First Tundulu Diamond Hole Intersects Carbonatites to End of Hole (510m)

AuKing Mining Limited (ASX: AKN) (“AuKing” or “the Company”) is pleased to provide a further progress report on its drilling activities at the Tundulu Rare Earth Project in southern Malawi, having now commenced the large diamond drilling phase of the program.

Highlights

• Excellent progress continues at Tundulu, with diamond drilling advancing strongly.
  
• First diamond hole depth significantly extended to 510.62m after geological logging identified multiple extended carbonatite intersections beyond the initially planned 300m depth.
  
• In addition to the multiple carbonatite intrusions intersected well beyond the primary Nathace Hill target area (as previously reported), the first Tundulu diamond drill hole has confirmed extensive carbonatite lithology to depths approaching 510.6m – establishing confidence that the overall geological model is now much broader and deeper than first anticipated
• End-of-hole logging indicates the carbonatite geology remains open at depth. With other deep diamond drillholes planned, the current drilling program remains focused on maximising geological data around Nathace Hill to support a potential maiden Mineral Resource Estimate later this year.
• Seven export permit approvals have now been secured for samples from prior Tundulu RC drilling. Newly approved samples are either at Intertek’s Zambia preparation facility or currently in transit.
• The first two batches of Tundulu RC drilling samples, comprising 1,270 total samples, are now at the Intertek laboratory in Perth, with every effort being made for assay completion and reporting.

AuKing’s Managing Director Paul Williams said: “AuKing’s exploration team continues to make excellent progress now that diamond drilling has commenced at Tundulu. Importantly, the observations from the initially-planned 300m first hole compelled the drilling to continue well beyond that depth, to 510m. Carbonatite geology has been confirmed throughout this now much deeper hole.”

“We also share investors’ frustrations with the delays in assay reporting of the early Tundulu drilling. Every effort has been taken to expedite the process of export permitting, transportation from Malawi to Zambia, sample preparation and then export to the lab in Perth. We still believe that AuKing’s logistics process has been undertaken much quicker than has generally been the experience of other companies in the region. With the samples now in the Intertek facility in Perth, we can expect a timely turnaround of the much-anticipated first assay results.”

Commencement of Diamond Drilling at Tundulu

On 31 July 2026 AuKing confirmed that it had completed the reverse circulation (RC) component of the initial Tundulu drilling program, having drilled 4,300m across 31 holes. Detailed geological logging of all these RC drillholes has been completed, confirming widespread carbonatite lithologies throughout the current drilling area. Of particular interest is the interpretation of carbonatite material in drillholes situated well away from the primary Nathace Hill target area, which has been the focus of previous exploration.

Figure 1 – Tundulu Project, highlighting the location of the main target area for drilling at Nathace Hill with nearby Kamilala Hill to the north and Tundulu Hill to the east

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