TRUE NORTH COPPER LIMITED — Capital/Financing Update 2021

Sep 14, 2021

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ASX ANNOUNCEMENT | ASX: DEX

15/09/2021

DEX DEVELOPMENTS STRATEGY REVIEW AND BUNDARRA EXPLORATION UPDATE

Duke Exploration (ASX Code: DEX) is pleased to announce it has completed an internal development strategy review for the Bundarra project. The purpose of the review was to ensure Duke Exploration has an optimal exploration and resource development strategy that is reflective of the evolving positive exploration results, in particular: -

• 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.

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

• Extensive and detailed Bundarra specific geological models, understanding and knowhow from the intensive, high-quality exploration conducted by the Duke Exploration team to date.

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

1. 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)

2. Newly available inversion modelling technology that can potentially provide a new plutonwide 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)

3. 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)

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

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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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Pluton-scale data acquisition has commenced with excellent progress already after less than two months. For example, the soils Geochem survey coverage has almost doubled new discoveries of potential surface bed rock mineralisation, particularly the Southeast section of the Bundarra pluton. (See map comparisons below.). Please also see detailed update section of this report for other technical details.

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13 [th] July 2021 15 [th] September 2021
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Comparison of previous pXRF copper soil anomaly map with new map, including new sample data that covers a larger area of the Bundarra pluton.

Commenting on progress – Philip Condon, MD:

“Taking a broad pluton-wide approach has resulted in a massive stride forward in our use of the rapid and cheap pXRF soil and electrical geophysical data sampling techniques to discover new orebodies, provide optionality and prioritise our future exploration and development plans for the Bundarra project. There has been a significant amount of exploration work completed while the resource development drilling was being completed for the maiden resource at Mt Flora. Resource development was started at Mt Flora, not necessarily because it is the best or largest resource opportunity, but because the project had the most historic exploration and mining. The new targeting strategy will now allow us to understand where the best orebody is to be found in the Bundarra project area. Exploration in the next three months will now focus on completing data acquisition over the whole of the prospective area within and around the Bundarra Pluton, which will lead to the development of the next orebody at Bundarra. This exploration is already paying dividends with the discovery of a large new copper pXRF soil anomaly along the eastern contact of the Bundarra Pluton. There is no evidence of historic exploration or mining in this part of the Bundarra Pluton and confirms that the unsampled part of the Bundarra Pluton in the centre, east and south remain prospective for new near surface discoveries.”

Commenting on progress – Toko Kapea, Chairman:

“My excitement and confidence in the Bundarra project rose when I first saw the results of the targeting work that has been carried out since we listed. It is hard to appreciate the scale of the mine

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development target we have at Bundarra and the scale, although a major positive, also makes cost effective exploration harder. I can now see where the next orebodies like Mt Flora will be found and look forward to our exploration and drilling results as we start testing these new targets. Also, I am very confident that we will find additional new targets as our pluton scale exploration sampling continues.”

Bundarra Exploration Update Highlights

• Powerful new targeting techniques and new pXRF copper soil data confirm the potential for new discoveries of copper, silver, and gold bed rock mineralisation along the eastern contact of the Bundarra pluton, which has had no historic mining or exploration activity to date.

• There is a total of 36.7 km of pXRF soil and conductivity anomaly trends that have been mapped using the profile targeting technique with 5.1 km of these trends spatially associated with the Mt Flora resource area.

• There is 6.6 km of coincident conductivity and pXRF copper soil trends in the southwest of the Bundarra pluton that have not been tested by drilling to date, compared to the 0.6 km trend over the Mt Flora Resource area, which again emphasises the scale of the mineralised system in and around the Bundarra pluton and the high probability of discovering new resource development areas like Mt Flora.

• About 54% of the prospective area within and around the Bundarra pluton remains to be sampled, which provides confidence that additional resource development targets will be found in the unsampled areas of the Bundarra Pluton.

