Fortuna Metals (ASX: FUN) has released a maiden Inferred Mineral Resource estimate for its Mkanda project in Malawi, confirming the site as a globally significant source of rutile and graphite. The initial resource is calculated at 298 million tonnes, grading 0.87% rutile and 1.19% total graphitic carbon at a 0.7% cut-off. This includes a higher-grade component of 159 million tonnes at 0.98% rutile and 1.11% total graphitic carbon. The mineralization is characterized as near-surface and hosted in soft, free-dig saprolite, which the company highlights as a key factor for potential low-capital development.

"I'm extremely pleased to deliver our maiden Inferred Mineral Resource estimate at Mkanda of 2.6 million tonnes of contained rutile at a high grade of 0.87%, placing Mkanda in the top 6 rutile deposits globally."

"The Company sees clear potential to grow the resource base, define higher-grade zones and advance Mkanda as a low-capital-intensity, scalable rutile-graphite development opportunity for Malawi with the potential for high value co-products of zircon and monazite."

— Tom Langley, CEO

Fortuna is moving forward with several workstreams to further evaluate the project's economic potential. In addition to the primary rutile and graphite assets, management is currently investigating the recovery of zircon and monazite as potential high-value co-products. Conceptual mining and pilot plant studies are underway to test processing requirements, alongside graphite flotation test work. The company has also established an in-country laboratory to manage sample preparation for heavy mineral separation, a move intended to accelerate assay turnaround times and lower operational costs.

A 5,000-metre aircore drill program is currently underway and is scheduled to continue through September 2026. This campaign is designed to test lateral extensions and define mineralization at depth, with the goal of increasing resource confidence and expanding the overall footprint. Assays from this drilling are expected to be released throughout the second half of 2026. These ongoing efforts form a critical part of the company's broader roadmap to generate the data necessary for upcoming feasibility studies. Fortuna plans to utilize these results to advance the project toward formal development, with feasibility reporting targeted for later in 2026 and throughout 2027. 

Read the full announcement: Globally Significant Rutile - Graphite Resource at Mkanda