DUKETON MINING LIMITED — AGM Information 2020

Nov 25, 2020

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AGM Investor Update

November 2020

Stuart Fogarty Managing Director

www.duketonmining.com.au

Duketon Mining Limited |

Cautionary Statement

This presentation has been prepared by Duketon Mining Limited(“Duketon”). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Duketon has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by Duketon. Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, Duketon. In particular they refer only to the date of this document, they assume the success of Duketon’s strategies, and they are subject to significant regulatory, business, competitive and economic risks and uncertainties. Actual future events may vary materially from those in the forward looking statements. Recipients of this document are cautioned not to place undue reliance on such forward-looking statements. Duketon makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, Duketon and its officer’s employees, related corporations and agents disclaim all liability, whether direct, indirect or consequential for any loss or damage arising out of, or in connection with, any use or reliance on this presentation or information. All amounts are in A$ unless otherwise stated.

Competent Person Statement:

The information in this report that relates to exploration results is based on information compiled by Ms Kirsty Culver, Member of the Australian Institute of Geoscientists (AIG) and an employee of Duketon Mining Limited. Ms Culver has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that is being undertaken to qualify as a competent person as defined in the JORC Code 2012. Ms Culver consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The information in the announcement that relates to Mineral Resources for Rosie is extracted from the ASX announcement 3 August 2020 and is available to view on the Company’s website (www.duketonmining.com.au). The information in the announcement that relates to Mineral Resources for C2 is extracted from ASX announcement 29 January 2015. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Duketon Mining Limited |

Corporate Overview

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Duketon Mining Limited	ASX: DKM
Shares on Issue	118m
Options on Issue1	9.8m
Market Cap. @ 23c	$27m
Cash + Investments	$24m
Enterprise Value	$3m

Share Price Chart (Last 12 Months)

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1. Volume weighted exercise price of 22.7 cents

