Askari Metals Launches $1.5m Rights Issue to Progress Ethiopian Gold-Copper Project

Askari Metals (ASX: AS2) has announced a rights issue aimed at adding a further $1.5 million to support its exploration of the Nejo gold-copper project in Ethiopia.

The new funding move comes on top of the company’s $700,000 sale of Australian subsidiary First Western Gold to Forrestania Resources (ASX: FRS) in mid-September.

The growing bank balance will assist Askari progress its strategy to develop a Tier-1 gold portfolio focused on the highly prospective Arabian-Nubian Shield in Ethiopia, one of the last under-explored frontier belts hosting multiple large-scale gold and copper deposits.

Historical Nejo Exploration

Historical exploration at Nejo identified significant high-grade gold and copper mineralisation that has yet to be systematically explored using modern techniques.

Executive director Gino D’Anna – who will take up full entitlement in the rights issue – said the new capital raise supports what is an intensely busy period for the company’s Ethiopian team.

Askari is currently finalising plans and coordinating preparations for an initial exploration campaign targeting both the high-grade gold and copper mineralisation across its district-scale landholding.

It is aiming to mobilise into the field on 20 October 2025.

‘Compelling Opportunity’

Under the rights issue eligible shareholders on the register of holders as of 17 October 2025 will have the opportunity to acquire one new share in the capital of the company for every three shares they currently hold.

The rights issue will take place at $0.01 per share and includes two free attaching options.

“This rights issue provides a compelling opportunity for existing shareholders to increase their investment in Askari at a pivotal time for the company as we embark on exploration programs across both our Nejo gold and copper project and our Adola greenstone belt gold projects,” Mr D’Anna said.

“The advanced nature of Nejo represents a flagship project for our company with a clear pathway to value-creation through systematic exploration, designed to progress towards a significant potential JORC mineral resource.”