AuKing Mining · ASX: AKN · 4 November 2026

First East Tundulu hole extends published grade across 1.7 kilometres

AuKing Mining has reported the first assay results from East Tundulu, a previously undrilled carbonatite target on the eastern side of Tundulu Hill. Hole 26TH015 returned 67 m @ 1.68 % TREO from surface. The release also lifted the highest reported interval at the project to 2 m @ 7.50 % TREO and disclosed magnet rare earth oxide grades for the first time.

67 mat 1.68 % TREO from surface, 26TH015
7.50 %TREO over 2 m, highest reported to date
1.35 kmeast of the Nathace Hill summit
20 / 31RC holes now reported

Footprint extension

Prior to this release, all published grade at Tundulu fell within a single block of approximately 470 m by 400 m on Nathace Hill. 26TH015 was collared 1,195 m east of that block’s eastern limit and returned mineralisation from surface. The toggle below shows the resulting change in the extent of holes carrying published intervals.

7Y196, JICA 1988 rock chip, 6.07 % TREO26NH011, 1.51 % TREO26NH002, 1.50 % TREO26NH001, 1.51 % TREO26NH029, 1.54 % TREO26NH004, 2.06 % TREO26NH005, 1.51 % TREO26NH006, 1.50 % TREO26NH030, 1.50 % TREO26NH009, assayed, no interval published26NH027, assayed, no interval published26NH003, assayed, no interval published26NH008, assayed, no interval published26NH014, assayed, no interval published26NH023, 1.68 % TREO26NH02326NH032, 2.46 % TREO26NH03226NH033, 1.43 % TREO26NH03326TH015, 1.68 % TREO26TH015200 mN

Published gradeAssayed, no interval publishedNew on 4 NovemberJICA 1988 rock chip

Surveyed collar positions from Annexure A of the 4 November 2026 release, converted from WGS 84 UTM Zone 36 South. The box is the bounding rectangle of the holes carrying published intervals, which measures 1,668 m east to west once 26TH015 is included.

Figure 2. Drill hole locations on satellite imagery. AuKing marks the separation as greater than 1 km; measured collar to summit it is 1,347 m. AuKing Mining, ASX release 4 November 2026.

Historical sampling at the 26TH015 location. A JICA rock chip collected in 1988, designated 7Y196 and located 41 m from the 26TH015 collar, assayed 6.07 % TREO. It is the second highest surface sample recorded in that program and the highest from any hill other than Nathace. The nearest historical drill hole, JMT02, lies 141 m away and was terminated at 50.3 m. The target has therefore carried a high grade surface indication since 1988 without being tested at depth.

Tundulu comprises six interpreted carbonatite centres. Prior to 2026, only Nathace Hill had been drilled in any density. 26TH015 was sited on a geophysical target rather than on historical workings and returned near-surface grade on the first hole. Three of the six centres have now been drilled. Makhanga, Namuka and Chigwakwalu remain untested.

Figure 1. Aeromagnetic RTP image of the Tundulu complex. The arcuate magnetic low at East Tundulu is circled at right, with 26TH015 on its northern margin. Nathace Hill, which hosts the majority of drilling, is at lower left. AuKing Mining, ASX release 4 November 2026.

Reported holes

Select a hole to view its downhole profile and full interval list. Bar colour indicates TREO grade. Nesting runs left to right, with the broad intercept at left and higher grade sub-intervals to the right. Hover a bar for its figures, or refer to the table alongside.

Figure 3. The three Nathace Hill holes reported in this release, shown as stars, within the north-eastern sector among historical collars. AuKing Mining, ASX release 4 November 2026.

26TH015New area

East Tundulu

123 mHole depth
80 mMetres mineralised
3.53 %Best grade
265° / -55°Azimuth / dip

The first hole drilled at East Tundulu. The target is an arcuate magnetic low identified in AuKing’s May 2026 aeromagnetic survey, drilled west towards Tundulu Hill. The collar lies 1,347 m east of the Nathace Hill summit, measured from surveyed coordinates. Mineralisation commences at surface.

