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Natural resources

AuKing Mining Limited Confirms Milestone Achievement, Accelerates Path to Large-Scale Exploration and Gold Development

Strategic Insights

— 1 min read

The proposed A$8M senior secured credit facility with Nebari Natural Resources Credit Fund II, LP, a milestone condition, has been satisfied by Nebari, driving AuKing Mining Limited's (ASX: AKN) Cloncurry Gold Project forward. This achievement accelerates the path towards large-scale exploration and gold development in north-west Queensland. AuKing Managing Director, Mr. Paul Williams, emphasized that Nebari's successful completion of due diligence is a positive endorsement of the project's value and future potential in the current strong gold market.

Key Takeaways:

  • AuKing Mining Limited has confirmed that Nebari Natural Resources Credit Fund II, LP, has satisfied the milestone condition under the proposed A$8M senior secured credit facility.
  • The Cloncurry Gold Project, located in north-west Queensland, has significant exploration and development upside across a 447 km2 licence package.
  • The project has a clear pathway to first gold production, supported by existing infrastructure, including the nearby Lorena CIL plant.
  • Nebari has completed its technical and legal due diligence, paving the way for acquisition completion.
  • AuKing's Management Director, Mr. Paul Williams, highlighted that the successful completion of Nebari's project due diligence is a positive endorsement of the project's value and future potential.
  • The proposed Nebari financing will enable the AuKing project team to focus on future project development-related activities after financial close, expected for late September 2025.
  • The project has a strategic alliance with Orion Resources and has defined JORC-compliant resources, with multiple unexplored targets with strong potential for new discoveries.
  • Pre-development workstreams, including infill and extensional drilling, metallurgical testwork, and front-end engineering design, will commence immediately after financial close, leveraging existing infrastructure to deliver low-capex, early cashflow upside.
  • The Cloncurry Gold Project has a district-scale landholding containing multiple unexplored targets with strong potential for new discoveries along proven mineralized corridors.

Statistics:

  • A$8M senior secured credit facility proposed with Nebari Natural Resources Credit Fund II, LP.
  • 447 km2 licence package in the Cloncurry region.
  • 250-300k tpa Lorena gold/copper processing plant (~15 km from the Project).
  • Established in 2025, the non-binding indicative term sheet for the Facility was signed in May.

Sources:

  • [AuKing Mining Limited (2023)] "Confirmation of proposed financing milestone"

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