Announcement PDF AUKING MINING LIMITED ABN 29 070 859 522 Suite 34, Level 10, 320 Adelaide Street, Brisbane Queensland 4000 P 07 3535 1208 W www.aukingmining.com ASX:AKN Page 1 of 19 ASX ANNOUNCEMENT 21 September 2026 Western Flank Step-Out Delivers Outstanding TREO Intersections From Surface Highlights • Significant western step-out success with RC drillhole 26NH011 intersecting 50m @ 2.03% TREO from surface, demonstrating compelling rare earth mineralisation on the western flank of Nathace Hill at the Tundulu rare earths project in southern Malawi. • Outstanding mineralisation along the western margin expands the known mineralised footprint at Nathace Hill, indicating strong support that the rare earth system is laterally extensive beyond the areas targeted by the initial RC drilling locations. Highlights include: 26NH011 — 72m @ 1.51% TREO from surface Including — 50m @ 2.03% TREO from surface Including — 20m @ 4.26% TREO from surface 26NH002* — 22m @ 1.50% TREO from surface Including — 8m @ 3.39% TREO from 2m And — 8m @ 2.09% TREO from 32m *Assays for 26NH002 received to 73m depth to date — results pending for the remainder of the hole where further carbonatite has been logged • Mineralisation commencing from surface across multiple step-out holes reinforces interpretation of a substantial near-surface mineralised system extending across Nathace Hill, an important characteristic that may provide favourable mining and development economics. • Western flank emerging as a significant new exploration focus — strong TREO results from an area of Nathace Hill that has seen only limited historical exploration and drilling compared with the more extensively drilled eastern side, highlighting substantial scope for further mineralisation. • Together with exceptional initial RC drill results reported on 14th September 2026, holes 26NH011 & 26NH002 collectively provide further evidence that high-grade zones occur across a broader mineralised footprint. • A strong pipeline of assay results expected in the near term as AuKing continues to define the scale and extent of the mineralised system at Tundulu. Page 2 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com AuKing Mining Limited (ASX: AKN) (“AuKing” or “the Company”) is pleased to announce outstanding TREO intersections from step-out RC drilling undertaken along the western flank of Nathace Hill at the Company’s Tundulu Rare Earth Project in southern Malawi. Figure 1 – Tundulu Project, highlighting the location of the western step-out drill holes, including hole 26NH011, approximately 400m west of the holes reported on 14 September 2026 AuKing’s Managing Director Paul Williams said: “This second release of assays from Tundulu continue the trend established from the initial holes featuring wide intervals of high- grade rare earths mineralisation. What makes these latest results important is that they were part of a group of step-out holes that were drilled to the west of the main Nathace Hill target area. In particular, drillhole 26NH011 was drilled in a direction away from Nathace Hill and still intersected wide intervals of high-grade mineralisation from surface”. “Clearly, these results require further specific focus and drilling plans are being formulated for further targeting in this area around Nathace Hill”. Page 3 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Figure 2 – Tundulu Drill holes 26NH002 and 26NH011 cross section Outstanding Western Step-Out Assay Results at Nathace Hill AuKing has received assays from the next batch of five Tundulu drill holes and again exceptional high-grade REE mineralization has been identified as highlighted by the following: 26NH011 — 72m @ 1.51% TREO from surface Including — 50m @ 2.03% TREO from surface Including — 20m @ 4.26% TREO from surface 26NH002 — 22m @ 1.50% TREO from surface Including — 8m @ 3.39% TREO from 2m And — 8m @ 2.09% TREO from 32m (Assays for 26NH002 received to 73m depth to date, with results for remainder of hole pending) Page 4 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Hole 26NH011 delivered extensive rare earth mineralisation from surface, with substantially higher-grade mineralisation developed within the upper portion of the hole. The continuity of mineralisation over this length, together with the strong near-surface grades, provides further evidence of a well-developed REE system at Nathace Hill and importantly demonstrates that significant mineralisation is not confined to recently received assay results from the initially drilled southern area of Nathace Hill. Holes 26NH002 and 26NH003 presented further significant TREO mineralisation along the western flank of Nathace Hill, with 26NH002 intersecting strong mineralisation from surface while 26NH003 intersected significant mineralisation at greater depth. Assay results for 26NH002 are currently available to 73m depth, with results for the remainder of the hole pending. Together, the results so far demonstrate the development of strong REE mineralisation across various depths within western part of Nathace Hill, providing further support for the continuity and scale of the broader mineralised system. Future Assays A total