TRUE NORTH COPPER LIMITED — Capital/Financing Update 2021

Nov 4, 2021

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ASX ANNOUNCEMENT | ASX: DEX

5 November 2021

EXPLORATION DIAMOND DRILLING STARTED AT QUORN, ROGERS AND ISENS

Duke Exploration (ASX Code: DEX) is pleased to announce that it has commenced diamond drilling at the Company’s Bundarra Project in Central Queensland, testing three major coincident copper pXRF and gradient array IP profile anomaly trends at the Quorn, Rogers and Isens prospects.

HIGHLIGHTS

• Five diamond drill holes for a total of 880 m have been planned to test high priority pXRF copper and gradient array IP conductivity profile anomalies at Quorn, Rogers and Isens prospects.

• The diamond drill rig has been mobilised to site and drilling started on Thursday 4 November 2021.

• The main aims of the drilling are to drill test selected high priority profile targets from the pXRF soil and GAIP conductivity data at Quorn, Rogers and Isens, collect petrophysical downhole survey data on all diamond holes to map geological and structural geometries, review and categorise the relevant rock classes present downhole, review orientations or structures and mineralisation downhole and review and interpret the geometry and controls on the copper, silver and gold mineralisation intersected to date.

• The drilling is planned to be completed by the mid-December, with visual results available from mid-November and assay results early 2022. This programme will be followed by grid exploration RC drilling constrained by the interpreted geometry and control on the copper, silver and gold mineralisation derived from the logging and analysis of the diamond drilling.

Managing Director Philip Condon commented:

“The commencement of diamond drilling in the southwest corner of the Bundarra pluton is a significant step in the Duke Exploration strategy of expanded and accelerated resource development. This drilling will provide important information not only on grades and widths, but critically in a wider context, it will confirm our geological model is consistent and repeatable. That confirmation will then allow us to confidently and reliably predict the quality and quantity of the many mineralised locations around the whole of the Bundarra project. These locations can then be prioritised for resource development in Q1, 2022. The overall goal of the strategy is to development maximum resources rapidly, reliably and cost effectively, towards the ultimate goal of a viable

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Duke Exploration Limited | ABN: 28 119 421 868
P.O. Box 2057 Ascot QLD 4007
E: info@duke-exploration.com.au | www.duke-exploration.com.au
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copper mining operation at Bundarra. The diamond drilling is the next stage of this very exciting phase of our Bundarra copper and silver resource development program.

Future Work Programme

• Start scout RC drilling to determine the highest priority target for resource development drilling.

• Finalise the timing of step-out extension RC resource drilling at the Mt Flora resource to test the new mineralisation discovered to the north.

• Continue accelerated pXRF soil sampling, to be completed by the end of the year, to sample the entire Bundarra Pluton to help prioritise resource development work.

• Accelerate and extend collection of electrical geophysical data over the entire Bundarra Pluton.

• Provide all exploration diamond drilling assay results from the Prairie Creek gold project by early November.

This announcement has been authorised for release by the Board.

For further information please contact:

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Philip Condon

Managing Director

p.condon@duke-exploration.com.au Ph +61 417 574 730

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Toko Kapea Chairman

t.kapea@duke-exploration.com.au Ph+64 27 534 2886

Duke Exploration Limited www.duke-exploration.com.au

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Technical Information

Bundarra Project Exploration Drilling Details

Work on understanding the results from the profile targeting developed from the pluton scale exploration announced on 15 September 2021 is continuing. A diamond drill rig has been mobilised to site and drilling started on Wednesday 4 November (Figure 1). The total program comprises five diamond holes for 880 m (Figure 2 and Table 1), which should be completed by mid-December based on a drill rate of 18m per day, with visual results available from mid-November and assay results by early 2022. The main aims of exploration diamond drill programme are:

• Drill test selected high priority profile targets from pXRF soil and GAIP conductivity data at Quorn, Rogers and Isens.

• Collect petrophysical downhole survey data on all diamond holes to map geological and structural geometries.

• Review and categorise the relevant rock classes present downhole.

• Review orientations or structures and mineralisation downhole.

• Review and interpret the geometry and controls on copper, silver and gold mineralisation intersected to date.

