Fortuna Metals Uncovers Extensive High-Grade Rutile Zones at Mkanda

Significant Rutile Discovery at Mkanda

Fortuna Metals Limited (ASX, FUN) has announced compelling results from its ongoing exploration at the Mkanda rutile and graphite project in Malawi. The latest batch of 35 hand auger drill holes has confirmed multiple zones of high-grade rutile mineralisation, with grades reaching up to 2.26% rutile from surface to 10 metres depth. These results reinforce the presence of extensive rutile mineralisation open at depth and along strike, highlighting the project's potential scale.

To date, Fortuna has completed 675 drill holes averaging 8 metres in depth, with assay results received for only 45 holes so far. The remaining 630 assays are expected to be reported consistently throughout the first quarter of 2026, promising a steady flow of data to refine the resource model.

Strategic Location and Geological Parallels

The Mkanda project lies immediately south of Sovereign Metals Limited’s world-class Kasiya rutile deposit, the largest rutile and second largest flake graphite deposit globally. Fortuna’s exploration confirms that Mkanda shares the same geological setting; weathered gneiss of the Lilongwe Plain; which hosts high-grade rutile mineralisation formed through tropical weathering and residual placer processes.

This proximity and geological similarity suggest that Mkanda could potentially host a rutile resource of comparable quality, a prospect that Fortuna is aggressively pursuing with further drilling planned for 2026. The company aims to delineate a material rutile resource estimate, focusing on the highest grade zones identified in this initial reconnaissance phase.

Multi-Commodity Potential and Operational Advances

In addition to rutile, Fortuna is conducting parallel analyses for graphite and rare earth elements, inspired by recent discoveries of strategic heavy rare earths at Kasiya just 20 kilometres north. Graphite credits have the potential to significantly uplift project economics, as seen with Sovereign’s Kasiya Ore Reserve, which nearly doubles in rutile equivalent grade when graphite is included.

To support rapid assay turnaround and decision-making, Fortuna is commissioning an in-country laboratory in Lilongwe, equipped with advanced sample processing equipment. This facility is expected to accelerate exploration workflows and underpin the company’s intent to move swiftly towards resource definition and development.

Rutile’s Growing Importance in Titanium and Robotics

Rutile is a critical mineral feedstock for titanium metal production, essential for next-generation robotics and humanoid manufacturing. With forecasts projecting a surge in demand driven by robotics; including Tesla’s ambitious plans to sell one million humanoids in 2027; the supply of high-grade rutile is poised to become increasingly strategic.

Fortuna’s Mkanda project is well positioned to contribute to this supply gap, offering high-quality rutile mineralisation close to surface and with potential extensions at depth. The company’s exploration progress and infrastructure access in Malawi, including proximity to rail and port facilities, further enhance its development prospects.

Outlook and Next Steps

With a busy first quarter ahead, Fortuna’s management is actively engaging with investors and stakeholders, including participation at the 121 Mining Investment Conference in Cape Town. The company plans to release a steady stream of assay results for rutile, graphite, and rare earth elements through Q1 and Q2 2026, setting the stage for targeted infill and step-out drilling campaigns.

As Fortuna advances its exploration with a clear focus on delineating the highest grade and most valuable resource zones, the Mkanda project is emerging as a significant player in the global titanium minerals market, underpinned by robust demand fundamentals and strategic regional positioning.