• Askari signs agreement to sell Australian gold assets to focus on Africa projects
• Proceeds to fund Ethiopia gold acquisition, exploration activities
• Shift aligns with rising interest in Africa’s mineral reserves

Askari Metals announced on Friday, September 12, that it has reached an agreement to sell its subsidiary, First Western Gold Pty, to Forrestania Resources Limited. The subsidiary holds seven Australian gold assets. The A$700,000 (about $465,000) transaction is part of the junior mining company’s strategy to become an “Africa-focused explorer and developer.”

According to Askari Metals, the agreement will allow it to concentrate on "the dynamic management of its African assets." The company is active on the continent through the Uis lithium exploration project in Namibia and the Tanzanian uranium project, Matemanga, acquired in 2024. In July 2025, it announced an agreement to acquire the Nejo gold project in Ethiopia. Funds from the Australian asset sale will be used to finalize the acquisition and cover exploration costs for the Nejo project.

Although Askari did not specify the reasons for its shift, the company’s increasing focus on the African mining landscape can be attributed to several factors. Africa holds a diversified mineral potential, including an estimated 30% of the world's critical mineral reserves, such as copper, cobalt, and lithium. The continent also provides about 20% of global gold production, making it a strategic region, especially as gold prices continue to rise.

Askari's strategic move to prioritize African resources aligns it with other companies that exclusively focus their operations on the continent, including gold producers Endeavour Mining and Perseus Mining. The Canadian company GoviEx, which is active with its Madaouéla uranium project in Niger and the Muntanga project in Zambia, is another example of this trend.

Aurel Sèdjro Houenou