, with a renewed push into Namibia’s strategically important Uis rare-metals field.
The capital raise, priced at A$0.01 per share, comes as the ASX-listed explorer prepares to release long-awaited trenching results and restart work on tin, tantalum and rubidium targets west of Uis.
While the placement formally supports maiden drilling at the company’s Nejo Gold and Copper Project in Ethiopia, Askari emphasises that the funds will also anchor “renewed exploration momentum” in Namibia, where the company controls a belt-scale position along the Cape Cross–Uis Pegmatite Belt, within 2.5 kilometres of AfriTin’s producing tin-tantalum-lithium mine.
Executive Director Gino D’Anna said the raise allows Askari to maintain project continuity across both countries. “I thank our existing shareholders for their continued support for Askari’s vision for exploration in Africa, and welcome new investors to our register,” he noted.
The financing will involve the issuance of 115 million new shares, accompanied by two free-attaching options per share — one exercisable at A$0.015 and the other at A$0.022, both expiring in 2028.
Director participation totals A$150,000 (about N$1.7 million), including commitments from new non-executive director Martin Holland and director Tim Morrison.
For Namibia, the renewed investment signals a return to active ground operations.
Askari confirmed that trenching results from previous work at Uis will be released shortly, underlining targets that include high-grade tin, tantalum, lithium and rubidium in spodumene-bearing pegmatites.
Field teams are preparing for a new phase of mapping, sampling and trenching designed to extend mineralised zones and identify priority drill locations.
The Uis Project continues to be one of Askari’s most strategically positioned assets — located less than 230 kilometres from Walvis Bay port by sealed road and situated along a historic pegmatite corridor known for its rare-metal endowment.
Renewed global attention on critical minerals adds further weight to the project’s potential.
Although the bulk of the capital — approximately A$800,000 (just over N$9 million) — has been allocated to the maiden drilling campaign at Nejo, Askari’s strategy is framed around building a diversified, Africa-wide portfolio, with Namibia forming a key pillar in its rare-metals push.
The company currently holds N$36 million in cash and assets available for sale, supporting further expansion in 2026.
Uis exploration is expected to accelerate alongside a major multi-phase drilling program in Ethiopia, where Askari is digitising historical datasets and preparing up to 5,000 metres of initial drilling at Guji, Komto 1 and Komto 2. However, the company notes that its pegmatite strategy in Namibia will move in tandem with investor updates following the release of assay results and the recommencement of fieldwork.
With rare-metal demand growing — particularly tin, tantalum and rubidium for electronics and energy-transition technologies — Askari’s renewed activity positions Namibia as a pivotal exploration frontier in the company’s long-term African strategy.
