Askari Metals Confirms High-Grade Polymetallic Mineralisation at Uis Project in Namibia
Askari Metals Limited (ASX: AS2) has strengthened its position in the critical minerals space after…
Askari Metals Limited (ASX: AS2)
Company Overview, Share Price, Latest News and Announcements
Askari Metals Limited (ASX: AS2): Company Overview
Askari Metals is an ASX-listed, African-focused explorer pushing forward a diversified portfolio of gold, copper, and critical minerals kind of projects. Their flagship is the Nejo Gold & Copper Project in central western Ethiopia, which is a district-sized, 1,174 km² brownfields undertaking in the Arabian Nubian Shield. This ground sits around the 1.7 Moz Tulu Kapi Gold Mine, and it is also positioned along strike from the 3.4 Moz Kurmuk Mine, so yeah, basically it is a pretty connected setup.
| Full Company Name | Askari Metals Limited |
| ASX Ticker | AS2 |
| Sector | Critical Minerals / Mining Exploration |
| Country | Australia |
| ASX Listing | ASX-listed; ACN 646 034 460 |
| Registered Office | 17 Lacey Street Perth WA 6000 |
| Projects in Ethiopia | 1. Nejo Gold and Copper Project, Ethiopia. 2. Adola Greenstone Belt (AGB) Gold Projects |
| Project in Namibia | Uis Polymetallic Project, Namibia |
| Website | askarimetals.com |
Askari Metals Limited (ASX: AS2): News and Announcements
Stay up to date with the latest ASX announcements, production updates, and strategic developments from Askari Metals Limited (ASX: AS2) below.
Askari Metals Uncovers High-Grade Polymetallic Potential at Uis Project, Strengthening Critical Minerals Strategy
Askari Metals Limited (ASX: AS2) has delivered a strong exploration update from its Uis Project in …
Askari Metals Limited (ASX: AS2): Business Core Insights
What Askari Metals Does
Askari Metals is an Africa-focused explorer, pushing ahead with two 100%-owned district-scale projects in areas that are politically stable and also mining-friendly. At the moment, the Company has no revenue. So all capital is being sent toward exploration and resource definition across its asset base in Ethiopia and Namibia, basically across both locations.
Core Projects
| Project | Location | Key Highlights | Upcoming Plans |
|---|---|---|---|
| Nejo Copper-Gold Project |
Ethiopia 100%-owned 1,174 km² |
• Flagship brownfields project • Near Tulu Kapi and Kurmuk mines • 10 drill targets identified • Historic Yubdo platinum mine within licences |
• ~5,000 m diamond drilling planned • Maiden JORC (2012) MRE targeted • Drill-ready Guliso and Guji-Gudeya trends |
| Uis Polymetallic Project |
Namibia 100%-owned 310 km² |
• Located near Andrada Mining’s Uis Tin Mine • Tin, lithium, tantalum, rubidium, and caesium potential • High-grade mineralisation confirmed |
• RC drilling targeted in H2 2026 • Maiden JORC (2012) MRE targeted in 2026 |
| Adola Greenstone Belt Projects | Southern Ethiopia |
• Gold exploration licence portfolio • Located in Ethiopia’s key historic gold belt |
• Activation planned after Nejo drilling commences |
Nejo Gold & Copper Project – Ethiopia
Two Major Gold-Copper Corridors
| Corridor | Strike | Key Targets | Notes |
|---|---|---|---|
| Guliso Trend | ~10 km |
Soyoma, Dina, Chago, South Chago |
Continuous NE-SW strike; high-grade gold confirmed near surface |
| Guji-Gudeya Trend | ~9 km | Guji, Komto 1, Komto 2 | Parallel to the Tulu Kapi Trend, maiden drilling targets this zone first |
Historical Drill Highlights (to be validated under JORC 2012)
| Target | Reference | Result | Metal |
|---|---|---|---|
| Guji | GTR 01 | 19.3 m @ 4.4 g/t Au | Gold |
| Guji | GRC 067 | 44 m @ 1.7 g/t Au | Gold |
| Guji | GBH 009 | 11.2 m @ 2.07 g/t Au | Gold |
| Komto 1 | KiTr 03 | 7.0 m @ 7.27 g/t Au | Gold |
| Komto 1 | UNBH 18 | 10.52 m @ 1.5 g/t Au | Gold |
| Komto 2 | K2Tr 13 | 6.0 m @ 1.34 g/t Au | Gold |
Uis Polymetallic Project- Namibia
Phase 1 Trenching Results Summary
| Target | Tin (Sn) Peak | Lithium (Li₂O) Peak | Rubidium (Rb) Peak | Scale |
|---|---|---|---|---|
| DP Pegmatite | 3,360 ppm | 1.25% | 3,370 ppm | 700 m strike • 6 m avg width |
| OP Pegmatite | 8,340 ppm | 0.57% | 2,380 ppm | 2.2 km system • 1.2 km main zone (15–30 m wide) |
Askari Metals Limited (ASX: AS2): Financial Performance
Askari Metals is a pre-revenue exploration company. All expenditure is directed toward advancing the Nejo and Uis projects and maintaining corporate administration. The Company entered 2026 fully debt-free following the repayment of all outstanding convertible and redeemable notes in January 2026.
