Tundulu Licence Transfer Approval Process and New Project Earn-in Agreed

Auking’s legal advisors in Malawi have indicated that all documentation relating to the proposed transfer of the Tundulu exploration licence (EL 0731/24) to TREL has been finalised and lodged with the Malawi MMRA in accordance with the Malawi Mines and Minerals Act 2023 and remains under review. While the Company continues to work closely with all relevant stakeholders, the timing of any approval remains at the discretion of the MMRA.

In addition, AuKing has entered into an earn-in agreement with Tusker Minerals Limited (ASX:TSK) (and its Malawi subsidiary, Green Exploration Limited), providing an alternative pathway for AuKing to acquire 100% of the Tundulu exploration licence and a contractual authorisation for AuKing to carry out exploration activities on the licence pending final transfer approvals from the MMRA. The earn-in payments mirror the completion obligations of AuKing under the sale agreement as detailed in ASX release dated 17 April 2026 (and set out in Annexure A below). The earn-in structure has been implemented to facilitate continued exploration activities while the MMRA transfer process remains ongoing.

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