TRUE NORTH COPPER LIMITED - Capital/Financing Update 2021

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ASX Announcement

Media Release

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MT FLORA MAIDEN INFERRED MINERAL RESOURCE AND DRILLING UPDATE

29 JUNE 2021

Highlights

Mount Flora Mineral Resource Summary.

		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
Better new intersections from the unreported RC resource holes used in the Mineral Resource Estimate RC at Mt Flora include:
8 m at 0.57 % Cu, 9.01 g/t Ag and 0.036 g/t Au from 52 m in MFRC079,
7 m at 1.24 % Cu, 13.44 g/t Ag and 0.090 g/t Au from 190 m in MFRC079,
5 m at 1.80 % Cu, 32.90 g/t Ag and 0.073 g/t Au from 163 m in MFRC080,
2 m at 0.97 % Cu, 18.40 g/t Ag and 0.020 g/t Au from 123 m in MFRC081,
10 m at 0.80 % Cu, 11.93 g/t Ag and 0.035 g/t Au from 243 m in MFRC083 and
4 m at 0.74 % Cu, 14.10 g/t Ag and 0.032 g/t Au from 194 m in MFRC084.

Duke Exploration Limited ABN 28 119 421 868 PO Box 765 Kenmore Q 4069 AUSTRALIA www.duke-exploration.com.au

The Mt Flora Mineral Resource estimate is based on a total of 87 RC holes (15,834 m) and 3 diamond holes (550 m), drilled on a 60 m by 60 m grid , covering an area of 650 m by 650 m , and to a vertical depth of around 270 m.
The Inferred Mineral Resource at Mt Flora comprises 78,000 tonnes of copper and 3.6 million ounces of silver . Silver continues to be an important metal at Mt Flora, which equates to an additional 10,000 tonnes of copper equivalent to the 78,000 tonnes of copper reported. The copper equivalent for silver is calculated using a current A$ copper price of $12,378 per tonne and A$ silver price of $34.41 per ounce as 25 June 2021.
The Mineral Resource at Mt Flora is open at least 300 m to the north based on recent exploration drilling.
Additional drilling is being planned to extend the resource 300m further to the north , which will give Mt Flora a strike of 1,000m , as well as infill drilling to achieve Indicated resource classification.
Drilling is also being planned to test the resource potential of the copper mineralisation intersected in the holes at the Quorn and Absolon prosects, which are also expected to add to the Maiden Inferred Mineral Resource at Mt Flora.
Four new exploration RC holes drilled 300 m to the north of the resource area at Mt Flora intersected massive sulphide mineralisation up to 11 m wide with visible chalcopyrite from a vertical depth of 20m to 200m. This important discovery extends the potential strike of mineralisation at Mt Flora by 300m
The drilling also confirms that pXRF soil anomalies of greater than 140 ppm copper are related to bed rock massive sulphide copper mineralisation, which has very important implications for the potential scale of the mineralised systems in the south west of the Bundarra Pluton in the Quorn, Absolon and Rogers prospect areas.

Duke Exploration Limited (“Duke” or the “Company”) (ASX:DEX) is pleased to announce a Maiden Inferred Mineral Resource Estimate at Mt Flora 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), based on the recent drilling programme at the Mount Flora copper-silver project, located 130 km southwest of Mackay in central Queensland. The Mineral Resource estimate is based on all the work by the Company up to 2 June 2021.

Commenting on progress – Philip Condon, MD:

“This is a very solid start for the Company who only listed seven months ago, and we are on track to meet our business objectives at listing. It is particularly pleasing to see the maiden resource at Mt Flora already close to the upper range of our exploration target in the prospectus (5,500,000-12,000,000 tonnes at 0.50.8% Cu for 27,000-96,000 tonnes of copper, 5-15g/t Ag for 884,000-5,780,000 ounces of silver and 0.10.1g/t Au for 17,000-38,000 ounces of gold. See www.duke-exploration.com.au to download the

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Independent Geologists Report for the details of the Exploration Target). Importantly recent drilling of conductive and pXRF soil anomalies to the north of the maiden resource area, which intersected visible copper mineralisation from the near surface to a depth of 80m suggest that the resource at Mt Flora should continue to grow as assays are returned from the continuing resource and exploration drilling. It is also encouraging to see from the preliminary metallurgical and mining studies completed to support the resource estimate that Mt Flora on its’ own has potential to be a standalone mining operation. The new resource development areas currently being discovered by our regional exploration will only add to this potential. These recent positive results have given us the confidence to start prefeasibility work on Mt Flora to develop definitive economics for the project. This work will include detailed metallurgy, infill resource drilling to extend and upgrade the Mt Flora resource to Indicated resource status and mining optimisation studies. We will continue to explore the regional potential of the Bundarra intrusion as this work progresses, which we are confident will only add to the scale of the project.”

Looking south from the discovery holes back towards Mt Flora, with Quorn in the background.

