ASX Announcement • 2 July 2026 • ASX:AKN

Tundulu Drilling Unlocks Compelling Carbonatite Extensions

Southern Malawi has already delivered one of the world's most celebrated rare earths projects. Early drilling at AuKing's Tundulu Project suggests the region may have more to give.

10,000 m RC/diamond drilling programme 0 m completed

A flying start at Tundulu

AuKing Mining Limited (ASX: AKN) has hit the ground running at its Tundulu Rare Earth Project in southern Malawi. More than 3,000 metres of reverse circulation (RC) drilling has been completed across 21 holes of the planned 10,000 metre combined RC/diamond programme, and the early geological signs are hard to ignore.

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Metres of RC drilling completed
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Carbonatite hit rate (20 of 21 holes)
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Metres of logged carbonatite
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Holes with 100 m+ of logged carbonatite

Each marker is one completed RC drillhole. Gold = carbonatite logged. Grey = no carbonatite logged.

Multiple holes ended in carbonatite at final depth, indicating the intrusive system extends beyond the reach of the current RC drilling. That is exactly what the upcoming diamond drilling programme is designed to test.

As Managing Director Paul Williams put it, one of the striking features of the early drilling is that carbonatite has been interpreted across almost all of the drill holes to date, and not just around Nathace Hill, the focus of historical exploration, but in areas to the west and north-east as well. In his words, Tundulu clearly has the potential to be a much larger system than what was first thought.

Explore the ring complex

Where many carbonatite projects centre on a single intrusive body, Tundulu is a carbonatite ring complex with multiple prospective centres. Tap or click a target below to explore its status.

TUNDULU REE PROJECT • STYLISED PLAN (NOT TO SCALE) N Kamilala Hill Namuka Hill Makhanga Hill Nathace Hill Tundulu Hill Chigwakwalu Hill

Nathace Hill

Primary target • drilled

The primary target area and the focus of historical scout drilling. AuKing has completed 2,693 m of RC drilling here over 19 holes to a maximum depth of 150 m, with validation holes closely matching the historical geological record.

Diagram is schematic and indicative only. Refer to Figures 1 and 2 of the ASX announcement for accurate locations.

The Kangankunde comparison

Why does Kangankunde matter to the Tundulu story? Because Lindian Resources' (ASX: LIN) flagship project is the blueprint for what a Malawian carbonatite-hosted rare earths project can become: a globally significant resource of 261 Mt at 2.14% TREO, fully permitted, fully funded and targeting first production in late 2026.

Tundulu sits in the same prolific carbonatite province of southern Malawi. The geological ingredients, a large carbonatite system in a proven rare earths district, are exactly where a discovery journey like Kangankunde's begins.

Kangankunde (LIN)

The regional proof point
  • 261 Mt at 2.14% TREO mineral resource
  • Single carbonatite complex
  • Fully permitted and fully funded
  • First production targeted Q4 2026
  • Proof that Malawi's carbonatites host world-class rare earths

Tundulu (AKN)

The early-stage opportunity
  • Carbonatite ring complex with multiple intrusive centres
  • Carbonatite logged in 20 of first 21 RC holes (95%)
  • Untested targets delivering on first drill test
  • 10,000 m maiden drill programme under way
  • First assay results expected late July 2026

Kangankunde information is drawn from publicly available Lindian Resources material and is provided for regional context only. It is not a representation that Tundulu will achieve similar outcomes. Tundulu is at an early exploration stage: geological logging is visual and interpretive in nature, and the nature and extent of any rare earth mineralisation will be determined by laboratory assays, which are pending.

Kamilala Hill: first test, first success

Of special interest is the untested Kamilala Hill target, located approximately 500 metres north of Nathace Hill. The first two RC holes drilled there, 298 metres in total, intersected carbonatite intrusions, providing early geological verification of AuKing's recent airborne magnetic survey interpretation.

