AUKING MINING LIMITED — Capital/Financing Update 2022

May 22, 2022

AuKing Mining Limited ABN 29 070 859 522

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

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NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

23 May 2022

The Manager Listings Compliance ASX, Sydney

RE: NOTIFICATION OF ENTITLEMENT OFFER SHORTFALL

AuKing Mining Limited (ASX:AKN) confirms that its 1 for 3 non-renounceable entitlement offer to existing shareholders (Offer) closed at 5pm on Monday, 16 May 2022.

AKN gives notice of the total subscriptions for the Offer as follows:

• The final number of shares available under the Offer was 25,197,379;

• acceptances were received for a total of 2,691,644 new shares (including applications for additional shares) from 62 shareholders raising $376,830.16; and

• The net shortfall under the offer was 22,505,735 shares - $3,150,802.90

The Offer was fully underwritten by Vert Capital and they have been notified of the shortfall. However, the Company advises that AKN is awaiting a formal response from Vert Capital as to whether they will complete the shortfall or exercise its rights to terminate the underwriting obligation. It should be noted that there are conditions in the underwriting agreement that would allow Vert Capital to terminate the agreement.

Further details about the shortfall and dealings with Vert Capital will be announced shortly.

As disclosed in the Offer Prospectus dated 20 April 2022, the Directors of AKN have reserved the right to place any of the remaining shortfall Shares at the same price of $0.14 cents per share for a three (3) month period after close of the Offer.

The Directors of AKN wish to thank those shareholders who participated in the Offer, during the current challenging market conditions. All shareholders that applied for additional shares (above their entitlement) will be allocated the shares that they applied for. In addition freeattaching options (of the same class as AKN’s existing ASX-listed options) (“Options”) will also to be issued to subscribers on the basis of one (1) new Option for every three (3) new Shares applied for.

This Announcement is Authorised by the Board

For further information contact: Paul Williams CEO, AuKing Limited Phone: +61 419 762 487 E-Mail p.williams@aukingmining.com

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NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States and may not be distributed or released in the United States or any jurisdiction in which, or to any person to whom, such an offer would be illegal. New shares and new options allotted under the Retail Entitlement Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended ( U.S. Securities Act ), or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the new shares and new options may not be offered or sold, directly or indirectly, in the United States except in compliance with the registration requirements of the U.S. Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States (which AuKing has no obligation or intention to do or procure) or pursuant to an exemption from, or in a transaction exempt from or not subject to, such registration requirements and any other applicable securities laws. There will be no public offer of securities (including the new shares or new options) in the United States.

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