AuKing Raises $1.177M, Secures $5M Loan, Advances Gold Project

Financial Boost and Strategic Moves

AuKing Mining Limited has taken significant steps this quarter to bolster its financial footing and advance key projects. The company secured a $5 million loan facility from London-based RiverFort Global Capital, providing vital funding as it pursues the acquisition and development of the Cloncurry Gold Project in Queensland, Australia. This facility complements a recently signed non-binding $8 million finance term sheet with US-based Nebari Natural Resources Fund, aimed at supporting the Cloncurry acquisition.

In early July 2025, AuKing completed a two-tranche share placement raising $1.177 million, including free-attaching options, subject to shareholder approval. This capital raise is intended to partially retire existing short-term debt and fund ongoing project activities, underscoring the company’s proactive approach to managing its capital structure amid exploration and acquisition efforts.

Cloncurry Gold Project, A Regional Hub in the Making

The Cloncurry Gold Project remains a central focus for AuKing. The company holds a 50% earn-in right through its partnership with Orion Resources Pty Ltd, which is acquiring the Lorena processing plant and surrounding tenements. Orion plans to restart mining and processing operations, initially targeting the Mt Freda/Golden Mile deposits. The vision includes establishing a central gold and copper processing hub for the region, which could enhance operational efficiencies and regional mining prospects.

Completion of the Cloncurry acquisition is contingent on due diligence and financing arrangements, with the Nebari facility expected to close shortly pending formal documentation. This project represents a near-term development opportunity that could materially impact AuKing’s production profile.

Koongie Park Joint Venture Delivers Encouraging Results

AuKing’s joint venture with Cobalt Blue Holdings Limited at the Koongie Park copper/zinc project in Western Australia continues to progress well. Cobalt Blue released a scoping study in June 2025 highlighting a 10.5-year project life with robust financial metrics, including a post-tax net present value of A$121 million and an internal rate of return exceeding 21%. The study outlines a phased mining approach with both open-pit and underground operations producing copper and zinc concentrates alongside silver by-products.

Under the JV terms, Cobalt Blue currently holds a 51% interest with options to increase to 75% by meeting expenditure milestones. This arrangement reduces AuKing’s immediate capital exposure while maintaining upside participation in a potentially lucrative base metals project.

Corporate Developments and Exploration Outlook

In April 2025, AuKing appointed Mr Lincoln Ho to its board, bringing valuable experience in ASX-listed companies and mining exploration jurisdictions. The company also restructured a short-term loan facility with GAM Company Pty Ltd, reducing principal and extending repayment terms, reflecting efforts to manage liabilities prudently.

Exploration activities during the quarter were limited, focusing primarily on advancing acquisitions and financing. Planned airborne surveys over the Myoff Creek niobium and rare earth elements project in Canada and soil sampling at the Grand Codroy uranium and copper project remain on hold pending funding. In Tanzania, AuKing is preparing for drilling at the Mkuju Uranium Project once sufficient capital is secured, while divesting non-core licences to streamline its portfolio.

AuKing ended the quarter with cash reserves of just $35,000, highlighting the critical importance of recent financing initiatives to sustain operations and progress its pipeline of projects.