TRUE NORTH COPPER LIMITED — AGM Information 2021

Oct 28, 2021

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• Annual General Meeting Presentation October 2021

www.duke-exploration.com.au

Duke Exploration | October 2021 AGM Investor Presentation

Disclaimer

This presentation has been prepared by Duke Exploration Limited ABN 28 119 421 868 (“Duke” or the “Company”). The information contained in this presentation is for information purposes only. This presentation may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Duke.

The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, Duke has not considered the objectives, financial position or needs of any particular recipient. The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue and does not purport to be all of the information that a person would need to make an assessment of the Company or its assets. Current and potential investors should seek independent advice before making any investment decisions in regard to the Company or its activities.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Duke, its related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this presentation.

This presentation includes “forward looking statements” within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of the words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” “guidance” and other similar expressions. Indications of, and guidance on, future earning or dividends and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Duke and its officers, employees, agents or associates, that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward looking statements and Duke assumes no obligation to update such information. Specific regard (amongst other things) should be given to the risk factors outlined in this presentation.

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment.

Corporate Structure

		CAPITAL	STRUCTURE
	ASX Code			DEX
	Listed		10	November 2020
	Shares on Issue			105.4 million
	Share Price (28	Oct close)		$0.195
	Cash		$9.5	million (estimate)
	Debt			Nil
	Market Cap		$20	million (approx.)

CAPITAL BREAKDOWN	CAPITAL BREAKDOWN
Total Shares Quoted	90,211,152
Total Shares Escrowed	15,208,475
Top 20 Shareholders	48.95%
Top 50 Shareholders	63.34%
Directors, employees, associates	16,304,638 (15.5%)

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SHARE PRICE PERFORMANCE
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Company Assets

TENEMENT ID	OWNERSHIP	STATE	TERM (YRS)	EXPIRY DATE	AREA
EPM 26499 Bundarra	100%	QLD	5	28/01/2023	206 km2
EPM 27474 Duania	100%	QLD	5	6/01/2026	76 km2
EPM 27609 Waitara	100%	QLD	5	17/02/2026	19 km2
EPM 26852 Prairie Creek	91%	QLD	5	22/10/2024	300 km2
EL 8568 Red Hill	100%	NSW	5	22/05/2022	186 km2
Emmerson
EL 8590 Kiola	10% Free Carried Equity	NSW	4	5/06/2025	71 km2
EL 8463 Wellington	10% Free Carried Equity	NSW	4	9/09/2024	254 km2
EL 8464 Fifield	10% Free Carried Equity	NSW	4	12/09/2024	66 km2

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Progress to Date – Bundarra

• Mt Flora Maiden Resource Estimate Completed. Ongoing Regional Exploration

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• Proved and refined geochemical and geophysical exploration methods that map bedrock mineralisation from the surface to 300m, which specifically apply to Bundarra that are rapid, cost effective and reliable.

• Completed pattern Phase 1 and 2 resource drilling at Mt Flora and the Quarry Lode (new discovery immediately adjacent to Mt Flora).

• New Discovery – northern Mt Flora Extension via soil Geochem anomaly

• Maiden Inferred resource estimate of the Mt Flora and Quarry Lode mineralisation completed.

• Continuing regional exploration to identify exploration targets for resource development using techniques that worked at Mt Flora synchronous with the development work at Mt Flora.

• Started exploration drilling to test the potential of resource .

• development targets in the SW of the Bundarra pluton

• Extended soils geochemical survey to extend across the whole of the Bundarra pluton, for completion Q4, 2021

• Pluton wide VTEM inversion study underway, for completion Q4, 2021

Prairie Creek Exploration - Update

• Initial three-hole, 350m diamond drilling program conducted July 2021.

• Test historical drill results, survey and review geology, rock classes, structures and orientations and mineralisation controls

  • 2.30 m at 4.68 g/t Au from 7.00 m in PCDD001,

  • 20.40 m at 1.86 g/t Au from 11.40 m in PCDD001 and

  • 5.35 m at 2.95 g/t Au from 38.10 m in PCDD001.

• Assays on PCDD002 and 003, and geological interpretation due to be announced early November

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Mt Flora Maiden Resource Estimate

Tonnes (Mt) Cu% Oxide 1 0.3 Inferred Sulphide 15 0.5 Total 16 0.5

Ag g/t Cu tonnes Ag ounces 4.2 2,000 87,000 7.0 76,000 3,500,000 6.9 78,000 3,600,000

Notes:

• Reported at a 0.2% Cu-equivalent cut-off grade (Cu & Ag)

• The Mineral Resource is classified in accordance with JORC, 2012 edition.

• The effective date of the Mineral Resource estimate is 25 June 2021.

• The Mineral Resource is contained within EMP 26499.

• Estimates are rounded to reflect the level of confidence in these resources at the present time. All resources have been rounded to the nearest million tonnes.

• The Mineral Resource is reported as a global resource

See slide 2 for the full Competent Person statement.

• Mt Flora RC Maiden Resource and Northern Extension

• Preliminary maiden Inferred Resource estimation for Mt Flora completed for 16Mt @0.5%Cu, 0.2% c/off for 78,000T Cu and .

• 3.5M oz Ag

 A total of 109 holes have been drilled in Phases 1 and 2 resource drilling, for 20,101m

 All assay results announced.

• Fifteen lines completed over mineralised area, covering a strike of 950m, a width of 900m and to a vertical depth of 300m.

• 439 (>0.2% Cu) intersections of copper , silver and gold mineralisation with 62 not used in the maiden resource estimate.

• Mineral Resource at Mt Flora to be infilled 300 m to the north based on recent exploration drilling and remains open.

• Mineralisation continues to be , predictable and consistent

• providing confidence for future resource estimations.

