DUKETON MINING LIMITED — Capital/Financing Update 2023

Sep 18, 2023

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ASX Announcement

19 September 2023

Pegmatites and REE’s Identified at Barlee

HIGHLIGHTS

Barlee Project (100% DKM)

• Located 200km north of Southern Cross in the Marda Diemals Greenstone Belt.

• Pegmatites identified at the Barlee Project

• Soil Sampling using ultrafine fraction technique (UFF) over two gold prospects have highlighted Li anomalism (72.6ppm max Li)

• Field investigation in other areas of project has confirmed the presence of pegmatites, rock chip assays show elevated indicator elements

• Fertile environment for lithium bearing pegmatites, favorable element ratios considered prospective for LCT-type pegmatites

• Mount Holland Lithium Mine located 300 km to the south

• Li identified in pegmatites to the north at Youanmi and Trainers Rocks and to the south at Newington

• Anomalous Rare Earth Elements (REEs) identified in historic drilling in western granite

• Further field work including mapping, rock sampling and re-sampling of old drill spoils is continuing.

Duketon Mining Limited (ASX: DKM) (“Duketon” or “the Company”) is pleased to announce early-stage exploration has identified pegmatites at the Barlee Project, 200km north of Southern Cross. The Barlee Project is an early-stage greenfield project, previous exploration on the tenement has been gold focussed.

DKM completed a soil sampling program (UFF) over two large gold prospects with results highlighting some significant low-level gold trends and several areas of lithium anomalism.

The gold anomalies in some cases have associated path finder element support including As, Cu, Bi, Pt & Pd and have not been previously drilled.

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: Outcropping pegmatites at Barlee

Some of the generated lithium anomalies (>55ppm Li) are associated with LCT pegmatite indicator elements including Be, Cs, Ga, Nb and Rb. All the lithium anomalies were field checked and are either associated with outcropping mafic lithologies or zones of shallow regolith obscuring any basement rocks.

Several anomalous lithium results (UFF) were checked using the standard minus 80 mesh sampling technique and they did not repeat at elevated levels of lithium (ranging from 10ppm to 16.7ppm Li). No pegmatites were identified from field checking the lithium anomalies generated by the UFF sampling.

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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However, further field checking of additional target areas has located several pegmatite outcrops extending for hundreds of metres in essentially two different geological settings (See Figure 1). Outcropping pegmatites have been located within the granite gneiss terrain along the western edge of the project separating the deformed granitoid rocks (Youanmi Fault) and greenstones. Rock chip assays of these pegmatites show elevated indicator elements (Be, Nb) and element ratios (Mg/Li & K/Rb) indicative of high degree of fractionation.

The Mount Holland lithium mine is located 300 km to the south of the Barlee Project in the same terrane. Several lithium enriched prospects are located within 120km from the Barlee Project, including Youanmi (Scorpion Minerals) and Trainers Rocks (Cullen Resources) to the north and Newington (Midas Minerals) to the south (See Figure 3).

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Figure 2: Barlee Tenement – to add details and legend

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: Barlee Project Location and Lithium Projects

Anomalous rare earth elements (REE’s) have also been identified in historic aircore drilling completed by Fortescue Metal Group Ltd (FMG) in late 2018. Composite sampling was routinely collected down the hole (generally at 4m intervals) with a separate, last metre “bottom of hole” sample collected for a comprehensive multi-element suite including rare earth elements.

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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Drill hole LBAC0106, on the western end of a drill line, logged within granitic gneiss in the vicinity of the Youanmi Fault, has intersected anomalous REE’s from the bottom of hole (11m to 12m) assaying TREO 956 ppm over this interval. The details of this drill hole are tabulated below in Table 1 & Table 2.

