ASKARI METALS LIMITED — Capital/Financing Update 2023

Apr 10, 2023

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----- Start of picture text ----- ASX: AS2ASX ANNOUNCEMENT I 11 April 2023ASKARIMETALS COMPLETES ACQUISITIONOFINITIAL 90%INTERESTINEPL 7345UIS LITHIUM PROJECT, NAMIBIA----- End of picture text -----

HIGHLIGHTS

• Askari has completed the acquisition of the initial 90% interest in EPL 7345 covering an area of approximately 114 km[2 ] forming part of the Uis Lithium Project, located in Namibia

  • phase II exploration RC drilling is ongoing

  • project wide detailed mapping and sampling program continues with a number of new pegmatite drilling targets identified to be drill tested during phase III RC exploration drilling

  • the Company will provide Shareholders with an update on its exploration activities shortly

• Completion of the acquisition of the remaining 10% interest in EPL 7345 is progressing well and is expected to be completed shortly

• Phase I RC exploration drilling at EPL 8535 due to be completed shortly

• Askari continues to technically assess and evaluate other complementary projects surrounding the Uis Lithium Project for acquisition

Askari Metals Limited ( ASX: AS2 ) (“ Askari ” or “ Company ”) is pleased to announce the completion of the acquisition of the initial 90% interest in EPL 7345 covering an area of approximately 114 km[2] forming part of the Uis Lithium Project, located in Namibia.

Pursuant to the terms of the binding Agreement between the Company and the shareholders of Kokerboom Mineral Processing Pty Ltd, the Company has incorporated a local Namibian subsidiary (wholly owned) which owns the initial 90% interest in Kokerboom Mineral Processing Pty Ltd.

As announced to shareholders on 4 April 2023, the Company has also separately executed a binding agreement to acquire the remaining 10% interest in Kokerboom Mineral Processing Pty Ltd.

EPL 7345 is wholly owned by Kokerboom Mineral Processing Pty Ltd.

ACN 646 034 460 I askarimetals.com

ASX: AS2

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In connection with the acquisition of the initial 90% interest in EPL 7345 and Kokerboom Mineral Processing Pty Ltd, the Company has issued the shareholders of Kokerboom Mineral Processing Pty Ltd a total of 2,792,553 ordinary shares in the capital of Askari. Of this, a total of 1,396,277 shares will be subject to 6 months voluntary escrow from the date of issue with a total of 698,138 shares subject to 3 months voluntary escrow from the date of issue whilst the remaining shares will be freely tradeable.

An Appendix 2A and cleansing statement have been lodged independently.

Completion of the acquisition of the remaining 10% interest in Kokerboom Mineral Processing Pty Ltd is progressing well and is expected to be completed shortly.

This announcement is authorised for release by the executive board

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FOR FURTHER INFORMATION PLEASE CONTACT

INVESTORS

Gino D’Anna

EXECUTIVE DIRECTOR

M. +61 400 408 878

E. gino@askarimetals.com

MEDIA

Josh Lewis

SENIOR MEDIA COUNSEL

M. +61 412 577 266

E. josh@spokecorporate.com

Johan Lambrechts

VICE PRESIDENT – EXPLORATION & GEOLOGY

M. +61 431 477 145

• E. johan@askarimetals.com

ASX: AS2

ACN 646 034 460 I askarimetals.com

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ABOUT ASKARI METALS

Askari Metals was incorporated for the primary purpose of acquiring, exploring and developing a portfolio of high-grade battery (Li + Cu) and precious (Au + Ag) metal projects across Namibia, Western Australia, Northern Territory and New South Wales. The Company has assembled an attractive portfolio of lithium, copper, gold and copper-gold exploration/mineral resource development projects in Western Australia, Northern Territory, New South Wales and Namibia.

For more information please visit: www.askarimetals.com

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This document contains forward-looking statements concerning Askari Metals Limited. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the Company’s beliefs, opinions and estimates of Askari Metals Limited as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Targets, Exploration Results or Mineral Resources is based on information compiled by Johan Lambrechts, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Lambrechts is a full-time employee of Askari Metals Limited, who has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Lambrechts consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ASX: AS2

ACN 646 034 460 I askarimetals.com