Fortuna Metals Secures A$3.5M to Accelerate Malawi Rutile Exploration
Fortuna Metals has raised A$3.5 million through a share placement to fund expanded drilling at its Mkanda and Kampini rutile and graphite projects in Malawi. Assay results expected from late November will be pivotal in defining the projects’ resource potential.
- A$3.5 million raised via placement of 31.8 million shares at $0.11 each
- Funds to support hand auger and aircore drilling at Mkanda and Kampini projects
- First assay results from soil samples expected late November 2025
- Board and management participated in the placement
- Projects located near Sovereign Metals’ world-class Kasiya rutile deposit
Fortuna Metals Raises Capital to Advance Exploration
Fortuna Metals Limited (ASX, FUN) has successfully secured approximately A$3.5 million through a placement of 31.8 million shares priced at $0.11 each, representing a notable discount to recent trading levels. This capital injection is designed to underpin ongoing and expanded exploration activities at the company’s 100% owned Mkanda and Kampini rutile and graphite projects in Malawi, Africa.
The placement attracted strong support from both new and existing sophisticated investors, including participation from Fortuna’s CEO Tom Langley and Chairman Peter Pawlowitsch, signaling confidence in the company’s exploration strategy and prospects.
Focused Drilling Programs and Upcoming Assays
Fortuna plans to deploy the funds primarily towards systematic hand auger drilling across high-priority zones on an 800m and 400m infill grid at Mkanda, complemented by similar drilling at Kampini. These efforts aim to delineate the extent and grade of rutile mineralisation, with the first assay results from soil samples anticipated by late November 2025 and hand auger assays from mid-December.
Consistent assay results throughout the first quarter of 2026 will be critical in confirming the projects’ resource potential. Following this, aircore drilling is scheduled for mid-2026 to penetrate deeper saprock boundaries, a key step to enhancing resource estimates and project economics.
Strategic Location Near World-Class Deposits
The Mkanda and Kampini projects cover a combined 658 square kilometres on the Lilongwe Plain, immediately south of Sovereign Metals’ Kasiya rutile project; one of the world’s largest rutile and flake graphite deposits. Fortuna’s exploration targets are geologically analogous, with weathered gneiss formations hosting heavy mineral concentrations formed through tropical weathering processes.
Infrastructure advantages include proximity to Malawi’s capital Lilongwe, rail access, power lines, and fresh water, all of which support efficient project development. Fortuna is also establishing a low-cost in-country laboratory to expedite sample preparation and analysis.
Outlook and Market Implications
With a pro-forma cash position estimated at A$7.4 million post-placement, Fortuna Metals is well positioned to maintain momentum in its exploration programs. The upcoming assay results will be closely watched by the market as indicators of the projects’ potential to deliver significant rutile discoveries, which could materially enhance the company’s valuation and strategic standing in the mineral sands sector.
Bottom Line?
Fortuna’s next assay results will be a critical litmus test for its Malawi projects’ promise and market sentiment.
Questions in the middle?
- Will the upcoming assays confirm economically viable rutile grades across Mkanda and Kampini?
- How will aircore drilling results impact resource estimates and project timelines?
- What is the potential for Fortuna to replicate or approach the scale of Sovereign Metals’ Kasiya deposit?
