Askari Metals Limited has sold its Burracoppin Gold Project in Western Australia to Forrestania Resources Limited in a deal worth A$700,000 (about N$8.75 million), unlocking funds to accelerate exploration in Namibia and Ethiopia.
The sale enables Askari to focus on its African portfolio, notably the Uis Project in Namibia and the district-scale Nejo Gold and Copper Project in Ethiopia.
Executive director Gino D’Anna said the timing aligned perfectly with the company’s strategy.
“This transaction provides us with funds to complete the acquisition of the Nejo Project in Ethiopia and commence initial exploration ahead of maiden drilling planned for November 2025.
“Importantly, it means we can avoid a dilutive capital raising and instead move ahead aggressively with our African assets,” he said.
The Burracoppin Gold Project, which hosts a JORC (2012) resource of 2.14 million tonnes at 1.2 grams per tonne for 82,700 ounces of gold, was held through Askari’s subsidiary First Western Gold Pty Ltd.
Forrestania will acquire the company and its licences, paying A$250,000 (N$3.13 million) in cash and A$450,000 (N$5.63 million) in freely tradable shares. Settlement is expected to be completed by the end of September 2025.
Forrestania will also receive 15 million listed options exercisable at 2.2 cents until December 2028 and 30 million unlisted options exercisable at six cents over three years.
In Namibia, Askari continues trenching and drilling at the Uis Project across nearly 400 km² of the Cape Cross–Uis pegmatite belt.
Exploration has already identified high-grade tin, tantalum, rubidium and lithium mineralisation near Andrada Mining’s operating Uis mine.
The proximity to Walvis Bay port, less than 230 km away, positions the project favourably for future development.
In Ethiopia, Askari is preparing for its maiden drilling campaign at Nejo, a 1,174 km² landholding in the Arabian-Nubian Shield, known for multi-million-ounce gold deposits and significant copper discoveries.
Work programs include soil and rock sampling, geological mapping, trenching, and airborne geophysics.
The focus is initially on shallow high-grade gold zones, supported by historical trenching and drilling.
D’Anna said the record gold price environment further underpinned Askari’s decision.
“The timing of the disposal has aligned perfectly with the current record high gold price as we continue our African gold focus,” he said.
With Burracoppin off its books, Askari now describes itself as a focused African explorer with a fast-tracked pathway towards potential maiden resources in both gold and battery metals.
