By: Creamer media

The company said the capital was raised from new and existing sophisticated investors, including participation from members of its board.

Askari said the funds would support the rapid roll-out of exploration work across its portfolio and reinforce its financial position.

The company plans to begin a maiden 3 000 m to 5 000 m drilling programme at the Nejo copper and gold project in Ethiopia, focusing on the Guji, Komto 1 and Komto 2 gold prospects.

It will also restart exploration at the Uis lithium, tin, tantalum and rubidium project in Namibia, where work will target the expansion of mineralised pegmatites.

"I thank our existing shareholders for their ongoing support for Askari’s vision for exploration in Africa, and welcome new investors to our register. Our focus is on exploration and development in Southern Africa where we benefit from our early entry and an experienced team providing a clear first mover advantage.

“This resonates with investors and we are excited to ramp up our exploration activities across our portfolio of highly prospective projects in Southern Africa," Askari Metals executive director Gino D'Anna said on December 5.

The company said the new funding would allow it to continue systematic exploration across its 1 200 km² landholding in Ethiopia, while advancing key workstreams in Namibia.

As part of the update, Askari Metals announced the appointment of nonexecutive director Martin Holland, an experienced mining executive with more than 20 years of work across Africa.

Holland is the founder and executive chairperson of Cobre and previously founded Lithium Power International, which was later acquired by Codelco for about $400-million.

Askari said his background in developing resource projects and his network of in-country relationships would support the company as exploration activity increased.

“I have reviewed numerous gold and copper projects, and I see a compelling opportunity in joining Askari Metals to unlock substantial high-grade gold ounces across its portfolio.

“With a significant body of historical drilling already completed and with the company funded with a clear plan to accelerate exploration, I believe the pathway ahead is well defined. I’m confident we can deliver . . . the successful development of these projects,” Holland said.

The company said fieldwork in Ethiopia is already under way, with drilling preparations well advanced. Additional work, including geophysics, trenching and geochemical sampling, is planned to build a pipeline of drill-ready targets.