DUKETON MINING LIMITED — Capital/Financing Update 2021

Jun 28, 2021

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ASX Announcement

29[th] June 2021

More massive sulphide hits at Rosie - drilling continues to deliver…

HIGHLIGHTS

Rosie Project (100% DKM)

• Hole 6 of the program has intersected 6m of mineralisation including 70cm of massive sulphide, 1.4m of matrix/vein sulphides and 3.9m of disseminated sulphides.

• Six drillholes now completed at the Rosie Nickel Project

• Includes three holes into the oxide material for PGE metallurgical testwork

• Mineralisation intersected in all drillholes

• Drilling continues

• First batch of assays expected in 6-8 weeks

Duketon Mining Ltd (DKM) is pleased to announce drilling at the Rosie Nickel Project is progressing well with six drillholes now complete. Mineralisation has been intersected in all drillholes with the most recent drillhole, DKDD0017, intersecting massive, stringer and blebby sulphides over a 6m interval (see Table 1, Table 2, Figure 1 and Figure 2).

DKDD0013, the second drillhole into the upper north area (see Figure 3 and Table 2), intersected 7.8m of 10% blebby sulphides above 3.7m of 30% stringer sulphides on the footwall contact.

Table 1: DKDD0017 lithology and mineralisation

		Table 1: DKDD0017 lithology and mineralisation
From	To	Style of Mineralisation
199.5	200.1	5% blebby sulphides(pyrrhotite-pentlandite)in orthocumulate ultramafic
200.1	201.4	20% Stringer sulphides(pyrrhotite-pentlandite-chalcopyrite) in orthocumulate ultramafic
201.4	204.2	5% blebby sulphides (pyrrhotite-pentlandite)in orthocumulate ultramafic
204.2	204.9	Massive sulphide (pyrrhotite-pentlandite-chalcopyrite)
204.9	205.5	10% stringer sulphides(chalcopyrite-pyrrhotite-pentlandite)in mafic

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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Figure 1: 70cm intersection of massive sulphide in DKDD0017 with the Rosie Camp in the background.

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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Figure 2: Pentlandite rich stringer sulphides in drillhole DKDD0017

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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The three drillholes within the Oxide zone are also complete, these holes were drilled for PGE recovery/metallurgical testwork, and intersected weathered, iron rich oxidised mineralisation. These holes have been cut and sampled and are at the laboratory for PGE analysis prior to recovery testwork.

The program at Rosie Nickel Project is designed to increase confidence in mineralisation in the upper north area, test at depth below the south-eastern area (previously known as Nariz) and collect PGE rich oxide material from directly above the sulphide deposit for assay and PGE recovery/metallurgical testwork. These three areas have been identified from the Rosie Nickel Sulphide Scoping Study as having potential upside by either impacting early cash flow or extending the life of mine (see ASX announcement 28[th] April 2021).

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Figure 3: Stope grade heat map with areas of drilling

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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Figure 4: Plan of DKM Tenements showing Ultramafic, Nickel Resources and Prospects

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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Table 2: Drillhole collar details

Hole ID	Easting	Northing	RL	Depth	Azimuth	Dip	Area of Drilling
DKDD0012	402230	6944161	540	231.9	45	-60	Upper North
DKDD0013	402355	6943992	540	282.2	45	-60	Upper North
DKDD0014	402426	6944056	540	85.4	45	-60	Oxide
DKDD0015	402532	6944000	540	82.9	45	-60	Oxide
DKDD0016	402640	6943960	540	85.1	0	-60	Oxide
DKDD0017	402341	6944039	540	227.5	45	-60	Upper North

Authorised for release by:

Stuart Fogarty

Duketon Mining Limited - Managing Director +61 8 6315 1490

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.