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Future Work Programme

Complete Phase Two RC drilling at Mt Flora and the Quarry Anomaly,
Complete follow up geophysics surveys at Quorn to allow planning of a drilling programme to test the results from this work,
Extend the gradient array and pXRF soil sampling to cover anomalous areas from the Quorn surveys that are open,
Complete gradient array and pXRF soil surveys over the Isens Underground mine area, to start drill testing by the second quarter of 2021,
Start drilling of the first holes at the Prairie Creek gold target,
Source a second rig to fast-track resource and exploration drilling over Mt Flora, Quarry, Quorn, Absolon, Rogers and Isens prospects.

This announcement has been authorised for release by the Board.

Philip Condon Managing Director [email protected] Ph +61 417 574 730

Toko Kapea Chairman [email protected] Ph+64 27 534 2886

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Mt Flora Phase Two New RC Drilling Results Used in Resource Estimate

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 (Figure 1).

There have been 9 holes completed for 7,659m at Mt Flora since the last announcement on 2 June (Table 1 in Appendix 2 and Figure 1). A total of 98 RC holes have been drilled for 18,127 m since resource drilling started at Mt Flora, with 87 holes for 15,834 m with assays returned used in the Mt Flora resource estimation. A total of 20,616 samples have been sent to the laboratory in Townsville since drilling started at Bundarra and 3,319 assay results will remain to be announced after this announcement, including the new assays from the exploration holes at Quorn and Absolon.

Nine lines of holes on a 60m by 60m drill spacing have been completed over the known mineralised area, covering a strike of 550m, a width of 900m and to a vertical depth of 300m (Figure 1), which is larger than the area that was used to develop the reported Exploration Target. 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 36 new intersections of copper, silver and gold mineralisation above a 0.2% Cu cut off from the new drilling at Mt Flora that are included in the resource estimate, which brings the total number of intersections to date to 377 intersections. 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:

8 m at 0.57 % Cu, 9.01 g/t Ag and 0.036 g/t Au from 52 m in MFRC079,
7 m at 1.24 % Cu, 13.44 g/t Ag and 0.090 g/t Au from 190 m in MFRC079,
5 m at 1.80 % Cu, 32.90 g/t Ag and 0.073 g/t Au from 163 m in MFRC080,
2 m at 0.97 % Cu, 18.40 g/t Ag and 0.020 g/t Au from 123 m in MFRC081,
10 m at 0.80 % Cu, 11.93 g/t Ag and 0.035 g/t Au from 243 m in MFRC083 and
4 m at 0.74 % Cu, 14.10 g/t Ag and 0.032 g/t Au from 194 m in MFRC084 (Figure 1 and Table 2 in Appendix 2 for all new results).

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Figure 1. Mt Flora drill location plan for the holes completed to 24 June at the Quarry Anomaly and Mt Flora relative to the Exploration Target area, drilled mineralised area and granodiorite contact, showing the historic drill holes, assayed holes and holes with assays pending (all hole numbers have a MFRC prefix).

Four new exploration RC holes have been drilled 300 m to the north of the last line of holes used in the mineral resource estimate to test a coincident pXRF copper soil and EM conductivity anomaly that was interpreted as a potential new massive sulphide vein system that may join up with the Mt Flora or Quarry Lode vein systems (Figure 1 and Figure 2 and Table 1 in Appendix 2: MFRC093 – MFRC096). All four holes intersected massive sulphide mineralisation with visible chalcopyrite up to 11 m wide that is supported by pXRF copper analysis from a vertical depth of 20m to 200m. The sulphide 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.

This is a very important discovery as it not only extends the potential strike of mineralisation at Mt Flora by 300m but also confirms that pXRF soil anomalies of greater than 140 ppm copper are related to bed rock massive sulphide copper mineralisation in the near surface and at depth, which has very important implications for the potential scale of the mineralised systems in the southwest of the Bundarra Pluton in the Quorn, Absolon and Rogers prospect areas.

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

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New Mt Flora
Exploration Holes
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Figure 2. Mt Flora drill location plan for the holes completed to date at the Quarry Anomaly and Mt Flora relative the pXRF soil and electrical geophysical anomalies in relation to the northern Mt Flora exploration holes.

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Mt Flora Maiden Resource Estimate

In compliance with the ASX Listing Rules (clause 5.8.1) for the public reporting of a Mineral Resource, the Company provides supporting information in the sections below.

Geology and Geological Interpretation

Regional Geological Setting

The Bundarra project area is located in the northern Bowen Basin (Figure 3), which is a lower Permian-Upper Triassic rift-related sedimentary basin that crops out from the Collinsville area, in north Queensland, southward to around latitude 25°S. The Bowen Basin comprises up to ten kilometres of continental and shallow-marine, largely clastic sediments, including substantial deposits of coal. The eastern part of the basin is composed of lower Permian volcanic rocks, and the lower to upper Permian Back Creek Group. The Back Creek Group consists of thickly bedded to massive mudstone, and subordinate lithic sandstone. Deposition of the undivided Back Creek Group occurred during a major early Permian marine transgression. Trace fossils indicate a marine origin to the sediments.

Many intrusives have been documented in the region from Carboniferous to Cretaceous in age. Carboniferous I-type intrusions range from gabbro to granite and increase in age systematically from north to south. The Bundarra pluton is much younger based on zircon geochronology and is interpreted to intrude the Permian Back Creek Group sediments in the Cretaceous.

