Battery metals focused explorer and developer Askari Metals has acquired the Nejo gold project in Ethiopia, together with its owner Xingxu Mining International Investment. The deal provides Askari access to a project with large-scale resource potential in the highly prospective Arabian-Nubian Shield.

The geological region is known for its significant gold endowment and hosts large-scale multimillion-ounce discoveries across Egypt, Sudan, Eritrea, Ethiopia, Saudi Arabia and Yemen. The Nejo project hosts mineralised extensions of the Tulu Kapi mine, with extensive exploration having taken place previously highlighting the significant mineralisation potential of the project area.

The project is located on the same Greenstone Belt as the 3.4-million-ounce Kurmuk Mine, which has a targeted production rate of 290 000 oz/y. The area also includes mineralised extensions of the 1.7Moz Tulu Kapi project which had been historically explored.

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This acquisition puts Askari into a new growth phase where discovery and resource definition can drive significant value for shareholders.

“This transformational acquisition represents an outstanding opportunity for the company to position ourselves at the forefront of one of Africa’s most exciting gold regions. Nejo offers everything we look for in a flagship asset – scale, high-grade gold upside, proven mineralisation and proximity to major gold operations on a globally significant greenstone belt. Historic results demonstrate outstanding gold grades over wide intercepts across multiple targets – and yet, much of the tenement remains underexplored. With a large-scale landholding, extensive historical data, and clear targets we have the ingredients to fast-track Nejo toward a maiden Jorc compliant resource,” says Askari executive director Gino D’Anna.