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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JORC Table 1

JORC Code, 2012 Edition – Table 1 report – Duketon Project

Section 1 Sampling Techniques and Data – Rosie Diamond Drilling

(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	•Diamond core was drilled triple tube HQ to competent rock and then
techniques	specific specialised industry standard measurement tools appropriate	NQ2 to end of hole.
	to the minerals under investigation, such as down hole gamma	•The sample interval is cut in half using a diamond core saw and half
	sondes, or handheld XRF instruments, etc). These examples should	core sampled for assay. Each sample provides between 2.0-3.0kg of
	not be taken as limiting the broad meaning of sampling.	material. The core is cut to the left of the orientation line, with the
	• Include reference to measures taken to ensure sample representivity	same half sampled to ensure sample is representative.
	and the appropriate calibration of any measurement tools or systems	•Diamond core is sampled to geological boundaries, no more than 1m
	used.	and no less than 20cm per sample.
	• Aspects of the determination of mineralisation that are Material to the	•Certified samples and blanks are inserted every 25thsample for
	Public Report.	diamond drilling.
	• In cases where ‘industry standard’ work has been done this would be	•Mineralisation is determined qualitatively by geological logging and
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	quantitatively through assaying.
	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	•Rock roll or rough core to refusal then diamond drilling using HQ3
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	(61.1mm) sized core to competent rock and then NQ2 (50.6mm) to
	or standard tube, depth of diamond tails, face-sampling bit or other	end of hole.
	type, whether core is oriented and if so, by what method, etc).	•Core was oriented using a Boart Longyear TruCore UPIX orientation
		tool.
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Recoveries qualitatively noted at the time of drilling and recorded.
recovery	and results assessed.	•Core is metre marked and orientated. Run recoveries are recorded.

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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Criteria	JORC Code explanation	Commentary
	• Measures taken to maximise sample recovery and ensure	•Triple tube HQ is used to maximise recovery through the weathered
	representative nature of the samples.	zone and ensure a representative sample.
	• Whether a relationship exists between sample recovery and grade
	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	•All core is logged to a level of detail to support future use in a mineral
	geotechnically logged to a level of detail to support appropriate	resource calculation.
	Mineral Resource estimation, mining studies and metallurgical	•Qualitative: Lithology, alteration, mineralisation.
	studies.	•Quantitative: Vein percentage, sulphide percentage.
	• Whether logging is qualitative or quantitative in nature. Core (or	•All holes for their entire length are logged.
	costean, channel, etc) photography.	•All core is photographed.
	• _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 core is cut using an automatic core saw, half core is sampled.
sampling	taken.	•The entire sample (approx. 2kg) is dried, pulverised to 85% passing
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and	75µm.
and sample	whether sampled wet or dry.	•Pulp duplicates are taken at the pulverising stage and selective
preparation	• For all sample types, the nature, quality and appropriateness of the	repeats conducted at the laboratories discretion.
	sample preparation technique.	•Sample sizes are considered appropriate for the grainsize of the
	• Quality control procedures adopted for all sub-sampling stages to	material sampled.
	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	•Samples are analysed using a Fire Assay 40g charge with MS finish
assay data	laboratory procedures used and whether the technique is considered	for Au, Pt & Pd and a multi-acid digest with ICP-AES finish for 17
and	partial or total.	elements.
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	•This technique is industry standard for nickel and considered
tests	the parameters used in determining the analysis including instrument	appropriate.
	make and model, reading times, calibrations factors applied and their	•Samples are analysed for the following elements: Al, As, Au, Ca, Co,
	derivation, etc.	Cr, Cu, Fe, K, Mg, Na, Ni, Pd, Pt, S, Sc, Ti, V, Zn, Zr
	• Nature ofquality controlprocedures adopted(eg standards, blanks,	• Selected samples are also analysed using aFireAssay25g charge

