AUKING TO ACQUIRE 100% OF CLONCURRY GOLD PROJECT

Strategic Move to Unlock Full Ownership and Exploration Upside

AuKing Mining Limited (ASX: AKN, AuKing) has announced it has entered into a binding heads of agreement to acquire the remaining 50% of Orion Resources Pty Ltd, securing full ownership of the Cloncurry Gold Project in north-west Queensland.

The project has previously returned high-grade gold results and presents strong potential for an underlying IOCG system, offering both short-term production possibilities and long-term exploration upside.

HIGHLIGHTS

Transformative Acquisition: AuKing will acquire 100% of Orion Resources, issuing new shares to existing Orion shareholders valued at approximately $16.28 million, subject to shareholder and regulatory approvals.
Acceleration of Initial 50% Acquisition: The deal fast-tracks AuKing’s initial 50% acquisition of Orion (previously agreed at $5 million) and values the entire Cloncurry Gold Project at $33 million.
Processing Hub Optionality: The 280,000tpa permitted Lorena processing plant gives AuKing a strategic, nearby processing solution. This enables treatment of its own ore and toll-treating third-party material, enhancing potential revenue and regional leverage through a “hub and spoke” business model.
District-Scale Exploration Potential: Covering ~447km², the Cloncurry Gold Project includes multiple drill-ready gold and copper-gold targets. Historical JORC-compliant resources and exploration at prospects like Mt Scheelite and Little Duke support significant discovery potential and IOCG-style mineralisation.
Regulatory Pathway: AuKing will seek ASX confirmation that full re-compliance is not required under Chapter 11 of the Listing Rules. Shareholder approval will be pursued prior to issuing further shares to Orion shareholders.

Managing Director Paul Williams said:
The agreement to acquire 100% of Orion Resources gives AuKing a clear pathway to complete the Cloncurry Gold Project acquisition and unlock the full value of this asset portfolio in a strong gold market.

Mr Paul Williams added:
We recognised that investors were uncertain about how AuKing’s previous 50% acquisition would work in terms of project management and funding. Moving to full ownership removes that complexity and allows us to treat Cloncurry as a wholly-owned AuKing asset. This means we can focus entirely on development activities, supported by Orion’s existing experienced project team. The Board views this acquisition as a substantial opportunity to transition AuKing into a gold and copper developer and near-term producer while generating significant value for shareholders.