Hole ID	Eastng	Northing	RL	Dip	Azimuth	Depth (m)
LBAC0106	698,098	6,737,677	485	-90	0	12

Table 1: Collar Details of LBAC0106

Hole ID	Depth From m	Depth To m	Interval m	TREO ppm	MREO ppm	HREO ppm	LREO ppm	Lithology
LBAC0106	11	12	1	971	195	406	564	Granite (weathered)

Table 2: Assay Results of Final Metre, LBAC0106

Note:

TREO (Total Rare Earth Oxides) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3 HREO (Heavy Rare Earth Oxides) = Dy203 + Er203 + Gd203 + Tb407 + Lu203 + Ho203 + Tm203 + Y203 + Yb203 LREO (Light Rare Earth Oxides) = La203 + Ce02 + Pr6011 + Nd203 + Sm203 + Eu203 MREO (Magnetic Rare Earth Oxides) = Pr6011 + Nd203 + Tb407 + Dy203

This drillhole is located on the western-most position of a drill traverse within the western granite terrain. Drillholes along this traverse are separated by 170m with the closest drill holes north at 860m and the closest southern drill traverse at approximately 1,900m but drilling did not extend into the western granite. The immediate area surrounding this hole remains untested by either geochemistry or drilling. No previous surface geochemical programs targeting REE’s have been completed in this central-western portion of the tenement.

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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About the Barlee Project

The Barlee Project is located in the northern portion of the Archaean Southern Cross Province, approximately 200km north of Southern Cross in Western Australia. The belt contains a number of small gold deposits including the Mt Dimer, the Marda Gold Projects and the Penny Mine (ASX:RMS). The Penny Mine is located 70km to NNW of Barlee. The Project covers a poorly exposed granite-greenstone terrain, where older mafic-ultramafic BIF dominated greenstones and a younger sediment-felsic volcanic succession are intruded by or juxtaposed to granitoids.

Several previous companies have conducted gold exploration programs within the project, with two gold deposits within excised tenements central to the Barlee project, namely the Halley’s East and Phils Deposits. The Halley’s East gold deposit produced approximately 19,000 ounces of gold between 2013 and 2015.

Previous exploration work within the Barlee Project has identified a number of prospects outside of the main Halley’s - Phils prospect area. All have returned anomalous gold intercepts and are still open in several directions, requiring further work. Gold mineralisation at the Lost Bolt prospect occurs in strongly sheared and altered sediments, controlled by a NNW shear, parallel to the granite contact. Mineralised intersections at the Lost Bolt prospect include 4m @ 1.8g/t Au from 24m and 11m @ 0.4g/t Au from 18m including 2m @ 1.3g/t Au from 25m. RAB drilling at the Fenceline prospect returned 4m @ 1.07g/t Au from 8m and 8m @ 1.28g/t Au from 8m. Outside of the Halley’s East area, very few drillholes have tested the fresh bedrock with the deepest drillhole on the tenement being 130m.

FMG held the ground from 2015 to 2020 completing aircore drilling targeting gold mineralisation associated with lithological contacts and structures mainly along the western margin of the project. Drilling intersected a number of low-level gold anomalies including elevated REE’s in the western granite.

A large Banded Iron Formation (BIF) unit trends north-south through the project on the eastern side, Duketon rock chipping returned assays up to 57.42% Fe.

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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Authorised for release by: Stuart Fogarty Duketon Mining Limited - Managing Director +61 8 6315 1490

Competent Person Statement:

The information in this release 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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APPENDIX 1: REE Assay Results from Historic Drill Hole LBAC0106 (11m – 12m, EOH)

Hole ID	From	To	Ce	Dy	Er	Eu	Gd	Ho	La	Lu	Nd	Pr	Sm	Tb	Tm	Y	Yb	TREO	LREO	HREO	MREO
	m	m	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm	ppm
LBAC0106	11	12	329	33	24	4	25	7	103	4	88	23	21	5	4	270	30	971	564	406	195

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 – Barlee Project

Section 1 Sampling Techniques and 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	HISTORIC DATA
techniques	specific specialised industry standard measurement tools appropriate	•Various drilling methods have been employed by previous workers in
	to the minerals under investigation, such as down hole gamma	the historic data presented, including RAB, aircore and RC 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.	DKM DATA
	• In cases where ‘industry standard’ work has been done this would be	•250 grams of soil sample were collected using a -2mm sieve from
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1	approximately 100mm depth. Samples were sent to Labwest Minerals
	m samples from which 3 kg was pulverised to produce a 30 g charge	Analysis Pty Ltd (Labwest) in Perth.
	for fire assay’). In other cases more explanation may be required,	•The <2 micron fraction is separated from the sample using settling
	such as where there is coarse gold that has inherent sampling	with water and a dispersant. It is then analysed for 50 elements using
	problems. Unusual commodities or mineralisation types (eg	a Aqua Regia microwave digest and ICP-MS & ICP-OES finish.
	submarine nodules) may warrant disclosure of detailed information.	•Rock samples were analysed at Intertek Maddington by sodium
		peroxide fusion with ICP-MS finish.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	HISTORIC DATA
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	•Various drilling methods have been employed by previous workers in
	_or standard tube, depth of diamond tails, face-sampling bit or other _	thehistoric data presented,includingRAB, aircore,RC and diamond

