What Askari Metals does

Askari Metals Limited (ASX: AS2; Frankfurt: 7ZG) is a Perth-headquartered, ASX-listed mineral exploration company incorporated in November 2022 for the purpose of acquiring and developing high-grade lithium, copper, gold, tin, tantalum, and polymetallic projects. The company is pre-revenue; it raises equity capital through placements and rights issues to fund drilling and exploration, and its primary assets are district-scale tenements in Ethiopia (the 1,174 km² Nejo Copper-Gold Project and ~460 km² across the Adola Greenstone Belt) and Namibia (the ~380 km² Uis Polymetallic Project in the Cape Cross-Uis Pegmatite Belt, within 2.5km of Andrada Mining's operating Uis Tin Mine). Its underlying technology is conventional exploration — RC and diamond drilling, trenching, geochemical sampling, mapping, and hyperspectral analysis — supplemented by an in-house pellet press and LIBS spectrometer at Uis for faster sample turnaround. Reported trench and rock-chip results include 6,670 ppm Sn and 0.49% Li2O at the Uis PS pegmatite, 3.06% Li2O over widths up to 30m at the Kestrel pegmatite, and historic drill intercepts of 7.1m @ 30.3 g/t Au at Nejo.

Askari's go-to-market is investor-relations led rather than commercial: it engages institutional and retail investors via ASX announcements, investor webinars, and conference appearances (including Africa Down Under), with management — notably Executive Director and founding shareholder Gino D'Anna and IR lead Jessica Fertig — handling investor communications directly. A tier-1 strategic investment by a subsidiary of Zhejiang Huayou Cobalt Co., Ltd. (~A$18B market cap) in June 2023, and the December 2025 appointment of Martin Holland (Cobre founder, former LPI CEO whose company was acquired by Codelco for ~$400M) as a Non-Executive Director, anchor the capital and credibility profile. In November 2025 the company executed a strategic pivot, divesting its Australian subsidiary First Western Gold to Forrestania Resources for A$850,000 and acquiring the Nejo Copper-Gold Project, consolidating focus on African battery-metal and copper-gold assets.

Commercially, Askari generates no revenue; the disclosed revenue model is "Pre-Revenue Exploration," and reported EBITDA losses of -A$5.0M (2024) and -A$6.0M (2023) reflect pure exploration burn funded by equity. Customer segments in the traditional sense are absent — there are no offtake partners, no production, and no pricing model. The company's "customers" are its equity capital providers and ASX retail and institutional shareholders, and the principal value-creation path is the conversion of exploration tenements into JORC-compliant mineral resources and, ultimately, development or sale.

Name

Askari Metals

Legal name

Askari Metals Limited

Website

https://askarimetals.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Askari Metals is a pre-revenue, ASX-listed mineral exploration company advancing district-scale lithium, polymetallic, and copper-gold projects in Namibia and Ethiopia, with strategic backing from Zhejiang Huayou Cobalt and capital raised via equity placements to fund drilling.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Other Metal Ore Mining (212290), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industry

Copper Exploration & Resource Development (IMAKADAA)

Keywords

• Mineral exploration
• Battery metals
• Lithium exploration
• Copper gold exploration
• Critical minerals

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Pre-Revenue Exploration: Askari Metals is a pre-revenue mineral exploration company. The company raises capital through equity financings (placements, rights issues) to fund exploration activities at its projects in Namibia and Ethiopia. No commercial production or revenue currently generated.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Askari Metals is a mineral exploration company that identifies, acquires, and explores for battery and critical metals (lithium, copper, gold, tin, tantalum, rubidium, tungsten) across projects in Ethiopia, Namibia, and Australia. The company funds early-stage exploration activities with the objective of advancing prospects to resource definition and ultimately mineral production for sale to processors, refiners, and offtake partners.

Product overview

Askari Metals is an ASX-listed (ASX: AS2) exploration company operating a portfolio of battery metal and precious metal exploration projects across Africa and Australia. The company's primary assets include the Nejo Copper-Gold Project in Ethiopia (copper and gold exploration), the Uis Polymetallic Project in Namibia (tin, lithium, tantalum, rubidium, caesium), and the Adola Greenstone Belt Gold Projects in Ethiopia. Additional Australian projects include the Callawa Copper-Silver Project and Hillside Lithium Project in the Pilbara region. The company operates as a unified exploration portfolio rather than a platform-plus-modules architecture, with projects organized by geographic region and commodity focus.

