Askari Metals Expands African Gold Strategy with Strategic Nejo Project Acquisition | ASX 200 Update

Highlights

• Askari Metals acquires Nejo gold project in Ethiopia
• Boosts presence in the Arabian-Nubian Shield
• Exploration plans aim at rapid resource estimation

Askari Metals (ASX:AS2), one of the emerging ASX mining stocks, has strengthened its presence in Africa through the acquisition of the Nejo gold project in central-western Ethiopia. This follows its purchase of Hong Kong-based Xingxu Mining International Investment Co. and underlines Askari’s intent to build a robust portfolio across the prolific Arabian-Nubian Shield (ANS), which spans resource-rich regions including Egypt, Sudan, Eritrea, Ethiopia, Saudi Arabia, and Yemen.

The Nejo gold project, a brownfields exploration asset, spans 1,174 square kilometres and includes three contiguous licences situated within Ethiopia’s highly prospective Greenstone Belt. This region is home to several world-class discoveries, such as the 3.4 million-ounce Kurmuk gold deposit and extensions of the 1.7 million-ounce Tulu Kapi project.

The latest acquisition builds on Askari's April 2025 move to secure Rift Valley Metals, which brought with it five promising gold tenements — Sakaro, Sakaro West, Lega Dembi South, Megado and Wayu Boda — also located within the ANS. These strategic moves position Askari for significant upside potential in untapped and underexplored gold zones.

Under the deal, initial payments include $200,000 in cash and $200,000 worth of shares, along with 20 million unlisted options exercisable at $0.06 over three years. Deferred consideration comprises additional cash and shares totalling $700,000, tied to timelines and milestones such as a maiden resource estimate. A 1% gross revenue royalty from gold concentrate sales, capped at $7 million, is also included in the agreement.

The Nejo project offers proven mineralisation with proximity to active mining operations, elevating its strategic value. The region has undergone extensive historical exploration, including trenching, geophysics, geochemistry, mapping, and drilling, providing a foundation for future development. Askari is set to undertake confirmatory diamond and RC drilling, along with rock chip sampling and mapping, to validate historic data and pave the way for near-term results.

Although Askari Metals is not part of the ASX 200 stock, developments like this illustrate how smaller-cap resource companies continue to explore high-potential international assets.

This strategic acquisition reinforces Askari's commitment to establishing a strong African footprint in gold exploration, particularly in regions with significant untapped potential and geological richness.