Askari Metals has raised about N$20 million (A$1.6 million) by issuing 24,615,393 shares to explore and develop the Uis Lithium Project in Namibia and expand into in-demand uranium in Tanzania.
The Uis Lithium Project, under EPLs 7345 and 8535, covers 308.12 km2 within the Erongo Region.
Askari Metals acquired EPL 7345 from LexRox Exploration Services in October 2022.
The ASX-listed company then acquired an 80% interest in EPL 8535, covering approximately 195 km2, from Earth Dimensions Consulting Pty Ltd. in March 2023.
Earth Dimensions Consulting Pty Ltd. retained the other 20%.
The project lies less than 5km from the township of Uis and less than 2.5km from Andrada Mining Ltd.’s operating Uis Tin Mine.
Askari Metals managing director Gino D’Anna said the funds from this placement will allow the company to continue exploring the prospective Uis Lithium Project in Namibia and expand our footprint for in-demand uranium in Southern Tanzania.
“The next few months will be a busy period for Askari, and this capital will allow the company to continue its strong momentum and further advance our exploration and acquisition strategy.
“Accelerating exploration efforts at Uis supports our goal to deliver a maiden resource during 2024 while conducting low-cost and high-impact exploration campaigns at our manga Uranium Project.
“I look forward to keeping our loyal shareholders updated as we enter an exciting time of growth for Askari.”