Figure 1: Diamond rig drilling south targeting breccia intersected in the last Quorn RC drill programme

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A total of five holes are planned to test high priority pXRF copper and gradient array IP conductivity profile anomalies at Quorn, Rogers and Isens prospects (Figure 2 and Table 1). One hole is planned at Quorn (PLQN001), three holes at Rogers (PLQN002 – 004) and one hole at Isens (PLQN005).

Figure 2: Planned exploration diamond drill hole locations

HOLE	NORTH	EAST	RL	DIP	AZIMUTH	DEPTH
PLQN001	7569541	653712	322	-60	180	250
PLQN002	7567776	655231	337	-55	180	150
PLQN003	7567757	655416	354	-55	180	150
PLQN004	7567374	655131	378	-55	180	150
PLQN005	7567626	658272	366	-55	325	180
	Table 1: Bundarra exploration diamond drill hole details.

Quorn was tested by the first Bundarra exploration scout drilling programme as announced on 28 July. A total of four exploration holes and one water bore hole were drilled that all intersected copper, silver and gold mineralisation, including better results of:

• 4.0 m at 2.66 % Cu, 4.51 g/t Ag and 0.54 g/t Au from 199.0 m in QNRC001,

• 11.0 m at 1.04 % Cu, 14.70 g/t Ag and 0.07 g/t Au from 122.0 m in QNRC002,

• 27.0 m at 0.58 % Cu, 14.86 g/t Ag and 0.05 g/t Au from 26.0 m in QNRC002 and

• 5.0 m at 0.28 % Cu, 6.24 g/t Ag and 0.01 g/t Au from 41.0 m in QNRC004.

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After reviewing the downhole data, which measured structural orientations it was concluded that the drilling to date was parallel to strike of the mineralisation. Three parallel 600m long profile GAIP and anomalous copper soil trends have been mapped E-W perpendicular to the granodiorite contact at Quorn with four prominent historic workings mapped at the surface confirming the E-W striking orientation dipping steeply to the north. The exploration diamond drill hole planned at Quorn (PLQN001) is therefore planned to drill the mineralised breccia intersected by the previous drilling and confirm the strike and dip of the copper, silver and gold mineralisation at Quorn. PLQN001 is planned to be drilled south at 60° to 250m depth, past the significant intersection of 11m at 1.04 % Cu from 122m depth in QNRC002 and into the high-grade mineralisation intersected in QNRC001 at 200m depth.

Three holes are planned to test extensive east-west striking coincident GAIP and copper soil profile anomalies at Rogers (Figure 2 and Table 1). The area has had no previous mining, exploration drilling and has limited outcrop. The exploration holes are planned to test along strike continuity of the bed rock geology and potential copper mineralisation that is the source of the pXRF copper soil anomalies. The holes will also collect geological and structural information from the area on either side of the granodiorite geological contact. All three exploration holes at Rogers will drill south at 55° and drill to 150m depth, with the depth to be extended if a hole is in mineralisation.

The Isens historic underground mine is one of the largest mines around the Bundarra Pluton (Figure 1). The workings cover a 80 m long outcropping mineralised lode, which strikes north east and dips southeast. Three coincident 150 – 250m long profile pXRF soil and gradient array IP conductivity anomalies have been mapped at Isens that have what is interpreted to be conjugate strike geometries. A single exploration diamond hole drilling towards 300° has been planned that will test the two conjugate orientations.

About Duke Exploration

Duke is an Australian exploration company with majority interests in five granted exploration tenements for copper, gold and silver exploration areas located in Queensland and New South Wales, Australia.

Duke’s key assets comprise:

• EPM 26499, EPM 27474 and EPM 27609 – Bundarra project (100% owned copper exploration project near Mackay, Queensland);

• EPM 26852 – Prairie Creek Project (91% owned (9% Capgold) gold exploration project near Rockhampton, Queensland); and

• EL 8568 – Red Hill Project (100% owned copper exploration project near Red Hill, New South Wales).

In addition, Duke also has an interest in four New South Wales Cu-Au porphyry tenements currently operated by Lachlan Resources Pty Ltd, a wholly owned subsidiary of ASX listed Emmerson Resources (ASX: ERM). Duke currently holds a 5% interest in two of these tenements and a 10% interest in the other two tenements that is free carried to BFS.

