USD $4,111.97
Goldman Deal strengthens company’s focus on Ethiopian Nejo Gold and Copper Project
Askari Metals Limited (ASX:AS2) has completed the sale of its Burracoppin Gold Project in Western Australia to Forrestania Resources Limited (ASX:FRS), marking a strategic step to sharpen its focus on its African exploration portfolio, particularly the Nejo Gold and Copper Project in Ethiopia.
The transaction was completed under the terms of a binding Share Sale Agreement covering 100% of the shares in First Western Gold Pty Ltd, a wholly owned subsidiary of Askari. First Western holds seven exploration licences and one application, including the Burracoppin Gold Project, which hosts a JORC (2012) Mineral Resource Estimate of 2.14Mt @ 1.2g/t Au for 82,700 ounces of gold at a cutoff grade of 0.55 g/t Au.
Askari received total consideration of A$250,000 in cash and 2,223,321 tradeable shares in Forrestania Resources, valued at A$600,000.
With the sale concluded, Askari will now direct its efforts toward exploration and development of its gold, copper, and rare metal projects in Ethiopia and Namibia. The company is preparing to launch its maiden drilling campaign at the Nejo Project, where previous trenching and drilling intersected high-grade gold mineralisation.
Executive Director Mr Gino D’Anna stated:
We are pleased to have successfully concluded the agreement with Forrestania Resources Limited. The sale of our Australian exploration portfolio is a continuation of our strategy to define Askari as a focused African explorer and developer. The funds received will immediately be utilised to fast-track our exploration activities at the Nejo Project in Ethiopia where we are set to commence an initial exploration campaign in the immediate term ahead of us gearing up for maiden drilling planned for November/December 2025.
The timing of the disposal has also aligned perfectly with the current record high gold price as we continue our African gold focus.
Askari is now focused on moving ahead aggressively with its African assets.
