Nejo Acquisition Hinges on Shareholder Approval Amid Exploration Uncertainties
Askari Metals has completed technical due diligence on its Nejo Gold and Copper Project in Ethiopia, clearing a key hurdle ahead of acquisition settlement and setting the stage for maiden drilling campaigns.
- Technical due diligence completed on Nejo Project, pending shareholder approval
- Regional exploration programs designed for high-grade gold and copper targets
- Project covers 1,174 km² on the prolific Arabian-Nubian Shield
- Plans underway for maiden drilling at drill-ready targets Guji, Komto 1 and Komto 2
- Ongoing stakeholder engagement and infrastructure development in Ethiopia
Technical Due Diligence Unlocks Acquisition Milestone
Askari Metals Limited (ASX – AS2) has successfully completed the technical due diligence phase for its strategic acquisition of the Nejo Gold and Copper Project in central-western Ethiopia. This milestone satisfies a key condition precedent for the acquisition settlement, which remains subject to shareholder approval. The due diligence focused on validating historical drilling and trenching data at priority drill-ready targets along the Guji-Gudeya Gold Trend, reinforcing confidence in the project's significant mineral potential.
A District-Scale Opportunity on a World-Class Mineral Belt
Nejo spans an expansive 1,174 square kilometres on the Arabian-Nubian Shield, a globally significant but underexplored gold-copper province stretching across northeast Africa and the Arabian Peninsula. The project surrounds the 1.7 million ounce Tulu Kapi Mine and lies on the same greenstone belt as the 3.4 million ounce Kurmuk Mine, both notable commercial gold operations. This proximity to established deposits underscores Nejo’s potential as a brownfields mine extension with multiple high-grade gold and copper targets.
Exploration Strategy and Upcoming Drilling Campaigns
Askari has finalized a comprehensive regional exploration program that includes soil and rock sampling, geological mapping, and an airborne geophysical survey to better delineate mineralised shear zones beneath surface cover. The initial focus is on high-grade, shallow gold mineralisation at targets such as Guji, Komto 1, Komto 2, and the Guliso Trend, where previous surface trenching and drilling intersected promising grades. The company plans to commence maiden drilling campaigns at these drill-ready targets as soon as field conditions permit, aiming to fast-track the definition of a JORC-compliant mineral resource.
Building Local Presence and Stakeholder Relationships
Recognising the importance of community and government engagement, Askari is actively fostering relationships with local stakeholders in the Oromia region. The company is establishing an Ethiopian office and implementing transparent communication and employment policies to ensure sustainable and respectful operations. This groundwork is critical for operational success and reflects Askari’s commitment to responsible exploration and development in a pro-mining jurisdiction with a modern legal framework.
Positioning for Growth in Africa’s Emerging Gold Frontier
With a strong African-focused exploration team and a strategic landholding in a prolific mineral belt, Askari Metals is positioning itself as a serious player in Ethiopia’s gold and copper sector. The Nejo acquisition complements the company’s broader portfolio, which includes lithium and uranium projects in Southern Africa, and signals a clear intent to build a tier-1 gold portfolio in the region. As the company moves towards drilling and resource definition, market watchers will be keenly observing the results that could unlock significant value.
Bottom Line?
Askari Metals is poised to transform Nejo’s potential into tangible resources, with drilling results set to define its future trajectory.
Questions in the middle?
- When will shareholder approval be secured to finalise the Nejo acquisition?
- What initial assay results can be expected from the maiden drilling campaigns?
- How will local geopolitical and regulatory factors impact exploration timelines?
