DUKETON MINING LIMITED — Investor Presentation 2021

May 4, 2021

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Investor Update

May 2021

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 4 March 2021 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. The information in the announcement relating to the positive metallurgical result of Rosie Nickel of 10 July 2020, historical information extracted from ASX announcement 26 November 2020 and information relating to Company’s Rosie Nickel Sulphide Project Scoping Study announced on 28 April 2021. 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.

Duketon Mining Limited |

Corporate Overview

Duketon Mining Limited	ASX: DKM
Shares on Issue	121m
Options on Issue1	9.66m
Market Cap. @ 29.5c	$36m
Cash + Investments	~$32m
Enterprise Value	$4m

Share Price Chart (Last 12 Months)

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1. Volume weighted exercise price of 24 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 and is currently the Chairman of DiscovEX Resources Limited.	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 and is currently the Chairman of DiscovEX Resources Limited.	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 and is currently the Chairman of DiscovEX Resources Limited.
		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 and is currently the Chairman of DiscovEX Resources Limited.

Duketon Mining Limited |

Strategies to Drive Shareholder Value

1. Expand/Study Nickel Resources

Mining study, target extensions to Rosie, C2 and greater area for Ni-Cu-PGE

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
Cliffs
Hootanui & Camp Oven
Yakabindie
Rosie & C2
Resources
Cosmos Group
Hacks Bore
Leinster Group
Waterloo
Sinclair Mt Windarra Somerset
Murrin Murrin
50 Kilometres
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Strategic Location

Large land position - multiple projects

• ❑ 87,100t of nickel metal in JORC resources

• ❑ 12,900t of copper metal in JORC resources

• ❑ 230koz PGE’s in JORC resources

• ❑ Positive metallurgical results, up to 97% recovery and 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 |

+87k t of Ni metal, +230koz PGE’s and growing

Rosie Nickel Deposit

❑ Mineral Resource Estimate 2021

• ❑ 49,100t nickel,

• ❑ 10,600t copper,

• ❑ 205,000oz PGE’s

C2 Nickel Deposit

• ❑ Mineral Resource Estimate 2015

• ❑ 38,000t nickel,

• ❑ 2,300t copper,

• ❑ 26,000oz Pt + Pd

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Both deposits open at depth and along strike

Duketon Mining Limited | 7

See ASX announcements 29 January 2015 & 4 March 2021 for competent person statements for C2 and Rosie resources.

+118k tonnes of NiEq in resource

Significant combined NiEq. metal tonnes

Rosie Nickel Sulphide Resource >1% NiEq	Rosie Nickel Sulphide Resource >1% NiEq	Rosie Nickel Sulphide Resource >1% NiEq	Rosie Nickel Sulphide Resource >1% NiEq	Rosie Nickel Sulphide Resource >1% NiEq	Rosie Nickel Sulphide Resource >1% NiEq	Rosie Nickel Sulphide Resource >1% NiEq	Rosie Nickel Sulphide Resource >1% NiEq	Rosie Nickel Sulphide Resource >1% NiEq	Rosie Nickel Sulphide Resource >1% NiEq	Rosie Nickel Sulphide Resource >1% NiEq
Classification	Tonnes	Ni (%)	**Cu (%) **	Co (ppm)	Total **PGEs (g/t) **	NiEq (%)	Ni (t)	Cu (t)	Co (t)	Total PGEs (oz)
Indicated	1,706,706	2	0.39	560	2.5	3.21	34,309	6,666	951	138,056
Inferred	850,234	1.7	0.47	560	2.5	3.01	14,806	3,958	473	67,268
Total	2,556,940	1.9	0.42	560	2.5	3.14	49,115	10,624	1,423	205,324

C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)	C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)	C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)	C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)	C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)	C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)	C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)	C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)	C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)	C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)	C2 Nickel Sulphide Resource >0.5%Ni (All Inferred)
Classification	Tonnes	Ni (%)	**Cu (%) **	Co (ppm)	Total PGE's (g/t)		Ni (t)	Cu (t)	Co (t)	Total PGEs (oz)
						NiE %
						q ()
Total	5,700,000	0.7	0.04	N/A	0.14	N/A	38,000	2,280	N/A	25,660

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Total Duketon Mining Nickel Sulphide Resource (Indicated and Inferred)
Classification Tonnes Ni (t) Cu (t) Co (t) Total PGEs (oz)
Total 8,256,940 87,115 12,904 1,423 230,984
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Rosie ~ 80k NiEq tonnes, C2 ~ 38k Ni tonnes Total ~ 118k NiEq tonnes

Only 3 out of 7 precious metals considered…

See ASX announcement 29 January 2015 and 4 March 2021 for competent person statements for Rosie and C2 resources.