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
	_type, whether core is oriented and ifso, by what method, etc). _	drilling.
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
	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	HISTORIC DATA
	geotechnically logged to a level of detail to support appropriate	•Not all geological data for all drillholes is available. Where data is
	Mineral Resource estimation, mining studies and metallurgical	available, it has been compiled. The data will be unsuitable for use in
	studies.	a Mineral Resource or more advanced study and is to be used as an
	• Whether logging is qualitative or quantitative in nature. Core (or	exploration aid only.
	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	HISTORIC DATA
sampling	taken.	•The nature of the sub-sampling of the RAB, aircore and RC chips has
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.	not always been determined due to the historic nature of the data. •The sample preparation and sample size information is not always available due to the historic nature of the data.
	• 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	HISTORIC DATA
assay data	laboratory procedures used and whether the technique is considered	• QAQC protocols are not always provided in the historic data and

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	Commentary	Commentary
and laboratory tests partial or total. • 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.	it is unlikely to be to the same level as current industry standards. DKM DATA • Quality control procedures included the insertion of standards, blanks and duplicate samples along with laboratory standards and repeats. • SomepXRF analysis has been undertaken on thefield drill sample chips, however as thepXRF is not a definitive tool for REE analysis, only laboratory assayed results are reported. • Rare earth element analyses were originally reported in elemental form but have been converted to relevant oxide concentrations as is the industry standard. • TREO = La2O3 + CeO2 + Pr6O11+Nd2O3 +Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 Element to Oxide Conversion Factor are: Element Conversion Factor (multiplier) Oxide La 1.1728 La2O3 Ce 1.2284 CeO2 Pr 1.2082 Pr6O11 Nd 1.1664 Nd2O3 Sm 1.1596 Sm2O3
	Element	Conversion Factor (multiplier)	Oxide
	La	1.1728	La2O3
	Ce	1.2284	CeO2
	Pr	1.2082	Pr6O11
	Nd	1.1664	Nd2O3
	Sm	1.1596	Sm2O3

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	Commentary
	Eu	1.1579	Eu2O3
	Gd	1.1526	Gd2O3
	Tb	1.1762	Tb4O7
	Dy	1.1477	Dy2O3
	Ho	1.1455	Ho2O3
	Er	1.1435	Er2O3
	Tm	1.1421	Tm2O3
	Yb	1.1387	Yb2O3
	Lu	1.1371	Lu2O3
	Y	1.2699	Y2O3
Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • _Discuss any adjustment to assay data. _	HISTORIC DATA •The historic data cannot be verified and it has been collected from publicly available sources.
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	HISTORIC DATA •The survey method for collar co-ordinates is not always presented in historic data. Visual checks have been applied where possible using aerial photography and/or Google Earth imagery to locate holes correctly if errors are discovered. DKM DATA • Sample pointswerelocated using ahandheld GPSinGDA94Z50
Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and _classifications applied. _	•Data has been collected at various spacing.

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
	• _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.

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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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 E77/2717 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 historic data presented, however, has not been collected by Duketon Mining Limited and was not collected originally on tenements
	• The security of the tenure held at the time of reporting along with any	owned by Duketon Mining Limited.
	known impediments to obtaining a licence to operate in the area.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•The data presented was collected by various companies including
done by		Beacon Minerals Limited, Fortescue Metals Group Ltd, , Helix
other parties		Resources,, Savage Australian Exploration Pty Ltd, ,and Battle Mountain(Australia)INC..
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..

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	•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.
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	• No metal equivalents are reported, however elemental assay
methods	grades) and cut-off grades are usually Material and should be stated.	results have been converted via industry standard factors as
	• Where aggregate intercepts incorporate short lengths of high grade	outlined in Section 1 of this JORC table 1 above to allow
	results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of	reporting of total rare earth oxides (TREO).
	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. _

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	•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. _

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