TRUE NORTH COPPER LIMITED — Capital/Financing Update 2021

Aug 25, 2021

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ASX Announcement Media Release

26 AUGUST 2021

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DEX – COPPER AND SILVER MINERALISATION INTERSECTED BEYOND THE CURRENT RESOURCE AREA AT MT FLORA

Duke Exploration (ASX Code: DEX) is pleased to announce that the final results for the Phase 2 resource and exploration drilling at Mt Flora have been returned that follow on from the results announced on 02 June and 29 June. The new results come from outside the area covered by the Inferred resource announced on 29 June and confirm the extension of the Mt Flora and Quarry Lode veins 300 m to the north.

Highlights

• Significant intersections from the new RC resource and exploration extension holes at Mt Flora include:

• 2 m at 5.49 % Cu, 60.15 g/t Ag and 0.17 Au from 206 m in MFRC089,

• 9 m at 1.28 % Cu, 22.07 g/t Ag and 0.02 Au from 259 m in MFRC089,

• 3 m at 1.4 % Cu, 16.03 g/t Ag and 0.14 Au from 159 m in MFRC090,

• 11 m at 0.4 % Cu, 4.82 g/t Ag and 0.02 Au from 22 m in MFRC091,

• 8 m at 1.01 % Cu, 11.9 g/t Ag and 0.02 Au from 18 m in MFRC093,

• 4 m at 1.17 % Cu, 25.45 g/t Ag and 0.05 Au from 48 m in MFRC094,

• 4 m at 1.3 % Cu, 19.25 g/t Ag and 0.09 Au from 58 m in MFRC099,

• 25 m at 0.6 % Cu, 7.49 g/t Ag and 0.04 Au from 219 m in MFRC106,

• 13 m at 0.55 % Cu, 7.19 g/t Ag and 0.04 Au from 248 m in MFRC106 and

• 15 m at 1.31 % Cu, 7.11 g/t Ag and 0.11 Au from 228 m in MFRC109.

• There are 62 new intersections of potentially economic copper, silver and gold mineralisation from the new drilling that are not included in the current Inferred resource estimate.

• Copper, silver and gold mineralisation were intersected from the near surface to a depth of 240 m and are expected to add to the recently announced Inferred resource of 16 Mt at an average grade

Duke Exploration Limited ABN 28 119 421 868 PO Box 2057 Ascot QLD 4007 AUSTRALIA www.duke-exploration.com.au

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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.

• The veins, like those in the resource estimate, continue to form stacked narrow and wider sheeted en-echelon systems with copper grades up to 10.2% Cu, 165 g/t Ag and 0.73 g/t Au in individual metres.

• The copper, silver and gold mineralised area has increased to a strike of 950 m, a width of 900 m and to a vertical depth of 300 m, which is 30% larger than the area that was used to estimate the recent Inferred resource reported on 29 June.

• There are 62 new intersections of copper, silver and gold mineralisation above a 0.2% Cu cut off from the 22 new RC holes at Mt Flora that are not included in the current resource estimate, which brings the total number of intersections to date to 439 intersections.

• The Phase 2 drilling is now completed and planning and budgeting for new resource drilling to cover the new intersections north of the resource area is underway. This drilling is expected to increase the strike of the copper, silver and gold veins at Mt flora to more than 950m.

• The exploration results are another significant step forward in developing a successful mining operation at Bundarra and is providing more confidence in the project hosting additional resources of copper, silver and gold at Mt Flora as well as at the five regional target areas.

Commenting on progress – Philip Condon, MD:

“The assay results from the last holes from the Phase 2 drilling are very encouraging and are among the best results from the ore body at Mt Flora. The ore body is still open to the north, with mineralisation intersected from the surface 300m north of the current resource area at Mt Flora. This increases our confidence that the resource at Mt Flora will continue to grow. We can now start detailed metallurgy test work, with results expected in the next Quarter. We continue to accelerate the collection of pluton scale geochemistry and electrical geophysical data that will be used with computer machine learning systems to prioritise development targets, which we are confident will quickly add to the scale of a potential mining project at Bundarra.”

