Resources Top 5: High-grade Ethiopian copper results see Askari take off

A review of data from the newly acquired Nejo project in Ethiopia has provided Askari Metals with high-grade copper results.

Askari Metals has soared on revealing high-grade copper in Ethiopia. Pic: Getty Images

• High-grade copper revealed in review of data from Ethiopian project

• Graphite stocks have benefitted from a US antidumping tariff on Chinese producers

• Investors are warming to Falcon Metals as its Victorian gold story develops

Your standout small cap resources stocks for Friday, July 18, 2025.

Askari Metals (ASX:AS2)

After revealing high-grade copper hits in a review of data from its newly acquired Nejo project in Ethiopia, Askari Metals doubled to 1.6c on volume of more than 84m.

Historic drilling at the Katta Target returned 14.33m at 3.2% Cu at end of hole from 25.3m and 35.51m at 0.82% Cu from 152.55m in a hole drilled ~100m down dip.

The review shows that seven diamond drill holes were completed at the Katta 2 Target and revealed six copper-bearing gossans.

One mineralised gossan has a mapped strike length in excess of 600m, is up to 30m wide and remains open along strike and depth.

Nejo is sitting on a district-scale 1174km2 landholding in the heart of the Arabian-Nubian Shield, surrounded by multi-million-ounce gold deposits and barely scratched by modern exploration.

It is in the same greenstone belt as the 3.4Moz Kurmuk mine of Allied Gold (TSX: AAUC) and surrounds the 1.7Moz Tulu Kapi mine of Kefi Gold + Copper (LSE: KEFI).

Locality of the Nejo Gold Project in relation to the major gold deposits of Ethiopia. Image: AS2

As well as the Tier-1 geological setting, there is low geological risk and an extensive exploration history, which assist in putting Askari on a pathway to a potential JORC 2012 mineral resource estimate via systematic confirmatory drilling. 

“Validating our acquisition strategy by analysing and digitising the historical exploration data has been our first priority at Nejo,” executive director Gino D’Anna said.

“The copper and base metal mineralisation data from our Katta Target, located on the northern-most licence, includes historical diamond drilling completed by UNDP between 1967 and 1973. This drilling identified high-grade copper mineralisation.

“Despite these high-grade intercepts across wide thicknesses, there is an absence of systematic exploration, and this is a key opportunity for Askari Metals to unlock the potential of these targets through modern, systematic and focused exploration.

“We are excited to unlock the full potential of this project and deliver meaningful exploration milestones in the near term and emerge as a major African Gold and Copper Developer."

Renascor Resources (ASX:RNU)

ASX graphite stocks have been beneficiaries of a US move to slap 93.5% antidumping tariffs on Chinese producers of natural and synthetic graphite, lifting the total effective tariff rate to 160% when you stack on earlier duties and Trump’s blanket tariffs.

The measure was lobbied for by a consortium of American graphite hopefuls, including Novonix (ASX:NVX) and Syrah Resources (ASX:SYR), which are attempting to establish synthetic and natural graphite based battery anode material factories in the US.

NVX shares charged 21.3% to a daily top of 57c with more than 25m shares exchanged after the preliminary determination by the US Department of Commerce while SYR improved 38% to 40c on volume of more than 29m.

Another company looking to break China’s hold on the supply chain for the key battery metal is Renascor which moved up 20% to 7.2c.

It recently secured what it says is the final tenure requirement for its integrated mine to anode material project in South Australia.

A three-year option agreement with a farm operator will secure an accommodation site in the community of Cleve to support the future construction and mining workforce for its Siviour graphite mine on the Eyre Peninsula.

This will provide the company’s staff with living arrangements in a well-serviced community just 30km from Siviour.

It’s the latest in a string of development wins for Renascor, which include the acquisition of the land under which the Siviour deposit sits and the conditional approval of its full-scale commercial purified spherical graphite plant in Bolivar.

Siviour looms as a key opportunity for the West to break its reliance on Chinese material, which has helped suppress prices in the low US$400/t range for the graphite product most used as anode materials feed.

But that can’t last forever as demand increases, and Western customers and governments increasingly look for competition from non-Chinese suppliers.

Falcon Metals (ASX:FAL)

(Up on no news)

Investors are warming to Falcon as its gold story develops and shares reached 74c, a high of more than three years and a 46.54% increase on the previous close, before ending the day up 31.7% at 66.5c.

The company is active in central Victoria with its Blue Moon prospect appearing to be an extension of the Bendigo Goldfields, which has produced 22Moz.

Supporting this, the company recently returned bonanza grades with visible gold in its first wedge hole. The hit came in at 1.2m at 543g’t from 544.2m, including 0.6m at 557g/t from 544.2m and 0.6m at 529g/t from 544.8m.

“The early success from the first phase of drilling shows the untapped potential of the Bendigo Goldfield as it continues northwards through Falcon’s ground and we look forward to seeing the results as we get closer to the fold hinge where Bendigo-style saddle reefs could occur,” MD Tim Markwell said.

Falcon also has decent backing, being a spinout of Tim Goyder’s Gonneville nickel-copper-PGE discoverer Chalice Mining and with former Sirius Resources head honcho and S2 Resources boss Mark Bennett as its chair.

Hillgrove Resources (ASX:HGO)

Operational improvements at the Kanmantoo mine in South Australia are expected to result in increased near-term production for Hillgrove Resources (ASX:HGO), which lifted 8.33% to 3.9c.

The improvements are already having an effect with mine development rising 10.7% to 2011m and ore processing increasing 11.7% to 353,000t during the June quarter.

This is expected to lead to increased production after HGO recorded lower production of 2593t at a grade of 0.77% Cu in Q2.

Accelerated work at the new Nugent underground mine will lift production rates as the mine ramps up and the removal of bottlenecks and an improvement in stope cycles will also increase output.

“A significant milestone was also achieved with the first ore from Nugent mined and processed ahead of schedule,” MD and CEO Bob Fulker said. 

“Overall, Hillgrove enters the second half of the year with a strong operational base, a growing pipeline of resources and a clear strategy to lift production and drive long-term value creation.”

Perpetual Resources (ASX:PEC)

(Up on no news)

Caesium is a critical mineral essential for high-density drilling fluids, atomic clocks and advanced electronics, including military applications, and Perpetual is one of very few companies with an active exploration play, Igrejinha in Brazil.

Although often found alongside lithium in LCT pegmatites, the caesium is found in pollucite, which generally is a small part of the pegmatites.

As such, pollucite-bearing deposits are scarce with one primary caesium mine operating globally. That's Tanco in Manitoba, Canada, owned by China’s Sinomine.

At Igrejinha, PEC has identified spodumene and potentially high-value pollucite based on visual observations and pXRF readings in maiden drilling. 

Portable XRF readings returned up to 41.5% caesium, while rock chips delivered up to 7.6% and 7.5% Li2O, as well as 5.3% caesium.

“With few active caesium explorers globally – Power Metals Corp in Canada being a notable example – the company sees an opportunity to advance a high-potential target,” PEC executive chairman Julian Babarczy said. 

“And with half of our drill program still to come, we’re only just scratching the surface.” 

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Renascor Resources, Hillgrove Resources and Perpetual Resources are Stockhead advertisers, they did not sponsor this article.

Originally published as Resources Top 5: High-grade Ethiopian copper results see Askari take off