By: Proactive investors

Askari Metals Ltd has successfully completed an oversubscribed $1.6 million capital raising to fund its ambitious gold and critical minerals exploration strategy across Africa. The funds were raised through a 1-for-3 entitlement offer that saw strong participation from 190 shareholders, including the company's executive director and chairman, who took up their full entitlements. This financial backing will be used to aggressively advance the company's portfolio of projects in Ethiopia and Namibia.

A primary focus for the new funding is the Nejo Gold & Copper Project in Ethiopia, which Askari describes as a flagship asset. The project covers a vast 1,174 km² area on the highly prospective but underexplored Arabian-Nubian Shield. The company plans to initiate a maiden drilling program of approximately 3,000 metres to test high-priority gold targets at Guji, Komto 1, and Komto 2, and to validate historical high-grade copper results.

The Nejo Project is situated in a world-class geological belt, surrounded by major existing mines, including the 3.4-million-ounce Kurmuk Mine, and includes over 60 kilometres of strike along the Tulu Dimtu Shear Belt. Historical work has already defined 10 high-priority targets, but the area has seen limited systematic modern exploration, presenting a significant first-mover advantage for Askari as it works towards defining a JORC-compliant mineral resource.

In parallel, Askari will recommence exploration at its Uis Project in Namibia. This project focuses on critical minerals, specifically tin, tantalum, and rubidium, found within significant pegmatites. The project is located along strike from the producing Uis Tin Mine, and the company is awaiting assay results from a previous trenching campaign as it prepares to ramp up activities.

Executive Director Gino D’Anna emphasized that the strong shareholder support validates the company's strategic direction. He highlighted the team's experience and the first-mover advantage in Southern Africa as key differentiators. The company's strategy is to leverage early entry into these underexplored but highly prospective regions to create value through systematic exploration.

The capital raising strengthens Askari's balance sheet, providing the necessary resources to execute its targeted exploration programs without immediate financial constraints. This positions the company to rapidly advance its projects and generate news flow from drilling results and resource definition work over the coming months.

In summary, the oversubscribed $1.6 million raise provides Askari Metals with a solid foundation to aggressively pursue its dual-focused exploration strategy. With the funds, the company aims to rapidly advance its flagship Nejo Gold & Copper Project in Ethiopia towards a maiden resource while simultaneously unlocking the polymetallic potential of its Uis Project in Namibia, positioning itself for significant discovery-led growth.