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

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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,

• Started 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, staring 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,

• Complete diamond drilling of the Prairie Creek gold target, with first results expected 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

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

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Mt Flora Final Phase Two RC Drilling Results

The Mt Flora prospect is the first high priority target for development in the Bundarra Project area (see www.dukeexploration.com.au for project details). A phased approach is being taken to the drilling at Mt Flora, which aimed to initially deliver sufficient assay results to estimate a maiden JORC 2012 Inferred resource at Mt Flora by mid2021. These new results follow on from the Inferred resource and drill results announced on 02 June and 29 June.

The new assay results from the resource drilling at Mt Flora come from the last 22 holes (7,659m) of the planned Phase 2 drilling (Table 1 and Figure 1). A total of 109 RC holes have been drilled for 20,101 m since resource drilling started at Mt Flora, with all assays now returned. There are fifteen lines of holes on a 60 m by 60 m drill spacing completed with the mineralised area increasing to a strike of 950 m, a width of 900 m and to a vertical depth of 300 m (Figure 1), which is 30% larger than the area that was used to estimate the recent Inferred resource reported on 29 June. The results for all the new holes assayed have been entered into the drill databases and a quality control review completed. All check samples, blanks and sample weights have been reviewed as part of an ongoing quality control process and returned results within accepted expected statistical ranges, which confirms the validity of the assay results.

There are 62 new intersections of copper, silver and gold mineralisation above a 0.2% Cu cut off from the 22 new RC holes at Mt Flora that are not included in the current resource estimate, which brings the total number of intersections to date to 439 intersections (Table 2). Mineralisation continues to be predictable and consistent in width, copper grade and orientation between drill holes both down dip and now along strike. Better intersections from the new drilling include (Table 2):

• 2 m at 5.49 % Cu, 60.15 g/t Ag and 0.17 Au from 206 m in MFRC089,

• 2 m at 0.91 % Cu, 19.55 g/t Ag and 0.02 Au from 220 m in MFRC089,

• 9 m at 1.28 % Cu, 22.07 g/t Ag and 0.02 Au from 259 m in MFRC089,

• 3 m at 1.4 % Cu, 16.03 g/t Ag and 0.14 Au from 159 m in MFRC090,

• 3 m at 0.78 % Cu, 22.1 g/t Ag and 0.04 Au from 211 m in MFRC090,

• 6 m at 0.24 % Cu, 0.31 g/t Ag and 0.01 Au from 12 m in MFRC091,

• 11 m at 0.4 % Cu, 4.82 g/t Ag and 0.02 Au from 22 m in MFRC091,

• 8 m at 1.01 % Cu, 11.9 g/t Ag and 0.02 Au from 18 m in MFRC093,

• 4 m at 1.17 % Cu, 25.45 g/t Ag and 0.05 Au from 48 m in MFRC094,

• 8 m at 0.34 % Cu, 6.61 g/t Ag and 0.02 Au from 230 m in MFRC096,

• 4 m at 1.3 % Cu, 19.25 g/t Ag and 0.09 Au from 58 m in MFRC099,

• 3 m at 0.77 % Cu, 21.93 g/t Ag and 0.01 Au from 74 m in MFRC106,

• 25 m at 0.6 % Cu, 7.49 g/t Ag and 0.04 Au from 219 m in MFRC106,

• • 13 m at 0.55 % Cu, 7.19 g/t Ag and 0.04 Au from 248 m in MFRC106,

• 4 m at 0.71 % Cu, 8.43 g/t Ag and 0.05 Au from 266 m in MFRC106,

• 15 m at 0.29 % Cu, 2.78 g/t Ag and 0.03 Au from 169 m in MFRC108 and

• 15 m at 1.31 % Cu, 7.11 g/t Ag and 0.11 Au from 228 m in MFRC109.

Duke Exploration Limited

www.duke-exploration.com.au

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Figure 1. Mt Flora drill location plan for all the holes completed at the Quarry Anomaly and Mt Flora relative to the Exploration Target area, Inferred Resource area, extended mineralised area, granodiorite contact and location of historic drill holes (all hole numbers have a MFRC prefix)

The four extension RC holes (MFRC093 – MFRC096) drilled to test a coincident pXRF copper soil and EM conductivity anomaly 300 m north of the Mt Flora resource area intersected copper, silver and gold mineralisation from the surface to a 200m vertical depth, including 8 m at 1.01 % Cu, 11.9 g/t Ag and 0.02 Au from 18 m in MFRC093 and 4 m at 1.17 % Cu, 25.45 g/t Ag and 0.05 Au from 48 m in MFRC094 (Figure 1 and Figure 2 and Table 1). The mineralisation appears to have a similar dip to the Mt Flora and Quarry Lode mineralisation, but it is unclear if the mineralisation is related to either vein system or is a new vein system (Figure 1 and Figure 2).