• The silver grades intersected in the new assay results continue to be economically attractive.

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See slide 2 for the full Competent Person statement.

Bundarra Strategy Review - Aug/Sept 2021

• The purpose of the review was to ensure an optimal exploration and resource development strategy that is reflective of the evolving positive exploration results

• A recent successful capital raise.

• Improvements to the Bundarra pluton specific exploration techniques that are rapid, cost effective and successful. Soil Geochemistry and electrical conductivity as well as major advances in other targeting techniques as examples.

• Mt Flora Maiden Resource Estimate completed in June

• Large, and increasing number of high priority exploration targets within the Bundarra project.

• Extensive and detailed Bundarra specific geological models, understanding and exploration targeting techniques from the pluton-scale exploration to date.

Bundarra Project Area

Shallow, Large and Growing Copper System in an Exceptional Location

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• 47 copper silver and gold prospects with historic underground and surface mining. This will always be correct as it is number of records in the government database.

• Numerous high priority targets identified .

• with more being added as targeting evolves Well located in the heart of the QLD coalfields bringing future significant capital advantages Rapid organic growth potential through discovery on top of immediate resource development opportunities.

• Bundarra Project Regional Soil GeoChem Anomalism - Progress

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• Soils area surveyed as at mid-July

• Soils area surveyed as at mid-September

• 5400 samples taken

• 12,136 samples taken

• 20% coverage - 32km[2] of total of 160km[2]

• 46% coverage - 74km[2] of total of 160km[2]

  • Bundarra Project regional VTEM anomalies and Inversion Modelling

• Pluton-scale VTEM survey conducted in 2011

• VTEM data from 2011 was remodelled. 40 late time

• conductors mapped similar to conductors over massive sulphide veins at Mt Flora.

• There are 16 mapped VTEM anomalies close to known historic prospects and 24 new VTEM targets with the Quorn and Rogers prospects mapped as .

• high priority targets

• Trialling new VTEM inversion techniques that will accelerate data acquisition for 3D pluton scale prospectivity modelling

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Mt Flora Conductivity and Soil Profiles Coincident Over Bed Rock Mineralisation

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Bundarra Project regional GeoChem and GeoPhys coincident anomalism

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• Bundarra Revised Plan September 2021 onwards

• The above circumstances provide the opportunity to take an accelerated approach to the ongoing broader, pluton scale exploration program, and generate optionality whereby

• The soil sampling program has been broadened and accelerated to cover the whole of the Bundarra project, including the Waitara and Duania tenements. (Q3 and Q4, 2021).

• Newly available inversion modelling technology that can potentially provide a new pluton-wide analysis of previously flown aerial VTEM survey data. This is a new technique which is rapid and cost effective, to be utilised to reliably identify anomalous prospective areas. (Q3 and Q4, 2021).

• Development targets will be generated using the new profile targeting techniques from across the whole of the Bundarra pluton. These targets will be prioritised using 3D machine learning mineral potential modelling techniques, with the drill targets to be tested by scout exploration diamond and RC drilling (Q4, 2021).

• Resource drilling programs will be undertaken once the best targets have been identified and prioritised (Q1 2022).

• Bundarra Project Growth Plan – Ongoing, Resource and Scale Development

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The next stage of exploration to help prioritise areas for resource drilling from the new pXRF and VTEM Inversion model targets will include:

Drill diamond core into selected targets to collect geological data to confirm the interpreted geometry of any bed rock mineralisation and understand the geology, geochemistry, the petrophysics and geometry of any mineralisation intersected. Use these data to plan preliminary RC scout drilling to assess the endowment potential for each target. Start resource development drilling on the best target based on length and depth of continuity of mineralisation and preliminary metal endowment from resource drilling.

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Exploration and Development Timeline

ACTIVITY	Q2, 2021	Q3, 2021	Q4, 2021	Q1, 2022	Q1, 2022	Q2, 2022	Q2, 2022	Q3, 2022	Q4, 2022	Q4, 2022
Bundarra Development Drilling	Complete Mt Flora Phase Two Drilling (done) and Feasibility Infill drilling and/or other location/s Phase One resource drilling
Target ID and Prioritisation	Complete Soils survey around 50km of pluton contact Reprocess VTEM model		Interpret results and Diamond Drill test Key Targets	RC pattern drill priority targets around Bundarra	Prioritise for resource development and begin Resource Drilling highest priority targets
Bundarra Development Metallurgy	Complete metallurgy drilling and floatation test work (underway).
Bundarra Resource Development	Completed maiden Inferred resource estimate at Mt Flora			Complete follow up Indicated resource estimate at Mt Flora and/or Inferred resource estimate at one or two other locations
Bundarra Development Mining									Undertake optimisation and mining studies
Regional Exploration			Complete first pass electrical geophysical and drilling exploration to test new potential resource development area at Waitara and Duania
Prairie Creek Exploration Drilling	Drill test Prairie Creek gold opportunity			Complete soil sampling any mapping to define extent of mineralisation

Thank you

Philip Condon, Managing Director p.condon@duke-exploration.com.au Aus (+61) 0417 574 730

Toko Kapea, Chairman t.kapea@duke-exploration.com.au NZ (+64) 04 566 5278

Greg Partington, Operations Manager g.partington@duke-exploration.com.au Aus (+61) 0448 700 987

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COMPANY NAME Duke Exploration Ltd ABN 28 119 421 868

REGISTERED OFFICE Level 27, 111 Eagle Street Brisbane, Qld, 4000

POSTAL ADDRESS PO Box 2057, Ascot Brisbane, Qld, 4007

ASX CODE DEX

REGISTRY Automic Pty Ltd

www.duke-exploration.com.au

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