AUKING MINING LIMITED — Capital/Financing Update 2020

Jul 5, 2020

AuKing Mining Limited ABN 29 070 859 522

Suite 11, Level 4, 320 Adelaide Street Brisbane QLD 4000 GPO Box 216 Brisbane QLD 4001 Tel: +61 7 3041 1306

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6 July 2020

The Manager Listings Compliance ASX, SYDNEY

RE: CONVERTIBLE NOTE ISSUE

AuKing Mining Limited (Company) advises that it has issued 150,000 convertible notes in the Company at an issue price of $1 per note to a sophisticated private investor. The convertible note terms are identical to the Company’s existing issued notes and are summarized as follows:

Total funds raised - $150,000 Notes term – 30 September 2020 Interest payable – 10% per annum, payable quarterly in arrears Convertibility – at the election of the holder, notes may (subject to AKN shareholder approval) be converted into ordinary shares at an issue price that is a 25% discount to the 20 trading day VWAP for the Company’s shares prior to the date of conversion.

The funds raised from the issue of these convertible notes will be used for ongoing operating costs and costs associated with the Koongie Park earn-in agreement and the Company’s re-compliance activities including a prospectus capital raising, shareholder meeting and other actions as may be required by ASX.

An Appendix 3B in relation to the note issue will be lodged separately.

This announcement is authorised by:

Paul Williams Managing Director p.williams@aukingmining.com +61 419 762 487

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