The most advanced target for the Company is the Bundarra project Mt Flora prospect, which has resource development potential for copper, silver and gold, and a recently announced Inferred resource of 16 Mt at an average grade of 0.5% Cu and 6.9 ppm, Ag, reported at a 0.2% Cu cut-off grade as classified and reported in accordance with the JORC Code (2012), which equates to 78,000 tonnes of copper and 3.6 million ounces of

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silver (Table 3). There are currently five other target areas with similar development potential on the Bundarra project as defined by historical mining, geology and geophysics.

		Tonnes (Mt)	Cu%	Ag g/t	Cu tonnes	Ag ounces
Inferred	Oxide	1	0.3	4.2	2,000	87,000
	Sulphide	15	0.5	7.0	76,000	3,500,000
	Total	16	0.5	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

Table 2: Mount Flora Mineral Resource Summary

The exploration and development strategy is to define sufficient resources at Mt Flora and the other prospective targets in the Bundarra project area as a priority to allow feasibility studies to be undertaken to establish an economic mining operation and to delineate additional mineral resources from the current known exploration target areas to grow the project into the future. The Company has also started to test the more conceptual exploration targets on the Prairie Creek project and Red Hill project (see www.dukeexploration.com.aufor more project details). The business development strategy for the Company is to focus on the Bundarra project and simultaneously carry out resource development work on those targets evaluated and ranked as high priority, starting at Mt Flora, while exploring the regional potential of the Bundarra pluton. The aim is to discover a pipeline of resource development projects around the Bundarra pluton to add to the Mt Flora project organically.

pXRF soil sampling continue to be carried out over the entire the Bundarra pluton. The aim is to accelerate the collection of pXRF soil data and electrical geophysical data to map the entire prospective area of the Bundarra pluton to allow computer-based machine learning statistical analysis to be carried out to help target the highest priority targets for resource development drilling into the future.

Competent Person Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Dr Greg Partington, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of The Australian Institute of Geologists.

Dr Partington is employed by Duke Exploration Pty Ltd as a consultant through Kenex Pty Ltd. He has over 30 years of experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Partington consents to the inclusion in the report of the matters based on his information in the form and context in which it appears

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Appendix 1 - JORC Code, 2012 Edition, Checklist of Assessment and Reporting Criteria

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (e.g., cut	•	Triple-tube HQ sized diamond core samples to be
techniques		channels, random chips, or specific specialised		collected via diamond drill rig. The recovery of core
		industry standard measurement tools		is measured and recorded by the driller and
		appropriate to the minerals under investigation,		checked and corroborated by the logging geologist
		such as down hole gamma sondes, or handheld		when metre marked.
		XRF instruments, etc). These examples should	•	pXRF analysis is conducted to provide indicative
		not be taken as limiting the broad meaning of		lithogeochemical data by taking 10 analyses per
		sampling.		sample interval. These analyses were taken using an
	•	Include reference to measures taken to ensure		Olympus Vanta M series XRF Analyser with all
		sample representivity and the appropriate		beams enabled for 10 seconds each.
		calibration of any measurement tools or systems	•	Core to be cut in half, with half retained and half
		used.		assayed. Core was crushed and pulverised. Gold
	•	Aspects of the determination of mineralisation		was assayed by 50g fire assay and AAS (ALS code
		that are Material to the Public Report.		Au-AA24) and 33 other elements by four acid
	•	In cases where ‘industry standard’ work has		digestion with ICP-AES (ALS code ME-ICP61).
		been done this would be relatively simple (e.g.,
		‘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 (e.g., submarine nodules)
		maywarrant disclosure of detailed information.
Drilling	•	Drill type (e.g., core, reverse circulation, open-	•	An AED Alton track mounted diamond rig to be
techniques		hole hammer, rotary air blast, auger, Bangka,		used to recover HQ sized core. 3 m rods to be
		sonic, etc) and details (e.g., core diameter, triple		used, and triple tube methods used to ensure
		or standard tube, depth of diamond tails, face-		sample recovery, especially through fractured
		sampling bit or other type, whether core is		zones. Core was oriented using a reflex tool.
		oriented and if so,bywhat method,etc).
Drill sample	•	Method of recording and assessing core and	•	The drilling crew to measure each run and record
recovery		chip sample recoveries and results assessed.		the amount of core recovered. This was double
	•	Measures taken to maximise sample recovery		checked by the geologist when the core was metre
		and ensure representative nature of the samples.		marked.
	•	Whether a relationship exists between sample	•	Triple tubing was used to ensure maximum sample
		recovery and grade and whether sample bias		recovery
		may have occurred due to preferential loss/gain
		of fine/coarse material.
Logging	•	Whether core and chip samples have been	•	All core to be logged by a geologist at a
		geologically and geotechnically logged to a		centimetre resolution. Features of interest that
		level of detail to support appropriate Mineral		were logged include lithology, alteration, structure
		Resource estimation, mining studies and		and chemical composition (acquired through pXRF
		metallurgical studies.		analysis). Downhole Optical Televiewer, Acoustic
	•	Whether logging is qualitative or quantitative in		Televiewer and petrophysical logging, including
		nature. Core (or costean, channel, etc)		magnetic susceptibility, resistivity, natural gamma
		photography.		and density measurements, to be conducted and
	•	The total length and percentage of the relevant		integrated with geological and geotechnical
		intersections logged.		logging. This logging provides information on
				structure, contacts, veining etc. in the form of dip
				and dip direction measurements at a 10 cm
				resolution.
			•	Geological logging is considered qualitative while
				structural, geochemical and geotechnical logging
				via pXRF geochemical analysis, downhole
				Televiewers andpetrophysical loggingis

