AUKING MINING LIMITED — Capital/Financing Update 2021

Jun 8, 2021

AuKing Mining Limited ABN 29 070 859 522 (previously Chinalco Yunnan Copper Resources Ltd)

Suite 27, Level 7, 320 Adelaide Street Brisbane QLD 4000 GPO Box 216 Brisbane QLD 4001 Tel: +61 7 3535 1208

9 June 2021

Mr Adrian Smythe ASX Limited 20 Bridge Street Sydney NSW 2000

Dear Adrian

Pre-Quotation Disclosure Notice

The following information is required to be provided to ASX Limited ( ASX ) for release to the market in connection with the admission to the official list of, and official quotation of, fully paid ordinary shares ( Shares ) in AuKing Mining Limited ACN 070 859 522 ( AKN or the Company ). Unless otherwise defined, capitalised terms used in this notice have the meaning given to them in the prospectus ( Prospectus ) lodged by the Company with ASIC on 9 March 2021 (as supplemented by the First Supplementary Prospectus lodged with ASIC on 19 March 2021 ( First Supplementary Prospectus ), the Second Supplementary Prospectus lodged with ASIC on 23 April 2021 ( Second Supplementary Prospectus ), the Third Supplementary Prospectus lodged with ASIC on 4 May 2021 ( Third Supplementary Prospectus ), the Fourth Supplementary Prospectus lodged with ASIC on 31 May 2021 ( Fourth Supplementary Prospectus ) and the Fifth Supplementary Prospectus lodged with ASIC on 3 June 2021 ( Fifth Supplementary Prospectus )).

1. Close of Offer and receipt of funds

• 1.1 The Company confirms that the Offer made by the Company pursuant to the Prospectus dated 9 March 2021 as varied by the supplementary prospectuses dated 19 March, 23 April 2021, 4 May 2021, 31 May 2021 and 3 June 2021 closed on 7 June 2021 and the Company has issued:

  • (a) 35,000,000 fully paid ordinary shares at an issue price of $0.20 per share; and

  • (b) 17,500,000 options exercisable at $0.25 on or before 30 June 2023 to be issued on the basis of one (1) option for every two (2) ordinary shares issued.

• 1.2 The Company confirms that it has received cleared funds for the complete amount of the issue price of every fully paid security issued to every successful applicant for fully paid securities under the Prospectus.

2. Update on status of renewal

• 2.1 The Company provides the following update with regard to the status of renewal in respect of the following tenements:

  • (a) EL 4957 expires on 10 November 2021 and steps will be taken to renew the tenure closer to the due date;

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• (b) PLs 1802/1803 contain areas that are the subject of applications to amalgamate those areas into existing ELs that are subject to the Joint Venture. Final native title clearances in respect of the amalgamations have now been agreed and are expected to be finalised shortly. Upon completion of the amalgamations, the PLs will lapse.

3. Issue of General Meeting Shares

• 3.1 The Company confirms that:

  • (a) 7,500,000 fully paid ordinary shares have been issued to JCHX in satisfaction of the JCHX Loan;

  • (b) 3,553,333 fully paid ordinary shares have been issued on conversion of the Long Term Convertible Notes;

  • (c) 5,416,666 fully paid ordinary shares have been issued on conversion of the Short Term Convertible Notes;

  • (d) 833,333 fully paid ordinary shares have been issued on conversion of the Tighe Short Term Convertible Notes;

  • (e) the following fully paid ordinary shares have been issued to directors and employees in satisfaction of unpaid fees, salaries and entitlements:

    • (1) 420,000 shares to Dr Huaisheng Peng;

    • (2) 1,114,445 shares to Paul Williams;

    • (3) 635,485 shares to Robert Yang;

    • (4) 350,000 shares to Qinghai Wang;

    • (5) 262,170 shares to Paul Marshall;

    • (6) 189,060 shares to Michael Harvey; and

    • (7) 164,460 shares to Audrey Guo,

those issues of securities being approved by Shareholders at the General Meeting.

4. Restricted securities

• 4.1 The Company confirms that:

ASX Escrow

• (a) 4,429,096 Shares have been classified as restricted securities by ASX and will be subject to restrictions for a period of 24 months from the date of official quotation of the Shares.

• (b) 2,500,000 Shares have been classified as restricted securities by ASX and will be subject to restrictions for a period of 12 months from the date of issue of the securities (except for shares issued upon conversion of the principal component of convertible notes, which are restricted for a period of 12 months from the date of issue of the convertible notes). The expiry dates of the respective escrow periods for these shares are set out in the following table:

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Number of Shares	Escrow Expiry Date
833,333	1 March 2022
833,334	3 March 2022
333,334	4 March 2022
333,333	10 March 2022
100,000	11 March 2022
66,666	12 March 2022
2,500,000

Voluntary Escrow

• (c) 10,019,930 Shares are subject to voluntary escrow and will be subject to restrictions for a period of 24 months from the date of official quotation of the Shares.

• 4.2 Certain securities are subject to both voluntary and mandatory escrow restriction. As such, the total number of securities to which some form of escrow applies (whether mandatory or voluntary) is 13,429,096 Shares.

5. Capital structure

• 5.1 The Company’s current capital structure is as follows:

Securities	Number
Ordinary Shares (AKN)	60,289,651
Options (AKNO)	17,500,000

6. Any further items

• 6.1 Attached is a report that the Company has obtained from Core Metallurgy Pty Ltd (a member of the Core Group) in respect of the applicability of the AmmLeach® Technology to the Koongie Park Project.

• 6.2 Attached is a pro forma statement of financial position as at 31 December 2020 based on the $7,000,000 raised under the Prospectus.

Kind regards

This announcement is authorized by:

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Paul Williams

Chief Executive Officer

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AuKing Mining Limited

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