• The new targeting technique is a very powerful tool for mapping and prioritising the next areas for resource development around the Bundarra pluton, particularly as the data required is quick and cheap to acquire across the entire prospective area.

• The sampling programmes for both the pXRF soil geochemistry and conductivity data has been accelerated with the aim of prioritising the next project area for development work by the end of this year.

• Three soil sample collection teams are now operating, with the aim of completing sampling over the entire prospective area of the Bundarra Pluton by late October, depending on weather and land access.

• A total of 12,136 soil samples have now been collected to 9 September across the entire Bundarra Pluton, which is an additional 6,736 samples to those reported to date. The area with pXRF soil data now covers 74 km2, which is 46% of the prospective area of the Bundarra Pluton and surrounding contact metamorphic halo.

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Details of the work reported in this announcement are in Appendix 1 - JORC Code, 2012 Edition, Checklist of Assessment and Reporting Criteria.

Future Work Programme

• Evaluate and decide on timing of extension RC resource drilling at Mt Flora and the Quarry Anomaly to test the new mineralisation discovered to the north, after the completion of alternate high priority target evaluation and development sequencing,

• 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 to cover the entire Bundarra Pluton, starting with the prospective areas between Absolon, Quorn and Rogers,

• Start exploration diamond drilling to collect geological data to help prioritise resource development work of the anomalies around Absolon, Quorn and Rogers,

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

• Provide the first results from the diamond drilling of the Prairie Creek gold target by the end of September.

This announcement has been authorised for release by the Board.

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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

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Updated Bundarra Pluton Exploration Targeting

Exploration targeting methodologies to find new orebodies, around and within, the Bundarra pluton have been improved to take account of the results from the resource development work at Mt Flora, particularly the new mineralisation found to the north of Mt Flora announced on 25 August, and the new discoveries that continue to be made around the Bundarra Pluton announced on 13 July. The pluton scale gradient array IP conductivity data and pXRF copper soil data collected over Mt Flora Mine area were used to develop a profile targeting system that maps the potential surface location and deeper geometry of the copper, silver and gold massive sulphide veins at Mt Flora, with the aim of using this system to map similar targets around the Bundarra Pluton where pXRF soil and gradient array IP data have been acquired (Figure 1).

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Figure 1. Location map of Bundarra regional survey areas and IP line in relation to main Duke targets and VTEM anomalies.

Copper and conductivity anomalies over the known copper, silver and gold mineralisation at Mt Flora were mapped using the geometric relationship between the peak values for conductivity and copper compared to the local background copper and conductivity values (e.g., Figure 2). The asymmetry of the profile curves from the peak values allows the interpretation of the geometry of underlying bedrock mineralisation, particularly potential dip direction. The pXRF copper soil profiles map the location of copper at the surface and is influenced by the direction and steepness of the topography, whereas the conductivity profiles map where fresh massive sulphides first occur at around 20 m depth. Consequently, the asymmetry of the profiles and the geometric relationship between the profiles can be used to interpret the dip direction and subsequently the strike of underlying massive sulphide veins, which at Mt Flora is north northeast strike and dip to the east (Figure 3). When the points for the coincident conductivity and copper soil values are plotted,

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they provide a measure of continuity along strike and hence the potential scale of the bed rock massive sulphide vein system. The targets with the longest continuity will be the best targets for resource development.

The targets that were mapped using this technique were spatially compared with the location and geometry of the massive sulphide veins that host the Inferred resource at Mt Flora (the Mt Flora Inferred Resource is 16 Mt at an average grade of 0.5% Cu and 6.9 ppm Ag, comprising 78,000 tonnes of copper and 3.6 million ounces of silver). The profile targeting technique accurately mapped the location of the veins down dip and along strike, including the extensions to the mineralisation to the north at Mt Flora (Figure 3). The coincident profile points not only map the known mineralisation in the Inferred resource area but also confirms the continuity of mineralisation to the new mineralisation discovered 300 m to the north from the resource area (Figure 3).