Figure 3. Location of the Mt Flora resource development area within the Bundarra project.

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Local Geological Setting

The local geology of the Bundarra Project area is dominated by the Cretaceous Bundarra pluton, which intrudes the Permian Back Creek Group. The Bundarra pluton is the largest intrusion in the eastern part of the Bowen Basin. It is a multi-phase intrusion that comprises a range of compositions, including granodiorite, quartz monzodiorite, quartz diorite, tonalite, syenite and adamellite-quartz monzonite.

The intrusion forms an area of low relief surrounded by a ring of hills of contact-metamorphosed sediments (Figure 3). Within, and surrounding the Bundarra pluton, are numerous quartz porphyry and quartz-feldspar porphyry dykes and sills (Figure 4). The presence of porphyries, breccia pipes and occasionally pebble dykes supports the high-level and water or volatile-rich nature of the Bundarra pluton, as does the contact metamorphism of the country rocks.

The pluton comprises four main intrusions (Figure 4). Two smaller intrusions occur to the northeast and east of the central Bundarra granodiorite, and one large distinct intrusion to the southwest (Painted Peak pluton). The later phase intrusives have a wide range of compositions, interpreted to be a product of an evolving magma chamber at depth. The larger intrusions can be mapped by prominent ridge lines resistant to erosion due to contact metamorphism. The igneous-sedimentary contacts are sharp with only small xenoliths of hornfels in the primary igneous phase.

Figure 4. Local scale geology of the Bundarra tenement.

The copper, silver and gold mineralisation found and mined historically around the Bundarra pluton is preferentially located in the hills around the Bundarra intrusion, which comprise mainly hornfels argillite. The metals occur in massive sulphide veins that form structurally controlled lodes. The massive sulphide veins predominantly consist of chalcopyrite and pyrite, with minor bornite, cuprite, chrysocolla, and molybdenite also documented. Copper oxides, azurite, and malachite are the dominant ore minerals in the near surface within the weathered zone.

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Mt Flora

Copper, gold, silver and molybdenum mineralisation at Mt Flora is located within 500 m of the contact zone between the Bundarra granodiorite and hornfelsed Back Creek Group sediments (Figure 4). The hornfels argillite is generally massive and structurally monotonous. The unit is dark grey consisting of quartz, andalusite, sericite and minor carbonaceous material and detrital tourmaline. Due to the hornfels metamorphism there is no primary sedimentary structures or metamorphic fabric present. Uneven grainsize and irregular inter-granular relations indicate rock has not reached textural equilibrium. The mineral assemblage would be stable at a temperature of 500–520 degrees, in the probable pressure range of formation, placing the unit’s metamorphism in the upper albite-epidote-hornfels facies.

The copper, silver and gold mineralisation at Mt Flora is spatially related to the granodiorite contact focussed in structurally controlled lodes dipping to the east. The stacked lodes consist of massive sulphides at the centre of alteration haloes that also contain lower-grade fine veins of chalcopyrite. The high-grade massive sulphide veins comprise predominantly chalcopyrite and pyrite (Figure 5). Lower-grade haloes of sulphide veinlets extend outwards from the massive sulphide veins into the hornfels argillite host rock, with widths of 1–20 m depending on the density of massive sulphide veinlets. The mineralisation consists of small, 0.5–2 cm massive sulphide veinlets associated with pervasive sericite–albite–chlorite alteration.

Figure 5. Mt Flora mineralisation hosted in high-grade massive sulphide veins. Hole DFD001, interval 60.25 m to 60.85 m (60 cm length), 5.84% Cu.

The structurally controlled lodes crosscut the hornfels argillite granodiorite contact, indicating the mineralisation is syn to post the main granodiorite intrusion. The lodes dip eastward at approximately 45–55 degrees. The high-grade massive sulphide-rich high-grade stockwork zone plunges to the northeast subparallel to the granodiorite contact (Figure 6 and Figure 7). The lodes are highly irregular and pinch and swell from centimetres to metres in width down dip and along strike. Several lodes outcrop at the surface (Figure 8) and can be traced north to south along strike.

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Figure 6. Plan view of the Mt Flora area showing drilling, mineralisation and geology. The location of cross-section plane shown in Figure 7 is denoted by the line along A–A’.

Figure 7 . Drill section 7,572,081 mN (line A–A’ in Figure 6) showing drilling, mineralisation and geology.

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Figure 8. Outcropping east-dipping lode adjacent to a mine shaft on Mt Flora.

Drilling Techniques

The choice of reverse circulation (RC) drilling was carefully considered for the resource definition drilling programme. In the selection of the contractor, significant emphasis was put on the quality of the drilling and the resulting sample, and these constraints were included in the drilling agreement.

RC drilling was conducted by a McCulloch DR 800 drill rig with Sulli 350/1100 compressor and a Mercedes powered 350/1100 Sulli compressor, boosted by a Detroit 8V92 type 650 psi to a maximum of 900 psi. Face sampling hammers were used to collect samples. 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. Eight PCD outer teeth and nine tungsten inner teeth were used. All rods were Manutech Rods, with six-metre lengths and a four-inch outside diameter. All sample hoses had a threeinch inside diameter.

