Sale of Tundulu REE Project to AuKing
Summary
Sale of Tundulu REE Project to AuKing Mining for up to 5.55 million, Strengthening Funding and Strategic Focus
Highlights
Binding agreements executed to divest 100% of the Tundulu Rare Earth Elements (REE) Project in Malawi to AuKing Mining Limited (ASX:AKN).
Total consideration value of $5.55 million, comprising staged cash and equity.
Non-dilutive funding expected to fully support Tusker’s planned exploration and development programs through 2026.
Capital to be redirected to its core rutile and heavy mineral sands portfolio in Malawi and Cameroon, where the Company holds district-scale tenements with confirmed high-grade mineralisation and proximity to infrastructure.
Tusker retains ongoing exposure to Tundulu REE upside via equity in AuKing, maintaining leverage to rare earth markets, which are currently benefiting from strong macro tailwinds.
Transaction enables a dedicated owner to advance the REE potential of Tundulu, unlocking value without further capital commitment from Tusker.
The transaction is subject to certain conditions precedent typical for this type of transaction
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