Importantly, contrary to early interpretations that the mineralisation was potentially deepening to the north down the plunge of the granodiorite contact, the mineralisation reaches the surface and is open down dip to the east and along strike to the north (Figure 2). The northern most line drilled to test the Quarry Lode on 7572270mN, including MFRC106 – MFRC109, also intersected copper, silver and gold mineralisation, continuing the Quarry Lode to the north, which also remains open to the east down dip and along strike to the north. Some of the best intersections from the Phase 1 and Phase 2 drilling to date come from this line, including: 25 m at 0.6 % Cu, 7.49 g/t Ag and 0.04 Au from 219 m in MFRC106 and 15 m at 1.31 % Cu, 7.11 g/t Ag and 0.11 Au from 228 m in MFRC109.

Both these discoveries are very important as they not only extend the potential strike of mineralisation at Mt Flora and at the Quarry Lode, but also confirm that pXRF copper soil and geophysical conductivity anomaly profiles can be used to map the location and geometry of bed rock massive sulphide copper mineralisation in the near surface

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

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and at depth, which has very important implications for targeting and prioritising the mineralised systems in the southwest of the Bundarra Pluton in the Quorn, Absolon and Rogers prospect areas for resource development work.

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Figure 2. Section 7572750mN of the most northern line of exploration extension drilling north of the Mt Flora resource area relative to pXRF soil and electrical geophysical anomalies

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Figure 3. Section 7572270mN of the most northern line of resource drilling of the Quarry Lode relative to pXRF soil and electrical geophysical anomalies

Duke Exploration Limited

www.duke-exploration.com.au

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Prospect	Hole	Line	Easting	Northing	RL	Depth	Az	Dip	Status
Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Quarry lode Quarry lode Quarry lode Quarry lode	MFRC088 MFRC089 MFRC090 MFRC091 MFRC092 MFRC093 MFRC094 MFRC095 MFRC096 MFRC097 MFRC098 MFRC099 MFRC100 MFRC101 MFRC102 MFRC103 MFRC104 MFRC105 MFRC106 MFRC107 MFRC108 MFRC109	7572330 7572270 7572270 7572330 7572390 7,572,750 7,572,750 7,572,675 7,572,675 7572390 7572390 7572390 7572450 7572450 7572150 7572090 7572210 7572210 7,572,270 7,572,270 7,572,270 7,572,270	662,168 662,482 662,259 662,268 662,189 662,504 662,567 662,504 662,595 662,252 662,290 662,293 662,238 662,165 661,943 661,931 661,941 661,916 662,626 662,690 662,749 662,826	7,572,326 7,572,276 7,572,289 7,572,325 7,572,387 7,572,750 7,572,750 7,572,681 7,572,675 7,572,387 7,572,389 7,572,389 7,572,447 7,572,448 7,572,149 7,572,093 7,572,210 7,572,218 7,572,270 7,572,270 7,572,265 7,572,270	350 362 378 380 368 282 278 295 291 369 357 357 351 358 253 240 251 256 334 320 301 294	243 277 249 249 249 159 149 201 249 249 13 249 248 219 79 55 19 85 285 261 219 261	267 275 259 273 271 269 271 270 268 270 271 272 275 274 270 274 271 256 271 272 273 267	-52 -69 -56 -54 -55 -53 -55 -54 -55 -55 -55 -67 -55 -54 -54 -55 -55 -75 -55 -55 -55 -55	Unmineralised Mineralised Mineralised Mineralised Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Abandoned Mineralised Unmineralised Unmineralised Mineralised Unmineralised Abandoned Mineralised Mineralised Mineralised Mineralised Mineralised

Table 1. Drill collar details of RC holes with new assays drilled at the Quarry Lode and Mt Flora (MGA94 Zone 55).

Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	Ag g/t	Au g/t
MFRC089 MFRC089 MFRC089 MFRC089 MFRC089 MFRC089 MFRC089 MFRC090 MFRC090 MFRC090 MFRC090 MFRC090 MFRC090 MFRC090 MFRC091 MFRC091 MFRC091 MFRC091 MFRC091	Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora	662,472 662,444 662,426 662,408 662,404 662,395 662,390 662,215 662,168 662,161 662,146 662,139 662,136 662,123 662,260 662,252 662,235 662,229 662,191	7,572,276 7,572,275 7,572,274 7,572,275 7,572,275 7,572,276 7,572,277 7,572,280 7,572,270 7,572,269 7,572,266 7,572,265 7,572,265 7,572,263 7,572,326 7,572,326 7,572,326 7,572,327 7,572,327	334 263 218 168 155 129 115 315 247 237 214 204 199 179 368 358 335 326 274	29 105 154 206 220 248 259 77 159 172 200 211 218 242 12 22 56 65 131	31 106 155 208 222 249 268 78 162 173 201 214 219 243 18 33 57 68 132	2 1 1 2 2 1 9 1 3 1 1 3 1 1 6 11 1 3 1	0.35 0.35 0.39 5.49 0.91 0.42 1.28 0.56 1.40 0.24 0.73 0.78 0.55 0.23 0.24 0.40 0.25 0.27 0.32	5.15 13.20 5.90 60.15 19.55 7.10 22.07 19.40 16.03 10.20 21.80 22.10 4.40 6.70 0.31 4.82 6.40 6.60 5.30	0.03 0.02 0.01 0.17 0.02 0.01 0.02 0.02 0.14 0.08 0.04 0.04 0.06 0.01 0.01 0.02 0.01 0.01 0.01

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

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	Ag g/t	Au g/t
MFRC091 MFRC093 MFRC094 MFRC094 MFRC094 MFRC095 MFRC095 MFRC095 MFRC096 MFRC096 MFRC096 MFRC096 MFRC097 MFRC097 MFRC099 MFRC099 MFRC099 MFRC099 MFRC099 MFRC099 MFRC102 MFRC105 MFRC105 MFRC106 MFRC106 MFRC106 MFRC106 MFRC106 MFRC106 MFRC106 MFRC106 MFRC107 MFRC107 MFRC107 MFRC107 MFRC108 MFRC108 MFRC108 MFRC109 MFRC109 MFRC109 MFRC109 MFRC109	Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora	662,139 662,491 662,538 662,514 662,481 662,496 662,491 662,456 662,540 662,506 662,479 662,456 662,227 662,193 662,272 662,270 662,254 662,249 662,245 662,203 661,930 661,904 661,898 662,583 662,578 662,514 662,510 662,504 662,493 662,480 662,472 662,632 662,615 662,577 662,549 662,709 662,652 662,639 662,805 662,748 662,716 662,698 662,692	7,572,333 7,572,750 7,572,749 7,572,749 7,572,748 7,572,681 7,572,681 7,572,678 7,572,670 7,572,665 7,572,662 7,572,659 7,572,387 7,572,387 7,572,390 7,572,391 7,572,393 7,572,394 7,572,395 7,572,407 7,572,149 7,572,216 7,572,215 7,572,270 7,572,270 7,572,270 7,572,270 7,572,270 7,572,270 7,572,270 7,572,270 7,572,274 7,572,276 7,572,282 7,572,286 7,572,268 7,572,279 7,572,282 7,572,269 7,572,275 7,572,280 7,572,284 7,572,285	202 265 237 206 163 283 277 231 214 169 134 104 334 286 308 302 264 253 243 144 235 207 184 272 266 174 169 160 144 126 114 238 214 157 116 243 154 133 265 178 127 97 86	220 18 48 89 143 14 20 80 93 151 196 230 43 101 53 58 101 113 123 232 22 50 73 74 82 194 200 211 219 248 266 100 128 198 248 70 169 200 35 140 199 228 248	222 26 52 90 144 15 25 81 96 152 197 238 44 102 54 62 102 114 124 233 23 51 75 77 85 196 204 215 244 261 270 101 131 200 249 71 184 204 36 141 202 243 249	2 8 4 1 1 1 5 1 3 1 1 8 1 1 1 4 1 1 1 1 1 1 2 3 3 2 4 4 25 13 4 1 3 2 1 1 15 4 1 1 3 15 1	0.48 1.01 1.17 0.56 0.49 0.32 0.40 0.22 0.25 0.70 0.49 0.34 0.65 0.20 0.84 1.30 0.23 0.21 0.24 0.35 0.38 0.43 0.32 0.77 0.23 0.31 0.34 0.21 0.60 0.55 0.71 0.22 0.46 0.52 0.25 0.20 0.29 0.44 0.22 0.21 0.54 1.31 0.21	10.70 11.90 25.45 11.10 19.90 2.50 2.81 10.20 7.53 16.10 12.70 6.61 18.70 3.40 13.20 19.25 6.20 2.50 7.00 3.40 4.90 5.20 3.30 21.93 7.70 3.55 3.50 2.70 7.49 7.19 8.43 5.90 5.07 3.75 2.30 5.00 2.78 3.78 5.50 7.90 4.90 7.11 2.10	0.01 0.02 0.05 0.05 0.04 0.01 0.01 0.08 0.01 0.01 0.01 0.02 0.01 0.02 0.05 0.09 0.02 0.01 0.01 0.07 0.14 0.06 0.05 0.01 0.01 0.06 0.03 0.01 0.04 0.04 0.05 0.01 0.04 0.06 0.03 0.02 0.03 0.03 0.01 0.03 0.04 0.11 0.02

