Why AuKing Mining (ASX:AKN) is chasing Malawi rare earths and a Greenland niobium earn-in

Sonal Goyal

03 November 2026 09:09 PM AEDT

Why AuKing Mining (ASX:AKN) is chasing Malawi rare earths and a Greenland niobium earn-in

Image Source: Shutterstock

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Key Highlights

Acquiring the Tundulu Rare Earths Project in southern Malawi, with drilling returning up to 4.26% TREO from surface.
More than 5,000 metres of a planned 15,000-metre RC and diamond programme completed by September 2026, with 2,047 samples still awaiting assay.
Signed a binding term sheet in October 2026 to earn up to 75% of the Qeqertaasaq niobium and rare earths project in West Greenland.
AuKing has been in a Trading halt since early November 2026 pending the announcement of further Tundulu exploration results.

AuKing Mining (ASX:AKN) is pairing a fast-moving rare earths drilling programme in Malawi with a newly signed option on a niobium project in Greenland, giving the small explorer two critical-minerals stories at once. Both remain early stage, and the company has been in a trading halt since early November 2026 ahead of further Tundulu exploration results.

What AuKing owns

AuKing is an explorer in the ASX Materials sector, listed since October 2007, describing itself as focused on gold, copper and base metals exploration and development. Its centre of gravity has shifted to the Tundulu Rare Earths Project in southern Malawi, which it is acquiring from Tusker Minerals (ASX:TSK).

The deal includes A$1 million in cash, 83,333,333 AuKing shares, two further A$1.1 million cash payments over 12 months and A$1 million of performance shares. Those convert only on a JORC-compliant resource of at least 25 million tonnes at 1.25 per cent total rare earth oxides (TREO). Completion depends on Malawian regulatory approval of the licence transfer.

On 13 October 2026 AuKing also completed the purchase of Green Exploration, which holds the Machinga heavy rare earths project. Historical hard-rock grades there are 0.6 to 1.4 per cent TREO.

The drilling evidence

By 30 September 2026 more than 5,000 metres of a planned 15,000-metre reverse circulation and diamond programme had been completed. Hole 26NH005 returned 91 metres at 1.51 per cent TREO from 40 metres, including 15 metres at 3.40 per cent. Hole 26NH011 intersected 72 metres at 1.51 per cent from surface, including 20 metres at 4.26 per cent.

Those are downhole lengths, and true widths are unknown. No resource has been declared, and the announcements do not state the share of magnet rare earths such as neodymium and praseodymium. At quarter end, 2,047 samples were still awaiting assay in Perth.

Greenland option

On 13 October 2026 AuKing announced a binding term sheet to earn up to 75 per cent of the Qeqertaasaq niobium and rare earths project, a 64 square kilometre licence in West Greenland. It would fund €10 million of exploration over up to six years, in stages of €3 million, €3 million and €4 million, with the first deadline on 30 September 2028.

The grades quoted are historical and not JORC-compliant. The arrangement is conditional on ASX confirming that full re-compliance under Chapter 11 of the Listing Rules is not required, and on Due Diligence completed within an exclusivity period that expired on 24 October 2026.

Financial position

The half-year to 30 June 2026 showed a loss of A$14.1 million, against A$1.6 million a year earlier. About A$4.95 million of that related to Tundulu Acquisition amounts expensed, and A$5.85 million of Malawi costs in total were expensed. The company has no revenue.

The auditor flagged a material uncertainty over going concern, with net current liabilities of A$1.53 million at 30 June. Cash was A$3.42 million at 30 September 2026, after A$1.85 million of exploration spending in the quarter. A subsequent raising of about A$5.2 million, including a A$5 million placement, was cited by directors.

Risks and next steps

The main risks are geological, regulatory and financial. Intersections may not link into a mineable body, Malawian approval timing is outside the company's control, and rare earth prices and processing routes are volatile. Further funding is likely, and an Underwriting arrangement covers up to about 304.7 million Options exercisable at A$0.03 until 30 April 2027.

Near-term events include the pending Tundulu announcement, a planned 1,000-metre diamond hole under Nathace Hill, western flank drilling and the ASX response on Greenland. In addition, Tasmanian tin licences are expected to be granted in the December quarter, and exploration planning is under way at Mkuju in Tanzania.

Word count (article body only, recounted by script; excludes headline, subheadings, sources and publishing notes): 600

This article provides general information only and does not constitute personal financial advice.

Sources

1. ASX / AuKing Mining — ASX company header and about data - AuKing Mining (2026-11-03) [primary]: https://asx.api.markitdigital.com/asx-research/1.0/companies/AKN/header

2. ASX / AuKing Mining — Quarterly Activities Report (September 2026) (2026-10-21) [primary]: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03151445-2A1705447?access_token=83ff96335c2d45a094df02a206a39ff4

3. ASX / AuKing Mining — AKN to Acquire High Grade Greenland Niobium Project (2026-10-12) [primary]: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03147595-2A1703682?access_token=83ff96335c2d45a094df02a206a39ff4

4. ASX / AuKing Mining — Multiple High Grade TREO Intersections Across Nathace Hill (2026-10-08) [primary]: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03146328-2A1703136?access_token=83ff96335c2d45a094df02a206a39ff4

5. ASX / AuKing Mining — Half Yearly Report and Accounts (30 June 2026) (2026-08-28) [primary]: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03128464-2A1693340?access_token=83ff96335c2d45a094df02a206a39ff4

6. ASX / AuKing Mining — Trading Halt (2026-11-01) [primary]: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03156860-2A1707717?access_token=83ff96335c2d45a094df02a206a39ff4

Research date: 3 November 2026

Feature image

Image brief: Generic drill-core trays or a drill rig in tropical southern Africa scrubland, or a rare earth oxide sample photo; no logos or invented results.

Alt text: Drill core trays laid out in rows at an exploration core yard

Caption: Core from diamond and Reverse Circulation Drilling is the main evidence AuKing is using at its Tundulu rare earths project.

Recommended specification: High-quality landscape image at least 1280 × 720 pixels (16:9 works well, 1200 px or wider). Use an image the publisher owns or has licensed; do not use a logo-only or text-only graphic.

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Verification notes

Status: Completed

Listing: ASX: AKN — Quoted (trading halt from 2 Nov 2026 AEDT pending Tundulu results announcement; to 4 Nov 2026 at latest)

Verified index membership: None verified; no index named in the headline.

Dividends / distributions: Not covered

Editor notes: Currency shown as $ in filings, treated as A$. Trading halt dated 1 Nov UTC (2 Nov AEDT); halt reason is Tundulu results. Tundulu licence transfer to AKN still pending MMRA approval. Header last price 0.01, CSV not used. About endpoint listed no index.

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