Battery metals focused explorer and developer Askari Metals is selling its subsidiary, First Western Gold in Australia to Forrestania Resources, to focus on its African operations.

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The company’s assets in Africa include the Uis lithium exploration project in Namibia and the Matemanga uranium project in Tanzanian.

It is also in the process of finalising the acquisition of the Nejo gold project in Ethiopia, with funds from the sale of First Western Gold to be used to finalise the acquisition and cover exploration costs for the Nejo project.

Askari’s focus on the African mining landscape is driven by the fact that Africa holds diversified mineral potential, including an estimated 30% of the world’s critical mineral reserves such as copper, cobalt and lithium.

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The continent also provides about 20% of global gold production, making it a strategic region, especially as gold prices continue to rise.

Askari Metals executive director Gino D’Anna comments: “The move supports our strategic shift to focus exclusively on our African asset base, including the Nejo gold and copper project in Ethiopia and the Uis rare metals project in Namibia.

“The transaction enables the company to allocate both financial and human capital more efficiently. It really does make it a clear focus now for the company to push forward with not just the OIS project in Namibia, but also Nejo in Ethiopia.”