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Figure 2. Section 7572270mN of the most northern line of resource drilling of the Quarry Lode relative to pXRF soil and electrical geophysical anomaly profiles.

The profile targeting technique was then used to map all the areas with gradient array IP and pXRF soil copper geochemistry, including Quorn, Absolon, Rogers and Isens. This analysis, while preliminary until data are collected over the 160 km[2] prospective region around the Bundarra pluton, provided new insights to the geometry and prospectivity of the southwestern part of the Bundarra pluton (Figure 3). The total length of the pXRF soil and conductivity anomaly trends that have been mapped using the profile targeting technique is 36.7 km, with 5.1 km of these trends within the current Mt Flora resource area (Figure 3). There is a combined length of 6.6 km of coincident conductivity and pXRF copper soil trends in the southwest of the Bundarra pluton that have not been tested by drilling, which are interpreted to have the potential to host similar copper, silver and gold massive sulphide veins as Mt Flora (Figure 3). These are like the 0.6 km long

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trend at Mt Flora, which cover the current Inferred resource area (Figure 3). This again emphasises the scale of the mineralised system in and around the Bundarra pluton and the high probability of discovering new resource development areas like Mt Flora, which is itself expected to grow as the new mineralisation to the north is pattern drilled. About 54% of the prospective area within and around the Bundarra pluton remains to be sampled, which provides confidence that additional resource development targets will be found in the unsampled areas of the Bundarra Pluton.

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Figure 3. Interpreted linear trends form pXRF copper soil and conductivity profile targets from sampled survey areas.

An important conclusion from the preliminary targeting analysis is that the copper, silver and gold veins targeted by exploration drilling at Quorn and Absolon are interpreted to have an east-west strike, which is parallel to most of the historic and current drilling as announced on 13 of August. Detailed field mapping at Quorn has confirmed the east-west trend to the mineralisation at Quorn in historic workings, which means most of the drilling is not optimally orientated to test the extent and importantly continuity of mineralisation at Quorn and Absolon. Future drilling at Quorn and Absolon will be adjusted to take account of the new interpreted vein geometries.

The new targeting technique is a very powerful tool for mapping and prioritising the next areas for resource development around the Bundarra pluton, particularly as the data required can be quickly and cheaply acquired across the entire prospective area. Consequently, exploration and development work plans and budgets for the next two years to June 2023 have been updated. The focus in the next two years will remain on identifying and developing undiscovered resources at the Bundarra and Prairie Creek project areas to grow the Company organically. Exploration will continue to prioritise near surface bed rock mineralisation,

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with pluton scale data acquisition to be prioritised for acquisition before new development drilling commences outside of the Mt Flora resource area. The aim will be to ensure the next development exploration is carried out on the best target. This work will be completed while development work continues at Mt Flora including extension drilling and metallurgical studies. Pluton scale exploration will continue to increase the number of new prioritised exploration targets at Bundarra based on geophysical and prospectivity studies that will lead to an increased resource base to allow the project to continue to grow organically into the future.

Bundarra Project pXRF Soil Sampling

Regional pXRF soil sampling was accelerated based on the success of the new targeting techniques at mapping the geometry and continuity of bed rock copper, silver and gold mineralisation at Mt Flora. A total of 12,136 soil samples have now been collected to 9 September across the entire Bundarra Pluton, which is an additional 6,736 samples to those reported previously (see announcement on 13 July, 2021). The area with pXRF soil data now covers 74 km[2] , which is 46% of the prospective area of the Bundarra Pluton and surrounding contact metamorphic halo (Figure 1). The soil sampling is planned to extend the anomalous areas identified on the boundaries of previously surveyed areas and to extend the sample coverage to cover the entire prospective area within and around the Bundarra Pluton. Three soil sample collection teams are now operating, with the aim of completing sampling over the entire prospective area of the Bundarra Pluton by November, depending on weather and land access.

