AuKing Mining Ltd (ASX:AKN) has tied up a A$5 million credit deal with London-based RiverFort Global Capital. The new facility gives the company extra room to push ahead with exploration and development work at its Cloncurry Gold Project in northwest Queensland, keeping it on track towards near-term production.
The deal follows a term sheet signed in July 2025. With the paperwork now finalised, an initial A$500,000 will be drawn to pay down the short-term GAM loan, provide working capital and cover project acquisition costs.
The RiverFort funding sits alongside financing already in place with Nebari, which has wrapped up its own due diligence. Together, the two backers show AuKing is building a strong base of international financial support.
Managing director Paul Williams said the RiverFort deal is a clear sign of confidence in the project and its future potential.
“Together with our acquisition partner, Orion Resources, we will be working hard over the coming weeks to finalise the Cloncurry Gold acquisition. The RiverFort facility allows additional flexibility for the AuKing project team to start focusing on future project development-related activities, so that we can move immediately after financial close occurs,” he said.
Cloncurry Gold Project overview
The Cloncurry Gold Project covers 447 square kilometres of licences around the Mt Freda and Golden Mile deposits, with the Lorena gold/copper plant close by. That setup gives AuKing the chance to hit the ground running once the acquisition is finalised.
There is already a JORC-compliant resource in place, but there’s also plenty of upside across unexplored targets in proven mineralised zones. Located in a well-established mining hub, the project benefits from sealed roads, power connections and processing infrastructure only 15 kilometres away.
Working with its acquisition partner Orion Resources, AuKing plans to move quickly from acquisition to development. The next steps include drilling, metallurgical testwork and early engineering studies. The company wants to take advantage of the infrastructure already there, keeping upfront costs down while chasing new discoveries.
RiverFort facility terms
The RiverFort deal provides up to A$5 million in funding, with the first A$500,000 to be advanced straight away. Extra drawdowns will be by agreement, with each needing to be repaid within 12 months. The facility carries a fixed 10% interest rate.
The loan is secured against AuKing’s assets but will sit behind Nebari’s financing. RiverFort also gets a mix of convertible securities, fees, placement shares and options. For the first drawdown, that means 500,000 convertible securities and 33,333,333 options at A$0.009, running through to June 2028.
Dilution from the initial drawdown is capped at about 99 million shares, covering conversion rights, interest, fees and options. RiverFort also has the right to convert amounts owed into shares at a 50% premium to the reference price, if shareholders approve.
The funding gives AuKing added flexibility as it works to close the Cloncurry deal and kick off development.