025507510012367 m at 1.68 % TREO, 0 to 67 m12 m at 2.56 % TREO, 5 to 17 m3 m at 3.21 % TREO, 12 to 15 m1 m at 3.51 % TREO, 16 to 17 m11 m at 2.28 % TREO, 25 to 36 m2 m at 3.53 % TREO, 25 to 27 m2 m at 2.33 % TREO, 45 to 47 m2 m at 2.47 % TREO, 65 to 67 m13 m at 0.51 % TREO, 77 to 90 m1 m at 1.16 % TREO, 77 to 78 m
67 mat1.68 %from surface
including
12 mat2.56 %from 5 m
3 mat3.21 %from 12 m
1 mat3.51 %from 16 m
11 mat2.28 %from 25 m
2 mat3.53 %from 25 m
2 mat2.33 %from 45 m
2 mat2.47 %from 65 m
13 mat0.51 %from 77 m
including
1 mat1.16 %from 77 m

26NH032

North-east Nathace

150 mRC section
61 mMetres mineralised
7.50 %Best grade
225° / -55°Azimuth / dip

The RC section of the deepest hole on the project. The hole was extended to 510.62 m after logging continued to intersect carbonatite beyond the planned 300 m. AuKing reports RC sampling ending in a 2.31 % TREO interval; that figure is taken from the cross-section in Figure 4, while the assay table in the same release gives the final metre as 2.26 %. The diamond core below has not been assayed.

025507510012515015010 m at 2.46 % TREO, 39 to 49 m3 m at 5.44 % TREO, 45 to 48 m2 m at 7.50 % TREO, 45 to 47 m51 m at 0.60 % TREO, 99 to 150 m2 m at 1.83 % TREO, 127 to 129 m9 m at 1.26 % TREO, 141 to 150 m1 m at 2.26 % TREO, 149 to 150 m
10 mat2.46 %from 39 m
including
3 mat5.44 %from 45 m
2 mat7.50 %from 45 m
51 mat0.60 %from 99 m
including
2 mat1.83 %from 127 m
9 mat1.26 %from 141 m
1 mat2.26 %from 149 m

26NH023

North-east Nathace

150 mRC section
65 mMetres mineralised
5.33 %Best grade
220° / -55°Azimuth / dip

Mineralised from surface, with the highest grades in the upper 21 m. RC section only. The hole was extended with diamond core to 400.42 m, which also remains unassayed.

025507510012515015034 m at 1.68 % TREO, 0 to 34 m5 m at 2.88 % TREO, 0 to 5 m4 m at 3.25 % TREO, 0 to 4 m2 m at 4.56 % TREO, 2 to 4 m12 m at 2.94 % TREO, 15 to 27 m6 m at 5.33 % TREO, 15 to 21 m16 m at 0.97 % TREO, 47 to 63 m5 m at 1.82 % TREO, 47 to 52 m3 m at 2.32 % TREO, 47 to 50 m1 m at 2.99 % TREO, 87 to 88 m4 m at 0.63 % TREO, 125 to 129 m10 m at 0.56 % TREO, 138 to 148 m
34 mat1.68 %from surface
including
5 mat2.88 %from surface
4 mat3.25 %from surface
2 mat4.56 %from 2 m
12 mat2.94 %from 15 m
6 mat5.33 %from 15 m
16 mat0.97 %from 47 m
including
5 mat1.82 %from 47 m
3 mat2.32 %from 47 m
1 mat2.99 %from 87 m
4 mat0.63 %from 125 m
10 mat0.56 %from 138 m

26NH033

North-east Nathace

150 mRC section
86 mMetres mineralised
3.61 %Best grade
210° / -55°Azimuth / dip

Two mineralised zones totalling 86 m within a 150 m hole. The lower zone extends to 147 m, three metres above the end of hole.

025507510012515015032 m at 1.43 % TREO, 52 to 84 m15 m at 2.06 % TREO, 69 to 84 m13 m at 2.12 % TREO, 69 to 82 m1 m at 3.61 % TREO, 78 to 79 m54 m at 1.27 % TREO, 93 to 147 m41 m at 1.43 % TREO, 93 to 134 m31 m at 1.60 % TREO, 102 to 133 m6 m at 2.23 % TREO, 102 to 108 m1 m at 2.94 % TREO, 106 to 107 m7 m at 2.02 % TREO, 116 to 123 m1 m at 2.59 % TREO, 128 to 129 m
32 mat1.43 %from 52 m
including
15 mat2.06 %from 69 m
13 mat2.12 %from 69 m
1 mat3.61 %from 78 m
54 mat1.27 %from 93 m
including
41 mat1.43 %from 93 m
31 mat1.60 %from 102 m
6 mat2.23 %from 102 m
1 mat2.94 %from 106 m
7 mat2.02 %from 116 m
1 mat2.59 %from 128 m

