Askari Metals Ltd announced on Friday that it has secured A$1.15 million (US$760,000) in commitments from both existing shareholders and new investors to advance work at its newly acquired gold project in Ethiopia.
First Phase Drilling Program Ready to Begin
The capital injection will fund the company’s initial drilling campaign of 3,000–5,000 metres at the Nejo project, focusing on previously outlined targets at Guji, Komto 1 and Komto 2. This first phase program is part of a larger exploration strategy that includes more than 20,000 metres of drilling, along with soil mapping and sampling across additional zones within the licence area.
Executive Director Gino D’Anna described Nejo as a pivotal asset for Askari, noting its potential to deliver value through structured exploration aimed at defining a significant JORC (2012) mineral resource.
A JORC-compliant estimate is an essential benchmark for demonstrating a project’s economic potential to investors.
Growing Investor Interest in Ethiopia
Ethiopia, home to over 500 tonnes of gold reserves, is drawing increasing interest from the mining sector. Several projects including Tulu Kapi and Kurmuk are progressing, and the country commissioned its first new gold mine since 1994 in November 2024. Askari did not specify a timeline for completing its resource estimate.
