August 2023 Shareholder Letter from Gino

Askari is set up for a strong end of 2023, with further exploration planned following recent exciting developments at both our flagship Uis Lithium Project in Namibia and our Australian assets.

The most significant discovery was a new, highly prospective ‘corridor of interest’ at the Uis Lithium Project, running 15 kilometres long and 5 kilometres wide across our sites, EPL 7345 and EPL 8535.

A re-assessment and re-interpretation of all project data outlined a clear zone of potential lithium mineralisation and our team reported spodumene is visible in the field.

The pegmatites within this zone all contain characteristics typical of fertile LCT pegmatites including a high degree of fractionation and zonation, quartz cores and sugary albite textures and common lithium accessory minerals including sugary and cleavelandite varieties of albite, colored tourmaline and green mica.

This encouraging discovery has provided a renewed focus for our exploration activities in Namibia, which will include detailed trenching and geochemical soil sampling of the new site.

The identification of a highly lithium-mineralised outcropping pegmatite with a strike length of 1km remaining open in all directions within this corridor of interest provides the Company with an immediate focus for future exploration. This pegmatite has not been drill tested.

A program of detailed trenching and channel sampling across the width and strike of this mineralised pegmatite is planned to commence during September 2023, with RC and Diamond Drilling planned thereafter.

We have also expanded our strategic footprint in Namibia to 380 square kilometres, following the acquisition of EPL 7626, which is located north of the Uis Tin Mine, owned by Andrada Mining Limited.

This expansion ensures the Uis Lithium Project is situated in an area containing known high-grade lithium, tantalum, tin and rubidium mineralisation.

There is more growth on the horizon, as we assess the acquisition of further licences within the Cape Cross-Uis Pegmatite belt, with the intention of fast-tracking exploration work.

In Western Australia, our extensive exploration campaigns at Callawa and Red Peak have wrapped up, with results expected to determine further exploration plans including future drilling campaigns.

The soil geochemical survey at the Callawa Copper-Nickel project in the Pilbara saw 864 samples collected, following strong historic results including 9.35% Cu and 7.63% Cu.

The Rare Earth Elements auger sampling program at the Red Peak project in the Gascoyne involved the collection of 800 samples to test the highly prospective project area for lithium and REE.

With significant exploration and acquisition activity across Askari’s Namibian and Australian assets, it was fitting to facilitate an investor roadshow.

The trip to the east coast of Australia was designed to showcase the work we are doing and provide an opportunity to connect with current and potential shareholders.

We received positive feedback from a range of meetings in Sydney and Melbourne at the end of July, reinforcing the success of our aggressive exploration strategy.

If you are attending Paydirt’s Africa Down Under conference held at the Pan Pacific in Perth from September 6 to 8, look out for the Askari team at Booth 53A.

We look forward to meeting with shareholders and stakeholders at the event to discuss Namibia’s capability as a leading lithium producer.

I look forward to keeping you updated, as we progress our projects and expand our footprint in Africa and Australia.