Fortuna Acquires 658km² Rutile Licences Adjacent to Kasiya Deposit, Raises $2.1M
Fortuna Metals has acquired two exploration licences in Malawi’s emerging rutile province, completed initial drilling programs, and appointed Tom Langley as CEO, positioning itself alongside a world-class deposit. The company also raised $2.1 million to fund ongoing exploration.
- Acquisition of Mkanda and Kampini rutile projects adjacent to Sovereign Metals’ Kasiya deposit
- Completion of Phase 1 soil sampling and hand auger drilling with assays pending
- Appointment of Tom Langley as CEO with extensive exploration experience
- Successful $2.1 million fully underwritten entitlement offer
- Ongoing exploration at Lyons Project reveals promising copper-gold anomalies
Strategic Acquisition in Malawi’s Rutile Belt
Fortuna Metals Limited (ASX – FUN) has taken a significant step forward in its exploration strategy with the acquisition of two granted exploration licences forming the Mkanda and Kampini Projects in Malawi. These licences cover a combined area of 658 square kilometres and sit immediately south of Sovereign Metals Limited’s (ASX – SVM) world-class Kasiya rutile and graphite deposit, one of the largest of its kind globally.
The proximity to Kasiya, which boasts an estimated 1.8 billion tonnes of ore grading 1% rutile and 1.4% graphite, places Fortuna in a promising position within an emerging major rutile province. Rutile, a high-grade natural titanium mineral, is critical for advanced industries such as robotics, aerospace, and defence, with demand expected to rise sharply in coming years.
Exploration Progress and Upcoming Assays
During the September quarter, Fortuna completed its Phase 1 exploration program, including wide-spaced soil sampling and hand auger drilling across both projects. A total of 63 auger holes averaging 9.2 metres depth and 232 soil samples were collected, with drilling continuing post-quarter to 98 holes at Mkanda and 28 at Kampini. Samples are being processed in South Africa, with initial soil assay results anticipated in late November and drilling assays expected by mid-December 2025.
Historical data from Sovereign Metals’ 2018 re-assaying of drill holes within the project area showed significant titanium mineralisation, reinforcing Fortuna’s confidence in the exploration potential. The company plans to intensify drilling density to 400-metre spacing to meet inferred resource estimation standards, mirroring Sovereign’s approach at Kasiya.
Leadership and Capital Strengthening
Fortuna has appointed Tom Langley as its new Chief Executive Officer. Langley brings a wealth of experience in exploration and mining geology, having managed large-scale resource drill programs and early-stage project evaluations across multiple commodities. His background includes roles at BHP Nickel West and Northern Star Resources, positioning him well to lead Fortuna’s growth ambitions.
Complementing this leadership change, Fortuna successfully completed a fully underwritten non-renounceable entitlement offer, raising approximately $2.1 million before costs. This capital injection supports ongoing exploration activities and operational costs. Additionally, the company consolidated its capital at a 30 – 1 ratio, streamlining its share structure following shareholder approval.
Broader Exploration and Financial Position
Beyond Malawi, Fortuna advanced its Lyons Project in Western Australia, completing a soil sampling program that identified coherent copper-gold anomalies warranting further investigation. No exploration was conducted at its South Australian Murraydium projects during the quarter.
Financially, Fortuna reported operating cash outflows of $409,000 for the quarter, offset by financing inflows of $1.955 million. The company ended the period with a healthy cash balance of $4.473 million, providing a runway for continued exploration and development activities.
Bottom Line?
With assays pending and drilling intensifying, Fortuna Metals is poised to define its resource potential in a globally significant rutile province.
Questions in the middle?
- What will the initial assay results reveal about rutile grades and distribution across Mkanda and Kampini?
- How will Tom Langley’s leadership influence Fortuna’s exploration strategy and project prioritisation?
- What are the timelines and plans for advancing from exploration to resource definition and potential development?