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				considered quantitative. All core trays are
				photographed, as well as lithologies of interest in
				the core.
Sub-sampling	•	If core, whether cut or sawn and whether	•	Core to be sawn in half, with half retained in trays,
techniques and		quarter, half or all core taken.		and the other half assayed. Sampling is considered
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		representative of the in-situ lithologies collected and the consistent half-core sampling.
		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 beingsampled.
Quality of assay	•	The nature, quality and appropriateness of the	•	Gold to be assayed by 50g fire assay and AAS (ALS
data and		assaying and laboratory procedures used and		code Au-AA24) and 33 other elements by four acid
laboratory tests		whether the technique is considered partial or total.		digestion with ICP-AES (ALS code ME-ICP61). ME- ICP61 is a near total method, with only the most
	•	For geophysical tools, spectrometers, handheld		resistant minerals partially dissolved.
		XRF instruments, etc, the parameters used in	•	A pXRF Vanta m-series was used to analyse each
		determining the analysis including instrument		sample using 3 beams in geochemistry mode.
		make and model, reading times, calibrations		Each beam was set to 10 seconds for a total of 30
		factors applied and their derivation, etc.		seconds and targeting 39 elements. pXRF readings
	•	Nature of quality control procedures adopted		were taken at a rate of 10 per sample interval on
		(e.g., standards, blanks, duplicates, external		the core. It is recognised this is an imperfect
		laboratory checks) and whether acceptable		method and is only used to give an indication of
		levels of accuracy (i.e., lack of bias) and		geochemistry while waiting for laboratory assay
		precision have been established.		results.
Verification of	•	The verification of significant intersections by	•	No data were adjusted.
sampling and		either independent or alternative company
assaying	•	personnel. The use of twinned holes.
	•	Documentation of primary data, data entry
		procedures, data verification, data storage
		(physical and electronic) protocols.
	•	Discuss anyadjustment to assaydata.
Location of data	•	Accuracy and quality of surveys used to locate	•	The drillholes were initially located using a Garmin
points		drill holes (collar and down-hole surveys),		GPS unit. The holes were then surveyed accurately
		trenches, mine workings and other locations		by a surveyor at the end of the programme.
		used in Mineral Resource estimation.		Downhole surveys including a downhole gyro was
	•	Specification of the grid system used.		used on all holes.
	•	Quality and adequacy of topographic control.	•	The grid system is MGA94 Zone 55
			•	Topographic control has been adopted from a
				recent aerial lidar survey. The topographic control
				is considered to be highly accurate.
Data spacing and	•	Data spacing for reporting of Exploration	•	The drilling was carried targeting specific
distribution		Results.		prospective zones.
	•	Whether the data spacing and distribution is	•	No physical compositing of samples to be done.
		sufficient to establish the degree of geological
		and grade continuity appropriate for the Mineral
		Resource and Ore Reserve estimation
		procedure(s) and classifications applied.
	•	Whether sample compositinghas been applied.
Orientation of	•	Whether the orientation of sampling achieves	•	The drilling was planned near perpendicular to the
data in relation to		unbiased sampling of possible structures and		geology based on the current geological
geological structure	•	the extent to which this is known, considering the deposit type. If the relationship between the drilling		understanding.
		orientation and the orientation of key
		mineralised structures is considered to have
		introduced a samplingbias,this should be

