June 2023 Shareholder Letter from Gino

Askari is entering an exciting phase of growth as exploration ramps up at our flagship Uis Lithium Project in Namibia.

We have completed our initial RC drilling campaigns across our tenements at the Uis Lithium Project, which, combined with our recent mapping and sampling programs, has provided a wealth of information on the project area to help inform our next phase of exploration.

The Phase 2 RC drilling program in EPL 7345 has uncovered a significant pegmatite, about 112 metres wide, intersecting abundant amounts of spodumene and polylithionite in the south-east of the tenement.

Our focus now is on mobilising a diamond drilling rig to site to drill some larger, deeper holes into this pegmatite to test the mineralisation at depth.

The initial diamond campaign will involve about 1,000 metres of drilling, which will be enough to test those deeper targets on the pegmatite and provide valuable data to help shape our next phase of exploration.

I’m also pleased to have strengthened our exploration team with the appointment of Cliff Fitzhenry to the newly created role of Chief Exploration and Project Manager (Africa).

Cliff comes to Askari with a wealth of experience and knowledge in mining and exploration projects on the African continent.

Most recently he was the senior geologist leading the exploration team at Sovereign Metals Limited (ASX:SVM) that delivered the maiden mineral resource estimate, and subsequent resource upgrades, at the Kasiya rutile-graphite project in Malawi. 

Cliff will lead our in-country exploration team in Namibia, overseeing the upcoming diamond drilling campaign, and he will be responsible for fast-tracking exploration and development at Uis.

Underpinning our exciting exploration strategy has been several key milestones we have reached in recent weeks, including the completion of a strategic investment in the Company by a wholly owned subsidiary of Zhejiang Huayou Cobalt Co., Ltd.

Huayou is a tier-1 global lithium battery materials and cobalt materials supplier headquartered in China and listed on the Shanghai Stock Exchange with a market cap of roughly A$18 billion.

The name Huayou is synonymous with the cobalt and lithium sector not only in China, but globally. To have them onboard as a strategic investor backs the Company’s belief in the significant potential of the Uis Lithium Project.

The Company also recently completed its acquisition of a 100 per cent interest in EPL 7345, providing the Company with maximum flexibility in the future development of the Uis Lithium Project.

As we prepare to enter the next phase of our aggressive exploration strategy at Uis, I look forward to keeping shareholders and stakeholders updated as we hit new milestones.