This is a significant vote of confidence in the Company's exploration model. Step-out drillholes designed specifically to test magnetic targets away from the historical Nathace Hill area intersected carbonatite lithologies in every case, supporting AuKing's interpretation of an extensive carbonatite intrusive complex extending well beyond the historically drilled footprint.

Smart exploration also builds on what came before. The first two holes of the programme (26NH004 and 26NH005) were deliberately positioned adjacent to historical drillholes to validate past geological interpretations, since no historical RC chips or drill core had been retained by previous explorers. Logged lithologies closely matched the historical record, with mafic dolerite intersections occurring within only a few metres of previously reported depths, giving AuKing increased confidence in the geological continuity of the principal intrusive units.

What's next

The momentum at Tundulu is set to accelerate through July.

Now

Remaining RC drilling

A further seven RC holes comprising approximately 1,050 m are planned, bringing the RC component of the programme to approximately 4,040 m across 28 drillholes.

Third week of July

Diamond rig mobilises

Drilling contractor Thompson Resources will bring the diamond rig to site to test targets from surface and extend selected RC drillholes, further defining the continuity and geometry of the carbonatite system.

Late July

First assay results

Export permits for the RC samples are being finalised, with sample preparation and dispatch to Intertek Laboratories in Perth to commence shortly for comprehensive assay.

On the corporate front, documentation for the transfer of the Tundulu exploration licence (EL 0731/24) to AuKing's Malawi subsidiary has been lodged with the Malawi Mining and Minerals Regulatory Authority and remains under review, while AuKing continues exploration under its earn-in agreement with Tusker Minerals (ASX: TSK), providing a clear pathway to 100% ownership of the licence.

Drillhole details

Collar details for the 21 completed RC drillholes (Annexure A of the announcement). Click a column heading to sort.

Hole Type East North RL Depth (m) Azimuth Dip
26NH001RC + DDH800847.48280005707.715061-55
26NH002RC + DDH800759.48280064693.915080-65
26NH003RC + DDH800791.88280156690.6148100-65
26NH004RC + DDH801109.68279899763.414615-55
26NH005RC + DDH801065.88279881747.115015-60
26NH006RC + DDH801232.28280253732.6150220-55
26NH007RC + DDH800893.28280262693.987110-65
26NH008RC + DDH800860.48279776713.412045-55
26NH009RC + DDH800769.9827992069915060-65
26NH011RC800759.78280067693.8150270-55
26NH012RC800801.48280209687.9129310-55
26KH013RC8015278280916667.315035-65
26NH014RC800867.98279929714.4150220-70
26NH023RC + DDH8013768280303690.1150220-55
26NH027RC801012.58280259714.2129180-55
26KH028RC801476.28281135658.4148180-65
26NH029RC801111.18279858743.915010-55
26NH030RC8007708279919699.2148250-75
26NH031RC800889.28280262693.9135360-55
26NH032RC + DDH801423.48280349679.3150225-55
26NH033RC801286.18280237736.1150210-55

References to DDH in the Type column indicate planned diamond drilling tails at the base of the RC-drilled hole. Grid: WGS 84 UTM Zone 36 South. Reported intersections are downhole lengths; true widths are not yet known.

The bottom line. Malawi has already produced one of the most celebrated rare earths development stories of the decade in Kangankunde. At Tundulu, AuKing is systematically testing a multi-centre carbonatite ring complex that early drilling suggests is larger than anyone first thought, with carbonatite logged in 95% of holes drilled to date, untested targets delivering on their first drill test, and a diamond rig and maiden assay results both just weeks away.

This article is based on AuKing Mining Limited's ASX announcement of 2 July 2026, "Tundulu Drilling Unlocks Compelling Carbonatite Extensions", including the Competent Persons' Statement contained in that announcement. Geological logging results are visual and interpretive in nature; laboratory assays are pending. This article is general information only and is not investment advice.

AuKing Mining Limited • ASX:AKN • www.aukingmining.com