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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Criteria	JORC Code explanation	Commentary
	duplicates, external laboratory checks) and whether acceptable levels	with MS finish for Au, Pt, Pd, Rh, Ru, Os, Ir to a 1ppb detection limit.
	of accuracy (ie lack of bias) and precision have been established.	•Certified Reference Material (Standards) and blanks were submitted
		withbatches (1 inevery25 samples).
Verification	• The verification of significant intersections by either independent or	•All data is checked internally for correctness by senior DKM
of sampling	alternative company personnel.	geological and corporate staff.
and	• The use of twinned holes.	•All data is collected via Ocris software and uploaded into the DKM
assaying	• Documentation of primary data, data entry procedures, data	Datashed Database following validation.
	verification, data storage (physical and electronic) protocols.	•No adjustments are made to assay data.
	• _Discuss any adjustment to assay data. _	•No twinnedholeshave beendrilled to date.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•All location points are collected using a handheld GPS in MGA 94 –
data points	down-hole surveys), trenches, mine workings and other locations	Zone 51
	used in Mineral Resource estimation.	•Downhole surveying (azimuth and dip of the drillhole) of diamond
	• Specification of the grid system used.	drillholes was measured by the drilling contractors using an Axis
	• Quality and adequacy of topographic control.	Champ Gyro.
		•A topographic surface has been created from airborne geophysical
		data. Drillholes are corrected to this surface.
Data spacing	• Data spacing for reporting of Exploration Results.	•Holes are drilled at various spacing depending upon the holes drilled
and	• Whether the data spacing and distribution is sufficient to establish the	previously in the area of interest.
distribution	degree of geological and grade continuity appropriate for the Mineral	•Hole spacing is appropriate for drilling at this stage in the exploration
	Resource and Ore Reserve estimation procedure(s) and	process.
	classifications applied.	•Sample compositing has been applied.
	• _Whether sample compositing has been applied. _
Orientation	• Whether the orientation of sampling achieves unbiased sampling of	•The orientation of the geology and mineralization at Rosie is steeply
of data in	possible structures and the extent to which this is known, considering	dipping to the south and striking NNW to W.
relation to	the deposit type.
geological	• If the relationship between the drilling orientation and the orientation
structure	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•Chain of custody is managed by company representatives and is
security		considered appropriate. All samples are bagged in a tied numbered
		calico bag, grouped into larger polyweave bags and cable tied.
		Polyweave bags are placedintolargerbulky bagswitha sample

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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Criteria	JORC Code explanation	Commentary
		submission sheet and tied shut. Consignment note and delivery
		address details are written on the side of the bag and delivered to Toll
		in Laverton. The bags are delivered directly to Bureau Veritas in
		Canning Vale, WA who are NATA accredited for compliance with
		ISO/IEC17025:2005.
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 review.

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 tenement (M38/1252) is 100% owned by Duketon Mining Limited
tenement	agreements or material issues with third parties such as joint	and is in good standing and there are no known impediments to
and land	ventures, partnerships, overriding royalties, native title interests,	obtaining a licence to operate in the area.
tenure status	historical sites, wilderness or national park and environmental
	settings.
	• The security of the tenure held at the time of reporting along with any
	_known impediments to obtaining a licence to operate inthe area. _
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•Previous drilling at The Bulge Complex was completed by
done by		Independence Group (IGO) and South Boulder Mines Ltd. This work
other parties		has been checked for quality as far as possible and formed the basis
		of the follow-up conducted as part of the drilling programme
		presented.
Geology	• Deposit type, geological setting and style of mineralisation.	•The Rosie Nickel Deposit is a komatiite-hosted nickel sulphide
		deposit. The mineralisation is characterised by accumulations of
		massive, matrix, breccia and disseminated sulphides at the basal
		contact overlying a basaltfootwall.

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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Criteria	JORC Code explanation	Commentary
Drill hole	• A summary of all information material to the understanding of the	•Significant intercepts are provided in a table within the text of this
Information	exploration results including a tabulation of the following information	announcement.
	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.
Data	• In reporting Exploration Results, weighting averaging techniques,	•No top-cuts have been applied when reporting results.
aggregation	maximum and/or minimum grade truncations (eg cutting of high	•First assay from the interval in question is reported (i.e. Ni1).
methods	grades) and cut-off grades are usually Material and should be stated.	•Aggregate sample assays calculated using a length weighted
	• Where aggregate intercepts incorporate short lengths of high grade	average.
	results and longer lengths of low grade results, the procedure used	•Significant grade intervals are based on intercepts > 4000ppm nickel.
	for such aggregation should be stated and some typical examples of	•No metal equivalent values have been used for reporting of results.
	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	•Downhole length is reported for the drillholes.
between	angle 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	•All drillhole locations are reported and a table of significant intervals is
reporting	practicable, representative reporting of both low and high grades	provided in the release text.
	_and/or widths should be practiced to avoid misleading reporting of _

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490

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Criteria	JORC Code explanation	Commentary
	_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	survey results; geochemical survey results; bulk samples – size and
data	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	•A discussion of further work underway is contained within the body to
	extensions or depth extensions or large-scale step-out drilling).	this ASX release.
	• Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling areas,
	_provided this information is not commercially sensitive. _

Duketon Mining Limited ACN 159 084 107 Level 2 45 Richardson Street West Perth WA 6005 T: +61(0) 8 6315 1490