Fortuna Metals Unveils High-Grade Rutile Discovery in Malawi, Secures A$3.5M Funding

Strategic Acquisition in Emerging Rutile Province

Fortuna Metals Limited (ASX, FUN) has made a decisive move into the rutile and graphite sector with the acquisition of two exploration licences in Malawi, covering the Mkanda and Kampini projects. These licences span a substantial 658 square kilometres in a region gaining attention as a new major rutile province, situated just south of Sovereign Metals’ world-class Kasiya deposit – the largest rutile and second largest flake graphite resource globally.

The proximity to Kasiya, combined with excellent infrastructure access including nearby rail, power, and water, positions Fortuna well to leverage existing regional advantages. Rutile, a critical titanium mineral, is increasingly sought after for advanced manufacturing and aerospace applications, underpinning the strategic value of these projects.

Encouraging Early Drill Results Signal Potential

Initial exploration efforts have delivered promising results. Fortuna completed 675 hand auger drill holes averaging 8 metres depth across 180 square kilometres of the Mkanda project, revealing high-grade rutile mineralisation from surface. Notably, assays returned peak grades of 2.21% rutile, with multiple intervals exceeding 1% rutile over 5 to 10 metres.

These results suggest a widespread and continuous rutile presence, with most drill holes ending in mineralisation and remaining open at depth. The company plans to transition to Aircore drilling in the upcoming dry season to penetrate deeper, targeting the saprock boundary at 20 to 30 metres, which is critical for defining the full resource potential and improving project economics.

Advancing Sample Processing and Capital Position

To accelerate assay turnaround and support efficient decision-making, Fortuna has established a low-cost in-country laboratory equipped with Gemini wet shaking tables for heavy mineral separation. This infrastructure upgrade will streamline sample preparation ahead of external laboratory analysis.

Financially, Fortuna strengthened its position through a well-supported placement raising A$3.5 million before costs, with board and management investing alongside new and existing shareholders. The funds will underpin ongoing exploration and drilling programs through 2026, ensuring momentum is maintained as assay results continue to flow.

Looking Ahead, Defining a New Rutile Frontier

While the initial drilling and assay results are encouraging, Fortuna’s exploration remains at an early stage. The upcoming Aircore drilling campaign will be pivotal in delineating the extent and depth of rutile mineralisation, which will ultimately determine the project's commercial viability. Parallel graphite analysis may also add value, potentially enhancing the overall economics of the projects.

Fortuna’s entry into this emerging rutile province, combined with its strategic capital raising and operational advancements, marks a significant step in its growth trajectory. The company is now poised to define a new resource frontier in Malawi, a region rapidly gaining prominence in the global titanium and graphite markets.