AuKing Mining Limited (ASX: AKN) announced on 17 April 2026 its agreement to acquire a 100% interest in the high-grade Tundulu Rare Earths Project in south-eastern Malawi. AuKing Mining Limited is an Australian-based minerals exploration and development company. It focuses on critical and other important minerals, with a diversified portfolio of projects. The Tundulu Project, a five-kilometre diameter intrusive carbonatite complex, is highlighted as one of Malawi’s largest and most under-explored rare earth systems, with its prospectivity supported by high-grade historical drilling initially focused on phosphate.
Previous drilling campaigns, including those by JICA (1987) and Mota-Engil/Optichem (2014-2015), yielded significant results. These included 41 metres at 3.7% Total Rare Earth Oxides (TREO) from 8 metres, 35 metres at 2.7% TREO from 15 metres, and 30 metres at 4.03% TREO from surface. Notably, 24 historical drill holes across the project area concluded in mineralisation, with eight of these ending in grades exceeding 2% TREO. The mineralisation at Tundulu appears rich in valuable heavy and medium rare earth elements, with low levels of uranium and thorium. Situated within an emerging world-class rare earths district near projects such as Lindian Resources’ Kangankunde, the acquisition is a key step in AuKing’s critical minerals strategy. Managing Director Paul Williams indicated plans for an initial drilling program and a target for a Mineral Resource estimate within 12 months.
To facilitate the acquisition and advance its exploration initiatives, AuKing has secured commitments from institutional and sophisticated investors for a strategic capital raising of approximately A$3 million. This placement involves the issuance of up to 200 million new shares at a price of A$0.015 per share. The proceeds are designated to fund the initial payment for the Tundulu Project, support the planned exploration and drilling activities at Tundulu, contribute to proposed exploration efforts at the company’s other projects in Tanzania and Tasmania, cover the costs of the capital raising, and provide general working capital. AuKing notes that the historical exploration results referred to were not prepared in accordance with the JORC Code 2012, and the company has not independently validated them, but intends to report its future exploration results under JORC 2012 standards.