Board & Management Seamus Cornelius Non-Executive Chairman Mr Cornelius is an experienced international corporate lawyer and public company board member. He was based in Shanghai and Beijing from 1993 until 2017 and from 2000 to 2010 was a partner with a large international law firm. He specialized in dealing with cross border investment particularly in the energy and resource sector. He also advised international banks on their business in China and China SOE’s on outbound investment. Since 2010 he has served as a public listed company Director and is currently a non-executive director of Duketon Mining Limited, Danakali Limited, E25 Limited and Buxton Resources Limited. Stuart Fogarty Managing Director Mr Fogarty has over 25 years of exploration experience with BHP Billiton and Western Mining Corporation. He was BHP’s Senior Exploration Manager for North and South America. Mr Fogarty has a very strong background in nickel exploration, having commenced his career at Kambalda Nickel in 1994. He has held senior roles with BHP including Senior Geoscientist for nickel exploration in the Leinster and Mt Keith region, Project Manager WA Nickel Brownfields and Regional Manager Australia – Asia where he was responsible for a $100 million per annum exploration budget. Heath Hellewell Non Executive Director Mr Hellewell is an exploration geologist with 25 years of experience, predominantly in Australia and West Africa. Heath joined Independence Group NL in 2000 prior to the Company’s IPO and was part of the team that identified and acquired the Tropicana project area, eventually leading to the discovery of the Tropicana gold deposit. He was co-founding Executive Director of Doray Minerals Limited, where he was responsible for the Company’s exploration and new business activities. Following the discovery of the Andy Well gold deposits, Doray Minerals was named “Gold Explorer of the Year” in 2011 by The Gold Mining Journal and in 2014 Heath was the co-winner of the prestigious “Prospector of the Year” award, presented by the Association of Mining and Exploration Companies. Heath played a key role in the acquisition of the 1.5Moz Karlawinda Gold Project in 2015 and was a founding director of Capricorn Metals, where he became Executive Chairman until 2018.	Board & Management Seamus Cornelius Non-Executive Chairman Mr Cornelius is an experienced international corporate lawyer and public company board member. He was based in Shanghai and Beijing from 1993 until 2017 and from 2000 to 2010 was a partner with a large international law firm. He specialized in dealing with cross border investment particularly in the energy and resource sector. He also advised international banks on their business in China and China SOE’s on outbound investment. Since 2010 he has served as a public listed company Director and is currently a non-executive director of Duketon Mining Limited, Danakali Limited, E25 Limited and Buxton Resources Limited. Stuart Fogarty Managing Director Mr Fogarty has over 25 years of exploration experience with BHP Billiton and Western Mining Corporation. He was BHP’s Senior Exploration Manager for North and South America. Mr Fogarty has a very strong background in nickel exploration, having commenced his career at Kambalda Nickel in 1994. He has held senior roles with BHP including Senior Geoscientist for nickel exploration in the Leinster and Mt Keith region, Project Manager WA Nickel Brownfields and Regional Manager Australia – Asia where he was responsible for a $100 million per annum exploration budget. Heath Hellewell Non Executive Director Mr Hellewell is an exploration geologist with 25 years of experience, predominantly in Australia and West Africa. Heath joined Independence Group NL in 2000 prior to the Company’s IPO and was part of the team that identified and acquired the Tropicana project area, eventually leading to the discovery of the Tropicana gold deposit. He was co-founding Executive Director of Doray Minerals Limited, where he was responsible for the Company’s exploration and new business activities. Following the discovery of the Andy Well gold deposits, Doray Minerals was named “Gold Explorer of the Year” in 2011 by The Gold Mining Journal and in 2014 Heath was the co-winner of the prestigious “Prospector of the Year” award, presented by the Association of Mining and Exploration Companies. Heath played a key role in the acquisition of the 1.5Moz Karlawinda Gold Project in 2015 and was a founding director of Capricorn Metals, where he became Executive Chairman until 2018.	Board & Management Seamus Cornelius Non-Executive Chairman Mr Cornelius is an experienced international corporate lawyer and public company board member. He was based in Shanghai and Beijing from 1993 until 2017 and from 2000 to 2010 was a partner with a large international law firm. He specialized in dealing with cross border investment particularly in the energy and resource sector. He also advised international banks on their business in China and China SOE’s on outbound investment. Since 2010 he has served as a public listed company Director and is currently a non-executive director of Duketon Mining Limited, Danakali Limited, E25 Limited and Buxton Resources Limited. Stuart Fogarty Managing Director Mr Fogarty has over 25 years of exploration experience with BHP Billiton and Western Mining Corporation. He was BHP’s Senior Exploration Manager for North and South America. Mr Fogarty has a very strong background in nickel exploration, having commenced his career at Kambalda Nickel in 1994. He has held senior roles with BHP including Senior Geoscientist for nickel exploration in the Leinster and Mt Keith region, Project Manager WA Nickel Brownfields and Regional Manager Australia – Asia where he was responsible for a $100 million per annum exploration budget. Heath Hellewell Non Executive Director Mr Hellewell is an exploration geologist with 25 years of experience, predominantly in Australia and West Africa. Heath joined Independence Group NL in 2000 prior to the Company’s IPO and was part of the team that identified and acquired the Tropicana project area, eventually leading to the discovery of the Tropicana gold deposit. He was co-founding Executive Director of Doray Minerals Limited, where he was responsible for the Company’s exploration and new business activities. Following the discovery of the Andy Well gold deposits, Doray Minerals was named “Gold Explorer of the Year” in 2011 by The Gold Mining Journal and in 2014 Heath was the co-winner of the prestigious “Prospector of the Year” award, presented by the Association of Mining and Exploration Companies. Heath played a key role in the acquisition of the 1.5Moz Karlawinda Gold Project in 2015 and was a founding director of Capricorn Metals, where he became Executive Chairman until 2018.
	Non-Executive Chairman	Mr Cornelius is an experienced international corporate lawyer and public company board member. He was based in Shanghai and Beijing from 1993 until 2017 and from 2000 to 2010 was a partner with a large international law firm. He specialized in dealing with cross border investment particularly in the energy and resource sector. He also advised international banks on their business in China and China SOE’s on outbound investment. Since 2010 he has served as a public listed company Director and is currently a non-executive director of Duketon Mining Limited, Danakali Limited, E25 Limited and Buxton Resources Limited.
	Managing Director	Mr Fogarty has over 25 years of exploration experience with BHP Billiton and Western Mining Corporation. He was BHP’s Senior Exploration Manager for North and South America. Mr Fogarty has a very strong background in nickel exploration, having commenced his career at Kambalda Nickel in 1994. He has held senior roles with BHP including Senior Geoscientist for nickel exploration in the Leinster and Mt Keith region, Project Manager WA Nickel Brownfields and Regional Manager Australia – Asia where he was responsible for a $100 million per annum exploration budget.
	Non Executive Director	Mr Hellewell is an exploration geologist with 25 years of experience, predominantly in Australia and West Africa. Heath joined Independence Group NL in 2000 prior to the Company’s IPO and was part of the team that identified and acquired the Tropicana project area, eventually leading to the discovery of the Tropicana gold deposit. He was co-founding Executive Director of Doray Minerals Limited, where he was responsible for the Company’s exploration and new business activities. Following the discovery of the Andy Well gold deposits, Doray Minerals was named “Gold Explorer of the Year” in 2011 by The Gold Mining Journal and in 2014 Heath was the co-winner of the prestigious “Prospector of the Year” award, presented by the Association of Mining and Exploration Companies. Heath played a key role in the acquisition of the 1.5Moz Karlawinda Gold Project in 2015 and was a founding director of Capricorn Metals, where he became Executive Chairman until 2018.

