Australian mining firm Askari Metals has taken a major step into Ethiopia’s gold sector, finalising due diligence to acquire 460 square kilometres of high-potential exploration territory in the Adola greenstone belt — home to the country’s largest gold-producing mines.
The acquisition gives Askari direct access to ground adjacent to Ethiopia’s two operating gold giants, Lega Dembi and Sakaro, both of which have produced millions of ounces of gold. The company is acquiring Rift Valley Metals, current holder of the tenements, in a $400,000 deal split evenly between cash and shares, with further performance-based payments tied to exploration results.
Askari’s new portfolio includes five tenements — Lega Dembi South, Sakaro, Sakaro West, Wayu Boda, and Megado — covering key geological zones of the Arabian-Nubian Shield. The region is regarded as one of the world’s last underexplored gold and copper provinces, and Ethiopia’s recent mining reforms have added to its appeal.
“Our due diligence confirmed the area’s extraordinary potential,” said Askari executive director Gino D’Anna. “We’ve already observed extensive artisanal workings and quartz veins, suggesting strong upside for a modern discovery.”
Preliminary surveys at Wayu Boda have revealed visible quartz veins up to 65 cm wide, with early indications of copper and polymetallic mineralisation. Historic data from adjacent tenements show samples grading up to 47g/t gold, reinforcing the belt’s prospectivity.
The company’s strategy includes satellite imaging, trenching, and structural mapping to identify deeper mineralised zones. Askari is also preparing to launch targeted drilling campaigns to verify surface anomalies and test inferred gold structures.
With gold prices hovering near historic highs and Ethiopia signalling a pro-mining stance, Askari’s timing appears calculated. The move complements the company’s broader African portfolio, which now includes uranium prospects in Tanzania and lithium-rich ground in Namibia.
While Askari accelerates its expansion in Africa, it’s winding down its Australian operations. The firm has listed its Burracoppin project in Western Australia for sale, aiming to redirect capital toward its continental ambitions.
Askari’s entry into Ethiopia positions it as one of the few Australian explorers with a stake in the country’s lucrative but underexplored mineral corridors. Company officials say further acquisitions are on the horizon as they build out a diversified resource base focused on gold, lithium, and uranium across Africa.
With boots on the ground and a sharpened focus, Askari is aiming to carve out a tier-1 gold portfolio in one of Africa’s most promising mineral belts.