Prior to RC drilling, three diamond drillholes for a total of 550 m were drilled to better understand the geology, alteration and structural controls of the massive sulphide copper, silver and gold mineralisation at the Mt Flora prospect. Triple-tube HQ core was drilled by Associated Exploration Drillers (AED) using an Alton track mounted diamond drill rig. The holes were drilled dipping 60° to the west, approximately perpendicular to the mineralisation. Core recovery was measured at the rig by the drillers and checked by the logging geologist when the core was metre marked. Core recovery was excellent throughout the drill programme, with only the occasional loss of core in the shallow clay zone. The average core recovery was 99.34% (e.g., Figure 5).

Standard operating procedures were implemented for the sampling process and were discussed with the drillers before the drilling started. Drilling and sampling crew stayed consistent throughout the campaign. Specifically, RC drilling water issues were controlled by investing the time to set proper collars, by having appropriate equipment

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on site, and sufficient air pressure via use of a booster. In rare instances where wet drilling could not be avoided, holes were terminated. Any issues with wet drilling (leading to sample loss) were noted and ultimately accounted for in the data quality ranking (DQR) for each sample. Metre delimitation was controlled by a process of total sample bag weighing and monitored on a control sheet after standardising for bit size and density of the specific lithology from the logging.

The resource drilling was spaced 60 m down dip and along strike of the known mineralisation that was mined historically and intersected in the historical drilling. The drillholes were predominately drilled from 40–70° to intersect the mineralised lodes. Several hole locations were in topographically challenging areas (gorges and shafts) and these were adjusted for safety, and the azimuth and dip were amended to account for the changed hole location to target the mineralised pierce points at 60 m drill trace distance. However, some hole spacings were wider or narrower due to moving some drillholes when challenging topography was encountered. Drilling now covers a strike of 700 m, a width of 900 m and a vertical depth of 338 m, with drilling continuing to the north as the mineralised veins are open in that direction (Figure 6 and Figure 7).

Sampling and Sub-Sampling Techniques

Sampling

RC drill samples, collected by the drill hammer, were delivered to a cone splitter for sub-splitting. Splitting performance was monitored on a per-sample basis by collecting a duplicate split sample for each metre. The difference in sample weight acted as a proxy for sample split consistency, which was monitored in a spread sheet in real time. Site staff implemented and monitored this performance throughout the campaign and, apart from minor issues, the sample splits are of good quality and fit for use.

Each metre interval sample was split into two calico bags (primary and duplicate) that were attached to two sampling ports on the cone splitter. The remainder of the sample was collected into a 600-mm-wide green plastic bag attached to the opening at the base of the splitter. Each calico bag was filled with approximately five kilograms of material and the remaining sample left in the plastic bag.

Primary and duplicate calico bags were pre-numbered with a different six-figure number sequence. Both the geologist and the geotechnicians on site were responsible for monitoring the bag numbers to ensure the correct metre interval was assigned to the correct sample bag. Calicoes were laid out neatly in front of their corresponding green plastic bag so that sample number errors could be identified, if any.

Duplicate calicoes were submitted to the laboratory whenever mineralisation was intersected or expected from geological models, at the discretion of the geologist. These were collected and submitted to the lab together with the corresponding primary sample. Duplicate calicoes that were not dispatched were stored on site to be submitted to the lab if the primary sample was lost or destroyed. Due to keeping the secondary duplicate calico on site, the remaining sample in the green plastic bag was no longer needed; once the geologist had taken a representative sample for sieving, the green bags were then placed into bulka bags ready for relocation and rehabilitation.

HQ-sized diamond core samples were collected for the three diamond holes drilled during the initial campaign. Core was triple tube. Recovery was measured and recorded by the drillers on the rig and corroborated by the logging geologist when metre marked. Core recovery was excellent throughout the programme and the quality of the sample

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is deemed high and fit for purpose. Samples contained core of varied length ranging from a maximum of 1 m half core to 20 cm half core, depending on the geological logging of the interval.

Sampling Preparation

Once all necessary RC sample information had been collected, primary calico bags were collected by the field assistants into labelled polyweave bags and taken back to sample laydown area. Here, the polyweave bags were packed into bulka bags in batches of 250 samples.

RC sample preparation was completed by ALS minerals laboratory in Townsville, QLD. RC samples were delivered to ALS by Followmont transport. Once the samples had left the laydown area, the geologist notified the lab and sent the relevant submission paperwork.

Once received by the lab, the primary samples were dried in an LPG oven for 24 hrs @ 95°C. Samples to 3 kg were pulverised to 85% passing 75 µm in a FLSmidth LM5 mill. Samples >3 kg were spilt 50:50 using a 25-mm-aperture riffle splitter prior to pulverising. Samples were then scooped from the LM5 bowl and put into brown paper bags, after which the final 0.25 g charge weight was prepared by scooping from the bag using a spatula.