Duketon Mining Limited |

Strategies to Drive Shareholder Value

1. Expand/Study Nickel Resources

Commence mining study, target extensions to Rosie, C2 and the greater area for Ni-Cu-PGE’s

2. New Projects

Acquire advanced Au or Ni project with inherent upside that can be unlocked through technical and/or commercial means

3. New Tenure

Acquire new tenure via opportunistic applications or simple/low cost commercial means

Duketon Mining Limited | 4

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Honeymoon Well
Collurabie
Mt Fisher East
Mt Keith
Yakabindie
Hootanui &
Cliffs Camp Oven
Cosmos Group
Rosie & C2
Resources
Leinster Group Hacks Bore
Waterloo
Mt Windarra Somerset
Sinclair
Murrin Murrin
Mt Alexander
50 Kilometres
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Strategic Location

Multiple Projects

• ❑ 87,100 tonnes of nickel metal in

sulphide JORC resources

• ❑ Positive metallurgical results, up to 97% recovery and up to 22% Ni concentrate achieved.*

• ❑ Access to most prospective tenure for nickel discovery

• ❑ 26km strike length of prospective unit

• ❑ Minimal holding cost

• ❑ Surety of mining tenure

A pipeline of opportunities

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• See ASX announcement 10 July 2020 Duketon Mining Limited |

87,100 tonnes of nickel metal and growing

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Rosie Nickel Deposit

• ❑ Mineral Resource Estimate 2020

• ❑ 49,100t nickel,

• ❑ 10,600t copper,

• ❑ 205,000oz PGE’s

• ❑ Open at depth and along strike

• C2 Nickel Deposit

• ❑ Maiden Mineral Resource Estimate

• ❑ 38,000t nickel,

• ❑ 2,370t copper,

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Rosie Nickel Resource >1% NiEq
Resource Category Tonnes Ni (%) NiEq (%) Ni Metal
Indicated 1,707,000 2.01 2.99 34,300
Inferred 850,000 1.74 2.76 14,800
Total 2,557,000 1.92 2.91 49,100
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• ❑ 26,000oz Pt + Pd

Open at depth and along strike

See ASX announcements 29 January 2015 & 3 August 2020 for competent person statements for C2 and Rosie resources.

Duketon Mining Limited | 7

Positive Metallurgical Work - Rosie*

High Quality Concentrate

• ❑ Ni recovery up to 97%

• ❑ Intermediate con. up to 22% Ni

• ❑ Nickel con. grading 16% Ni and 7g/t total PGE’s from massive ore

• ❑ Bulk con. grading 15% (Ni+Cu) and 12g/t total PGE’s from violarite ore

• ❑ Fe:MgO from 8 to 64

• ❑ PGE’s recoverable by gravity >8g/t total PGE’s – provides an alternate process option

Scoping study underway – due Jan 2021

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(NB : >13% Ni or >12% Ni+Cu are considered saleable concentrates)