Table 2. Drill intersections from the Mt Flora and Quarry Lode Resource RC drilling, using a 0.2% Cu cut off, with a minimum width of 1 metre and including 3 metres of internal waste (MGA94 Zone 55)

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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 a resources have been rounded to the nearest million tonnes.			t the present time. A	ll

• 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.duke-exploration.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,

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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 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 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 channels,	•	One-metre primary samples were collected using a
techniques		random chips, or specific specialised industry standard		reverse circulation drill rig, which when split is
		measurement tools appropriate to the minerals under		approximately 10% of the total meter sample. The quality
		investigation, such as down hole gamma sondes, or		of the sample has been being actively measured using
		handheld XRF instruments, etc). These examples should		various quality control techniques, focusing on keeping
		not be taken as limiting the broad meaning of sampling.		holes dry, reducing dust loss and optimising sample
	•	Include reference to measures taken to ensure sample		delimitation. The quality of the sampling has been
		representivity and the appropriate calibration of any		independently reviewed and is deemed to be high, and
		measurement tools or systems used.		fit-for-purpose to be used in mineral resource
	•	Aspects of the determination of mineralisation that are		estimations. Various quality control metrics are actively
		Material to the Public Report.		monitored to ensure the quality of samples collected.
	•	In cases where ‘industry standard’ work has been done		Such measures include:
		this would be relatively simple (e.g., ‘reverse circulation		• Every effort is made to ensure all samples are drilled
		drilling was used to obtain 1 m samples from which 3 kg		dry and when this is not possible samples are logged
		was pulverised to produce a 30 g charge for fire assay’). In		as wet, and the quality designation ranking lowered
		other cases, more explanation may be required, such as		and considered in the resource estimation.
		where there is coarse gold that has inherent sampling		• The measuring and monitoring of total RC sample
		problems. Unusual commodities or mineralisation types		weights to measure total recovery and metre
		(e.g., submarine nodules) may warrant disclosure of		delineation of the drilling (after correcting for
		detailed information.		density based on lithology averages and volume
				differences based on bit size)
			•	pXRF analysis for some alteration and common rock-
				forming elements was carried out on every metre by
				taking a small ~25g sample from the bulk RC sample and
				analysing using an Olympus Vanta M series XRF Analyser
				with all three beams enabled with each beam set to 10
				seconds each.
			•	Calibration checks were performed by the handheld XRF
				analysers at least once fortnightly to ensure that the
				analyser was operating within factory specifications
Drilling	•	Drill type (e.g., core, reverse circulation, open-hole	•	Reverse circulation drilling equipment with face
techniques		hammer, rotary air blast, auger, Bangka, sonic, etc) and		sampling hammers were used to collect samples. The
		details (e.g., core diameter, triple or standard tube, depth		drilling was conducted by a McCulloch DR 800 drill rig
		of diamond tails, face-sampling bit or other type, whether		with Sulli 350/1100 compressor, a Mercedes powered
		core is oriented and if so, by what method, etc).		350/1100 Sulli compressor. Boosters is a Detroit 8V92
				type 650 psi to a maximum of 900psi. All drill bits used
				were face sampling Schramm 650 series 143 mm, had a
				shroud size of 141 mm, and they were sized to suit as
				they wore. Teeth are 8 PCD outer and 9 tungsten inner
				teeth. All rods were Manutech Rods which are 6 metres
				long 4 inch outside diameter. All sample hoses are 3 inch
				Inside diameter.
Drill sample	•	Method of recording and assessing core and chip sample	•	All sample recovery information was digitally recorded on
recovery		recoveries and results assessed.		the rig using locked auto-validating excel spreadsheets.
	•	Measures taken to maximise sample recovery and ensure		Samples were weighed using digital scales and recoveries
		representative nature of the samples.		were estimated based on average density of logged
	•	Whether a relationship exists between sample recovery		lithology, bit diameter (indicating volume of sample) and
		and grade and whether sample bias may have occurred		total sample weight. The recovery was constantly
		due to preferential loss/gain of fine/coarse material.		monitored using live-updating graphs indicating when
				recoveries were out of control or showing unfavourable
				trends.
			•	An auxiliary booster was used to maximise air pressure to
				improve sample recovery, which allowed holes to be
				drilled dry. Where samples were drilled wet,theyhave