Diamond core sampling intervals were determined by geologists during the logging stage. Samples were sent to ALS Townsville for cutting, sample preparation and assaying. Core was cut just to the right of the orientation line, and the right half of the core was sampled, leaving the half with the metre marks and orientation line in the tray. Sample intervals were a maximum of 1 m and a minimum of 20 cm with consideration for mineralisation. Core samples were weighed, bagged, split, pulverised or crushed into 50-g pulp samples.

Sample Analysis Method

All samples that were used in the Mineral Resource estimation were analysed at ALS Laboratories in Townsville, Queensland. Analysis for Cu and Ag was by four-acid digestion with ICP-AES finish; either by method ME-ICP61 or by method Cu-OG62 (the upper detection limit for the ME-ICP61 method is 10,000 ppm Cu).

A thorough quality control programme was maintained throughout sample analysis. In addition to ALSs’ own internal use of CRM material, Duke used blanks and a range of OREAS CRMs. These were inserted into the sample stream by the rig geologist at set intervals to avoid any confusion or errors with sample numbers. Blank samples were inserted every 40 samples and CRMs every 20 samples. Several different CRMs were used and were rotated on a regular basis to ensure there was enough variation for a comprehensive statistical analysis to be made. Different standards were also used based on whether the rock was oxidised or fresh.

All CRM laboratory results were monitored for consistency and then checked for bias against certified values. This was done for both Duke and ALS CRMs. No statistically significant bias was detected that affected the reporting of Cu within the Mineral Resource estimation.

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Estimation Methodology

The Mt Flora Mineral Resource estimate is based on diamond and RC drilling conducted by Duke from 2020 to 2021. It includes a total of three diamond holes (550 m) and 87 RC holes (15,834 m). Six historic diamond drill holes were not included in the estimate. The data cut-off date for the Mineral Resource estimate is 16 June 2021. The collar, survey, lithological and assay files were verified in the database. The assay data in the database were also verified against laboratory results and the data quality were controlled through regular QC reports throughout the drilling programme. Preliminary pXRF values were used for drillholes for which laboratory results were not yet available for domaining but these results were not used in the Mineral Resource estimate.

Geological Domains

Four major lithological domains were created (hornfels, granodiorite, microdiorite, and porphyry dyke), using Leapfrog Geo implicit modelling workflows and based on the downhole geological logging and supported by multielement geochemical data (Figure 9).

The resulting 3D geological wireframes provide an important control on mineralisation, with the plunge of the mineralisation aligning with the granodiorite-sediment contact.

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Figure 9. Oblique 3D view of the granodiorite-metasediment contact (looking 56° down towards ENE). Porphyry dykes in yellow; granodiorite in blue; metasediments not showing (void); transparent red and grey domains of mineralisation plunging along granodiorite contact along view angle.

Estimation Domains

Geological controls on mineralisation and the mapping of geological domains were not at sufficient resolution to map the geometry of the mineralisation and particularly separate grade populations for unbiased estimation. Mt Flora occurs in structurally controlled 0.5 m to 2.0 m wide massive sulphide veins that crosscut the granodioritesediment contact, and in a wider, steeper-dipping network of centimetre scale stock-work veining and alteration. Mineralisation is interpreted to be hosted by faults and fractures that appear to be spatially related to the granodiorite contact and contacts of porphyry dykes that are perpendicular to the granodiorite contact.

The massive sulphide lodes are predominantly massive chalcopyrite veins that can have very high Cu grades (>10%). They are visible as discreet veins at surface (Figure 8), in drill core (Figure 5), and in OTV photography. Their dip, trend and geometry can be interpreted between drillholes with reasonable confidence combining down hole logging data with Cu and Mo grade intersections. The massive sulphide lodes were therefore modelled implicitly by a narrow domain using the Leapfrog Vein Modelling workflow, creating hard boundaries and rarely extending beyond 2–3m thickness. This is Estimation Domain 1.

Structural data, obtained from OTV data interpretation in WellCad and analysed structurally using stereonets, suggests the presence of steeper-dipping structures, also east-dipping but at a steeper dip of about 70°. This

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structural trend aligns with the dip and azimuth of a major porphyry dyke that is spatially associated with the deposit (Figure 9). A subset of structural measurements from OTV data, capturing these structures, was extracted and modelled into a trend using the Leapfrog Form Interpolant workflow. This trend then provided the anisotropy to model the high-grade Cu-Ag stockwork domain using hard copper grade boundaries. This is Estimation Domain 2.

A broader background mineralisation is evident from grade data in the drilling and geologically in the diamond drill holes (Figure 5). It forms a zone of sericite and chlorite alteration with associated centimetre scale irregular chalcopyrite veins that does not have spatial continuity at the scale of the current drilling spacing. A significant jump occurs in the cumulative probability Cu grade population at about 200 ppm Cu and this threshold was used to model this domain. This was done using both the anisotropy and trends determined from the massive sulphide veining as well as the high-grade stockwork mineralisation, creating two broadly overlapping domains. These were then combined using a Boolean union operation to form the overall constraint to estimation. This is Estimation Domain 3.