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		assessed and reported if material.
Sample security	•	The measures taken to ensure sample security.	•	All samples were collected from the drill rig and
				taken to a core logging yard located on the same
				property as the drilling. Once logged the core was
				transported to ALS via Followmont. The samples
				were not left unattended and a chain of custody
				was maintained throughout the shipping process.
Audits or reviews	•	The results of any audits or reviews of sampling	•	No audits have been conducted by external parties
		techniques and data.		at this stage.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement	•	Type, reference name/number, location and	•	EPM 26499 ‘Bundarra’ is located south of Nebo,
and land tenure		ownership including agreements or material		QLD, and is held 100% by Duke Exploration Ltd.
status		issues with third parties such as joint ventures, partnerships, overriding royalties, native title		Parts of the tenement have native title interests with the Barada Barna people.
		interests, historical sites, wilderness or national	•	No known impediments.
		park and environmental settings.
	•	The security of the tenure held at the time of
		reporting along with any known impediments
		to obtaininga licence to operate in the area.
Exploration done	•	Acknowledgment and appraisal of exploration	•	Production at Mt Flora began in the 1880s.
by other parties		by other parties.		Numerous shafts, to a maximum depth of 38 m,
				adits and surface workings were developed. Mining
				continued during the 1970s. Exploration since the
				1960s included geological mapping (Endeavour Oil
				1974-75) soil surveys (CRA Exploration 1962,
				Endeavour Oil 1974-75, Regency Resources 2005),
				rock chip sampling (Endeavour Oil 1974-75,
				Chesterfield Mining and Exploration 1983, Elliot
				Exploration 1987, Dominion Gold Operations 1991,
				Queensland Metals Corporation 1994), Geophysics
				(magnetics by Planet Metals in 1967 and Elliot
				Exploration 1987, gravity by Carpentaria Gold in
				1984, IP by Endeavour Oil in 1975, and VTEM by
				Regency in 2014). Endeavour Oil drilled six
				diamond drillholes in 1975, and Queensland Metals
				Corporation drilled two percussion holes in 1994.
				Endeavour Oil 1974-75 carried out trial
				underground mining, metallurgical test work and
				resource estimation. Endeavour Oil did extensive
				work at Mt Flora from 1974-76, including detailed
				1:500 scale mapping, rock chip sampling,
				geophysics, drilling and extending adits and shaft
				sinking. Petrology was done on ore material taken
				from the base of a shaft sunk on the Flora lode in
				1972 (Endeavour Oil, 1974). Near surface narrow
				lode mineralisation was detected in the Mt Flora
				area using IP geophysics, and Endeavour Oil
				considered IP to be a useful reconnaissance tool.
				Six diamond holes were drilled to successfully test
				IP anomalies at depth. In 1974-75 Endeavour Oil
				undertook a mining exploration programme and
				used this work to complete a resource estimate for
				the Mt Flora lodes.
			•	Elliot Exploration re-assayed the Endeavour Oil
				core for gold in 1987. In 1994 Normandy drilled
				two holes: MFP 01 and MFP 02 near the top of Mt
				Flora, and Regency Mines 2001-2013 did mapping
				and soil sampling, and apparently drilled RC holes

