AuKing Mining (ASX:AKN) has satisfied the ‘clearing of due diligence’ under the Nebari Natural Resources Credit Fund, a key condition of the proposed $8 million senior secured credit facility for development of the Cloncurry Gold Project in Queensland.
In May 2025, AuKing and privately held Orion Resources signed a non-binding indicative term sheet for a senior secured credit facility with Nebari. The company has completed due diligence as one of the conditions precedent – further progressing the facility towards funding completion.
AuKing intends to execute a binding loan facility documentation and complete the remaining outstanding conditions precedent. The company will then deploy its technical, engineering, and financial crews to site for immediate program rollout.
Large-scale exploration targets will be generated across the entire project area and a drilling program will be advanced with targeted holes to upgrade resources and delineate high-grade zones.
Once completed, AuKing will fast-track metallurgical testwork and front-end engineering design to optimise plant throughput and recoveries.
Managing Director Paul Williams says completing due diligence is an important step in the process of acquiring the Cloncurry Project, as well as a positive endorsement of its value and future potential.
“Together with our acquisition partner, Orion Resources, we will be working hard over the coming weeks to finalise the Cloncurry Gold acquisition,” Williams says.
“In addition, the proposed Nebari financing allows the AuKing project team to start focusing on future project development-related activities, so that we can move immediately after financial close occurs, which is now expected for late September 2025.”
In March 2025, AuKing revised a previous earn-in agreement with Orion Resources to acquire a 50% stake in the company – which owns the Cloncurry Project which covers 447km2.
Under the revised agreement, AuKing will incur $5 million in expenditure on or before 30 June 2027 to acquire a 50% shareholding.
AuKing Mining is a resource explorer and developer focused on becoming a mid-tier copper, uranium, and other base and precious metals producer.
Write to Aaliyah Rogan at Mining.com.au
Images: AuKing Mining
