ASX-listed battery metal and gold explorer Askari Metals is now a dual-listed company after its shares commenced trading on the Frankfurt Stock Exchange. Askari has a portfolio of lithium, copper and gold-focused projects across Western Australia, the Northern Territory and New South Wales and says the new listing was driven by strong interest from European investors.
The decision list on the other side of the world on one of the globe’s largest stock exchanges follows a string of similar transitions by ASX-listed explorers including Neometals, European Metals Holdings and the over $1 billion market-capped Vulcan Energy Resources.
The listing could permit Askari to capitalise on Europe’s growing interest in low carbon energy and provide investment capital for several near-term projects that could potentially feed the burgeoning electric vehicle and energy storage solution sectors.
Some of the company’s projects include the Barrow Creek, Yarrie and Red Peak lithium projects. Askari is also advancing a handful of copper ventures including the Horry and Callawa projects, whilst similarly progressing its precious metal interests through its Burracoppin gold project about 300 kilometres east of Perth in the eastern wheatbelt region of Western Australia.
Askari Metals Executive Director, Gino D’Anna said:“The company has received a number of requests from European investors to dual list on a suitable European Stock Exchange to facilitate trading of the Company shares in that jurisdiction. We are pleased to now be able to offer investors in Europe another platform upon which to trade Askari Metals shares.”
Askari’s Yarrie lithium project takes in over 1700 square kilometres of prospective lithium ground in Western Australia’s Pilbara region and was recently acquired through the lodging of a series of exploration licence applications. According to the company, Yarrie could host lithium, tin and tantalum mineralisation hosted in hard-rock lithium bearing pegmatites.
In what should come as good news to Askari’s new European followers, the procurement boasts a solid address for battery metal players, with several world-class lithium deposits a mere stone's throw away. The bustling district houses Pilbara Minerals’ massive Pilgangoora lithium project and Mineral Resources’ Wodgina project.
The humming neighbourhood also plays host to Global Lithium Resources’ Archer lithium deposit. Recent work at Archer suggests a resource of about 10 million tonnes grading around 1 per cent lithium oxide.
Askari’s secondary listing on the Frankfurt Stock Exchange looks like a bold move by the explorer and could garner significant interest and importantly, greater capital from players in one of the world’s hottest regions in the battery metals sector.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