• See ASX announcement 10 July 2020

Duketon Mining Limited | 8

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402000mE 402250mE 402500mE 402750mE
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Surface
500m
5.2m @ 3.3% Ni
9m @ 1.45% Ni
7.4m @ 1.41% Ni
inc. 4.6m 1.95% Ni
6m @ 2.56% Ni
8.1m @ 1.2% Ni
250m
6.8m @ 1.5% Ni
10.2m @ 4.5% Ni
6.7m @ 1.2% Ni
11.8m @ 1.0% Ni
3.7m @ 4.4% Ni
0m
5.3m @ 2.6% Ni
7.7m @ 1.4% Ni
4.6m @ 3.6% Ni
Legend 3.8m @ 2.3% Ni 5.2m @ 9.2% Ni
>10 Ni % m
8 – 10 Ni % m
6 – 8 Ni % m ROSIE
4 – 6 Ni % m
2 - 4 Ni % m Inferred Resource 2020 LONG SECTION
<1 Ni % m
Indicated Resource 2020
250m
No significant intercept
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NE

SW

Base of alluvial
Base of complete oxidation	1.0m @ 1.4% Ni, 0.7% Cu
Top of fresh rock
	*2.0m @ 1.7% Ni, 0.3% Cu
Mineralisation Transported cover	6.5m @ 1.7% Ni, 0.4% Cu, 1.7g/t PGE *8.8m @ 0.5% Ni, 0.2% Cu, 0.7g/t PGE
Transitional
Ultramafic rocks	8.5m @ 2.0% Ni, 0.6% Cu, 3.7g/t PGE
Dolerite	2.6m @ 1.9% Ni, 0.6% Cu, 3.2g/t PGE
Sediments, siltstone, shale, black shale
Low MgO ultramafic Basalt and dolerite	3.7m @ 5.1% Ni, 0.5% Cu, 4.0g/t PGE
	4.6m @ 4.1% Ni, 0.7% Cu, 4.5g/t PGE
Quartz feldspar felsic porphyry
* 0.4% Ni cut-off	5.2m @ 9.2% Ni, 1.1% Cu, 7.1g/t PGE
Drill intercepts are quoted as down hole width, not
true width and using 1% Ni cut-off
ROSIE PROSPECT CROSS SECTION	200m 1.5m @ 1.8% Ni, 0.6% Cu, 2.1g/t PGE

Rosie – 5.2m @ 9.2% Ni, 1.1% Cu & 3.6g/t Pt+Pd

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Hangingwall Ultramafic
8.9% Ni 1.24% Cu
9.18% Ni 1.13% Cu
8.87% Ni 1.25% Cu
9.86% Ni 1.08% Cu
9.33% Ni 0.97% Cu 7.31% Ni 1.51% Cu
9.42% Ni 0.63% Cu
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Duketon Mining Limited | 11

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Surface 402600mE 402800mE 403000mE 403200mE
400m
8.1m @ 1.2% Ni
Massive sulphide from DKMDD005
0.3% Cu 1.0 g/t Pt/Pd
300m
16.2m @ 0.6% Ni
2.8m @ 1.6% Ni
NARIZ
LONG SECTION
18.7m @ 0.6% Ni
200m Legend
9.2m @ 5.0% Ni
>10 Ni % m
0.1% Cu 0.6 g/t Pt/Pd
8 – 10 Ni % m
6 – 8 Ni % m
7.2m @ 1.3% Ni
4 – 6 Ni % m
0.3% Cu 1.1 g/t Pt/Pd
100m 3.7m @ 2.0% Ni 2 - 4 Ni % m
0.3% Cu 1.9 g/t Pt/Pd
<1 Ni % m
No significant intercept
3.2m @ 2.8% Ni
0.5% Cu 2.9g/t Pt/Pd DHEM plate
0m
200m
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N

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S
Tertiary cover
Top of fresh rock
400m RL
6943800mN
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200m RL 9.22m @ 4.96% Ni, 0.41% Cu & 2.44g/t Pd + Pt
3.73m @ 2.04% Ni, 0.54% Cu & 1.91g/t Pd + Pt
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0m RL
NARIZ PROSPECT
CROSS SECTION 402850E
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200m

