Fortuna Metals Achieves 96.66% TiO₂ Rutile Grade at Mkanda, Malawi

Fortuna Metals Achieves +96% TiO₂ Rutile Grade at Mkanda

Fortuna Metals Ltd (ASX: FUN) has reported production of a +96% TiO₂ rutile product from initial bulk metallurgical testwork at its Mkanda rutile and graphite project in Malawi. The Fortuna Metals Mkanda rutile 96.66% TiO2 result represents a significant technical milestone, with the 5.4-tonne bulk sample, processed by Mineral Technologies in Johannesburg, returning a rutile specification of 96.66% TiO₂. This places the material in the high-grade natural rutile category and aligns it with products from established global operations.

The result forms part of an ongoing metallurgical and drilling programme aimed at supporting a maiden Mineral Resource Estimate (MRE) for Mkanda, which the company has indicated is targeted for July 2026.

Fortuna Metals Ltd has also confirmed that monazite, zircon and graphite analysis from the same bulk sample remains ongoing, with graphite flotation testwork scheduled for Q3 2026 as part of early feasibility study work.

CEO Tom Langley commented: "The high-quality rutile product grading over 96% TiO₂ produced from our bulk sample test work in Johannesburg is an outstanding initial outcome for the Company. This proves the high quality of the Rutile and low impurities at Mkanda. We look forward to a busy 2026 with major catalysts in the near future set to reposition Fortuna as not just a discovery story but a key global supplier of titanium, graphite and potentially monazite."

What the Result Means for Product Quality

The reported 96.66% TiO₂ rutile grade is derived from bulk concentrate produced from run-of-mine material at Mkanda. In natural rutile, higher TiO₂ content is generally associated with higher value and a broader range of downstream applications.

According to Fortuna Metals Ltd, the bulk sample was processed using:

• Multi-stage gravity separation
• Magnetic and electrostatic separation
• Follow-up XRF analysis of all separated fractions

The testwork generated clean product samples of:

• Rutile
• Monazite
• Zircon
• Ilmenite

These samples are intended for further characterisation and for classification into potential product specifications for offtake discussions. Furthermore, the company has stated that final metallurgical reporting, including XRD and QEMSCAN mineralogy, is expected to be completed in July 2026.

From an investor perspective, early confirmation that Mkanda material can produce a market-relevant rutile product is an important technical step before detailed feasibility work. It gives potential customers and financiers an initial data point on product suitability, even though flowsheet optimisation and variability testwork are still pending.

How Does Mkanda's Rutile Compare with Global Producers?

In the update, Fortuna Metals Ltd presented a comparison of Mkanda's rutile specification against three well-known rutile operations or reference deposits: Kasiya (Sovereign Metals), Sierra Rutile (Leonoil) and Kwale (Base Resources, now owned by Energy Fuels Inc.).

Rutile Product Comparison

Source data: Fortuna Metals Ltd ASX announcement 2 July 2026; Sovereign Metals DFS (16 April 2026); BGR Assessment Manual (2010) for Sierra Rutile and Kwale.

Key points from the table include the following:

• TiO₂ content: Mkanda records the highest TiO₂ grade in this comparison at 96.66%.
• Zirconium plus hafnium (ZrO₂+HfO₂): Mkanda and Kasiya are both reported at 0.18%, lower than Sierra Rutile (0.78%) and Kwale (0.72%).
• Silica (SiO₂): Mkanda has the lowest silica of the four at 0.37%, which is relevant because silica is generally considered an impurity in rutile products.
• Iron oxide (Fe₂O₃): Mkanda's Fe₂O₃ level of 0.94% is comparable to Kasiya (0.98%) and higher than Sierra Rutile but lower than Kwale.

For investors, this dataset indicates that Mkanda's early product specification sits within the quality range of existing rutile operations and reference deposits. Consequently, final conclusions on marketability will depend on full impurity suites, including sulphur and uranium plus thorium, along with variability across the broader deposit.

Mkanda's rutile product is reported at 96.66% TiO₂, with 0.18% ZrO₂+HfO₂ and 0.37% SiO₂, based on initial bulk metallurgical testwork by Mineral Technologies.

Understanding Rutile and Titanium

Rutile and titanium feedstocks are central to the Mkanda story. For readers assessing Fortuna Metals Ltd, an understanding of the underlying commodity is important.

What Is Rutile?

Rutile is a naturally occurring titanium mineral. It is mainly composed of titanium dioxide (TiO₂) and is one of the principal natural sources of titanium.

Key characteristics include:

• Typically contains more than 90% TiO₂
• Considered a high-grade feedstock compared with ilmenite, which often contains 45–65% TiO₂
• Used as input material in titanium pigment, titanium metal and welding electrodes

Why Does TiO₂ Grade Matter?

For pigment and metal producers, higher TiO₂ grade typically means less waste material needs to be removed. Processing can, furthermore, be more efficient when starting from a cleaner, higher-grade feed. High-grade natural rutile can sometimes displace or supplement lower-grade feedstocks in blending strategies.

From an investment point of view, higher TiO₂ typically supports better pricing and can improve project economics if supported by scale, recoveries and reasonable costs.

How Is Rutile Used?

According to the ASX announcement, rutile has several key applications:

• Titanium pigment: Used in paints, plastics, paper and sunscreens for whiteness and opacity.
• Titanium metal: Used in aerospace, defence, medical implants and chemical processing due to its strength-to-weight ratio and corrosion resistance.
• Welding electrodes: Rutile is used in electrode coatings that stabilise the welding arc.

In addition, the announcement cites industry research (Precedence Research, 2025) indicating growing titanium demand associated with robotics and industrial automation. Titanium alloys are described as helping support lightweight yet durable components in advanced robotic and automation systems.