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				been logged as such. Furthermore, constant monitoring
				of recoveries via measurement and evaluation of total
				sample weights on the rig enable recoveries to be
				maximised.
			•	There is no relationship between sample recovery and
				grade and no correction or weighting factors were
				required.
Logging	•	Whether core and chip samples have been geologically	•	Chip samples have been geologically and geotechnically
		and geotechnically logged to a level of detail to support		logged to a level of detail to support mineral resource
		appropriate Mineral Resource estimation, mining studies		estimation, mining studies and metallurgical studies. All
		and metallurgical studies.		chip samples have been geologically logged to 1m
	•	Whether logging is qualitative or quantitative in nature.		resolution on the rig recording information on rock type,
		Core (or costean, channel, etc) photography.		mineralogy, mineralisation, fabrics, and textures. This
	•	The total length and percentage of the relevant		logging is paired with logging conducted using the
		intersections logged.		downhole Televiewer information which can log to at
				least 10cm resolution and records structural information
				for contacts, foliation, banding, veining etc. in the form
				of dip and dip direction measurements., resistivity,
				natural gamma and density measurements are also used
				to assist this logging.
			•	The logging for the RC drilling was qualitative for the
				geological data collection and quantitative for structural,
				geotechnical and geochemical data. A handheld XRF was
				used to collect continuous geochemical data and
				Televiewer optical and acoustic data collection allows
				the measurement of structural and geotechnical data.
			•	All one metre samples from the drilling have been
				geologically logged and the geological data recorded in
				the drill database. Subsamples were also collected and
				stored in chip trays for future reference.
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or	•	All other samples were split using a cone splitter fixed to
techniques and		all core taken.		the side of the drill rig, a device aimed at reducing
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		splitting variance. Holes were kept dry wherever possible using an auxiliary booster. The cone Splitter is able to deal with wet samples without introducing bias.
		appropriateness of the sample preparation technique.		This has been independently reviewed and is considered
	•	Quality control procedures adopted for all sub-sampling		an appropriate technique to collect large-volume
		stages to maximise representivity of samples.		samples when extractor, delimitation and preparation
	•	Measures taken to ensure that the sampling is		errors are well managed.
		representative of the in situ material collected, including	•	For this project, the quality assurance and quality
		for instance results for field duplicate/second-half		control on the primary calico sample were excellent,
		sampling.		resulting in good metre delineation, minimal sample loss
	•	Whether sample sizes are appropriate to the grain size of		and good water management.
		the material being sampled.	•	RC drill chips were delivered to a cone splitter, then
				weighed on receipt at the laboratory and dried in an LPG
				oven for 24hrs @ 95° C. Samples to 3kg are full
				pulverised to 85% passing 75µm in a FLSmidth LM5 mill.
				Samples >3kg are spilt 50:50 using a 25mm aperture
				riffle splitter prior to pulverising. Samples were then
				scooped from the LM5 bowl and put into brown paper
				bags, after which the final charge weight was prepared
				by scooping from the bag using a spoon.
			•	The quality of the sampling preparation has been
				discussed in the announcement text and is considered of
				very good quality, supported by sufficient quality control
				data (duplicates). The techniques have all been
				independently reviewed and are all considered
				appropriate and fit for purpose.
			•	The sample size is considered appropriate for the
				mineralisation style.
Quality of assay	•	The nature, quality and appropriateness of the assaying	•	The nature of the laboratory processes has been
data and		and laboratory procedures used and whether the		discussed in the announcement text in more detail. The
laboratory tests	•	technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF		total 50g fire assay technique with aqua regia digest and AAS finish is considered appropriate for Au analysis. ME-
		instruments, etc, the parameters used in determining the		ICP was used to analyse a total of 33 elements, including
		analysis including instrument make and model, reading		Cu and Ag. When a sample returned a value exceeding
		times, calibrations factors applied and their derivation,		the analysis limit of Cu or Ag, the sample was re-
		etc.		analysed usingan oregrade analysis method to