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2m @ 1.14% Ni, 0.15% Cu & 1.64g/t Pd + Pt
2m @ 1.06% Ni, 0.26% Cu & 0.7g/t Pd + Pt
2m @ 0.85% Ni, 0.14% Cu & 0.7 g/t Pt + Pd
1.8m @ 0.7% Ni, 0.23% Cu & 0.15g/t Pt + Pd
Mineralisation
Transported cover
Transitional
Ultramafic
Mafic
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Nariz – 5.6m @ 7.1%Ni, 0.5%Cu & 3.8g/t Pt+Pd

															5.1% Ni 0.2% Cu
	7.7% Ni 0.1% Cu														7.9% Ni 0.5% Cu
		8.0% Ni 0.9% Cu
																					7.9% Ni		0.6% Cu
							7.9%	Ni 1.3% Cu															7.5% Ni		0.5% Cu
								7.8%		Ni	0.4% Cu										7.7% Ni 0.2% Cu
											6.2% Ni		0.4% Cu
		5.4% Ni	0.4% Cu														2.5% Ni			0.5% Cu
		1.2% Ni	0.1% Cu

Duketon Mining Limited | 14

E

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W
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Base of complete oxidation Top of fresh rock 22m @ 0.7% Ni 22m @ 0.50% Ni 5m @ 0.9% Ni 20m @ 1.0% Ni Mineralisation 52m @ 0.9% Ni 14m @ 1.0% Ni Transported cover Saprolite 4.5m @ 2.0% Ni Saprock Mafic Sediment 25.5m @ 0.7% Ni Ultramafic Drill trace with 0.4% Ni cut-off

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C2 PROSPECT CROSS SECTION

100m

Hootanui and Camp Oven

Multiple EM Responses and Ni Sulphides

• ❑ Several regionally extensive cumulate textured ultramafic units.

• ❑ No outcrop, shallow cover and laterite.

• ❑ Extensive surface geochemistry, U/M contacts outlined by +250ppm Cu and +2000ppm Ni.

• ❑ Large portions of the ultramafic remain untested by drilling

Significant exploration upside

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Duketon Mining Limited | 16

Regional Tenement Acquisition (all 100% DKM)

Strategy 3 Underway

• ❑ Eagle – gold project in the Tanami region, two small non JORC compliant gold resources and numerous other significant intercepts

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Eagle
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• ❑ Lake Barlee –gold project near Halleys East Gold Mine, 200km north of Southern Cross

• ❑ Fisher South – gold and nickel project southern end of Fisher Greenstone Belt

• ❑ Mulga Tank North – gold project Minigwal Greenstone Belt (298km[2] ), several Au anomalies

• ❑ Cunyu – covers the entire Merrie greenstone belt (>430km[2] ), early stage exploration

• ❑ Doris – granted uranium tenement northern edge of Yilgarn. Several significant drill intercepts

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Cunyu
Fisher South
Doris
Duketon
Mulga Tank
North
Lake Barlee
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Full assessment of all opportunities underway

Duketon Mining Limited | 17

Eagle (Au)

• ❑ 200km SSE of Halls Creek in the TanamiGranites Orogen, Western Australia

• ❑ One application covering approx. 120 sqkm, surrounds Northern Star’s Kookaburra and Sandpiper Resources (approx. 200koz)

• ❑ Mineralisation associated with WSW plunging folds within the Bald Hill Formation

• ❑ Two non-JORC compliant resources within the tenure

• ❑ Cuckoo – 305kt @ 1.6g/t Au for 15,000oz

• ❑ Hawk – 254kt @ 1.5g/t Au for 12,000oz

• ❑ Other prospects:

• ❑ Big Bustard – rock chip values up to 18g/t Au

• ❑ Finch –5m @ 5.8g/t Au from 100m

• ❑ Lyrebird – 4m @ 13g/t Au from 16m

• ❑ Vulture – 4m @ 2.6g/t Au from 48m

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Vulture Prospect
4m @ 2.6g/t Au
Lyrebird Prospect
Cuckoo Prospect
4m @ 13g/t Au
305kt @ 1.6g/t Au
Big Bustard Prospect
Rock Chips up to 18g/t Au
Hawk Prospect
254kt @ 1.5g/t Au
Finch Prospect
5m @ 5.8g/t Au
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Duketon Mining Limited | 18