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				in 2001, although no data were reported.
Geology	•	Deposit type, geological setting and style of	•	Copper, gold, silver and molybdenum
		mineralisation.		mineralisation at Bundarra is located within 300 m
				of the contact zone between the Bundarra
				Granodiorite and Back Creek Group sediments.
				Argillite, mudstone, siltstone and sandstone has
				been contact metamorphosed to an andalusite
				hornfels for a 800m wide zone surrounding the
				Bundarra pluton. Mineralisation at Mt Flora occurs
				in structurally controlled lodes, which crosscut the
				granodiorite-sediment contact, with mineralisation
				occurring on both sides of the contact.
				Mineralisation is hosted by faults and fractures,
				associated with sheeted quartz veins, hematite,
				limonite and pyrite. The lodes have massive
				sulphides with high copper percentages (>10%).
				Silver and zinc are present, as well as molybdenum
				and gold. It is interpreted the mineralisation at
				Quorn is similar.
Drill hole	•	A summary of all information material to the	•	See Figure 2 and Table 1 in the main text.
Information		understanding of the exploration results
		including a tabulation of the following
		information 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.
	•	If the exclusion of this information is justified on
		the basis that the information is not Material
		and this exclusion does not detract from the
		understanding of the report, the Competent
		Person should clearly explain why this is the
		case.
Data aggregation	•	In reporting Exploration Results, weighting	•	Intervals to be composited in Micromine, using a
methods		averaging techniques, maximum and/or		weighted average technique at a 0.2% Cu cut off,
		minimum grade truncations (e.g., cutting of		allowing 3 m of internal dilution and a 1 m
		high grades) and cut-off grades are usually		minimum width.
		Material and should be stated.
	•	Where aggregate intercepts incorporate short
		lengths of high grade results and longer lengths
		of low grade results, the procedure used 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	•	These relationships are particularly important in	•	These are the first holes drilled into the prospects
between		the reporting of Exploration Results.		and the orientation of the copper mineralisation is
mineralisation widths and	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		not known. The holes are thought to be drilling perpendicular to the mineralisation based off 3D IP models and mapping surrounding outcrops.
intercept lengths	•	If it is not known and only the down hole
		lengths are reported, there should be a clear
		statement to this effect (e.g., ‘down hole length,
		true width not known’).
Diagrams	•	Appropriate maps and sections (with scales)	•	See Figure 2 and Table 1 in the main text.
		and tabulations of 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.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Balanced reporting	•	Where comprehensive reporting of all	•	No drilling has been undertaken with no assays to
		Exploration Results is not practicable,		report.
		representative reporting of both low and high
		grades and/or widths should be practiced to
		avoid misleading reporting of Exploration
		Results.
Other substantive	•	Other exploration data, if meaningful and	•	A desktop study was completed by Core
exploration data		material, should be reported including (but not		Metallurgy Pty Ltd, using the most recent drill data
		limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock		and flotation test work results to perform an order-of magnitude assessment of processing and operating options for a mine at Mt Flora. The goal of the study was to produce indicative flowsheets
		characteristics; potential deleterious or		and the associated capital and operating costs to
		contaminating substances.		subsequently evaluate the feasibility and
				economic viability of producing a copper
				concentrate via conventional open pit mining and
				processing methods from deposits in the
				Bundarra project area.
			•	The cost estimates provided within the review are
				of a preliminary nature and should have an
				expected accuracy range of 25% to 45%. Scoping
				test work to assess metallurgical processing
				options was conducted by Core in May and June
				2019 and these data were used to constrain the
				review.
			•	Key assumptions include all mining will be from
				an open-pit, throughput rate will be 500,000
				tonnes per annum of sulphide ore, a concentrate
				grade for copper of 24% and silver of 398 g/t Ag,
				concentrate filter cake delivered to Mt Isa by road
				transport and a locally based drive in/out
				workforce is available at Mackay or in the
				surrounding area.
			•	The study considered twelve processing options
				with the Base Case capital cost estimate for the
				supply and construction of a concentrator with a
				nominal capacity of 500,000 dry tonnes per
				annum to produce a saleable rougher copper
				concentrate is estimated at approximately A$56.3
				million.
			•	Order of magnitude operating costs for a
				greenfield EPCM and second-hand process plant,
				at A$31-34 per tonne, were significantly lower
				compared to Builder Owner Operator (A$47-51
				per tonne) and Contract Crushing / Direct
				Shipped Ore (A$65-89 per tonne) options.
			•	A copper cut-off grade of 0.2% Cu represents the
				economic cut-off grade for the project using the
				current copper price and cost estimates above.
Further work	•	The nature and scale of planned further work	•	Further work will include drilling other prospects
		(e.g., tests for lateral extensions or depth		around the Bundarra Pluton to test results returned
		extensions or large-scale step-out drilling).		from GAIP, 3D IP and VTEM geophysical surveys
	•	Diagrams clearly highlighting the areas of		and pXRF soil surveys.
		possible extensions, including the main	•	The regional scale pXRF soil survey mapping Cu
		geological interpretations and future drilling		anomalies on a 80x80 grid is ongoing and
		areas, provided this information is not		eventually planned to cover the 50km2area of the
		commercially sensitive.		Bundarra Pluton and contact zone.

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