The soil samples were analysed using the same techniques as the previous surveys, using a Vanta m-series pXRF that provided multi-element geochemistry, including pathfinder element useful for mapping porphyry mineralisation like silver, molybdenum and zinc. The soil samples were collected from 20 cm below the surface in C Horizon soils with the samples sieved to 60 micron and compressed using a 4 cm by 4 cm small plumbing cap for analysis. The pXRF beam was set to 10 seconds for a total of 30 second analysis, with 39 elements analysed for each sample.

Copper is the main element used to map potential near surface copper bearing massive sulphide veins like those being drilled currently at Mt Flora. Certain areas around the steeper parts of the hills proved difficult to sample due to significant scree slopes. The scree resulted in a sample being taken that may not accurately represent the true soil profile at the given location and areas with low copper soil values may host bedrock mineralised veins that are covered by barren scree.

Copper data from the pXRF soil survey have been mapped using the same cut off values that map the historic and outcropping chalcopyrite sulphide mineralisation at Mt Flora, with the 140 ppm Cu cut off mapping the presence of bed rock copper sulphide mineralisation at Mt Flora, the Quarry Lode and Quorn (Figure 4). Anomalous copper in soil continues to be mapped to the north of Quorn related to historic workings and VTEM plate anomalies (Figure 4). The copper soil anomaly at Lone Hand is similar is scale and tenor to the soil anomalies at Mt Flora, which confirms the resource development potential for this part of the Bundarra pluton. The most important new anomalous area is along the eastern contact of the Bundarra Pluton to the southeast of Mt Flora (Figure 4). This is a new discovery with no evidence of historic activity, which confirms that the eastern contact of the Bundarra pluton is also prospective for new discoveries of copper, silver and gold mineralisation like Mt Flora, further increasing the scale of the opportunity at the Bundarra project.

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Figure 4. Grid map of pXRF copper soil values from the data collected to 9 September over the Bundarra Pluton compared to VTEM targets and historic mines and prospects.

The next stage of exploration to help prioritise areas for resource drilling from the new pXRF and gradient array IP targets will include:

• Ground truth all targets and consider the geological context, but not disregard any anomalies based on geological interpretations.

• 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.

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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 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 3. 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.au for 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.

