Askari Metals expects to mobilise drill rigs at Uis during 2026, with Executive Director Gino D’Anna stating that the company is now entering an active work phase enabled by its latest capital raise.
“We are setting up for a very busy 2026, and this funding will allow the company to continue its strong momentum and further the advancement of our exploration and development strategy.
“We look forward to mobilising drill rigs for our maiden drilling campaign and undertaking systematic exploration to unlock the value potential and upside of this exciting project.
“We will also be recommencing exploration activities at the Uis Project in Namibia, which presents a significant polymetallic opportunity showcasing high-grade tin, tantalum, rubidium and lithium mineralisation.
“We have completed significant exploration in the past and look forward to releasing the assay results from our recent trenching campaign at a time when tin prices remain at record highs,” he said.
The funding behind the anticipated 2026 mobilisation reflects a capital raise of A$1.15 million, approximately N$13.3 million, through commitments from sophisticated investors and participating directors whose total contribution amounted to A$150,000.
Following the raise, Askari holds about A$3.2 million, or around N$37 million, in cash and assets held for sale, enabling operations across both Namibia and Ethiopia.
Although part of the capital has been allocated to the maiden drilling programme at Nejo, Askari confirmed that exploration at Uis will recommence upon release of pending trenching assay results, which will guide target ranking and drill design.
Askari first entered Namibia in December 2021 by acquiring 90 per cent of EPL 7345 and EPL 8535 from Earth Dimensions Consulting CC.
The company increased its ownership to 100 per cent in April 2023 and later expanded its Uis footprint with EPL 7626.
Lithium was not recorded during historical tin mining activities in the area, and no individual or company is documented as the original discoverer of the lithium system.
Instead, spodumene-bearing lithium was first publicly confirmed during Askari’s own due diligence sampling after acquisition.
The mineralisation is hosted in LCT pegmatites — lithium, caesium, tantalum — making Uis a hard-rock spodumene project rather than a brine or clay system.
Spodumene is the globally dominant mineral used for lithium concentrate production, and processing typically feeds into lithium hydroxide or carbonate supply chains.
Before drilling began, the company conducted mapping and surface sampling across the mapped pegmatites.
In 2022, spodumene-hosted lithium grading up to roughly 3.1 per cent Li₂O was identified at the surface, which had not previously been drill-tested.
This led to Phase I RC drilling at EPL 7345: 59 holes totalling around 3,017 metres were completed in December 2022.
Assays returned in 2023 confirmed lithium-bearing pegmatites, although no JORC resource has been declared.
A second RC programme began on 26 February 2023 at EPL 8535, also comprising 59 holes for approximately 3,523 metres and generating 1,632 samples.
Results recorded intervals such as 1 metre at around 0.26 per cent SnO₂, supported by tantalum.
Reinterpretation of old and new data returned tin oxide grades above 3 per cent, tantalum pentoxide above 5,000 ppm, and rubidium oxide between 0.8 and 0.9 per cent, confirming that Uis is polymetallic beyond lithium alone.
By late 2023, Askari defined a fifteen-kilometre by five-kilometre corridor of interest across EPL 7345 and EPL 8535.
A regional sediment and soil sampling programme was prepared in parallel with trenching to refine drill targeting.
The final trench assay results have not yet been released, and they are expected to define the exact drill collars once received.
With licence ownership now consolidated, corridor geometry mapped, surface mineralisation confirmed, and funding secured, Askari’s next step is to complete assay release, rank drill targets, and proceed to drilling.
The company has stated that 2026 is the planned operational window for rig mobilisation at Uis, subject to field-ready data and logistical clearance.
