AS2 - Askari Metals

[System]

Askari Metals Limited was incorporated on 20 November 2020 to acquire, explore and develop high-grade copper and gold projects in Western Australia and New South Wales.

In December 2020, Askari Metals and Springdale Gold Pty Ltd, a wholly owned subsidiary of Askari Metals, entered into a tenement acquisition agreement with Belres Pty Ltd to acquire the Springdale Copper-Gold Project (comprising exploration licence application 5975) located in the Lachlan Fold region of New South Wales.

In January 2021, Springdale Gold Pty Ltd directly staked the Callawa Copper Project (comprising exploration licence application 45/5842), located in Western Australia.

Following this, in March 2021, Askari Metals entered into a share sale agreement to acquire 100% of the issued capital of First Western Gold Pty Ltd to facilitate the acquisition of the Horry Copper Project (comprising exploration licence E80/5313), the Burracoppin Gold Project (comprising exploration licence E70/5049) and the Mt Maguire Gold Project (comprising exploration licenses 52/3718 and 52/3719 and exploration licence application 47/4170), each located in Western Australia.

This finalised the assembly of the Company's copper and gold exploration projects, which will result in the Company, following its IPO, owning a 100% interest in the Springdale Copper-Gold Project located in NSW and a 100% interest in each of the Callawa Copper Project, the Burracoppin Gold Project, the Mt Maguire Gold Project and the Horry Copper Project, each located in Western Australia.

It is anticipated that AS2 will list on the ASX during July 2021.

https://www.askarimetals.com

 

[Dona Ferentes]

Listing date ... 5 July 2021 #
Contact details .... https://www.askarimetals.com/
Principal Activities ... Askari Metals Limited acquires, explores and develops highgrade copper and gold projects in WA and NSW.

Issue Price .... $0.20
Issue Type .... Ordinary Fully Paid Shares
Security code .... AS2
Capital to be Raised ....... $6,000,000
Expected offer close date ..... 3 June 2021
Underwriter ........... Not underwritten. Peak Asset Management Pty Ltd (Lead Manager)

 

[Dona Ferentes]

Listed today... opening at 24c

 

[bk1]

Surrounded by Lithium majors with a huge land area to prospect, and now in a trading halt.
Looking to acquire more?
30M SOI
12M MC

 

[Chief Wigam]

Lithium stock although was seen as a Copper stock initially.

Compare with MC of Global Lithium Resources (admittedly has an inferred resource) and you can see where AS2 is headed

 

[Garpal Gumnut]

AS2 is certainly on a tear atm.

gg

 

[Dona Ferentes]

still only $30million market cap. They would have to be pulling the trigger on a placement (and crumbs for existing shareholders?) soon?

Recent Lithium Acquisitions Underpin the Company and its Strategic Focus on the Critical Battery Metals Markets

Highlights:

Barrow Creek Lithium Project, NT (Option, 100% owned)

• Subsequent to the end of the half year period ended 31 December 2021, the Company acquired the Barrow Creek Lithium Project (ELA 32804) covering an area of 278 km2 located in the Arunta Pegmatite Province of the NT

Yarrie Lithium Project, WA (100% owned)

• Subsequent to the end of the half year period ended 31 December 2021, the Company acquired the Yarrie Lithium Project covering an area of 1,711 km2 located in the Pilbara region of Western Australia with demonstrated geology analogues to the Wodgina and Pilgangoora world class lithium projects

Red Peak Lithium Project, WA (100% owned)

• During the half year period ended 31 December 2021, the Company acquired the Red Peak Lithium Pegmatite Project which covers an area of approximately 350km2 with at least eleven (11) significant pegmatites already identified

 

[Garpal Gumnut]

Was the rise last week pumping or is the release from escrow to provide more liquidity ?

gg

 

[noirua]

Askari Metals (ASX:AS2) extends gold mineralisation at Benbur, WA

Askari Metals (ASX:AS2) extends the Benbur prospect within its Burracoppin gold project in Western Australia.

themarketherald.com.au

Askari Metals (AS2) has extended the Benbur prospect which is part of the Burracoppin gold project in Western Australia’s Wheatbelt region.

