ASKARI METALS LIMITED — Capital/Financing Update 2023

Mar 22, 2023

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----- Start of picture text ----- ASX: AS2ASX ANNOUNCEMENT I 23 March 2023REPLACEMENT APPENDIX 3BASKARI METALS LIMITED----- End of picture text -----

Askari Metals Limited ( ASX: AS2 ) (“ Askari ” or “ Company ”) is lodging a replacement Appendix 3B in relation to the Strategic Investment to be completed by Zhejiang Huayou Cobalt Co., Ltd, through its wholly-owned subsidiary, Huayou International Resources (Hong Kong) Limited ( Huayou ). Huayou has entered a conditional agreement with the Company to make a strategic ~$2.5 million investment via a subscription for 4,500,000 shares at an issue price of $0.55 per share ( Strategic Investment ). Huayou will also receive an attaching AS2O listed option on a 1-for-3 basis with an exercise price of 25 cents and an expiry date of 31 October 2024.

A replacement Appendix 3B has been lodged separately.

This announcement is authorised for release by the executive board of the Company.

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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 ADVISER

M. +61 412 577 266

E. lewisj@hellospoke.com.au

Johan Lambrechts

VICE PRESIDENT – EXPLORATION & GEOLOGY

M. +61 431 477 145

E. johan@askarimetals.com

ACN 646 034 460 I askarimetals.com

ASX: AS2

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----- Start of picture text ----- ASX RELEASE23 March 2023----- End of picture text -----

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