Magnet rare earth oxides

This is the first release to report MREO, comprising the oxides of neodymium, praseodymium, terbium and dysprosium, alongside TREO. Across the 52 highlighted intervals in Annexure B, MREO ranges from 12.4 % to 22.1 % of TREO, with a median of 16.0 %. AuKing separately reports a maximum of 29.07 % for a single metre in 26NH032.

MREO share is inversely correlated with TREO grade. Across those 52 intervals, the correlation between MREO share and TREO grade is minus 0.61. Intervals below 1.5 % TREO average 17.9 % MREO of TREO, while intervals above 3 % TREO average 14.5 %. The relationship holds within each of the four holes reported in this release.

The implication is that lower grade material carries a proportionally higher share of the four magnet metals. For a deposit characterised by broad intercepts, this is relevant to cut-off grade selection ahead of a resource estimate.

Outstanding items

Figure 4. Cross-section through the north-eastern Nathace Hill holes. The two intervals outlined in red and marked Awaiting Assays are the diamond tails of 26NH023 and 26NH032. Historical holes are shown in blue. AuKing Mining, ASX release 4 November 2026.

Two reporting bases for TREO. The grades shown on the cross-section differ from those in the assay tables of the same release. 26NH023 reads 1.71 % TREO on the figure against 1.68 % in the text; the lower zone of 26NH033 reads 1.3 % against 1.27 %; the final metre of 26NH032 reads 2.31 % against 2.26 %. Of the eight intervals quoted in both places, seven differ, and each is higher on the figure by a consistent margin: a mean of 2.2 %, within a range of 1.8 to 2.4 %.

A constant ratio indicates two definitions of TREO rather than transcription error, most likely the inclusion or exclusion of yttrium oxide. The two sources should not be quoted interchangeably. Intervals used in this article are taken from the release text and Annexure B, which is the lower of the two bases.

Unassayed diamond core

26NH032 was extended to 510.62 m and 26NH023 to 400.42 m, in both cases because logging continued to intersect carbonatite beyond the planned 300 m. The intervals reported above are from the RC sections only. More than 600 m of diamond core across the two holes remains unassayed. RC sampling in 26NH032 ended in a mineralised interval.

Samples in progress

2,921 samples have been assayed to date. Approximately 1,500 further RC samples are at Intertek in Perth, and more than 1,300 m of diamond core is in preparation or awaiting Malawi export permits. AuKing expects results to continue over the coming months.

East Tundulu follow-up

Mineralisation in 26TH015 is near surface, so follow-up testing is relatively low cost. AuKing has identified the arcuate magnetic low as a priority target for immediate follow-up and notes that comparable geophysical features occur elsewhere across the complex.

Maiden resource

No JORC resource has been estimated at Tundulu. AuKing has adopted a 0.5 % TREO cut-off for reporting from this release onward.

Important information. There is no JORC resource at Tundulu and nothing in this article implies one. Reported intercepts are downhole lengths; true widths are not yet known. The reporting basis changed with this release, from no cut-off to a 0.5 % TREO cut-off with up to 7 m of internal dilution, so intervals quoted here are not directly comparable with those in earlier announcements. On the new basis, 26NH001 restates from 59 m @ 1.51 % to 136 m @ 1.04 %. The release states several MREO figures twice with differing values, so per interval magnet shares are not reproduced above, and its cross-section quotes TREO on a basis approximately 2.2 % higher than its assay tables. This is general information only and not investment advice. Readers should seek their own professional advice.

Source: AuKing Mining Limited, ASX announcement, 4 November 2026, High-Grade Rare Earth Discovery at Previously Untested East Tundulu Carbonatite, including Annexure A and Annexure B. Distances computed from the surveyed collar coordinates in Annexure A and from the historical collar survey published by DY6 Metals, ASX release 27 May 2024. Analysis by Bullseye Analytics, independent of AuKing Mining.