Differentiator

Problem solved

Functional benefit

Products and services

• Nejo Copper-Gold Project Copper-gold exploration project located in the Akobo Basin of western Ethiopia, targeting structurally controlled orogenic gold and copper mineralization through soil sampling and reconnaissance exploration.
• Uis Polymetallic Project Tin, tantalum, lithium, and rubidium exploration project in Namibia situated within the Uis Pegmatite Belt, focusing on LCT-type pegmatite-hosted mineralization through extensive soil and rock-chip sampling campaigns.
• Adola Greenstone Belt Gold Projects Gold exploration projects in the Adola Greenstone Belt of southern Ethiopia, targeting orogenic lode gold mineralization within a recognized gold-endowed terrane through geochemical sampling and prospecting.
• Callawa Copper-Silver Project Copper-silver exploration project located in Western Australia, positioned within the company's Australian exploration asset base and targeting copper-silver mineralization.
• Hillside Lithium Project Lithium exploration project in Australia, acquired to expand the company's lithium exposure and explore for hard-rock lithium mineralization using systematic soil sampling to define drill targets.

Quantifiable outcome

• High-grade gold intercept: 7.1m @ 30.3g/t Au at Nejo Dina target
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered minor.

• Cobre Limited (ASX: CBE)minorStrategic or Co-development Partner · 1 December 2025Martin Holland, founder and chair of Cobre Limited, appointed as non-executive director of Askari Metals. Holland also participated in the A$1.15 million placement. Cobre is exploring the Kalahari Copper Belt in Botswana.
• Andrada Mining Ltd (LSE: ATM)minorOthersAdjacency partnership - Uis Project is located within 2.5km of Andrada Mining's operating Uis Tin Mine, which hosts a JORC (2012) MRE of 77.51Mt @ 0.79% Li2O, 0.15% Sn and 82 ppm Ta. Proximity provides infrastructure and geological upside.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Troy Resources: Troy Resources (ASX: TRY) is an Australian-listed gold producer with operating experience in West Africa. As a more established African gold-focused miner, Troy provides a reference point for how Askari's Ethiopian gold projects might evolve from exploration to production.
• Pan African Resources: Pan African Resources (AIM: PAF, JSE: PAN) is a mid-tier African precious metals producer with operating mines in South Africa. As an established African-focused miner with gold exposure, it represents a potential strategic acquirer profile relevant to Askari's Ethiopian gold assets.
• Firefinch Limited: Firefinch (ASX: FFX) is an established African gold miner and developer operating the Morila gold mine in Mali and exploring the Goulamina lithium project. As an established African-focused miner with both gold and lithium exposure, Firefinch represents a comparable broad incumbent to Askari's exploration-stage portfolio.

Direct peers

• Lepidico: Lepidico (ASX: LPD) is an ASX-listed lithium and critical minerals developer focused on the Karibib Lithium Project in Namibia. Both companies operate in the same Namibian pegmatite belt targeting lithium, and both pursue downstream processing strategies for battery-grade materials.
• Kodal Minerals: Kodal Minerals (AIM: KOD) is an AIM-listed mineral exploration and development company focused on lithium and battery metals projects in West Africa (Côte d'Ivoire and Mali). Both companies are early-stage African-focused battery metals explorers with similar funding profiles and investor bases.
• Cobre Limited: Cobre Limited (ASX: CBE) is an Africa-focused copper and base metals explorer exploring the Kalahari Copper Belt in Botswana. Martin Holland, founder and chair of Cobre, is also a non-executive director of Askari Metals and participated in the December 2025 placement, creating direct corporate and strategic linkage between the two companies.
• Lithium Power International (historical): Lithium Power International was Martin Holland's previous lithium vehicle, acquired by Codelco for approximately $400 million. Although delisted, it represents the most directly comparable historical precedent for Askari's lithium exploration thesis in Africa and Holland's strategy of building and exiting lithium assets.
• Sovereign Metals: Sovereign Metals (ASX: SVM) is an African-focused critical minerals explorer developing the Kasiya rutile-graphite project in Malawi. Cliff Fitzhenry, Askari's Chief Exploration Manager for Africa, previously led the exploration team at Sovereign that delivered the Kasiya maiden MRE, providing direct personnel and operational overlap.
• Andrada Mining: Andrada Mining (LSE: ATM) operates the Uis Tin Mine in Namibia, located within 2.5km of Askari's Uis Polymetallic Project. Both companies target the same Cape Cross-Uis Pegmatite Belt for tin, lithium, tantalum, and rubidium mineralisation, making Andrada the most directly comparable peer with both geological and operational overlap.

Emerging players

• Kuniko Limited: Kuniko (ASX: KNI) is an emerging battery metals and critical minerals explorer focused on cobalt, nickel, and lithium projects in Norway. While operating in a different geography, Kuniko targets the same critical minerals commodity basket and serves as a comparable early-stage exploration peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/askarimetals
• LinkedInlinkedin.com/company/askari-metals-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Askari Metals