Oxidation domains were modelled using the sulphur data from pXRF, which showed a clear break on the base of oxidation. Weathering domains were modelled from the clear break in down-the-hole gamma-gamma measurements.

All domains were validated in the context of the geological framework, through observations from mapping at surface and observed structures, and in core and OTV imagery. At 60 m drill spacing, it is often difficult to determine whether intervals are part of one vein domain, which reduces the confidence in the interpreted continuity of the detailed geometry of the mineralisation. This may affect the accuracy of the estimation but the domains are a suitable interpretation of the geometries of the copper, silver and gold mineralisation at Mount Flora and are fit for purpose for estimation and classification in the Inferred category. The drill spacing will need to be reduced to a 30 m drill spacing to provide more confidence in continuity, which will allow the classification of the Mineral Resource estimate to be improved.

The domaining approach used for this Mineral Resource estimate aims to constrain the grade interpolation to only relevant samples that are characterised by the same geological features. The grade populations in each of the estimation domains displayed acceptable variances that remain reasonably stationary across the deposit. The coefficient of variation for the composited data in the vein and stockwork domains is 1.63 (after grade-capping five samples to 7.5% Cu) and 1.62 (uncapped), respectively (Figure 10). No further distinction was made within the mineralised domains (e.g. no sub-domains were generated).

The contact analysis plots for the massive sulphide, chalcopyrite vein estimation domains and high-grade stockwork estimation domains indicate that the vein domain clearly has hard contacts, whereas the stockwork domain is expectedly more gradational (Figure 11).

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Figure 10. Statistics of composites within the massive sulphide chalcopyrite vein estimation domains (left) and highgrade stockwork estimation domains (right).

Figure 11. Contact plots for the massive sulphide chalcopyrite vein estimation domains (left) and high-grade stockwork estimation domains (right).

Grade Interpolation

In preparation for grade interpolation using Ordinary Kriging, weights were generated by modelling variograms for each of the estimation domains and for each element of interest. Given the geometry of the massive sulphide veins and the wide drill spacing, this was carried out on all combined data within the massive sulphide vein system ( n =520). The resulting variograms were poorly structured, which is a clear indication that further infill drilling is required to achieve higher classifications. After normal-score transformation, the experimental data have a γ0 of about 40%, and a long range of about 110 m. Second structures are hard to determine but were introduced to reduce the weighting of samples between 30–110 m ranges. The back-transformed models for the massive sulphide chalcopyrite estimation domain and the high-grade Cu stockwork estimation domains are shown in Figure 12.

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Figure 1. Back-transformed models for the massive sulphide chalcopyrite estimation domain (left) and the high-grade Cu stockwork estimation domain (right).

Average block grades were estimated using ordinary kriging (OK). The block size was set to 25 m x 30 m x 5 m to honour the drillhole spacing, with sub-celling set at 5 m x 10 m x 5 m for volume resolution at the anticipated SMU scale.

The search ellipse used in a single-pass estimation had settings broadly acknowledging the geometry of the domains (250 m x 150 m x 25 m). Estimation was performed by dynamically rotating the search ellipse to the local orientation of the vein or the trend of the stockwork zone. To find a balance between grade capping and estimation bias, extreme grades were capped back slightly further than the level indicated by the global statistics of the domains, and the extreme grades were allowed to inform the nearest blocks without capping (e.g. distance-buffered grade capping).

Bulk Density

Bulk density values were determined using down-the-hole gamma-gamma in both RC and diamond holes at a 1-cm resolution, as well as by conventional wet-dry Archimedes density determination on selected core samples. Inconsistencies were discovered during data validation of the gamma-gamma method, and these have not yet been resolved at the time of reporting.

Bulk densities were therefore assigned to the various geological and estimation domains, by using average values from the Archimedes and salvageable gamma-gamma data and taking weathering into account (Table 1). This approach is fit for the purpose for estimation of a low-confidence Inferred Mineral Resource. But will need to be improved for future resource upgrades.

Weathering	Rock Type	Mineralisation	Density
Weathered	Granodiorite	Massive sulphide chalcopyrite veins	2.58

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Weathering	Rock Type	Mineralisation	Density
Fresh		High-grade stockwork	2.38
		LG & unmineralised	2.32
	Hornfels	Massive sulphide chalcopyrite veins	2.58
		High-grade stockwork	2.44
		LG & unmineralised	2.54
	Granodiorite	Massive sulphide chalcopyrite veins	2.90
		High-grade stockwork	2.68
		LG & unmineralised	2.66
	Hornfels	Massive sulphide chalcopyrite veins	2.90
		High-grade stockwork	2.70
		LG & unmineralised	2.67

Table 1. Assigned bulk dry densities

Supporting Preliminary Mining and Metallurgical Studies

Preliminary test work, to assess metallurgical processing options, was conducted by Core Metallurgy in May and June 2019[1] . The scoping test work considered both leaching and flotation as means of copper recovery for various mineralogical domain samples at the Mt Flora and Quorn prospects, but did not seek to fully optimise conditions and only assessed the amenability of the samples to these processes. The samples were collected from old shaft surface dumps at the Mt Flora deposit and were nominally classified as having oxide, transition, and sulphide mineralisation. Because the sulphide mineralisation on the mine dumps has been exposed to weathering since being mined it will have some oxidation that will affect the metallurgical results.

