Fortuna Metals (ASX:FUN) Declares 298Mt Rutile-Graphite Resource at Mkanda and Drills 25m at 1.17% Rutile Below It

Sonal Goyal

28 October 2026 01:09 PM AEDT

Fortuna Metals (ASX:FUN) Declares 298Mt Rutile-Graphite Resource at Mkanda and Drills 25m at 1.17% Rutile Below It

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Key Highlights

The maiden Mkanda Mineral Resource is 298Mt at 0.87% rutile and 1.19% TGC at a 0.7% cut-off, containing 2.59Mt of rutile.
A higher-grade subset reaches 159Mt at 0.98% rutile and 1.11% TGC at a 0.8% cut-off.
Mlongo aircore drilling returned 24m at 1.5% rutile from surface and 7m at 2.27% rutile from 26m, with a peak of 3.43% rutile.
Cash at 30 September 2026 was $11.432 million after financing inflows of $8.583 million during the quarter.

Fortuna Metals Limited (ASX:FUN) declared a maiden Mineral Resource estimate at its Mkanda rutile and graphite project in Malawi during the September 2026 quarter, then followed it with the first aircore results from the Mlongo prospect after the period closed. The estimate was built on shallow hand auger drilling only, and the aircore holes returned rutile grades beneath the base of that resource.

Maiden Resource Sets Out Mkanda's Scale

The estimate, announced on 15 July 2026, was prepared by independent consultant Placer Consulting, with variography and peer review by Datamine Australia. All mineralisation is classified as Inferred. At a 0.7% rutile cut-off the resource is 298Mt at 0.87% rutile and 1.19% total graphitic carbon (TGC), containing 2.59Mt of rutile and 3.55Mt of TGC. At a 0.8% cut-off it is 159Mt at 0.98% rutile and 1.11% TGC, and at a 1.0% cut-off it is 51Mt at 1.19% rutile. The lowest cut-off reported, 0.4%, gives 697Mt at 0.70% rutile, containing 4.85Mt of rutile.

The estimate rests on hand auger holes drilled to an average depth of 8.4m on a nominal 400m by 400m spacing, and 228 holes were assayed over their full length, with the remainder assayed only for the top 2m. Fortuna said the resource is limited by the depth capacity of the auger rather than by any geological boundary, and mineralisation remains open laterally and at depth. The company ranks the contained rutile among the top six globally on the peer set in its schedule, a comparison that carries a cautionary note because peers also hold higher-confidence categories.

Mlongo Aircore Results Below the Resource

On 8 October 2026 Fortuna reported its first aircore results from Mlongo, where holes were drilled below the base of the current Inferred resource. MAC26_047 returned 24m at 1.5% rutile from surface to the end of the hole, MAC26_019 returned 25m at 1.17% rutile, and MAC26_036 returned 21m at 1.07% rutile, all from surface. MAC26_016 intersected 7m at 2.27% rutile from 26m to 33m, still in mineralisation at the end of the hole, and it contained the highest rutile grade recorded at the project, 3.43% between 30m and 32m. Two further holes, MAC26_046 and MAC26_035, recorded 30m at 0.62% rutile and 16m at 0.72% rutile.

The aircore program totals 7,618m on a 200m by 200m grid in higher-grade areas, with holes averaging about 22m in depth against the roughly 8m resource limit. Chief Executive Tom Langley said more assays are due from several prospects over the coming weeks and months. Fortuna has also finished 648 hand auger holes for 5,313m in 2026, bringing the project total to 1,323 holes for 10,713m, and has started 66 reconnaissance holes at the neighbouring Kampini tenement.

Test Work, Location and Corporate Items

Rutile and graphite flotation test work, rare earth analysis, preparations for pre-feasibility studies and marketing and offtake discussions are running in parallel. Metallurgical work and bulk density test work are scheduled to start in the fourth quarter of 2026, and the company has commissioned an in-country laboratory for initial sample preparation. Mkanda and Kampini together cover 658km2 in Malawi, about 20km south of Sovereign Metals' Kasiya project, with the central area roughly 30km from Lilongwe and 25km from the Nacala rail corridor.

Exploration and evaluation expenditure for the quarter was $2,034,000, and related-party payments were $130,265. On 28 July 2026, 30,000,000 Class B Performance Shares vested and converted into shares. Cash and cash equivalents rose from $5.234 million to $11.432 million, supported by financing inflows of $8.583 million.

Closing Position for Fortuna

Fortuna ended the quarter with a 298Mt Inferred rutile-graphite resource at Mkanda, a completed 7,618m aircore program with results arriving in stages, and cash of $11.432 million.

FAQs

Q: What is the size of the Mkanda maiden resource?

A: At a 0.7% rutile cut-off it is 298Mt at 0.87% rutile and 1.19% TGC, with 2.59Mt of contained rutile. All of it is classified as Inferred.

Q: What were the best Mlongo aircore results?

A: MAC26_047 returned 24m at 1.5% rutile from surface and MAC26_016 returned 7m at 2.27% rutile from 26m. The highest single-interval grade was 3.43% rutile between 30m and 32m.

Q: How deep is the current resource?

A: It is based on hand auger drilling to an average depth of 8.4m. Aircore holes averaging about 22m have returned rutile below that base.

Q: What was Fortuna's cash position at 30 September 2026?

A: Cash and cash equivalents were $11.432 million, up from $5.234 million at the start of the quarter. Financing inflows were $8.583 million.

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