Auking Mining managing director Paul Williams talked with Proactive about a key development in its Cloncurry gold project in northern Queensland. The company has signed a non-binding term sheet with Orion Resources for a proposed $8 million loan to support the acquisition phase of the project.
Williams explained that AuKing has the right to acquire a 50% interest in the Cloncurry project by investing $5 million before June 2027. He emphasised the significance of securing the debt component of the funding, describing it as "a really critical step" for the acquisition process.
The proposed lender, Newberry, has strong mining finance credentials, with founders linked to Glencore and experienced in the Cloncurry region. Williams noted, “They've done an enormous amount of work and internal approvals to get to this signed term sheet stage.” This relationship is expected to extend into broader project financing discussions.
Beyond the Cloncurry acquisition, AuKing is exploring further opportunities in the region, including work on a feasibility study with TCU owners. Williams also addressed confusion around a previously announced $25 million funding plan, clarifying that the current $8 million proposal is a separate facility aimed at acquisition costs.
He concluded by stating the team is focused on closing the deal by late July, with further technical and financial updates expected soon.
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