Key assumptions used in the study based on the results of the metallurgical test work included that all mining would occur from an open pit, would use a throughput rate of 500,000 tonnes per annum of sulphide ore, a concentrate grade for Cu of 24% and Ag of 398 g/t, which are the results from one sample of ore on the dumps at Mt Flora, that the concentrate filter cake would be delivered to Mt Isa by road transport and a locally based drive in and out workforce would be available at Mackay or in the surrounding area.

The study considered 12 processing options. The Base Case capital cost estimate for the supply and construction of a processing plant, with a nominal capacity of 500,000 dry tonnes per annum to produce a saleable rough copper concentrate, was estimated by Core to be approximately AUD 56.3 million. Order-of-magnitude operating costs, for a greenfield EPCM and a second-hand processing plant (AUD 31–34 per tonne) were significantly lower compared to Builder Owner Operator (AUD 47–51 per tonne) and Contract Crushing/Direct Shipped Ore (AUD 65–89 per tonne) options.

AMC assessed the open pit mining parameters in a study completed in May 2021, using assumptions based on the Core Metallurgy test work. It considered a steady-state mining rate of 15–20 Mtpa is achievable from the geometry

1 - - First reported publicly on 16 September 2020 in https://duke exploration.com.au/duke/wp content/uploads/2020/09/dke_prospectus2020_a06.0.pdf

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of the deposit and sufficient to maintain steady-state concentrator feed rates. The geometry of the deposit would require that the majority of mining would need to be undertaken as selective mining, with limited opportunity for bulk waste mining in the hanging wall. Bench heights of five metres or less would be required to limit mining dilution and ore loss. On this basis, excavators in the 110-t to 190-t class may be appropriate, matched with 100-t payload mine trucks. The corresponding mining cost indicated an overall waste unit mining cost of approximately AUD 4.14/t mined. Including an additional allowance for grade control, of AUD 1.00/t of ore processed, the overall unit mining cost increases to approximately AUD 4.35/t mined.

A constant copper recovery of 96.8% to the concentrate was used in the review for all ore grades. Based on recoveries observed in other studies, metallurgical recoveries in flotation circuits can be variable and dependent on the overall feed grade, mineral assemblage and lithology. Lower recoveries are often observed from lower grade material, and a fixed tail grade component is often applied to account for this. On the basis of the conceptual mining parameters, an SMU size in the order of 5 m x 10 m x 5 m (XYZ) matches the size of mining equipment recommended, the mining selectivity indicated by the deposit geometry, and the mine production rates required to maintain a 2 Mtpa processing feed rate. The steady state mining and processing rates, and plant feed and concentrate grade profiles, are in line with other similar open pit projects in Australia.

Resource Classification

The Mineral Resource estimate for Mt Flora has been classified in the Inferred category in accordance with the JORC Code (2012). Geological evidence is sufficient to imply but not verify geological and grade continuity. The Mineral Resource is based on exploration, sampling and assaying information gathered through appropriate techniques from outcrops and drillholes. There is no material classified as Indicated or Measured.

It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration, particularly reducing the drill spacing. Confidence in the estimate is not sufficient to allow the results of the application of technical and economic parameters to be used for detailed planning in Pre-Feasibility or Feasibility Studies. Caution should be exercised if Inferred Mineral Resources are used to support technical and economic studies such as Scoping Studies.

In assessing the reasonable prospects for economic extraction, preliminary mining and metallurgical studies have been completed that support the future prospects for economic extraction of the Mt Flora Inferred Resource. Future work will be planned to decrease the drill spacing, improve sample and analytical quality control, obtain representative bulk density data for the resource and waste components of the model, metallurgical sampling to allow definitive metallurgical studies to be completed, particularly to better understand the concentrate grade(s) achievable at a copper cut-off grade of 0.2% Cu.

Mt Flora Maiden Mineral Resource Estimate

The Maiden Inferred Mineral Resource Estimate at Mt Flora is 16 Mt at an average grade of 0.5% Cu and 6.9 ppm Ag (Table 2), The resource is reported at a 0.2% Cu cut-off grade as classified and reported in accordance with the JORC Code (2012). The cut-off grade of 0.2% Cu used to report the Mt Flora Mineral Resource estimate was confirmed by the mining study and is in line with cut-off grades for other similar open pit copper projects.

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		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

Table 2. Mount Flora Mineral Resource Summary.

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

The styles of mineralisation at Mt Flora can be subdivided into higher grade massive sulphide lodes surrounded by disseminated lower grade network veins. The higher grade massive sulphide lodes comprise about 40% of the copper, silver and gold mineralisation as modelled, which define attractive targets for mining. Closer spaced infill drilling is required to better map these zones in the Mineral Resource estimate model.

