Askari Metals Limited (ASX: AS2) has completed the sale of its Burracoppin Gold Project to Forrestania Resources Limited (ASX: FRS), marking a strategic shift towards its African exploration assets. Askari Metals is a focused Southern African exploration company, actively exploring and developing its Uis Lithium Project in Namibia. The company also holds the advanced-stage Nejo Gold and Copper Project in Ethiopia. The sale, executed through a Share Sale Agreement, sees Forrestania Resources acquire 100% of First Western Gold Pty Ltd, an Askari subsidiary holding seven exploration licenses and one application in Western Australia, including the Burracoppin Gold Project, which contains a JORC (2012) MRE of 2.14Mt @ 1.2g/t Au for 82,700 ounces of gold.
Under the terms of the agreement, Askari Metals received A$250,000 in cash and 2,223,321 un-escrowed and tradable shares in Forrestania Resources Limited, valued at A$600,000. The company intends to use the funds to accelerate exploration activities at its Nejo Project in Ethiopia, with an initial exploration campaign set to begin immediately, followed by maiden drilling planned for November/December 2025.
Executive Director of Askari Metals, Mr. Gino D’Anna, commented that the sale aligns with the company’s strategy to focus on African exploration and development. He added that the timing of the disposal coincides with the current high gold price, further enhancing their focus on African gold assets. The Nejo Project in Ethiopia, a district-scale landholding of 1,174km², is located in the Arabian-Nubian Shield, a mineral-rich region with multiple high-grade targets.
Askari Metals is commencing its maiden exploration program soon as a precursor to resource-definition drilling. The company has finalised a regional exploration program at the Guji-Gudeya and Guliso Gold Trends, including soil and rock sampling, geological mapping, and an airborne geophysical campaign. This activity will support an expanded exploration strategy across gold and copper targets. The company is aiming for a fast-tracked strategy towards delineating a potential JORC-compliant resource.
