Highlights

  • Fortuna Metals reported deeper aircore rutile intercepts at the Kahuna prospect on 2 November 2026.
  • Hole MAC26_102 returned 24m at 1.27% rutile from surface to end of hole.
  • The existing approximately 300Mt Inferred Mineral Resource is based on shallower hand auger drilling.
  • Several aircore holes ended in mineralisation, leaving depth continuity untested at those locations.
  • Additional assays are pending following completion of a 7,618m aircore programme in 2026.

Fortuna Metals Limited explores mineral projects in Malawi, including the Mkanda rutile project and the Kampini project. At Mkanda, Fortuna Metals (ASX:FUN) is assessing the extent of rutile-bearing material at its Kahuna prospect. Results announced on 2 November 2026 show mineralisation in aircore holes drilled deeper than the shallow sampling that supported the existing Inferred Mineral Resource. The findings add exploration information, but do not yet change the reported resource estimate.

Deeper Aircore Holes Extend Beyond the Resource Base

The company announced an approximately 300 million tonne maiden Inferred Mineral Resource at Kahuna in July 2026. That estimate drew on hand auger drilling extending to roughly eight metres below surface, reflecting the practical reach of the method. The subsequent aircore holes averaged about 22 metres. Fortuna Metals (ASX:FUN) reported that mineralisation continues below the depth represented by the current resource model, although additional geological work is required to establish its full extent.

Among the reported intercepts, MAC26_102 returned 24m at 1.27% rutile, MAC26_095 returned 24m at 1.22% and MAC26_108 returned 24m at 1.12%, each from surface to end of hole. Other results included 22m at 1.09% in MAC26_104, 21m at 1.06% in MAC26_109 and 18m at 1.02% in MAC26_107. These intervals are individual drilling results, not a revised estimate of mineral resources.

What the Kahuna Results Establish—and What They Do Not

Fortuna Metals (ASX:FUN) described a higher-grade core approximately one kilometre long within the roughly two-kilometre Kahuna prospect. Mineralisation remains open to the north and south, while several holes ended in mineralised material. Consequently, neither the lateral boundaries nor the full depth have been established across the prospect. The reported intervals are downhole lengths from vertical holes; true widths were not stated in the announcement.

Results used a 0.5% rutile cut-off and length-weighted averages of two-metre composites, without internal dilution or a top cut. The deeper intercepts are outside the present Inferred Mineral Resource. Incorporating additional material would require further drilling, geological interpretation and an updated compliant resource estimate. An Inferred classification also carries comparatively limited geological confidence. The November announcement did not provide a new resource tonnage or grade, or establish project economics.

Assay Pipeline and Broader Mkanda Work

Fortuna Metals (ASX:FUN) completed 7,618 metres of aircore drilling in its 2026 programme and indicated that additional results were expected over the following four to six months. More than 2,700 samples from the programme were at the laboratory, including material from the Agogo prospect, while further Kahuna results remained outstanding. The company also reported 1,323 completed hand auger holes totalling 10,713 metres across Mkanda.

Parallel testing is assessing graphite and rare earth element potential, with results pending rather than confirmed economic by-products. At Kampini, a 66-hole hand auger programme had commenced. Fortuna Metals (ASX:FUN) also commissioned a local laboratory for initial sample preparation. These activities broaden the exploration dataset, but neither metallurgical recoveries nor commercial production outcomes were established by the Kahuna drilling announcement.

Key Insights

The deeper Kahuna intercepts provide evidence of rutile mineralisation beyond the shallow base of the existing resource and identify areas for further evaluation. For Fortuna Metals (ASX:FUN), the next substantive tests are remaining assay results, drilling that better constrains continuity and any subsequent resource update. Resource confidence, processing characteristics, permitting requirements and economic viability remain separate questions that drilling grades alone cannot resolve.