AuKing Mining Ltd (ASX:AKN) managing director Paul Williams joins Proactive’s Tylah Tully to talk about the $1.385 million funding the company has secured from a shortfall placement following its rights issue, and explain the details of an earn-in agreement it has entered with Orion Resources Pty Ltd for a North Queensland gold project.
Funds received from the placement will support the earn-in agreement with Orion, where AuKing can secure a 15% interest in a project near Cloncurry by spending $1.5 million on exploration by December 2025.
The Cloncurry package includes mining and exploration tenures, including the Mt Freda/Golden Mile Project and the Lorena processing facility.
Immediate activities for AuKing will include drilling at the Mkuju Uranium Project in Tanzania, resource upgrades at the Koongie Park Copper-Zinc Project in Australia and preparations for Canadian and Saudi projects.
Additionally, AuKing will make significant board changes, with three mining professionals joining, while one director retires.