Lake Barlee (Au)

• ❑ 200km north of Southern Cross in the Marda_Diemals Greenstone Belt

• ❑ Tenure covers 200 sqkm (4 applications)

• ❑ Surrounds the Halleys East Gold Mine (mined 2013-2017 by Beacon Minerals, resource 516kt @ 3.91g/t Au for 56koz)

• ❑ Lost Bolt – 3km long plus 25ppb Au anomaly striking NNW. Drilling has intersected a mineralised shear zone, intersections include 4m @ 1.8g/t and 2m @ 1.3g/t Au

• ❑ Fenceline – soil sampling identified several anomalies, RAB/AC intersections include 8m @ 1.3g/t Au and 4m @ 1.1g/t Au

• ❑ Halleys NE – results from RAB and RC drilling include 8m @ 2.4g/t Au and 4m @ 3.6g/t Au

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|||
|---|---|
|8m @|
|8m @|2.4g/t Au|
|1.3g/t|and 4m @|
|Au & 4m|3.6g/t Au|
|@ 1.1g/t|
|Au|
|4m @ 1.8g/t Au &|
|2m @ 1.3g/t Au|
|BIF horizon along|
|strike north and|
|south of the 120|
|Prospect (24m @|
|1.1g/t Au)|

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19

Duketon Mining Limited | 19

Fisher South (Ni)

• ❑ 35km SW of Rox

• Resources Camelwood nickel deposits (78,000NiT)

• ❑ One application covering approx. 190 sqkm

• ❑ Southern end of Mt Fisher Greenstone Belt

• ❑ Broad spaced shallow drilling returned anomalous Ni/Cu intersections within ultramafic lithologies

• ❑ Several intersections at EOH

• ❑ Moderate EM conductor remains untested

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Duketon Mining Limited | 20

Mulga Tank North (Au)

• ❑ 195km NE of Kalgoorlie

• ❑ One application covering approx. 298 sqkm (ELA 39/2211)

• ❑ Covers a significant portion of the Minigwal Greenstone Belt

• ❑ Extensive cover sequence has limited previous gold exploration

• ❑ Several gold prospects remain undrilled

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Duketon Mining Limited | 21

Cunyu (Au + Ni)

• ❑ 90km north of Wiluna

• ❑ Tenure covers 440 sqkm (single application)

• ❑ Covers the entire Merrie Greenstone Belt

• ❑ Outcrop is poor, obscured by transported cover sequences

• ❑ Previous gold exploration from early 1990’s, number of gold prospects defined

• ❑ Generally only broad spaced drilling completed with large shear zones being defined

• ❑ Best drill intersection of 4m @ 1.95g/t Au

• ❑ Number of areas highlighting alteration with multi-element anomalism Au-As-Sb-W-Mo-Zn

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Duketon Mining Limited | 22

Doris (U)

• ❑ 120km NNW of Meekatharra

• ❑ Granted tenement

• ❑ 44 sqkm (E 52/3833)

• ❑ Straddles faulted contact of Depair Granite and Labouchere Formation

• ❑ Several U prospects identified with significant drill intercepts

• ❑ Uranium within altered biotite shear zones in granite

• ❑ Historic Intersections include:

• ❑ 35m @ 503ppm U3O8 inc 5m @ 1069ppm U3O8

• ❑ 7.8m @ 588ppm U3O8

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Duketon Mining Limited | 23

Investment Highlights

Strategy 1 Expand/Study Nickel Assets

Rosie and C2 (Ni,Cu + PGE’s)

• ❑ 87,100t of nickel

• ❑ 12,900t of copper

• ❑ 231,000 oz of PGE’s

Scoping Study Underway

Strategy 3 New Tenure

Multiple New Projects Acquired

• ❑ WA based

• ❑ Ni, Au, Cu and U

All applications > value accretive

Strategy 2 New Projects Gold or Nickel, Copper?

