Export Ban Exemption Clears Path for Fortuna’s Rutile Ambitions in Malawi

Emerging Rutile Discovery at Mkanda

Fortuna Metals Limited (ASX – FUN) has unveiled compelling new assay results from its Mkanda rutile and graphite project in Malawi, highlighting a substantial and high-grade rutile mineralised footprint. The latest data from 96 hand auger drill holes show that over a third of samples (37.5%) contain rutile grades exceeding 1%, with the highest assay reaching 1.78% rutile within the top 2 metres of surface. This shallow mineralisation extends coherently over a 25-kilometre strike length and remains open both laterally and at depth, signalling significant exploration upside.

The company has completed 675 drill holes across the Mkanda project, with assays from an additional 534 holes expected throughout the first quarter of 2026. These forthcoming results will be critical in delineating the full extent and grade continuity of the rutile deposit, guiding a targeted 2026 drilling campaign focused on infilling high-grade zones on a 200 by 200-metre grid. Fortuna’s approach of prioritising shallow 0-2m samples for initial assays offers a cost-effective reconnaissance method to rapidly identify the most prospective areas.

Strategic Importance and Market Context

Rutile, a titanium dioxide mineral, is a critical feedstock for titanium metal production, which is increasingly vital for advanced manufacturing sectors such as robotics and aerospace. Fortuna’s CEO, Tom Langley, emphasised the growing demand for titanium metal driven by innovations like Tesla’s pivot towards humanoid robots, projecting a potential supply shortfall in the coming decade. With each humanoid robot requiring approximately 10.4 kilograms of rutile, the Mkanda project’s high-grade rutile could position Fortuna as a key supplier in this emerging market.

The Mkanda project shares a geological setting nearly identical to Sovereign Metals’ world-class Kasiya deposit, located just 20 kilometres north. Kasiya is recognised as the largest rutile deposit globally, and Fortuna’s results suggest Mkanda could develop into a similarly significant resource. The company is also exploring the potential for rare earth elements and graphite, adding a multi-commodity dimension to its portfolio that could enhance project economics.

Regulatory Clarity and Operational Readiness

In a notable regulatory development, Fortuna has received official confirmation from Malawi’s Ministry of Energy and Mining that the country’s recent raw mineral export restrictions do not apply to its projects, provided the company undertakes beneficiation and upgrading of minerals within Malawi. This exemption removes a significant potential hurdle, allowing Fortuna to focus on producing premium-grade rutile and graphite products domestically before export.

Fortuna is advancing its operational capabilities by establishing a low-cost in-country laboratory to accelerate sample preparation and assay turnaround. The arrival of specialized equipment such as Gemini wet shaking tables will support faster decision-making and more efficient drilling programs in 2026. The project benefits from excellent infrastructure proximity, including access to rail, power, and water, which bodes well for future development.

Looking Ahead

With a busy first quarter underway; including management’s presence at the 121 Mining Investment Conference in Cape Town; Fortuna is poised to maintain a steady flow of exploration updates. The company’s strategic focus on rapid, cost-effective exploration and its alignment with global demand trends for critical minerals position Mkanda as a project to watch closely in 2026 and beyond.