AuKing Acquires Green Exploration from Tusker Minerals

AuKing Mining (ASX:AKN) has agreed to acquire Tusker Minerals' (ASX:TSK) Malawi-focused subsidiary, Green Exploration, in a deal valued at approximately US$3.44 million. The agreement secures a portfolio of rare earth and copper-platinum group element projects across Malawi for AuKing.

The binding share sale replaces a previous exclusivity arrangement that solely covered the Machinga heavy rare earths project. By purchasing the wholly owned Malawian subsidiary, AuKing absorbs the Machinga site along with the Ngala Hill, Salambidwe, and Karonga exploration licenses.

Tusker will retain beneficial ownership of the Mzimba rutile project, transferring those specific licenses out of the subsidiary prior to a September 30, 2026 completion deadline.

The transaction also outlines two performance-linked share tranches. AuKing will issue AU$1.25 million in shares if it announces a JORC-compliant resource at Machinga of at least 10 million tons at 0.65 percent total rare earth oxides within three years.

A second AU$500,000 share tranche hinges on qualifying copper, gold, and platinum drill intercepts at Ngala Hill. Tusker will pay a 4 percent facilitation fee to Moa Mining Pty based on the total consideration.

"This expanded transaction builds on our disciplined approach to portfolio optimisation," Tusker CEO Cliff Fitzhenry said. "The structure delivers non-dilutive funding, sharpens our focus on titanium feedstocks, and preserves meaningful upside to rare earths and the Ngala Hill opportunity through our ongoing equity and performance share position in AuKing."

The acquisition consolidates AuKing’s operational base in southern Malawi, positioning the new assets near its existing Tundulu rare earths project.

"Historical exploration, together with the more recent work undertaken by DY6 Metals/Tusker Minerals, has provided confirmation of the potential for rare earths mineral discoveries at Salambidwe and copper/platinum group element discoveries at Ngala Hill. Both these projects are situated in southern Malawi and not far from AuKing’s existing operational base at Zomba,” AuKing Managing Director Paul Williams added in a separate press release.

Williams added that AuKing intends to commence exploration activities on the properties immediately following completion of the acquisition.

Long-term, AuKing plans to separate the base metals from its core rare earth operations by bundling Ngala Hill and Karonga into a proposed copper-focused spinoff.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: AuKing Mining is a client of the Investing News Network. This article is not paid-for content.