October 2023 Shareholder Letter from Gino

Askari is entering an exciting phase of growth, with significant movements at our projects in both Africa and Australia.

Just before we launched into the southern hemisphere’s spring, Askari hosted technical geologists and representatives from our strategic partner Huayou Cobalt at the Uis Lithium Project in Namibia.

While there, we provided an update on exploration activities to date and discussed the multiple upcoming exploration campaigns planned for our flagship project.

These exploration activities have already commenced with additional technical and field exploration personnel being mobilised to site to expand on our exploration programs at the project site, all focused on the highly prospective ‘corridor of interest’ discovered in July.

The extensive campaign includes systematic trenching of high priority pegmatite targets, as well as a hyperspectral analysis study and regional stream sediment and soil geochemical sampling.

We have also begun development of our own in-house sample preparation and analytical facility to be based in Namibia, which will allow us to rapidly prepare and analyse exploration samples.

This will result in faster assay turnaround times and allow for quick decision making as we define and execute upon our future exploration campaigns in Africa.

With all of this planned activity, and outstanding assay results expected soon, the last few months of the year are shaping up to be an active time at our Uis Lithium Project.

Askari has also been expediting exploration at our Australian projects, in particular our 100% owned Hillside Lithium Project in the Pilbara.

Recent rock and soil sampling at the site has identified anomalous zones of lithium mineralisation, covering a total strike length of 4.6 kilometres.

Results from rock samples include 170ppm and 350ppm lithium (Li), while soil samples produced consistent results ranging between 41ppm and 76ppm lithium (Li).

This gives us great confidence for the next exploration activities at Hillside which will focus on the newly discovered sites and aim to generate high confidence drill targets.

Askari’s Callawa Copper Project has also returned soil sample results indicating strong nickel sulphide mineralisation potential.

Some of the results demonstrated up to 1,808ppm nickel and 2,349ppm chrome, presenting an exciting opportunity to supply the rising demand for nickel critical to the global energy transition.

Providing the much-desired critical minerals the world needs for battery production dominated discussions at Paydirt’s Africa Down Under Conference in Perth last month.

It was fantastic to join these conversations with shareholders and stakeholders at the forum, which attracted significant Ministerial presence from both Africa and Australia.

Thank you to everyone who tuned in to Askari’s presentation, as we provided an update on Askari’s early mover advantage in Namibia, recent movements at our flagship Uis Lithium Project and Africa’s potential as a global lithium supplier.

Namibia is developing into a vital global source of critical minerals, with the wider continent holding approximately 30 per cent of the world’s reserves.

Askari’s position in this critical mineral market continues to solidify as exploration results from our flagship Uis Lithium Project reinforces the direction our Company is taking.

As we kick off the final quarter of 2023, I look forward to providing you with updates soon on our vast portfolio of projects.