of nearly 1,500 samples have been assayed to date, with a further approximately 2,900 samples either at Intertek’s Perth or Zambia laboratories being prepared. In addition, more than 1,300m of diamond drill core samples are being prepared for assay. AuKing expects to be reporting a steady flow of assay results for the next few months. By Authority of the Board For more information: Paul Williams Kristin Rowe Managing Director NWR Communications M +61 419 762 487 M +61 404 88 98 96 E p.williams@aukingmining.com E kristin@nwrcommunications.com.au Abbreviations • TREO = Total Rare Earth Oxides – La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3 (Pm2O3 excluded by tradition) • HREO = Heavy Rare Earth Oxides – Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3 • MREE = Nd, Pr, Dy, Tb • P = Phosphorus • NDPR% = (Nd + Pr)/TREO • P2O5 = Phosphorus pentoxide Page 5 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Competent Person’s Statement The information in this Report that relates to Exploration Results and other technical information from drilling at the Tundulu Rare Earths Project is based on information reviewed by Mr Mark Mitchell whois a memberof the Australian Institute of Geoscientists. Mr Mitchell is anindependent consultant to AuKing Mining Limited (and not an employee) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr Mitchell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. ANNEXURE A Tundulu drillhole location details HOLE TYPE EAST NORTH RL TOTAL DEPTH(m) AZIMUTH DIP 26NH001 RC + DDH 800847.4 8280005 707.7 150 61 -55 26NH002 RC + DDH 800759.4 8280064 693.9 150 80 -65 26NH003 RC + DDH 800791.8 8280156 690.6 148 100 -65 26NH004 RC + DDH 801109.6 8279899 763.4 146 15 -55 26NH005 RC + DDH 801065.8 8279881 747.1 150 15 -60 26NH006 RC + DDH 801232.2 8280253 732.6 150 220 -55 26NH007 RC + DDH 800893.2 8280262 693.9 87 110 -65 26NH008 RC + DDH 800860.4 8279776 713.4 120 45 -55 26NH009 RC + DDH 800769.9 8279920 699 150 60 -65 26NH011 RC 800759.7 8280067 693.8 150 270 -55 26NH012 RC 800801.4 8280209 687.9 129 310 -55 26KH013 RC 801527 8280916 667.3 150 35 -65 26NH014 RC 800867.9 8279929 714.4 150 220 -70 26NH023 RC + DDH 801376 8280303 690.1 400.42 220 -55 26NH027 RC 801012.5 8280259 714.2 129 180 -55 26KH028 RC 801476.2 8281135 658.4 148 180 -65 26NH029 RC 801111.1 8279858 743.9 150 10 -55 26NH030 RC 800770 8279919 699.2 148 250 -75 26NH031 RC 800889.2 8280262 693.9 135 360 -55 26NH032 RC + DDH 801423.4 8280349 679.3 510.62 225 -55 26NH033 RC 801286.1 8280237 736.1 150 210 -55 26NH034 DDH 801290.5 8279909 742.7 250 300 -55 26NH024A DDH 801295 8279909 742.7 251.19 355 -55 [Note – The western step out RC drill holes which are the subject of the assay results reported in this Release are highlighted in yellow. In addition, references to RC + DDH in the “TYPE” column indicate planned diamond drilling tails at the base of the RC-drilled hole] Page 6 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com ANNEXURE B Material Assay Resultsfrom Western Step Out Holes (Drill holes 26NH011,002,003, 008 and 009) Down hole assays key elements: quoted strings highlighted in blue, highlights are bold and exceptional assays in red. X denotes Below Detection Limit. Hole: 26NH011 Page 7 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Hole: 26NH002 Page 8 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com [Note – Assays for 26NH002 received to 73m depth to date, with results for remainder of hole pending] Page 9 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Hole: 26NH003 Page 10 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Hole: 26NH008 Page 11 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Page 12 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Hole: 26NH009 Page 13 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Page 14 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com JORC Code, 2012Edition – “Western FlankStep-Out Delivers Outstanding TREO intersections” Section 1 Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 0.5 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • Reverse Circulation (RC) drilling was completed using a face-sampling hammer. • All RC drillholes were sampled on continuous 1 m intervals irrespective of lithological boundaries. • Sample material was collected from the cyclone into green mining bags before being processed using a manual three-tier riffle splitter to obtain representative calico samples. Where wet or clay-rich conditions prevented representative riffle splitting, a documented spear sampling protocol was used. • Geological logging was completed on every metre using representative RC chips retained from each interval. • Sampling procedures were undertaken in accordance with Company Technical Work Guideline TWG001. • The massive nature of the mineralised host unit is amenable to an industry standard RC sampling methodology being applied. • No diamond core assay results are reported in this announcement. Diamond core sampling has not yet been undertaken. Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). • Reverse Circulation drilling utilised a face- sampling hammer with compressed air. • Drillholes were completed at the planned orientations using surveyed collar locations and downhole surveys where appropriate. • Representative drill chips were collected at 1 m intervals for geological logging and sampling. • Diamond drilling is currently being undertaken by Thompson Drilling in Malawi using NQ- diameter diamond core drilling. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • The bulk weight of each 1 m RC sample was recorded prior to sample splitting, providing a quantitative record of sample recovery and enabling identification of intervals with anomalously low sample return. • Bulk sample weights were recorded as a quality control measure to monitor sample return. Generally, the range of those weights were 35- 40kgs. • No relationship between sample recovery and assay grade has been established as this programme is early-stage reconnaissance RC drilling. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) • Representative RC chip trays were prepared and geologically logged in full at 1 m intervals for all drillholes. • Logging included lithology, weathering, alteration, mineralisation, veining, carbonate content, magnetic response, grain size, colour and other relevant geological observations. Page 15 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Criteria JORC Code explanation Commentary photography. • The total length and percentage of the relevant intersections logged. • Logging was mostly qualitative in nature and completed to a level of detail considered appropriate to support geological interpretation and future Mineral Resource estimation. • Geological observations were recorded independently of any assay information in accordance with Company logging procedures. Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whethersamplesizesare appropriatetothe grain size of the material being sampled. • Representative primary samples were obtained using a manual three-tier riffle splitter. • Wet or clay-rich samples unsuitable for riffle splitting were collected using a documented multi-pass spear sampling methodology. • Approximately 2–4 kg of sample was collected into pre-numbered calico bags. • Remaining reject material was retained in labelled plastic bulker bags. • Sample preparation procedures were designed to minimise sample bias and maintain representative sampling throughout the drilling program Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. Due to the refractory nature of some REE-bearing minerals, lithium-borate fusion was selected to provide a total digestion. Samples were prepped in Intertek’s Kitwe, Zambia laboratory, before being shipped to their Perth lab for lithium Borate fusion digestion assay fusion Samples were pulverised and fused using a lithium borate flux at high temperatures which completely break down the matrix of the material, ensuring refractory components are entirely dissolved. The samples are finished by either ICP-OES or ICP-MS for major and trace elements respectively. A definitive QAQC program was implemented to provide verification of the sample procedure, the sample preparation and the analytical precision and accuracy of the primary laboratory, which includes the following: Certified Reference Material (CRM) samples: 2 (two) types of standards sourced from AMIS standards/blanks, including AMIS0356/AMIS0939, were inserted 1 in every 20 samples Coarse blank samples: Inserted 1 in every 20 samples to monitor cross contamination The laboratory also inserted QAQC samples, including laboratory standards and CRMs. Overall, 12.5% of the samples submitted to the primary assay lab were QAQC samples. The QAQC procedures undertaken show that returned results are within acceptable limits. Page 16 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Criteria JORC Code explanation Commentary • Results are considered as acceptable by the Competent Person and the drill samples are considered to be suitable for reporting of exploration results. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Geological logging was completed using standardised electronic logging templates. • All geological observations were recorded prior to receipt of analytical results. • Logging and sampling procedures were undertaken by Company geologists following documented Company procedures. • Sample submissions, QAQC insertion and laboratory dispatch were recorded using Company sample management systems. • Hole 26NH004 was twinned near to historical drill hole TUO71 and holes 26NH005 and 26NH029 were drilled nearby historical drill holes. As noted in the body of the announcement, this was done in order to validate historical geological interpretations for future resource studies and establish internal lithological markers for ongoing logging, as no historical RC chips or drill core have been retained by previous explorers. • No adjustments have been made to the data other than conversion to oxides using standard stoichiometry conversion factors obtained from JCU • Standard conversion factors were Ce2O3 -1.1713 Dy2O3 -11477. Er2O3 - .1435 EU2O3 – 1.1579 Gd2O3 - 1.1526 Ho2O3 – 1.1455 La2O3 – 1.1728 Lu2O3 – 1.1371 Nd2O3 – 1.1664 Pr6O11 – 1.2082 Sm2O3 – 1.1596 Tb4O7 – 1.1762 Tm2O3 – 1.1421 Y2O3 – 1.2699 • Yb2O3 – 1.1387 Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Drillhole collar locations were determined using a handheld GPS. • Grid system is in WGS 84 UTM Zone 36 South • Elevations were determined from previously reported LiDAR drone survey. