Askari Metals has strengthened its Tanzanian uranium plans by partnering with a high-net-worth investor through Celtic Finance, raising $350,000 to support ongoing projects and acquisitions.
The new funding aligns with Askari’s commitment to expanding its uranium portfolio in Tanzania. Company Director Gino D’Anna emphasized the importance of the partnership in advancing exploration and attracting additional investors.
Expanding Tanzanian Uranium Projects
Askari has recently acquired the Matemanga and Eyasi uranium projects, located in southern and northern Tanzania, respectively. Matemanga, situated near the Nyota uranium mine, boasts a large radiometric anomaly spanning 10km x 6km, signaling strong potential for uranium deposits. Similarly, the Eyasi project features two significant radiometric anomalies totaling 30km, indicative of promising fluvial channel systems.
Broader Strategic Goals
The funds will accelerate the company’s efforts to grow its uranium portfolio, focusing on district-scale projects in southern Tanzania. Askari is also exploring opportunities to divest its Australian exploration portfolio, which includes gold, copper, lithium, and rare earth element projects.
Through this placement, Celtic Finance will receive an option for each share purchased, exercisable at $0.022 until December 31, 2028. This deal marks a pivotal step for Askari Metals as it advances its ambitious uranium exploration initiatives in Africa.