Gold and copper explorer Askari Metals is asking investors for $2.5 million cash to fund an acquisition, as it branches out into lithium.
Askari Metals wants to buy a lithium tenement near Northern Territory’s Barrow Creek, and is asking investors for $2.5 million.The placement was priced at 35¢ a share and included a one-for-three listed option with an 31 October, 2024 expiry.
Potential investors were not given the full details of the target asset, but told it was along the strike lines of Core Lithium and Chinese battery giant CATL in Northern Territory’s Barrow Creek region. And that it was being acquired from an unlisted company. Askari has about five projects, including West Australian gold project Burracoppin and copper project Horry. Burracoppin is slated for phase 2 drilling around mid-February, and Horry has reported 3.67 per cent to 1.12 per cent grades of copper, according to the company.
Lithium is a new area of interest for Askari, starting in November. It’s other lithium projects include Read Peak Lithium and Yarrie in WA.Peak Asset Management was running the raise, and called for bids by close of business Thursday.Sign up to the Street Talk First Look newsletter
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