Askari Metals Limited (ASX: AS2) has issued a replacement announcement regarding exploration results at the Katta Target within its Nejo Gold Project in Ethiopia. Askari Metals is a focused Southern African exploration company, actively exploring and developing its Uis Lithium Project in Namibia. The company also holds the Matemanga Uranium Project in Tanzania and is assessing options for its Australian gold, copper, and REE projects. The initial announcement on July 18, 2025, titled “High-Grade Copper Mineralisation in Drilling at Katta Target,” has been updated to provide further clarity on the historical data underpinning the findings. The exploration results are based on historical exploration conducted by the United Nations Development Programme (UNDP) between 1969 and 1973.
The geological data is sourced from several reports dating back to the 1970s and 1990s, outlining drill hole information, assay results, and other technical data relevant to the Katta Target area. Due to the historical nature of the data, Askari Metals is no longer stating that the results are JORC (2012) compliant. Instead, the results are provided on a provisional basis under Mining FAQ 36. A Competent Person undertook consistency checks between the database and original data sources, identifying no material inconsistencies. The data was deemed satisfactory for reporting purposes under Mining FAQ 36.
The key differences in the replacement announcement include amendments to the cautionary statement and additional reporting considerations related to Mining FAQ 36. Askari Metals has included relevant information to provide an increased level of disclosure. Shareholders and investors are reminded to read the additional disclosure in conjunction with the JORC (2012) Table 1 and 2 contained in the replacement announcement. The Competent Person confirms that the exploration results remain accurate and reliable under Mining FAQ 36, with no further information available that would doubt their reliability.
Askari Metals acknowledges that the Competent Person has not done sufficient work to report the exploration results under the JORC (2012) code. Further work may reduce the confidence in the pre-JORC (2012) exploration results, and the company has not independently validated the results to a JORC (2012) standard. The announcement was authorised for release by the Board of Directors of Askari Metals Limited.
