Auking Mining secures deal for Greenland critical minerals project

• AuKing Mining entered a binding term sheet to earn up to 75% interest in the Qeqertaasaq niobium and rare earths project in West Greenland with no upfront acquisition payment.
• The exploration company committed a non-refundable exclusivity fee of €15,000 while holding the potential to invest €10 million in staged exploration expenditure.
• The acquisition aims to secure a high-grade critical minerals exploration asset while expanding the company's global rare earths project footprint.

AuKing Mining (ASX:AKN) signed a binding term sheet with Xploration Services Greenland to earn up to a 75% interest in the 64-square-kilometre Qeqertaasaq niobium and rare earths Project in West Greenland.

The transaction presents no upfront acquisition cost, in contrast to traditional property acquisitions that demand immediate equity or cash consideration.

"The company stated that the transaction involves no upfront acquisition cost," according to AuKing Mining.

The transaction terms allow AuKing to earn an initial 30% interest by spending €3 million on exploration by Sept. 30, 2028, with full earnings capped at €10 million over six years.

Following the announcement, the AuKing Mining share price was unchanged at $0.016.

The Qeqertaasaq project licence covers a carbonatite complex with historical shallow drill intercepts, including 15.9 m at 0.80% niobium oxide from a depth of 3.6 m.

AuKing Mining previously focused its core activities on diamond drilling at the Tundulu rare earths project in Malawi and copper-zinc exploration in Australia.