AuKing Mining (ASX: AKN) Secures Greenland Niobium Earn-In

AuKing Mining has signed a binding term sheet giving it the right to earn up to 75% of the Qeqertaasaq niobium and rare earths project in western Greenland by funding €10 million of exploration over six years.

The staged structure requires no acquisition payment when the earn-in begins. AuKing can initially earn 30% by spending €3 million by September 2028, increase its interest to 51% with another €3 million by September 2030, and reach 75% after a further €4 million by September 2032.

That structure limits the initial financial commitment while AuKing reviews and tests an extensive historical dataset. The company has paid a non-refundable €15,000 fee for exclusivity until 24 October 2026 while it completes legal and technical due diligence.

Commencement remains conditional on the ASX confirming that full quotation re-compliance will not be required. AuKing has the right, but not the obligation, to complete each earn-in stage.

Historical drilling offers the main attraction

The 64-square-kilometre exploration licence covers a 3-by-5-kilometre carbonatite complex and has been subject to more than 10,000 metres of historical drilling since the mid-1970s.

Reported niobium intersections include 84.37 metres at 0.51% niobium pentoxide from 13.35 metres, including 32.43 metres at 1.06%. A shallow 1975 hole returned 5.22 metres at 2.73% niobium pentoxide from 4.15 metres.

Historical surface sampling produced results as high as 11.8% niobium pentoxide and 12.3% total rare earth oxides. Trenching in a separate rare earth zone returned up to 5.14% total rare earth oxides over 3.19 metres, while the principal Discovery Vein was historically traced for more than 750 metres along strike and at least 200 metres down dip.

These results have not been reported in accordance with the 2012 JORC Code and have not been independently validated by AuKing. The company’s early work will therefore focus on compiling and verifying the historical information before committing to resource definition work.

Preliminary metallurgical testing undertaken in 2011 reported recoveries above 80% of total rare earth oxides from coarsely crushed material using hydrochloric acid at about 50 degrees Celsius. Further testing is required to confirm the result and establish a viable processing route.

Validation before resource definition

AuKing is considering 3,000 to 5,000 metres of resource definition drilling to establish an inferred mineral resource, supported by bench-scale metallurgical work and environmental baseline studies.

Fieldwork and logistics will be managed by licence holder Xploration Services Greenland. If AuKing completes the 75% earn-in, a joint venture will be formed and an introduction fee equal to 10% of project equity will be allocated to unrelated third parties.

The Greenland opportunity adds another critical-minerals asset to AuKing’s portfolio, although the company said its Tundulu rare earths project in Malawi remains its primary focus. A 15,000-metre drilling program is already underway there.