AuKing Mining Limited has agreed to acquire a 100% interest in Malawian entity Green Exploration Limited, expanding its critical minerals footprint in southern Africa with a package of rare earths and copper-PGE assets.

Under the transaction, AuKing will indirectly secure ownership of several exploration licences held by GEL, including the Salambidwe rare earths project and the Ngala Hill copper-platinum group element deposit in southern Malawi, alongside the Karonga copper licence in the north.

The agreement also restructures AuKing’s recently announced acquisition of the Machinga Heavy Rare Earths Project. While AuKing maintains the agreed purchase consideration for Machinga, the licence will now remain owned by GEL, which is intended to become a wholly owned subsidiary of AuKing.

“The proposed acquisition of the shares in Malawi company, Green Exploration Limited, provides Auking with a unique opportunity to expand its critical minerals portfolio in Malawi.”

— Paul Williams, Managing Director

The Salambidwe project covers approximately 24.9 square kilometres within the Chilwa Alkaline Province, featuring the 6-kilometre-wide Salambidwe Ring Complex. Historical work across the property includes rock chip sampling that returned grades up to 2.05% total rare earth oxides and 7,924 parts per million niobium pentoxide in 2010, alongside subsequent sampling campaigns by Globe Metals and Mining and DY6 Metals. No drilling has been undertaken at Salambidwe.

At the 16.4-square-kilometre Ngala Hill project, historical exploration by Phelps Dodge and Placer Dome highlighted widespread palladium, platinum, gold, and copper mineralisation within an outcropping ultramafic chonolith. Trenching results from the property include 64 metres grading 1.41 grams per tonne PGE plus gold and 1,430 parts per million copper, alongside historical drilling that intersected 12 metres at 3 grams per tonne PGE plus gold from a 62-metre depth.

“Historical exploration, together with the more recent work undertaken by DY6 Metals/Tusker Minerals, has confirmed 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 intends to commence exploration activities on the Green Exploration assets immediately following completion of the acquisition.”

— Paul Williams, Managing Director

Alongside the acquisition, AuKing has proposed a copper-based spinoff combining the newly acquired Ngala Hill and Karonga projects with the company's existing copper project interests to unlock further value for shareholders.

The transaction remains conditional upon AuKing receiving confirmation from the ASX that full quotation re-compliance will not be required under Chapter 11 of the ASX Listing Rules. AuKing is fully funded to bring exploration immediately to Machinga and the other GEL project interests, while also advancing its Tundulu rare earth project in the same region. Drilling at Tundulu is targeted to support a potential maiden Mineral Resource Estimate in late 2026.

Read the full announcement: AuKing to Further Expand Malawi Asset Portfolio