Business · Companies · 2 hrs ago
AuKing signs conditional deal to earn up to 75% of Greenland minerals project
AuKing Mining has signed a deal with licence holder Xploration Services Greenland to earn up to 75% of the Qeqertaasaq project.
The project covers a 64-square-kilometre exploration licence about 55 kilometres east of Maniitsoq in West Greenland.
It contains niobium and rare earths, minerals used in some industrial and technology applications.
Earlier exploration includes more than 10,000 metres of drilling since the 1970s, with results that the company says can help guide further work.
The agreement is conditional on confirmation from the Australian Securities Exchange that the transaction will not require full quotation re-compliance.
AuKing plans to review the historical data and could drill about 3,000 to 5,000 metres, alongside testing and environmental studies.
It is still focused on a 15,000-metre drilling program at Tundulu in Malawi, and the Greenland earn-in is optional and staged over six years.
AuKing Mining has signed a binding term sheet to earn up to 75% of Greenland’s Qeqertaasaq niobium and rare earths project.
The staged earn-in is conditional on the ASX confirming that full quotation re-compliance under Chapter 11 will not be required.
The project covers a 64-square-kilometre exploration licence about 55 kilometres east of Maniitsoq in West Greenland.
AuKing plans to review historical exploration data and could conduct 3,000 to 5,000 metres of drilling, metallurgical tests and environmental studies.
The company’s primary focus remains its 15,000-metre drilling program at Tundulu in Malawi.
- Who
- AuKing Mining and licence holder Xploration Services Greenland.
- What
- AuKing signed a binding term sheet to earn up to 75% of the Qeqertaasaq project.
- When
- The term sheet was reported on October 13, 2026. Due diligence is scheduled during an exclusivity period ending October 24.
- Where
- The project is about 55 kilometres east of Maniitsoq in West Greenland.
- Why
- AuKing cited the project’s historical exploration data, including more than 10,000 metres of drilling, as a reason for securing it.
This story does not have two clearly opposing sides.
Historical exploration at Qeqertaasaq included more than 10,000 metres of drilling.
NunaMinerals trenching returned 5.14% total rare earth oxides across a 3.19-metre sampled trench.
Stockhead reported that AuKing had signed a binding term sheet for the staged earn-in.
AuKing’s exclusivity period for legal and technical due diligence is scheduled to end.
- Maximum earn-in
- 75% of the Qeqertaasaq project
- Licence area
- 64 square kilometres
- Location
- About 55 kilometres east of Maniitsoq, West Greenland
- Historical drilling
- More than 10,000 metres since the mid-1970s
- Proposed drilling
- About 3,000 to 5,000 metres
- Initial exclusivity fee
- €15,000, non-refundable
What people are saying
One of the key reasons for securing Qeqertaasaq is the significant data base of historical exploration, including more than 10,000m of drilling since the mid-1970s
Sources
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