Askari Metals (ASX: AS2) has taken a significant step forward in its Tanzanian uranium strategy by securing support from a new high-net-worth sophisticated investor.
The company has entered into a binding subscription agreement with Celtic Finance, raising an additional $350,000 to advance its growth plans in Tanzania.
Director Gino D’Anna expressed enthusiasm about the new investor, stating that they share Askari’s vision for exploration in Africa and the strategic move into uranium in Tanzania.
The investment is expected to provide Askari with access to a broader network of funding parties, potentially opening up new avenues for future capital.
The funds raised from this placement will be instrumental in expanding Askari’s uranium footprint in southern Tanzania.
D’Anna emphasised that the coming months would be a busy period for the company, with the new funding allowing Askari to maintain its strong momentum and further advance its exploration and acquisition strategy.
Askari’s recent acquisitions include the Matemanga uranium project in Southern Tanzania and the Eyasi uranium project in northern Tanzania, both obtained through direct application.
The Matemanga project is strategically located less than 70 kilometres south of the world-class Nyota uranium mine.
Previous work at Matemanga identified a significant radiometric anomaly spanning 10 kilometres by six kilometres, indicating substantial potential for uranium mineralisation.
At the Eyasi project, re-processing of airborne geophysical data has revealed two discrete, linear radiometric anomalies approximately one kilometre in width, totalling 30 kilometres of strike.
These anomalies are interpreted as fluvial channel systems draining from primary basement granites.
As part of its growth strategy, Askari is also conducting due diligence to acquire additional uranium projects, aiming to build a district-scale uranium portfolio in southern Tanzania.
Simultaneously, the company is working on a divestment strategy for its Australian exploration portfolio, which includes prospective gold, copper, REE, and lithium projects.
The agreement with Utah-based Celtic Finance includes a 1-for-1 free attaching option exercisable at $0.022, expiring on December 31, 2028, for shares subscribed under the shareholder-approved placement.
As Askari Metals continues to expand its presence in Tanzania’s uranium sector, the company is actively seeking experienced top-level management to guide it through the next stage of development and advance its key projects.
