Askari divests Burracoppin gold project to Forrestania to sharpen African focus
ASX-listed Askari Metals has signed a binding share sale agreement with Forrestania Resources to divest its Burracoppin gold project in Western Australia for A$700 000, paving the way for the company to advance its Nejo project in Ethiopia.
Under the deal, Askari will sell 100% of the shares in First Western Gold, which holds seven exploration licences and one application in Western Australia, including the Burracoppin project. Burracoppin hosts a Joint Ore Reserve Committee-compliant mineral resource estimate of 2.14-million tonnes at 1.2 g/t gold for 82 700 oz, reported at a 0.55 g/t cutoff.
Consideration for the transaction comprises A$250 000 in cash and A$450 000 in tradable Forrestania shares. Settlement is expected before the end of September.
Executive director Gino D’Anna said the sale was consistent with Askari’s strategy of defining itself as a focused African explorer and developer.
“The sale of our Australian exploration portfolio is a continuation of our strategy to define Askari as a focused African explorer and developer,” he said.
“Total consideration payable pursuant to the transaction is A$700 000 providing Askari with access to immediately available funds to not only complete the deal to acquire the Nejo project in Ethiopia, but also commence initial exploration at the Nejo project ahead of us gearing up for maiden drilling planned for November 2025.
“The timing of the disposal has also aligned perfectly with the current record high gold price as we continue our African gold focus. Importantly, this transaction means that Askari is able to avoid having to complete a dilutive capital raising, instead now focused on moving ahead aggressively with its African assets.”
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