• ❑ Market is hot and price expectations are high

• ❑ Patient approach required

Multiple Project Review

Corporate (Market Cap $27M) Cash (+liquids) balance

$24million

Enterprise Value

$3million

Duketon Mining Limited |

Contact Details

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Duketon Mining Ltd. Phone +61 8 6315 1490 Web: www.duketonmining.com.au

Head Office 2[nd] Floor, 45 Richardson Street, West Perth Western Australia 6005

Duketon Mining Limited | 25

JORC Table 1

JORC Code, 2012 Edition – Table 1 report – Eagle, Doris, Cunyu, Lake Barlee and Mulga Tank North Projects

Section 1 Sampling Techniques and Data – Historic Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•Various drilling methods have been employed by previous workers in
techniques	specific specialised industry standard measurement tools appropriate	the historic data presented, including RAB, aircore, RC and diamond
	to the minerals under investigation, such as down hole gamma	drilling.
	sondes, or handheld XRF instruments, etc). These examples should	•Drillholes have been sampled at various intervals which include multi
	not be taken as limiting the broad meaning of sampling.	and single metre composites.
	• Include reference to measures taken to ensure sample representivity	•The exact sampling methods cannot be determined, with confidence,
	and the appropriate calibration of any measurement tools or systems	from the historic data.
	used.
	• Aspects of the determination of mineralisation that are Material to the
	Public Report.
	• In cases where ‘industry standard’ work has been done this would be
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1
	m samples from which 3 kg was pulverised to produce a 30 g charge
	for fire assay’). In other cases more explanation may be required,
	such as where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•Various drilling methods have been employed by previous workers in
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	the historic data presented, including RAB, aircore, RC and diamond
	or standard tube, depth of diamond tails, face-sampling bit or other	drilling.
	_type, whether core is oriented and ifso, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Due to the historic nature of the data, recovery cannot be determined
recovery	and results assessed.	with confidence.
	• Measures taken to maximise sample recovery and ensure	•The relationship between sample recovery and grade has not been
	representative nature of the samples.	determined.
	• Whether a relationship exists between sample recovery and grade

Criteria	JORC Code explanation	Commentary
	and whether sample bias may have occurred due to preferential
	loss/gainof fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•Not all geological data for all drillholes is available. Where data is
	geotechnically logged to a level of detail to support appropriate	available, it has been compiled. The data will be unsuitable for use in
	Mineral Resource estimation, mining studies and metallurgical	a Mineral Resource or more advanced study and is to be used as an
	studies.	exploration aid only.
	• Whether logging is qualitative or quantitative in nature. Core (or
	costean, channel, etc) photography.
	• _The total length and percentage of the relevant intersections logged. _
Sub-	• If core, whether cut or sawn and whether quarter, half or all core	•The sampling methods for core has not always been determined due
sampling	taken.	to the historic nature of the data.
techniques and sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique.	•The nature of the sub-sampling for the RAB, aircore and RC chips has not always been determined due to the historic nature of the data. •The sample preparation and sample size information is not always
	• Quality control procedures adopted for all sub-sampling stages to	available due to the historic nature of the data.
	maximise representivity of samples.
	• Measures taken to ensure that the sampling is representative of the in
	situ material collected, including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the grain size of the material
	_being sampled. _
Quality of	• The nature, quality and appropriateness of the assaying and	•QAQC protocols are not always provided in the historic data and it is
assay data	laboratory procedures used and whether the technique is considered	unlikely to be to the same level as current industry standards.
and	partial or total.
laboratory tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their
	derivation, etc.
	• Nature of quality control procedures adopted (eg standards, blanks,
	duplicates, external laboratory checks) and whether acceptable levels
	_of accuracy (ie lack of bias) and precision have been established. _
Verification	• The verification of significant intersections by either independent or	•The historic data cannot be verified and it has been collected from
of sampling	alternative company personnel.	publicly available sources.
	• The use of twinned holes.
	• Documentation of primary data, data entry procedures, data

