ASX-listed exploration and development company AuKing Mining (ASX:AKN) has completed the acquisition of various uranium and copper licences in Tanzania.
The company says these projects were acquired through the purchase of Australian incorporated company 92 U for $6 million. 92 U owns the Tanzanian companies 92 U Tanzania and Monaco Copper, which in turn own various prospecting licences and licence applications.
Through the purchase of 92 U, AuKing has acquired 4 uranium projects including the Mkuju, Manyoni, Itigi, and Magaga projects, as well as the Mpanda, and Karema copper projects.
Commenting on the acquisition, AuKing Chief Executive Officer (CEO) Paul Williams says the company will take an aggressive approach to exploration at its new uranium projects.
“Already this year, we have seen uranium prices push past US$50 per pound and demand is set to increase. AuKing’s strategic pivot into this important energy sector commodity is a tremendous value-add for our company and its shareholders. We expect investor interest to grow as we work up these prospective uranium projects in coming weeks and months with plenty of news flow on the horizon.”
AuKing’s share price has also risen by 19.047% to $0.125 as of 10:30am AWST.
“AuKing’s strategic pivot into this important energy sector commodity is a tremendous value-add for our company and its shareholders”
AuKing reports the purchase price has been discharged in the form of 60 million ordinary shares, and 30 million options exercisable at $0.20 on or before 30 September 2025. The principal vendor is Perth-based Asimwe Kabunga who is co-Chair of AuKing. The company reports Kabunga will hold 36 million new shares and 18 million options as a result of the transaction.
Other conditions met to finalise the acquisition included AuKing completing due diligence on the projects, shareholder approval for the issue of shares and options, and the approval of 2 share placements, approval for certain advisor shares and options, and the confirmation of the formal grant of certain Tanzanian prospecting licences associated with Mkuju, Manyoni, and Mpanda.
AuKing is a resource exploration and development company seeking to become a mid-tier copper, gold, and silver producer. Along with the newly acquired uranium and copper projects in Tanzania, the company also holds the Koongie Park Copper-Zinc project in Western Australia.
Images: AuKing Mining Ltd