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Tusker Minerals Ltd (ASX:TSK)

ALERT: Price-sensitive ASX Announcement for TSK
Current share price for TSK : $0.050 -0.002 (-3.85%)+
Announcement
Release
13 Oct 2026 6:02PM
Price at Release
$0.052
Full Release
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Summary
Tusker Minerals announced completion of the sale of 100% of Green Exploration Limited to AuKing Mining Limited under the 18 August 2026 Share Sale Agreement, with AuKing acquiring the Machinga heavy rare earths project (EPL 0529 and EPL 0705) and the Ngala Hill, Salambidwe and Karonga projects in Malawi, while Tusker retains the Mzimba HMS project; on completion, Tusker received A$800,000 in cash and 40,000,000 fully paid AuKing shares issued at a deemed price of A$0.025 and subject to 12-month voluntary escrow, with a further A$50,000 payable within 90 days, A$1,250,000 payable on the first anniversary of completion, and up to A$1,750,000 in additional AuKing shares contingent on meeting the Machinga resource hurdle or Ngala Hill drill hurdle within three years, and the company said the proceeds provide non-dilutionary funding to support its rutile and heavy mineral sands work in Cameroon while maintaining upside exposure to the sold Malawian assets through its AuKing shareholding and performance consideration.
Key Points
  • Completion occurred for the sale of 100% of Green Exploration Limited to AuKing Mining Limited.
  • AuKing acquired the Machinga, Ngala Hill, Salambidwe and Karonga projects in Malawi.
  • Tusker retained the Mzimba HMS project.
  • Tusker received A$800,000 cash and 40,000,000 AuKing shares at a deemed issue price of A$0.025.
  • The AuKing shares are subject to 12-month voluntary escrow.
  • Deferred consideration includes A$50,000 within 90 days and A$1,250,000 on the first anniversary of completion.
  • Up to A$1,750,000 in additional AuKing shares may be issued if performance hurdles are met within three years.
  • Tusker said the completion cash supports its Cameroon rutile and heavy mineral sands projects without diluting shareholders.
  • Tusker retains exposure to Machinga and Ngala Hill through its AuKing shareholding and performance consideration.
  • The announcement was authorised by the Board of Tusker Minerals.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.