DUKETON MINING LIMITED — Capital/Financing Update 2022

Apr 27, 2022

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ASX Announcement

28[th] April 2022

New Exploration Project Acquisition Capturing Belt Scale opportunities for mafic hosted nickel, copper, and PGE’s

Duketon Mining Ltd ( ASX: DKM , “Duketon” or “the Company” ) is pleased to announce it has been granted a large exploration licence north of the Duketon Greenstone Belt that offers belt-scale exploration opportunities for nickel, copper, and PGE’s in addition to the Duketon Project that hosts the Rosie and C2 deposits.

HIGHLIGHTS - Tate Project Tenement Acquisition (100% DKM)

• The area is prospective for intrusion related nickel, copper, and PGE’s .

• The tenement covers 213 km[2] and encompasses the region between DKM’s northernmost tenement and Cannon Resources (ASX:CNR) southern-most tenement

• The tenement represents a strategic position that covers the Hootanui Fault – the boundary between the Kurnalpi and Burtville Terranes

• Two large mafic intrusions have been identified from regional scale aeromagnetics.

• One intrusion is 6km by 1.2km and the other is 2.2km by 1.2km

• interpreted to be much younger than the surrounding granite and greenstones

• o intruding along the margin of two major geological terranes

• Historical drilling (1994) completed by BHP intersected the northern intrusion with a single aircore hole which confirmed mafic lithology beneath transported cover. o Mafic rocks logged from 8m beneath transported cover o Anomalous in nickel and copper

Stuart Fogarty, Duketon Mining Managing Director said; “ This new project is a valuable addition to the company’s nickel exploration portfolio. The fact that BHP has drilled the one hole into the northern most intrusion is intriguing whilst the assays from that hole are weakly anomalous, they are absolutely enticing. I look forward to the results as we progress this project”

Duketon Mining Limited ACN 159 084 107 Level 2 25 Richardson Street West Perth WA 6005 T: +61 8 6315 1490

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Figure 1: Plan of DKM Tenements showing Nickel Resources and Prospects

Duketon Mining Limited ACN 159 084 107 Level 2 25 Richardson Street West Perth WA 6005 T: +61 8 6315 1490

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Duketon Mining Ltd ( ASX: DKM , “Duketon” or “the Company” ) is pleased to announce it has been granted a large exploration licence north of the Duketon Greenstone Belt that is prospective for intrusion related nickel, copper, and PGE’s (the “Tate Project”). The tenement offers belt-scale exploration opportunities in addition to the Duketon Project that hosts the Rosie and C2 deposits.

The tenement represents a strategic position covering the interpreted Hootanui Fault that is the boundary between two major geological terranes - the Kurnalpi and Burtville Terranes. It is a low-cost entry, prospective for mafic related nickel, copper, PGE deposits.

The tenement covers 213 km[2] and encompasses the area between DKMs northern-most tenement and Cannon Resources (ASX:CNR) Fisher East Project southern-most tenement.

Two large, mafic intrusions have been identified in the data package. One is approximately 6km by 1.2km and the other is 2.2km by 1.2km.

A data review has shown there is a single historical BHP drill hole (1994) into the northern most intrusive drilled to 25 metres depth. This was logged as mafic rocks from 8m and the end of hole assay was reported to include 143 ppm nickel, 108 ppm copper, 86 ppm zinc, 2,710 ppm manganese and 9.9% iron. This is the only hole identified as intersecting either intrusion.

More recently (2013), a regional auger geochemical program has been completed covering this area along the interpretated position of the Hootanui Fault. No significant base metal anomalies were detected but previous drilling has shown a significant thickness of transported material possibly rendering the geochemical program ineffective.

Duketon Mining Limited ACN 159 084 107 Level 2 25 Richardson Street West Perth WA 6005 T: +61 8 6315 1490

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Figure 2: Plan of magnetic lows at the Tate Project

Duketon Mining Limited ACN 159 084 107 Level 2 25 Richardson Street West Perth WA 6005 T: +61 8 6315 1490

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Figure 3: Plan of historic drilling and magnetic lows at the Tate Project

This Project represents an early-mover opportunity leveraging off an alternative geological model for the area.

Table 1: BHP Drill Hole (1994) – Geological Information

Hole ID	From(m)	To(m)	Interval(m)	Lithology
NLR021	0	2	2	Transported sand cover
	2	6	4	Hardpan(laterite)
	6	8	2	Laterite
	8	24	16	Mafic rock – weathered(saprolite & saprock)
	24	25	1	Mafic rock - fresh

Duketon Mining Limited ACN 159 084 107 Level 2 25 Richardson Street West Perth WA 6005 T: +61 8 6315 1490

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Table 2: BHP Drillhole Collar Details

Hole ID	East GDA94 (Zone 51)	North GDA94 (Zone 51)	Depth (m)	Dip	Azimuth	Comments
NLR021	381333	6995127	25	-90	360	Digitised from Original Drill Plan

Future Exploration

Duketon proposes to complete field investigations including re-sampling (if available) and ground geophysical surveys covering the magnetic low zones and their immediate surrounds to generate targets amenable for drill testing.

