Quarterly Report for the Quarter ending 30 September 2024

Investor Insight

With a portfolio of advanced stage exploration assets in the uranium, critical minerals and base metals space, AuKing Mining is poised to execute and accomplish its goals of becoming a mid-tier producer, creating significant shareholder value.

Overview

AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals, in Western Australia, Tanzania and British Columbia, Canada. The company aims to become a mid-tier copper, uranium and critical metals producer through the acquisition and development of near-term production assets.

AuKing’s portfolio of assets includes the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.

AuKing has acquired the uranium bearing mineral claim known as the Grand Codroy uranium project approximately 50 km north of Port aux Basque, Newfoundland. Grand Cordroy spans 2,200 hectares and hosts several documented uranium occurrences located along a major radiometric high.

The company is led by an experienced management and board of directors supporting and executing on the company’s strategic goals of becoming a mid-tier producer through its diverse project portfolio.

Company Highlights

• AuKing Mining is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals.
• The company holds a diverse portfolio of advanced exploration assets in Western (Koongie Park), Tanzania (Mkuju) and British Columbia, Canada (Myoff Creek)
• Koongie Park has a mineral resource estimate totalling 21.1 Mt across three well-explored deposits – Onedin, Sandiego and Emull.
• AuKing is led by a highly experienced management team executing the company’s strategies to increase shareholder value.

Key Projects

Mkuju Uranium Project (Tanzania)

Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources Limited (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.

During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a proposed 11,000m drilling program that is about to commence at Mkuju. Results included:

Auger drilling:

MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8

MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8

Soil samples:

MKGS006 510ppm U3O8

MKGS017 8,800ppm U3O8

MKGS056 960ppm U3O8

Rock chip…