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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 and gradient array resistivity and induced polarization (GAIP) surveys continue to be carried out to the north, south and east of the current survey areas around the northern and eastern contacts of 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 operations manager 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 channels,	•	Soil samples were collected on an 80m by 80m
techniques		random chips, or specific specialised industry		grid, no less than 20 cm below the surface in C
		standard measurement tools appropriate to the		Horizon. Samples are sieved to 60 micron and
		minerals under investigation, such as down hole		transferred into paper sample bag to avoid
		gamma sondes, or handheld XRF instruments, etc).		contamination and retain a large enough sample to
		These examples should not be taken as limiting the		allow re-testing.
		broad meaning of sampling.
	•	Include reference to measures taken to ensure
		sample representivity and the appropriate
		calibration of any measurement tools or systems
		used.
	•	Aspects of the determination of mineralisation that
		are Material to the Public Report.
	•	In cases where ‘industry standard’ work has been
		done this would be relatively simple (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) may warrant disclosure of
		detailed information.
Drilling	•	Drill type (e.g., core, reverse circulation, open-hole	•	Not applicable.
techniques		hammer, rotary air blast, auger, Bangka, sonic, etc)
		and details (e.g., core diameter, triple or standard
		tube, depth of diamond tails, face-sampling bit or
		other type, whether core is oriented and if so, by
		what method,etc).
Drill sample	•	Method of recording and assessing core and chip	•	Not applicable.
recovery		sample recoveries and results assessed.
	•	Measures taken to maximise sample recovery and
		ensure representative nature of the samples.
	•	Whether a relationship exists between sample
		recovery and grade and whether sample bias may
		have occurred due to preferential loss/gain of
		fine/coarse material.
Logging	•	Whether core and chip samples have been	•	Not applicable.
		geologically and geotechnically logged to a level of
		detail to support appropriate Mineral Resource
		estimation, mining studies and metallurgical
		studies.
	•	Whether logging is qualitative or quantitative in
		nature. Core (or costean, channel, etc)
		photography.
	•	The total length and percentage of the relevant
		intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether quarter,	•	Not applicable.
techniques		half or all core taken.
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.
	•	Quality control procedures adopted for all sub-
		sampling stages to maximise representivity of
		samples.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	•	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	•	The nature, quality and appropriateness of the	•	The pXRF Vanta m-series analysed each sample
assay data and		assaying and laboratory procedures used and		using 3 beams in geochemistry mode. Each beam
laboratory tests	•	whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in		was set to 10 seconds for a total of 30 seconds and targeting 39 elements, specifically anomalous copper. The pXRF Vanta m-series was calibrated
		determining the analysis including instrument make		once a week and the prolene pXRF windows were
		and model, reading times, calibrations factors		changed upon noticing any imperfection on the
		applied and their derivation, etc.		surface.
	•	Nature of quality control procedures adopted (e.g.,	•	All samples are dry and compressed into a small
		standards, blanks, duplicates, external laboratory		4cm by 4cm plumbing cap ensuring a consistent
		checks) and whether acceptable levels of accuracy		fine grainsize for a comparable analysis between
		(i.e., lack of bias) and precision have been		points.
		established.
Verification of	•	The verification of significant intersections by either	•	No data has been adjusted.
sampling and		independent or alternative company personnel.
assaying	• •	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	•	Accuracy and quality of surveys used to locate drill	•	A Garmin 64x GPS was used to locate all survey
data points		holes (collar and down-hole surveys), trenches,		points.
		mine workings and other locations used in Mineral
		Resource estimation.
	•	Specification of the grid system used.
	•	Qualityand adequacyof topographic control.
Data spacing	•	Data spacing for reporting of Exploration Results.	•	Each pXRF surface geochemistry location was
and	•	Whether the data spacing and distribution is		spaced 80m apart. When a location could not be
distribution		sufficient to establish the degree of geological and grade continuity appropriate for the Mineral		reached due to challenging terrain this was documented in the survey notes and the point
		Resource and Ore Reserve estimation procedure(s)		location updated. Due to the mobility of the target
		and classifications applied.		elements of interest this spacing was adequate for
	•	Whether sample compositing has been applied.		the targeting method and aim of the survey.
Orientation of	•	Whether the orientation of sampling achieves	•	Not applicable.
data in		unbiased sampling of possible structures and the
relation to geological	•	extent to which this is known, considering the deposit type. If the relationship between the drilling orientation
structure		and the orientation of key mineralised structures is
		considered to have introduced a sampling bias, this
		should be assessed and reported if material.
Sample	•	The measures taken to ensure sample security.	•	Not applicable.
security
Audits or	•	The results of any audits or reviews of sampling	•	Not applicable.
reviews		techniques and data.

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.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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
				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 1, Figure 2 and Figure 3 and Figure 4.
Information		understanding of the exploration results
		including a tabulation of the following
		information for all Material drill holes:
		o eastingand northingof the drill hole collar

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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	•	Not applicable.
methods		averaging techniques, maximum and/or
		minimum grade truncations (e.g., cutting of
		high grades) and cut-off grades are usually
		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	•	Not applicable.
between		the reporting of Exploration Results.
mineralisation	•	If the geometry of the mineralisation with
widths and		respect to the drill hole angle is known, its nature should be reported.
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 1, Figure 2 and Figure 3 and Figure 4.
		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.
Balanced reporting	•	Where comprehensive reporting of all	•	Not applicable.
		Exploration Results is not practicable,
		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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				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, MLEM and 3D IP 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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