The company confirmed the extension after receiving a second lot of drill results from its phase three reverse circulation (RC) drilling program which was completed in June.

 

[houtman]

Askari jumped a little today, cause unknown - one of my few greens on a poor day.

In fact they have been slowly climbing the last 5 days.

They've completed Phase 1 RC drilling in Namibia with results due February. Then follow up drilling, also Feb.

MCap only $25m.
$3m cash last September so cap raise can't be too far away...

They have a few Lithium projects and also REE.

 

[houtman]

AS2 released results for their REE exploration a couple of days ago.

They seemed happy with it but I got no idea, I'm here for the Lithium and low MC(currently about $32m, but there are also listed options)

I hold options, AS2O, but they are lagging and have poor volume so I will look at exercising 1/3 of them soon.

The price had been slowly climbing pre announcement, on the day of announcement it opened at its high and finished lower, whether that indicates leakage or not, who knows.

As an aside, they have Robert Downey and Chris Evans on their team( i kid you not), maybe they are looking for Vibranium.

 

[houtman]

As mentioned above, I exercised some AS2O this week.
The options are 25c but there has generally been about a 30c price gap with limited volume.

I made the payment and sent paperwork Monday afternoon and the shares showed in my account this morning.
So 4 days for it to be completed if anyone here is in the same boat.

Askari are looking to spin off their copper/gold assets this FY.

Also drilling in Namibia this month so there are some near term catalysts.

 

[houtman]

From today's announcement -

Commenting on the program, VP-Exploration & Geology, Mr Johan Lambrechts, stated:
“Askari is continuing its philosophy of aggressive and hands-on exploration with the second phase of
drilling commencing on EPL 7345 since purchasing it a mere four months ago. We maintain that we see the
Uis Lithium Project as having extremely high potential and plan to advance it along the value curve as
efficiently as possible

Currently 2 RC rigs onsite with a Diamond drill rig coming.

The Lithium bubble has lost a lot of air the last 3/4 months.
However AS2 has low MCap and plenty of results in the pipeline.

 

[houtman]

AS2 has an interesting announcement today, see below.

Usually the words "appoints global investment bank" would have me heading for the exits.
However Canaccord are being paid with 80cent options, current share price is 42cents.

There is no interest from the general market though, volume is minimal and non-existent with the options.



- Pursuant to the Agreement, Askari has issued Canaccord 2,500,000 unlisted options, each with an
exercise price of $0.80 and an expiry date of three years from the date of issue.
-Canaccord will work closely with the Company and Peak Asset Management in the implementation and
deployment of a comprehensive capital markets strategy whilst the Company continues to develop the
Uis Lithium Project, Namibia.
- The appointment of Canaccord follows completion of the recent strategic investment from Huayou
International Resources (Hong Kong) Limited (“Huayou”) to help accelerate continued exploration of the
Uis Lithium Project,

 

[frugal.rock]

Chart only update.

 

[frugal.rock]

I find myself here again, after peering into rabbit holes that may or may not have rewards hidden away.
Into a trading halt today for a cap raise.

 

[Dona Ferentes]

I find myself here again, after peering into rabbit holes that may or may not have rewards hidden away.

hare raising?

MC all of $3 million, and SP has risen from sub 2c to 3.1c

HIGHLIGHTS
- Exploration potential for gold mineralisation within the existing portfolio identified,presenting immediate opportunities
- Review of historical exploration at the Mt Maguire project identified extensive gold mineralisation, including high-grade intercepts of 2m @ 12.14g/t Au from 35m as well as broader gold intercepts such as 31m @ 0.84g/t Au from 20m, including 1m @ 6.74g/t Au from 25m
- Gold mineralisation at Mt Maguire is untested both at depth and along strike highlighting clear opportunities
- Prospective strike over 8 km of untested shear zones along the same trend as Kalamazoo Resources (ASX: KZR) Ashburton Project which hosts a mineral reserve estimate (JORC 2012) of 16.2Mt @ 2.8g/t for 1.44M oz Au
- Historical data shows significant upside, highlighting key exploration targets and opportunities within the project area
- Upcoming fieldwork planned to test targets and confirm mineralisation potential