What Is Rutile Worth?

Fortuna Metals Ltd reports that natural rutile is currently selling for approximately US$1,100–1,300 per tonne. Pricing can vary based on:

• TiO₂ grade
• Impurity levels
• Contract terms and customer specifications
• Market balance between supply and demand

The company also notes that many traditional rutile deposits are being depleted, with legacy producers reported to be in decline and an anticipated tighter supply picture ahead.

Key Technical Terms Explained

These concepts are relevant because they underpin how Fortuna Metals Ltd characterises Mkanda's ore and products, and how independent specialists may later assess project economics.

The Mkanda and Kampini Projects: Geological and Location Context

According to the announcement, the Mkanda and Kampini projects cover approximately 658 km² in Malawi, across two granted exploration licences:

• EL0839-25 (Mkanda)
• EL0840-25 (Kampini)

The projects are located about 20 km south of Sovereign Metals' Kasiya rutile project, which is described in Sovereign's announcements as the largest rutile deposit and the second largest coarse flake graphite deposit globally.

Fortuna Metals Ltd reports that its projects cover the majority of a 70 km strike extent of the Lilongwe Plain weathered gneiss, the same geological formation that hosts rutile and graphite mineralisation at Kasiya.

What Is the Deposit Style?

The announcement describes the rutile style as:

• A residual placer or eluvial heavy mineral deposit
• Formed by long-term tropical weathering during the Tertiary period
• Concentrating heavy minerals, including rutile, within the top 5–10 m of the weathered profile

In simple terms, the original bedrock weathered over time. Lighter and more mobile minerals were removed, and heavier minerals such as rutile remained and became concentrated near surface.

Recent hand-auger drilling at Mkanda is reported to show high-grade core zones of mineralisation extending to end of hole, alongside flanking zones of surface mineralisation typically 2–4 m thick. The company states that these patterns show similarities to Kasiya, reinforcing the geological model across a broader area of Mkanda.

Infrastructure Setting

The announcement highlights several infrastructure features relevant to a potential future mining operation:

• ~20 km from Lilongwe, Malawi's capital
• ~25 km from rail access, and about 11 km at the most northern boundary, linking to the Nacala rail corridor and the deep-water port of Nacala in Mozambique
• ~15 km from high-capacity power lines
• Reported access to fresh water suitable for potential processing options

For investors, proximity to rail, power and water can have an important influence on capital and operating costs if a project advances to production studies.

Multi-Commodity Potential: Rutile, Graphite and Rare Earths

Although rutile is the focus of the current metallurgical announcement, Fortuna Metals Ltd is positioning Mkanda as a multi-commodity opportunity. Current and planned work includes:

• Rutile: Initial product grading 96.66% TiO₂, with further characterisation pending.
• Monazite and zircon: Separated during testwork, with analysis and classification into product samples for potential offtakers ongoing.
• Graphite: Flotation testwork planned for Q3 2026, ahead of additional metallurgical testwork as part of initial feasibility studies.
• Rare earth elements: Rare earth and graphite analysis is being progressed in parallel, taking into account recent reporting of heavy rare earths at Kasiya.

The announcement references Sovereign's disclosure that graphite at Kasiya increases the ore reserve from 0.96% rutile to 1.51% rutile equivalent (RutEq) when graphite credits are considered. Fortuna Metals Ltd does not present equivalent data for Mkanda at this stage, however, it is signalling an interest in quantifying graphite and rare earth contributions as part of its economic assessment.

Drilling Programmes and the Path to a Maiden MRE

The 2 July 2026 announcement situates the Fortuna Metals Mkanda rutile 96.66% TiO2 result within a broader exploration and drilling campaign.

Drilling Completed to Date

Key reported metrics at Mkanda include:

• 1,323 hand-auger drillholes completed
• Total drilling of 10,037 m
• Average depth of 8 m across the programme
• A 2026 infill programme of 648 hand-auger holes, averaging 8.2 m depth, for a total of 4,637 m

The 2025 drilling programme was described as first-pass reconnaissance on a 400 m x 400 m spacing, aiming to define broad areas of higher-grade rutile and graphite mineralisation to support the planned maiden Inferred MRE in July 2026. The 2026 programmes are focused on tightening spacing to 200 m x 200 m and a 5,000 m aircore drill programme continuing through July, August and September 2026.

Upcoming Technical Milestones

Fortuna Metals Ltd also notes that it has commissioned its own in-country laboratory in Malawi to handle initial heavy mineral separation steps. This is intended to reduce assay costs and shorten turnaround times, which can consequently support faster exploration decision-making.

Why the Metallurgical Result Matters to Investors

For shareholders and potential investors assessing Fortuna Metals Ltd, the Fortuna Metals Mkanda rutile 96.66% TiO2 result connects directly to several investment considerations.

1. Product quality and market relevance

The reported 96.66% TiO₂ grade positions Mkanda's rutile within the high-grade category. Comparative data against existing operations such as Sierra Rutile and Kwale provides an early reference point for potential customer interest

Ready to Dig Deeper Into Fortuna Metals' Mkanda Project?

Fortuna Metals (ASX: FUN) is advancing one of the most compelling emerging rutile and multi-commodity projects in Africa, with a maiden Mineral Resource Estimate targeted for July 2026 and a pipeline of near-term catalysts that could reposition the company as a significant global supplier of titanium, graphite, and potentially rare earth elements. With Mkanda's rutile already matching — and in some respects exceeding — the product specifications of established global producers, investors looking to get ahead of the curve would do well to explore the full story. Visit fortunametals.limited to learn more about the company, its projects, and the investment case behind FUN.