Can Fortuna Metals Unlock a Major Rutile Deposit in Malawi by 2026?

Strategic Positioning in a Tier One Rutile Province

Fortuna Metals Limited is making significant strides in its exploration of the Mkanda and Kampini rutile projects in Malawi, a region gaining recognition as a major new rutile province. The company’s 658 square kilometre landholding covers approximately 70 kilometres of strike length within the same geological setting as Sovereign Metals Limited’s Kasiya project, the world’s largest rutile deposit. This proximity offers Fortuna a compelling geological advantage in its quest to discover a tier one rutile-graphite deposit.

Rutile, a high-grade titanium feedstock with 95% TiO2 purity, is increasingly critical for advanced manufacturing sectors including robotics and aerospace. With global supply deficits tightening the market, Fortuna’s focus on this mineral aligns with growing strategic demand from both the US and EU, which classify rutile and graphite as critical raw materials.

Early Exploration and Encouraging Results

Since acquiring the projects in September 2025, Fortuna has rapidly mobilised an in-country geological team and commenced Phase 1 exploration activities. This included soil sampling and hand auger drilling, with 63 holes completed at Mkanda and 58 holes underway at Kampini. Geological logging has consistently identified graphite and kyanite, indicators often associated with rutile mineralisation.

Preliminary handheld XRF (pXRF) results from recent drilling have shown titanium values exceeding 1% TiO2 in multiple holes, correlating well with historical drill data. While these results are indicative and require confirmation through comprehensive laboratory assays, they suggest a broad distribution of titanium mineralisation across the project area. Fortuna aims to build on this foundation with more extensive drilling planned for 2026, targeting a maiden inferred mineral resource by the end of that year.

Infrastructure and Jurisdictional Advantages

Malawi offers Fortuna a stable and supportive environment for mining development. The projects benefit from excellent infrastructure, including sealed roads, abundant water supply, hydroelectric power, and proximity to the Nacala rail corridor and deep-water port. The Nacala corridor, currently undergoing a US$7 billion upgrade funded by the Japanese government, provides a cost-effective and scalable logistics solution to global markets.

Moreover, Malawi’s government has demonstrated a strong commitment to growing its mining sector, with streamlined permitting processes and an inter-ministerial committee supporting project development. This political stability and infrastructure readiness reduce typical exploration and development risks, enhancing Fortuna’s prospects for timely advancement.

Experienced Leadership and Market Context

Fortuna’s board and management bring decades of international mining experience, with a track record of value creation across multiple commodities and jurisdictions. CEO Thomas Langley, a geologist with over 12 years of exploration expertise, leads the technical efforts, supported by directors skilled in capital markets and resource development.

The company’s timing is notable given the tightening global rutile supply and increasing demand driven by critical industries such as defense, energy storage, and advanced manufacturing. With major players like Rio Tinto investing in nearby Sovereign Metals and initiatives like JPMorganChase’s $1.5 trillion security and resiliency fund emphasizing critical minerals, Fortuna is well positioned to capture emerging opportunities.

Next Steps and Market Implications

Looking ahead, Fortuna plans to accelerate its drilling program throughout 2026, including aircore drilling to extend resource potential and improve confidence levels. The company’s goal is to deliver a maiden inferred mineral resource estimate by Q4 2026, a milestone that could significantly enhance its market profile and valuation.

While early results are promising, investors should note that titanium assays alone do not confirm rutile grade or economic viability, necessitating further detailed analysis. Nonetheless, Fortuna’s methodical approach and strategic positioning in a critical minerals hotspot underscore its potential to emerge as a key player in the global rutile market.