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 25 Richardson Street West Perth WA 6005 T: +61 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 – Tate 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	•Various drilling methods have been employed by previous workers in
techniques	specific specialised industry standard measurement tools appropriate	the historic data presented, including vacuum, aircore and auger.
	to the minerals under investigation, such as down hole gamma	•Drillholes have been sampled at various intervals which include multi
	sondes, or handheld XRF instruments, etc). These examples should	and single metre composites.
	not be taken as limiting the broad meaning of sampling.	•The exact sampling methods cannot be determined, with confidence,
	• Include reference to measures taken to ensure sample representivity	from the historic data.
	and the appropriate calibration of any measurement tools or systems
	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 vacuum, aircore and auger.
	or standard tube, depth of diamond tails, face-sampling bit or other
	_type, whether core is oriented and if so, 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.

Duketon Mining Limited ACN 159 084 107

Level 2 25 Richardson Street West Perth WA 6005 T: +61 8 6315 1490

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Criteria	JORC Code explanation	Commentary
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due to preferential
	loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•Not all geological data for historic drillholes is available. Where data is
	geotechnically logged to a level of detail to support appropriate	available, it has been compiled and entered into the company historic
	Mineral Resource estimation, mining studies and metallurgical	database. The data will be unsuitable for use in a Mineral Resource
	studies.	or more advanced study and is to be used as an 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 nature of the sub-sampling for the aircore chips has not always
sampling	taken.	been determined due to the historic nature of the data.
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and	•The sample preparation and sample size information is not always
and sample	whether sampled wet or dry.	available due to the historic nature of the data.
preparation	• For all sample types, the nature, quality and appropriateness of the
	sample preparation technique.
	• Quality control procedures adopted for all sub-sampling stages to
	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 provided in the historic data and it is unlikely
assay data	laboratory procedures used and whether the technique is considered	to be to the same level as current industry standards.
and	partial or total.
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,
tests	the parameters used in determining the analysis including instrument
	make and model, reading times, calibrations factors applied and their

Duketon Mining Limited ACN 159 084 107 Level 2 25 Richardson Street West Perth WA 6005 T: +61 8 6315 1490

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Criteria	JORC Code explanation	Commentary
	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) andprecision 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.
and	• The use of twinned holes.
assaying	• Documentation of primary data, data entry procedures, data
	verification, data storage (physical and electronic) protocols.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•Some historic drillholes were reported on a local grid. Collars have
data points	down-hole surveys), trenches, mine workings and other locations	been determined using historical maps provided with reports and
	used in Mineral Resource estimation.	correlated with Bing Aerial Maps.
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•Holes were drilled at various spacing depending upon the holes
and	• Whether the data spacing and distribution is sufficient to establish the	drilled 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 early stage in the
	Resource and Ore Reserve estimation procedure(s) and	exploration 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 historic data is a guide to future exploration and at face value has
of data in	possible structures and the extent to which this is known, considering	been collected in a manner that is sensible with respect to gross
relation to	the deposit type.	geological trends however more detailed interpretation would be
geological	• If the relationship between the drilling orientation and the orientation	required to assess this further.
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.	•Due to the historic nature of the data presented, this cannot be
security		determined.

Duketon Mining Limited ACN 159 084 107 Level 2 25 Richardson Street West Perth WA 6005 T: +61 8 6315 1490

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Criteria	JORC Code explanation	Commentary
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 (E38/3658) is owned Duketon Mining. It is in good
tenement	agreements or material issues with third parties such as joint	standing and there are no known impediments to obtaining approvals
and land	ventures, partnerships, overriding royalties, native title interests,	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 in the area.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•Previous drilling in this area was completed by BHP Minerals in 1994.
done by		Refer WAMEX Report A44379.
other parties		•This work has been checked for quality as far as possible and
		provides the purpose for the proposed follow-up work presented in
		the release.
		•An extensive auger geochemical program over the northern half of
		the Tate exploration licence was completed by Breaker Resources in
		2013. Refer WAMEX Reports A099216, A099218, A106728,
		A106861 and A108629. Sampling was completed at a final spacing of
		400m x 200m. Exploration completed was in line with current industry
		standards.
Geology	• Deposit type, geological setting and style of mineralisation.	•The anomalies presented in the historic data are sourced from typical
		Archaean Greenstone rocks of the Yilgarn Craton.

Duketon Mining Limited ACN 159 084 107 Level 2 25 Richardson Street West Perth WA 6005 T: +61 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	•Drill hole collar details 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:	•No relevant RL information is contained within the BHP Minerals
	o easting and northing of the drill hole collar	original report (WAMEX A44379).
	o elevation or RL (Reduced Level – elevation above sea level in	•The bottom of hole assays are provided within the body of the text.
	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	•No metal equivalent values have been used for reporting of results.
	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	•Mineralisation orientations have not been determined.
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.

Duketon Mining Limited ACN 159 084 107 Level 2 25 Richardson Street West Perth WA 6005 T: +61 8 6315 1490

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Criteria	JORC Code explanation	Commentary
Balanced	• Where comprehensive reporting of all Exploration Results is not	•All drillhole locations are tabulated and significant intervals are
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
	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	•Further work may involve ground geophysical surveys along with field
	extensions or depth extensions or large-scale step-out drilling).	investigations. The results of this work will determine if further drilling
	• Diagrams clearly highlighting the areas of possible extensions,	is required at this prospect.
	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 25 Richardson Street West Perth WA 6005 T: +61 8 6315 1490