Duketon Mining Limited | 8

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

Latent value unlocked

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

• See ASX announcement 10 July 2020 Duketon Mining Limited | 9

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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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Positive Scoping Study - Solid Platform for Future Growth*

Confirms the viability of a mining, trucking and toll treating operation assuming an . 8-year mine life

• ❑ Ni price of US$8/lb (range US$7.50/lb to US$8.50/lb)

• ❑ NPV5 of ~ $161M (range $56m to $204M)

• ❑ IRR of ~ 54% (range 21% to 66%)

• ❑ Pre-tax cashflow of ~ $223M (range $91M to $278M)

• ❑ Pre-production capital cost of ~ $18M

• ❑ Simple decline and underground mine – minimal surface infrastructure

• ❑ Annual production of approximately 315kt of ore at 2.1% NiEq

Upside - Rosie PGE pit, C2 and concentrator on site

Duketon Mining Limited | 11

• see ASX Announcement 28 April 2021

Simple Mining Concept

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Access
Ore Drive
Stockpile
Decline
Return Air
System
Escapeways
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Duketon Mining Limited | 12

• see ASX Announcement 28 April 2021

Grade is King

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• see ASX Announcement 28 April 2021

Duketon Mining Limited | 13

Ore Production by Month

Resource Confidence

• ❑ 73% of ore from Indicated

• ❑ 27% of ore from Inferred

• ❑ Production Rate ~ 30kt to 40kt per

month

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Duketon Mining Limited | 14

• see ASX Announcement 28 April 2021

Sensitivities – Impact on NPV

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Duketon Mining Limited | 15

• see ASX Announcement 28 April 2021

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 | 17

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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 | 20

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

Requires follow-up drill testing

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Duketon Mining Limited | 22

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

• ❑ 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 (298km2), several Au anomalies

• ❑ Cunyu – covers the entire Merrie greenstone belt (>750km2), early stage exploration

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

• ❑ Stephens – base metals project near Golden Grove

Full assessment of all opportunities are underway

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Eagle
Cunyu
Fisher South
Doris
Duketon
Stephens
Mulga Tank
North
Lake Barlee
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• see ASX Announcement 26 November 2020

Duketon Mining Limited | 23

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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• see ASX Announcement 26 November 2020

Duketon Mining Limited | 24

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

• ❑ Prospects include:

• ❑ 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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----- Start of picture text -----

|||
|---|---|
|Halleys NE|
|8m @ 2.4g/t|
|Fenceline|Au and 4m @|
|8m @ 1.3g/t|3.6g/t Au|
|Au & 4m @|
|1.1g/t Au|
|Lost Bolt|
|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)|

----- End of picture text -----

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Fisher South (Ni)

• ❑ 35km SW of Rox

• Resources Camelwood nickel deposits

• ❑ 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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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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Cunyu (Au + Ni)

• ❑ 90km north of Wiluna

• ❑ Tenure covers 750 sqkm (three applications)

• ❑ 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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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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• see ASX Announcement 26 November 2020

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Stephens

• ❑ Base Metals VMS project

• ❑ 120km WNW of Paynes Find

• ❑ Single block tenement (E59/2414)

• ❑ Located within the GullewaKoolanooka Greenstone Belt, 60km WSW of the Golden Grove Mines

Stephens Project

• ❑ Numerous copper, zinc-lead intersections including:

5m @ 1.9% Cu & 18.2g/t Ag

1m @ 11.3% Zn & 4.1% Pb

2m @ 1.5% Cu & 32g/t Ag

1m @ 1.45% Zn, 2.5% Pb & 148g/t Ag

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Investment Highlights

Rosie Scoping Study

• ❑ Study has confirmed a viable trucking and toll treatment option over an 8yr mine life with upside in the following;

• ➢ use all precious metals in NiEq calculation + closer to spot prices

• ➢ Rosie oxide pit, standalone concentrator, C2 pit as additional feed

• ➢ Exploration upside – extensions and new positions – drilling commencing

Corporate

• ❑ Cash (+ liquids) balance of ~$32million WELL FUNDED

• ❑ EV of $4M (Market Cap. $36M) LEVERAGED TO DISCOVERY & DEVELOPMENT

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

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