Quarter Ended 31 March 2026 (Appendix 5B)
| Metric | Current Quarter (A$000) | YTD 6 Months (A$000) |
|---|---|---|
| Exploration & Evaluation Expenditure | 127 | 831 |
| Administration & Corporate Costs | 582 | 984 |
| Net Cash Used Operating Activities | 709 | 1,815 |
| Net Cash Used Investing Activities | 32 | 8 |
| Repayment of Borrowings | 658 | 855 |
| Net Cash from Financing Activities | 658 | 2,392 |
| Cash at End of Period | 667 | 667 |
Balance Sheet & Capital Position
Cash on deposit: ~A$667,000 (31 March 2026)
- Listed securities available for sale: ~A$800,000 (ASX: FRS)
- Total liquid assets: ~A$1.47 million
- Undrawn working capital facility: A$350,000 with Executive Director Gino D’Anna (willing to increase if required)
- Balance sheet: fully debt-free as of January 2026, all convertible and redeemable notes repaid
- Capital raising: General Meeting to be held to approve future raising for Nejo drilling and Uis RC drilling
- Dividend: nil, all capital directed toward project advancement
- Related party payments (Q1 2026): A$53,000
Askari Metals Limited (ASX: AS2): Board of Directors & Management
| Name | Role |
|---|---|
| Mr Robert Downey | Non-Executive Chairman |
| Mr Gino D'Anna | Executive Director |
| Mr Tim Morrison | Non-Executive Director |
| Mr Martin Holland | Non-Executive Director |
| Mr Stuart Usher | Chief Financial Officer & Company Secretary |
Askari Metals Limited (ASX: AS2): Share Price & Market Information
Share Price Data
| Metric | Detail |
|---|---|
| ASX Code | AS2 |
| Share Price (Last) | A$0.01 |
| 1-Year Return | +28.16% |
| ASX 200 (1-Year) | +17.14% |
| Market Capitalisation | ~A$6.93 million |
| Balance Sheet | Debt-free (January 2026) |
| Cash + Liquid Securities | ~A$1.47 million (31 March 2026) |
Askari Metals Limited (ASX: AS2): Strategy & Future Outlook
Askari’s approach has two clear pillars. First, it wants to fast-track the Nejo Copper-Gold Project, aiming for a maiden JORC (2012) Mineral Resource Estimate. This would be done through focused, high-impact drilling, spread across the 10 delineated targets at the project. Second, it plans to move the Uis Polymetallic Project toward a maiden JORC resource, using RC drilling, and to capture the full polymetallic value tied to the DP, OP, PS, and K9 pegmatite targets.
Pillar 1: Resource Discovery at Nejo, Ethiopia
Maiden 5,000 m diamond drilling at Guji, Komto 1, and Komto 2. Objective: validate historical high-grade intersections and advance toward maiden JORC (2012) MRE. Phased program to exceed 20,000 m. Adola Gold Projects (460 km²) will be activated for reconnaissance once Nejo drilling is underway.
Pillar 2: Critical Minerals at Uis, Namibia
RC drilling at PS, DP, OP, and K9 pegmatite targets planned for H2 2026. Additional assays from PS and K9 trenching are due in the June 2026 quarter. Soil and sediment sampling at EPL 7626 and further trenching at EPL 8535 to expand the project footprint.
How Askari Competes
Location advantage at Nejo: Operating within the same geological corridor as a 1.7 Moz mine (which Nejo surrounds) and a 3.4 Moz mine (along strike) is difficult to replicate at Askari’s current market cap. The district remains significantly underexplored relative to its mineral endowment.
- Adjacency advantage at Uis: DP Pegmatite trenching results are directly comparable to the Andrada Uis Tin Mine resource model. The same geological corridor, within 2.5 km of an operating mine, substantially de-risks the Uis project ahead of RC drilling.
- Diversified commodity exposure: Unlike single-commodity peers, Askari has exposure across gold, copper, tin, lithium, tantalum, rubidium, and caesium, providing multiple commodity optionality.