Criteria	JORC Code explanation	Commentary
and	verification, data storage (physical and electronic) protocols.
assaying	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•The survey method for collar co-ordinates is not always presented in
data points	down-hole surveys), trenches, mine workings and other locations	historic data. Visual checks have been applied where possible using
	used in Mineral Resource estimation.	aerial photography and/or Google Earth imagery to locate holes
	• Specification of the grid system used.	correctly if errors are discovered.
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•Data has been collected at various spacing.
and	• Whether the data spacing and distribution is sufficient to establish the
distribution	degree of geological and grade continuity appropriate for the Mineral
	Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	• _Whether sample compositing has been applied. _
Orientation	• Whether the orientation of sampling achieves unbiased sampling of	•The historic data is to be used as a guide to future exploration and at
of data in	possible structures and the extent to which this is known, considering	face value has been collected in a manner that is sensible with
relation to	the deposit type.	respect to gross geological trends however more detailed
geological structure	• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	interpretation would be required to assess this further.
Sample	• The measures taken to ensure sample security.	•Due to the historic nature of the data presented, this cannot be
security		determined.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•No external audits or reviews have been conducted apart from
reviews		internal company reviews as this is publicly available, historic data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	•The tenements (E39/2211, E53/2143, E59/2414, E69/3763,
tenement	agreements or material issues with third parties such as joint	E77/2660, E77/2667, E77/2670, E77/2682, E77/2717, E80/5493)
and land	ventures, partnerships, overriding royalties, native title interests,	presented are under application by Duketon Mining Limited and there
tenure status	historical sites, wilderness or national park and environmental settings.	are no known impediments to obtaining a licence to operate in the area.
	• The security of the tenure held at the time of reporting along with any	•The tenement E52/3833 is 100% owned by Duketon Mining Limited
	known impediments to obtaining a licence to operate in the area.	and is in good standing and there are no known impediments to
		obtaining a licence to operate in the area.
		•The data presented, however, has not been collected by Duketon
		Mining Limited and was not collected originally on tenements owned
		byDuketon MiningLimited.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•The data presented was collected by various companies including
done by		Anglo Australian Resources, Helix Resources, Beacon Minerals Ltd,
other parties		WMC Corporation, Oxiana Limited, FYI Resources, Tanami Exploration NL,Rox Resources,MPI and North Limited.
Geology	• Deposit type, geological setting and style of mineralisation.	•The anomalies and intersections presented in the historic data are
		sourced from typical Archaean Greenstone rocks of the Yilgarn
		Craton and Proterozoic rocks of the Granites-Tanami Orogen.
Drill hole	• A summary of all information material to the understanding of the	•N/A (drillholes not considered material as all aspects of the drillhole
Information	exploration results including a tabulation of the following information	cannot be confirmed as they are historic)
	for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.

Criteria	JORC Code explanation	Commentary
Data	• In reporting Exploration Results, weighting averaging techniques,	•Results have been presented as collected from historic data sources.
aggregation	maximum and/or minimum grade truncations (eg cutting of high
methods	grades) and cut-off grades are usually Material and should be stated.
	• Where aggregate intercepts incorporate short lengths of high grade
	results and longer lengths of low grade results, the procedure used for
	such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values
	_should be clearly stated. _
Relationship	• If the geometry of the mineralisation with respect to the drill hole angle	•Mineralisation orientations have not been determined conclusively.
between	is known, its nature should be reported.
mineralisatio	• If it is not known and only the down hole lengths are reported, there
n widths and	should be a clear statement to this effect (eg ‘down hole length, true
intercept	width not known’).
lengths
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•Refer to figures in document.
	intercepts should be included for any significant discovery being
	reported These should include, but not be limited to a plan view of drill
	_hole collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is not	•The historic data presented is to illustrate trends only and all available
reporting	practicable, representative reporting of both low and high grades	data is provided.
	and/or widths should be practiced to avoid misleading reporting of
	_Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be reported	•Refer to document.
substantive	including (but not limited to): geological observations; geophysical
exploration data	survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential
	_deleterious or contaminating substances. _
Further work	• The nature and scale of planned further work (eg tests for lateral	•Further work will include detailed interrogation of historic data and
	extensions or depth extensions or large-scale step-out drilling).	possible follow-up and extension of this work and/or application of
	• Diagrams clearly highlighting the areas of possible extensions,	trends identified to other sections of the geological regime being
	including the main geological interpretations and future drilling areas,	investigated.
	_provided this information is not commercially sensitive. _