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	•	Nature of quality control procedures adopted (e.g.,		accurately define the final analysis grade. The quality
		standards, blanks, duplicates, external laboratory checks)		was carefully controlled by both Duke and ALS.
		and whether acceptable levels of accuracy (i.e., lack of	•	A pXRF Vanta m-series analysed each sample using 3
		bias) and precision have been established.		beams in geochemistry mode. Each beam 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 once a week and the
				prolene pXRF windows were changed upon noticing any
				imperfection on the surface. A blank standard was
				analysed once a week or following the prolene window
				change.
			•	QC samples were inserted in the form of Certified
				Reference Materials, blanks, crush duplicates and pulp
				duplicates. The results showed the laboratory delivered
				consistent results throughout the campaign. Bias and
				variance acceptance testing showed positive results,
				with the only issue noted the elevated variability in
				pulps.
Verification of	•	The verification of significant intersections by either	•	All significant intersections were inspected and verified
sampling and		independent or alternative company personnel.		by the Competent Person.
assaying	• •	The use of twinned holes. Documentation of primary data, data entry procedures,	•	The data is collected via Duke Exploration Ltd.’s auto- validating, controlled spreadsheets with drop down
		data verification, data storage (physical and electronic)		menu entry. These sheets are loaded into an Access
		protocols.		database using automatic scripting and are then
	•	Discuss any adjustment to assay data.		subjected to a range of further tests for errors. Any
				issues were communicated to site within 24 hours and
				resolved before the data was accepted. The data is then
				validated within the database and brought into
				Micromine and further visual checks conducted. One
				database administrator conducts all data merging and
				storage into the database to ensure the integrity of the
				data.
			•	No data has been adjusted.
Location of data	•	Accuracy and quality of surveys used to locate drill holes	•	The drill holes have been accurately surveyed using a
points		(collar and down-hole surveys), trenches, mine workings		mmGPS in MGA 94/Zone 54.
		and other locations used in Mineral Resource estimation.	•	Downhole survey data was collected using a North
	•	Specification of the grid system used.		seeking solid state gyro during the downhole data
	•	Quality and adequacy of topographic control.		acquisition. The gyro results were checked by the down
				hole surveyor by comparing them with the deviation
				data obtained with other down hole tools (OPTV and
				ATV) and by duplicating a total of three surveys. The
				location accuracy of sample data points is considered by
				the Competent person to be highly accurate and
				properly quality controlled.
			•	Topographic control has been adopted from a recent
				aerial geophysical programme and has been corrected
				to height values from the DGPS survey. The topographic
				control is considered to be highly accurate.
Data spacing	•	Data spacing for reporting of Exploration Results.	•	The drilling reported has been carried out on a
and distribution	•	Whether the data spacing and distribution is sufficient to		60mx60m grid. The holes are drilled to an average depth
		establish the degree of geological and grade continuity		of around180m.
		appropriate for the Mineral Resource and Ore Reserve	•	Geological and grade continuity has been confirmed
		estimation procedure(s) and classifications applied.		across the 60m drill spacing.
	•	Whether sample compositing has been applied.	•	No physical compositing of samples has occurred in this
				drilling.
Orientation of	•	Whether the orientation of sampling achieves unbiased	•	The drilling orientation has been determined via
data in relation		sampling of possible structures and the extent to which		Televiewer structural interpretation and hole are
to geological	•	this is known, considering the deposit type. If the relationship between the drilling orientation and the		oriented perpendicular to the main banding and veins. Where the terrain is challenging the drill pads were
structure		orientation of key mineralised structures is considered to		moved along the line and the drill dip was steepened to
		have introduced a sampling bias, this should be assessed		intersect the drill target at depth. In these circumstances
		and reported if material.		the drill intersection is not perpendicular to the
				geological structures or mineralisation, particularly
				where the holes are vertical.
			•	There is no apparent bias in any of the drilling
				orientations used.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sample security	•	The measures taken to ensure sample security.	•	All samples were removed from site on the day of drilling
				and stored inside a secure warehouse facility. The
				samples were transported by a certified freight company
				to ALS Laboratories. The samples are not left unattended
				and a chain of custody is maintained throughout the
				shipping process.
Audits or	•	The results of any audits or reviews of sampling	•	No audits have been conducted by external parties at this
reviews		techniques and data.		stage. Internal review by various company personnel has
				occurred.