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • Drillhole spacing is irregular and dependant on the target areas. • It is considered that the spacing of samples used is sufficient for the current stage of exploration. • No drill sample compositing has occurred. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • Drillholes were oriented to test the interpreted geometry of the Tundulu carbonatite intrusive complex based on historical drilling, geological mapping and airborne magnetic data. • Step-out drillholes were designed to test Page 17 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Criteria JORC Code explanation Commentary • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. interpreted extensions of the carbonatite system beyond historically drilled areas. • The true orientation of individual carbonatite phases has not yet been established; reported intercepts are downhole lengths and true widths are currently unknown. • No orientation-related sampling bias has been identified. Sample security • The measures taken to ensure sample security. • Samples remained under Company supervision from collection through logging and preparation. • Calico samples were sealed within labelled polyweave bags for transport in company truck to warehouse facilities. • Sample batches were documented using Company sample submission registers prior to dispatch to the preparation and analytical laboratories. • Remaining RC reject material was retained onsite in labelled green mining bags where appropriate. • Diamond core remains under Company supervision during transport from the drill site to the Company's Zomba core processing and storage facility, where logging, photography, cutting and sampling are undertaken. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • Sampling and logging procedures were undertaken in accordance with Company Technical Work Guideline TWG001. • Internal reviews of geological logging, sampling procedures and QAQC protocols are undertaken throughout the drilling program. Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area. • AuKing’s Tundulu REE project is located in southeastern Malawi, approximately 90 km east of Blantyre. • The Tundulu Project lies within Exploration Licence No. EL0731/24 which was granted on 27 May 2024. • EL0731/24 covers an area of approximately 91.5 square kilometres. • The Licence is currently 100% held in the name of Malawian registered Green Exploration Ltd, a subsidiary of Tusker Minerals Limited and, as set out in the above release, is the subject of a transfer approval with the Malawi MMRA. • There are no known third-party interests affecting the Licence. • There are no known impediments to operating in the project area. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement dated 17/04/2026. Geology • Deposit type, geological setting and style of mineralisation. • The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement dated 17/04/2026. Page 18 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Criteria JORC Code explanation Commentary Drill hole information • A summary of all information material to the under-standing of theexplorationresultsincluding a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement dated 17/04/2026. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • Data have not been aggregated. • The exploration results are reported with no TREO cutoff grade • No sample weighting was applied, nor high grade cuts. Only interval length weighting applied, down hole mineralisation is a weighted average using the cut- offs above to the data in Appendix 1, see bold highlights Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). • Reported intersections are downhole lengths. The true widths of any mineralised intervals are not yet known. • No relationship has been established at present due to the early stage of exploration. • With additional exploration this will be reviewed. • Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • All relevant data is reported within the body of this announcement. Balanced Reporting • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. • All relevant data is reported within the body of this announcement. • Only pertinent results are included given the scope this announcement Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • All relevant data is reported within the body of this announcement. No material information has been withheld for the project. Page 19 of 19 AuKingMining Limited P 07 3535 1208 W www.aukingmining.com Criteria JORC Code explanation Commentary Further work • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large- scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Selective drill program to test the lateral extents, vertical depths, widths, and continuation of known mineralization and test new targets under post-mineralization sedimentary cover identified from the outcomes of this survey.