Askari Metals raised $1.6 million through a share placement, with backing from both new and existing shareholders.
The funding will drive exploration efforts in Namibia for lithium assets and expand into uranium exploration in Tanzania.
The placement involved issuing fully paid ordinary shares at 6.5 cents each and a 1-for-2 free attaching option, subject to shareholder approval. Funds will advance the Uis Lithium Project in Namibia and launch uranium exploration in Tanzania.
An upcoming share purchase plan will allow existing shareholders to increase their stake under equivalent terms.