AuKing Mining Ltd (ASX:AKN) sharpened its critical minerals focus with the proposed acquisition of the Tundulu Rare Earths Project in southern Malawi and the completed acquisition of tin and silver exploration interests in north-west Tasmania in the March quarter.
The company announced the Tundulu acquisition after the March quarter, describing the project as a district-scale carbonatite complex with historical drilling that returned high-grade rare earth mineralisation.
AuKing has paid a non-refundable A$50,000 exclusivity fee and, on completion, will pay A$1 million in cash, issue A$1.25 million in shares and issue A$1 million in performance shares tied to a JORC resource milestone of at least 25 million tonnes at 1.25% TREO.
Further deferred cash payments of A$1.1 million are due within six months and 12 months of completion.
Tasmania tin acquisition completed
During the quarter, AuKing completed the acquisition of Goldtrace Exploration Pty Ltd, which holds 100% of exploration licence applications EL 22/2025 and EL 23/2025 in northwest Tasmania.
The licences cover about 203 square kilometres near the Renison Bell tin mine and include areas with historical mining activity and limited modern exploration.
AuKing issued 142,857,143 new shares at $0.0035 per share, representing a $500,000 purchase price, following shareholder approval at its March 10, 2026, extraordinary general meeting.
$5 million raised across placements
AuKing also strengthened its balance sheet through capital raisings.
During the quarter, the company completed a $2 million share placement in 2 tranches at $0.0035 per share, with subscribers receiving free-attaching options on a 1-for-1 basis, exercisable at $0.005 before December 31, 2029.
After quarter-end, AuKing received binding commitments for a further $3 million placement to professional and sophisticated investors, priced at $0.015 per share, in conjunction with the Tundulu acquisition.
At March 31, 2026, AuKing held $931,000 in cash, before the post-quarter $3 million placement.