Askari Metals (ASX:AS2) has strengthened its balance sheet by fully repaying its convertible note facility with Lawson Mining and settling all Series B redeemable notes, leaving the company debt-free with no security overhang.
The clean capital structure and strong cash position position Askari to fully fund its near-term exploration programs at its flagship Nejo Gold & Copper Project in Ethiopia and the Uis Tin-Tantalum-Lithium Project in Namibia.
At Nejo, a staged drilling program of up to 20,000m will target near-surface, high-grade gold mineralisation along a ~9km corridor at the Guji, Komto 1, and Komto 2 targets, with the objective of validating historical results and advancing toward a maiden JORC (2012) mineral resource.
Meanwhile, exploration at Uis will recommence along a high-grade tin and tantalum corridor, including trenching, sampling, and RC drilling of priority pegmatite targets, providing exposure to lithium and battery metals amid record tin prices.
Executive Director Gino D'Anna said the debt repayment "marks an important inflection point" for Askari, enabling the company to focus on systematic exploration and value creation across its gold, copper, and critical metals portfolio.
At the time of reporting, Askari Metals' share price was $0.012.