Auking Mining's Appeal for Prospecting Licences in Tanzania

Auking Mining Limited (ASX: $AKN) has taken steps to pursue its Ministerial Appeal concerning two Prospecting Licences at Manyoni in central Tanzania. The appeal, lodged by the company's legal advisors in Tanzania, is based on the grounds that the revocation of the licenses did not adhere to the law and that due process rights were not observed by the Commission. The company, focused on uranium, copper, and zinc projects in Tanzania and Australia, holds six uranium and copper projects in Tanzania, including Mkuju, Manyoni/ltigi, and Mpanda/Karema, as well as the Koongie Park Copper Zinc Project in Western Australia. The revocation of the Prospecting Licences has caused significant disruption to the company's operations and investor confidence. Auking Mining remains committed to making a significant contribution to the Tanzanian mining sector and has engaged with relevant stakeholders to resolve the matter amicably.

Executive Commentary on Pursuing Ministerial Appeal

The company's legal advisors in Tanzania have taken the necessary steps to appeal to the Minister of Minerals regarding the revocation of the Prospecting Licences. We firmly believe that the revocation was not in accordance with the law and that due process rights were not observed by the Commission. Our commitment to the Tanzanian mining sector remains unwavering, and we are dedicated to resolving this matter amicably. We have engaged with relevant stakeholders and intend to work cooperatively with the Commission to address this issue.

Summary of Auking Mining's Pursuit of Ministerial Appeal

Auking Mining Limited (ASX: $AKN) has initiated a Ministerial Appeal in relation to the revocation of two Prospecting Licences at Manyoni in central Tanzania. The company's legal advisors in Tanzania lodged the appeal based on the grounds that the revocation was not in accordance with the law and that due process rights were not observed by the Commission. This revocation has caused significant disruption to the company's operations and investor confidence. Auking Mining remains committed to making a significant contribution to the Tanzanian mining sector and has engaged with relevant stakeholders to resolve the matter amicably. The company's vision includes providing sustainable employment for the local community and being a valued member of the Kinondoni district. The company's financial statements for the year ended 30 June 2022 have been authorized, and the board confirms the preparation of the statements on a going concern basis. Auking Mining's operations are exposed to financial risks, including currency risk and credit risk, which are managed at an operational level and monitored by the Board.