- District scale at both projects: 1,174 km² at Nejo and 310 km² at Uis provides room for significant resource growth beyond the initial drill programs.
- Martin Holland’s African expertise: Co-founder of Lithium Power International (sold to Codelco for ~A$400M) and founder of Cobre Ltd (secured US$25M from BHP). Holland’s track record of African resource value creation is directly relevant to Askari’s asset base.
- Where Askari has less scale: Askari is pre-revenue and pre-resource. The investment case rests on asset quality, geological positioning, and near-term exploration catalysts rather than production or contracted revenue.
Upcoming Milestones
- Commence maiden 5,000 m diamond drilling program at Nejo (Guji-Gudeya Trend)
- Receive PS and K9 trenching assay results (expected June 2026 quarter)
- Commence RC drilling at Uis, PS, DP, OP, and K9 pegmatite targets (H2 2026)
- Deliver maiden JORC (2012) Mineral Resource Estimate at Uis (targeted 2026)
- General Meeting to approve capital raising for drilling programs
- Activate Adola Greenstone Belt Gold Projects (Ethiopia) for reconnaissance
- Continue expanding the Uis project footprint via soil sampling and additional trenching
Askari Metals Limited (ASX: AS2): Frequently Asked Questions
Askari Metals Limited (ASX: AS2): Frequently Asked Questions
An ASX-listed African explorer operating in gold, copper, and critical minerals. Its flagship is the Nejo Copper-Gold Project in Ethiopia, which has a maiden 5,000m diamond drilling campaign available. Promising results of Phase 1 of the trenching work have led to the continuation of the Uis Polymetallic Project with the next phase, which is RC drilling in Namibia.
A central-western Ethiopian Arabian-Nubian Shield district-scale gold and copper project. It is located around the 1.7 Moz Tulu Kapi Gold Mine and is on strike from the 3.4 Moz Kurmuk Mine. There are multiple targets ready for drilling, and a maiden 5,000 m program is due to start.
The Nejo Project is an advanced-stage brownfields gold and copper project covering 1,174 km² in central-western Ethiopia. Strategically located within the Arabian-Nubian Shield, it surrounds the 1.7 million ounce Tulu Kapi Gold Mine and is along strike from the 3.4 million ounce Kurmuk Mine. The project features multiple drill-ready targets across two major gold-copper corridors supported by extensive historical datasets including drilling, trenching and geochemical surveys.
The US, EU, and Japan both consider both to be critical minerals because of the concentration risk in the supply chain, with the majority of the world’s supply being sourced from Russia and China. Rubidium is used for defense, biomedical research, and quantum computing. Caesium also has applications in atomic clocks, drilling fluids, and precision timing; there is a rapidly increasing demand for it.
Not yet. Askari is pre-revenue. The cash outflows for the March 2026 quarter were around A$709,000. Cash in hand was A$667,000, and listed securities available for sale had a value of A$800,000. A capital raising is planned to cover prospective drilling programs.
No, all capital is to be allocated towards advancing the exploration program at Nejo and Uis.
Gino D’Anna, Executive Director, is a founding shareholder and has raised more than A$200M in listed resources companies during his career. He has the support of Chairman Robert Downey (resources legal specialist), NED Tim Morrison (capital markets), and NED Martin Holland (African exploration expertise, who co-founded Lithium Power International, which was sold to Codelco for about A$400M).
Andrada’s mine is located within the geological corridor that is contained within 2.5 km of Askari’s project boundary. Askari is directly grade and geologically benchmarked to Andrada’s JORC resource, consisting of 77.51 Mt @ 0.79% Li₂O, 0.15% Sn, and 82 ppm Ta. Trenching results for the DP Pegmatite are similar to the Andrada resource model that de-risks the project prior to RC drilling.
The PS and K9 assay results are expected in the June 2026 quarter, followed by the approval of a capital raising, commencement of maiden 5,000 m of drilling at Nejo in 2026, with RC drilling planned at Uis in 2026 across DP, OP, PS, and K9.
Exploration risk (historical Nejo results not yet confirmed under JORC 2012), funding risk (pre-revenue and a capital raise is planned), jurisdiction risk (Ethiopia and Namibia – although government relations in both countries have been established), and small-cap liquidity risk (due to AS2’s relatively low market capitalisation).
Disclaimer
This page is for informational purposes only. It does not constitute financial product advice. Investors should consider their personal financial situation and seek independent professional advice before making any investment decisions. All figures are sourced from Askari Metals ASX filings and official company disclosures.