AuKing Mining Agrees to Acquire Machinga Rare Earths Project

AuKing Mining agreed to acquire 100% of the Machinga Heavy Rare Earth Elements (HREE) Project located in southern Malawi. The project consists of two exploration licenses covering approximately 200.4km² and is situated near the city of Zomba.

The acquisition utilizes a staged payment structure. AuKing will provide A$750,000 in cash and A$750,000 in ordinary shares. An additional A$1.25 million in performance shares is contingent on the project reporting a mineral resource of at least ten million tonnes at 0.65% total rare earth oxides within three years.

Managing Director Paul Williams stated that the acquisition is part of the company's strategy to build a portfolio of high-quality critical minerals projects in Malawi. Completion of the deal remains subject to approval from the Mining and Minerals Regulatory Authority in Malawi.