On 9 October 2026, AuKing Mining Limited (ASX:AKN) released an announcement titled Multiple High-Grade TREO Intersections Delivered Across Nathace Hill. The company reported assays from reverse circulation (RC) drilling at the Nathace Hill area of its Tundulu Rare Earth Project in southern Malawi.

Western flank results

Hole 26NH001 returned 59 metres at 1.51% total rare earth oxide (TREO) from 13 metres, including 24 metres at 2.02% TREO from 49 metres, 17 metres at 2.46% TREO from 50 metres and 5 metres at 2.96% TREO from 55 metres. The company said this builds on earlier results announced on 21 September 2026, including 72 metres at 1.51% TREO from surface in hole 26NH011, with 20 metres at 4.26% TREO from surface.

North-east and south-west results

At north-east Nathace Hill, hole 26NH006 returned 47 metres at 1.50% TREO from 26 metres, including 14 metres at 2.00% from 40 metres and 6 metres at 3.03% from 40 metres. It also returned 9 metres at 1.53% TREO from 128 metres, including 4 metres at 3.33%.

At south-west Nathace Hill, step-out hole 26NH030 returned 36 metres at 1.50% TREO from 85 metres, including 19 metres at 2.04% from 86 metres and 6 metres at 3.14% from 86 metres. The company said this extends high-grade mineralisation beyond the previously interpreted footprint.

Deeper drilling and assay pipeline

AuKing said the results support its plan for a major 1,000 metre diamond drill hole, with the collar being planned in the core area. A total of 2,242 samples have been assayed to date, with a further 2,047 samples awaiting assay at Intertek in Perth. More than 1,300 metres of diamond drill core is awaiting Malawi export permits before it can be prepared for assay. The company expects to report a steady flow of results over the next few months.

Sector backdrop

Carbonatite-hosted rare earth deposits are a significant source of light rare earths globally. Exploration at such systems often relies on RC drilling to define near-surface zones, followed by diamond drilling to test depth and continuity.

Reported intersections are downhole lengths of mineralisation above a stated grade, and their relationship to true thickness and to economic grades depends on further work and metallurgical testing.

Risks shareholders should weigh

The announcement reports drilling intersections, not a Mineral Resource. Rare earth grades are expressed as TREO, which does not show the proportion of higher-value elements such as neodymium and praseodymium or whether the rare earths can be recovered economically.

Many assays are still pending, so results to date may not represent the whole system, and later results may be lower. More than 1,300 metres of core is waiting on export permits, so timing depends on approvals in Malawi.

The planned 1,000 metre diamond hole is yet to be drilled. Exploration spending requires funding, and the company operates in Malawi, where permitting and export processes can affect schedules.

What’s next

AuKing expects a steady flow of assay results over the next few months, with 2,047 samples awaiting analysis in Perth and diamond core awaiting export permits. The collar for the 1,000 metre diamond hole is being planned within the core area. Shareholders may wish to watch for further assays, the drilling of the deep hole and any resource work.