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, QLD, and
and land tenure		ownership including agreements or material issues		is held 100% by Duke Exploration Ltd. Parts of the
status		with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical		tenement have native title interests with the Barada Barna people.
		sites, wilderness or national park and environmental	•	No known impediments.
		settings.
	•	The security of the tenure held at the time of
		reporting along with any known impediments to
		obtaining a licence to operate in the area.
Exploration done by	•	Acknowledgment and appraisal of exploration by	•	Production at Mt Flora began in the 1880s. Numerous
other parties		other parties.		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 at

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		mineralisation.		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 Information	•	A summary of all information material to the	•	See Figure 1, Figure 2 and Figure 3 and Table 1 and Table
		understanding of the exploration results including a		2 in the main text.
		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 averaging	•	Intervals were composited in Micromine, using a
methods		techniques, maximum and/or minimum grade		weighted average technique at a 0.2% Cu cut off,
		truncations (e.g., cutting of high grades) and cut-off		allowing 3 m of internal dilution and a 1 m minimum
		grades are usually Material and should be stated.		width.
	•	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 between	•	These relationships are particularly important in the	•	These are the first holes drilled into the prospects and
mineralisation widths		reporting of Exploration Results.		the orientation of the copper mineralisation is not
and intercept lengths	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be		known. The holes are thought to be drilling perpendicular to the mineralisation based off 3D IP models and
		reported.		mapping surrounding outcrops.
	•	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) and	•	See Figure 1, Figure 2 and Figure 3 and Table 1 and Table
		tabulations of intercepts should be included for any		2 in the main text.
		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 Exploration	•	All drill holes assays returned to date from the current
		Results is not practicable, representative reporting of		drill programme have been reported.
		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 material,	•	A desktop study was completed by Core Metallurgy Pty
exploration data		should be reported including (but not limited to):		Ltd, using the most recent drill data and flotation test
		geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock		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
		characteristics; potential deleterious or		indicative flowsheets and the associated capital and

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		contaminating substances.		operating costs to 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 (e.g.,	•	Further work will include drilling other prospects around
		tests for lateral extensions or depth extensions or		the Bundarra Pluton to test results returned from GAIP,
		large-scale step-out drilling).		MLEM and 3D IP geophysical surveys and pXRF soil
	•	Diagrams clearly highlighting the areas of possible		surveys.
		extensions, including the main geological	•	The regional scale pXRF soil survey mapping Cu
		interpretations and future drilling areas, provided this		anomalies on a 80x80 grid is ongoing and eventually
		information is not commercially sensitive.		planned to cover the 50km2area of the Bundarra Pluton
				and contact zone.

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