Askari Metals Prepares to Move Forward with Nejo Gold-Copper Project in Ethiopia
Askari Metals (ASX: AS2) is preparing to submit an immediate start-work program for the Nejo gold and copper project in Ethiopia after making further progress with due diligence covering its acquisition.
Askari announced in early July 2025 that it was acquiring Nejo from Xingxu Mining for an upfront acquisition cost of $200,000 in cash, $200,000 in shares, and 20 million unlisted options
Since then Askari has been undertaking a range of due diligence activities in the lead-up to final closure on the deal.
Legal Due Diligence
The company has now completed a major milestone in that process, successfully completing its legal due diligence and confirming the validity of the three Nejo exploration licences.
That means Askari has finalised its legal and technical due diligence investigations, with the proposed transaction now awaiting shareholder approval at a general meeting the company has scheduled for September.
At the same time as it has been carrying out the legal assessments, Askari has been finalising an updated work program to allow it hit the ground running in Ethiopia.
The initial work will include sampling, trenching, drilling and a sizeable airborne geophysical survey, with Askari contracting a Kenyan air survey company as well as a drilling company to begin operations after the rainy season and upon receipt of relevant government approval for importing equipment and services into the country.
Follow-Up Targets
Askari is also preparing to assume operatorship of Nejo and has already identified a number of potential targets to follow up in its work programs with recent desktop studies identifying high-grade copper mineralisation across a significant thickness at the Katta target, including 14.33 metres at 3.2% copper and 35.51m at 0.82% copper..
A field team of exploration specialists is preparing to undertake the company’s initial reconnaissance exploration program on the 1,174 square kilometre project, which will have an initial focus on high-grade shallow gold mineralisation across the Guliso and Guji-Gudeya trends.
Askari is also in the process of designing a separate exploration program to test the high-grade copper mineralisation identified across the Katta target.