Importantly the visible copper in the new exploration drilled 300 m to the north of the last line of holes used in the Mineral Resource estimate as described above provide an immediate target for increasing the resource at Mt Flora with a 300m strike of the mineral system remaining to be drill tested, which if successful would increase the strike of the copper, silver and gold veins at Mt Flora to 1,000m (Figure 2). Planning for resource drilling at Mt Flora and the new mineralisation recently discovered at Quorn is underway, which will be carried out as part of the next phase of infill drilling of the current resource area at Mt Flora. The Mineral Resource estimate for the Bundarra project area will be updated once this drilling is completed.

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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 highest priority target for the Company is the Mt Flora prospect in the Bundarra project, one of the numerous Bundarra project’s prospects, which has resource development potential for copper, silver and gold. All historical data from the mine at the Mt Flora prospect have been checked in the field by diamond drilling and ground geophysics, which have confirmed the tenor and scale of copper, silver and gold mineralisation mined previously. There are five other areas with similar development potential on the Bundarra project as defined by historical mining, geology and geophysics.

Our aim is to develop an Indicated Mineral Resource at the Mt Flora prospect as a priority to allow feasibility studies to be undertaken and to delineate additional Inferred Mineral Resources from the current known exploration target areas. The Company also intends to drill 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 exploration and development strategies are to simultaneously carry out resource development work 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 and gradient array resistivity and induced polarization (GAIP) surveys continue to be carried out to the south and east of the surveys, towards the Roger and Isens prospects. Detailed 3D IP data have been acquired, targeting the GAIP anomalies at Quorn and Absolon. The first results from the Quorn target area have been used to carry out scout exploration drilling which has intersected new zones of copper, silver and gold mineralisation outside the Mt Flora resource area.

Duke Exploration Limited

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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,	•	RC drilling: ‘industry-standard’ with 1-m primary samples
*techniques*		random chips, or specific specialised industry standard		collected using a reverse circulation (RC) McCulloch DR
		measurement tools appropriate to the minerals under		800 drill rig with Sulli 350/1100, boosted by a Detroit
		investigation, such as downhole gamma sondes, or		8V92 type 650 psi to a maximum of 900 psi. Face
		handheld XRF instruments, etc). These examples should		sampling hammers were used to collect samples.
		not be taken as limiting the broad meaning of sampling.	•	Diamond drilling: ‘industry-standard’ triple-tube, HQ-
	•	Include reference to measures taken to ensure sample		sized diamond core drilling using an AED Alton track
		representivity and the appropriate calibration of any		mountain diamond drill rig, with half core submitted to
		measurement tools or systems used.		the laboratory, followed by crushing and pulverisation.
	•	Aspects of the determination of mineralisation that are	•	Sample representivity was ensured through SOPs and
		Material to the Public Report.		quality control on sample weights for RC drilling and core
	•	In cases where ‘industry standard’ work has been done		recovery on diamond drilling.
		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	•	RC drilling: The drilling was conducted by a McCulloch DR
*techniques*		hammer, rotary air blast, auger, Bangka, sonic, etc) and		800 drill rig with Sulli 350/1100 compressor and a
		details (e.g., core diameter, triple or standard tube, depth		Mercedes powered 350/1100 Sulli compressor. Booster is
		of diamond tails, face-sampling bit or other type, whether		a Detroit 8V92 type 650 psi to a maximum of 900 psi.
		core is oriented and if so, by what method, etc).		Face sampling hammers were used to collect samples. 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 6m long, 4 inches outside diameter. All sample hoses
				are 3 inches inside diameter.
			•	Diamond drilling: An AED Alton track mountain diamond
				rig was used to recover HQ-sized core. Three metre rods
				were used, and triple-tube methods were used to ensure
				sample recovery, especially though clay zones. Core was
				orientated using a reflex tool.
*Drill sample*	•	Method of recording and assessing core and chip sample	•	Sample recovery was maximised and representativity
*recovery*		recoveries and results assessed.		were ensured through SOPs and quality control
	•	Measures taken to maximise sample recovery and ensure		processes.
		representative nature of the samples.	•	RC drilling: All sample recovery information was digitally
	•	Whether a relationship exists between sample recovery		recorded on the rig using locked auto-validating excel
		and grade and whether sample bias may have occurred		spreadsheets. Samples were weighed using digital scales
		due to preferential loss/gain of fine/coarse material.		and recoveries were estimated based on average density
				of logged lithology, bit diameter (indicating volume of
				sample) and total sample weight. The recovery was
				constantly 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, they have
				been logged as such. Furthermore, constant monitoring
				of recoveries via measurement and evaluation of total
				sample weights on the rigenable recoveries to be

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				maximised.
			•	There is no relationship between sample recovery and
				grade and no correction or weighting factors were
				required.
			•	Diamond drilling: The drilling crew measured each run
				and recorded core recovery. This was doubled-checked
				by the geologist when the core was metre marked. Due
				to the competent nature of the rocks at Mt Flora, there
				was minimal core loss, only occasionally recorded in the
				shallow clay zone. Recovery was recorded as a
				percentage per metre. The average recovery for the total
				programme was 99.34%.
			•	Triple-tubing was used to ensure maximum sample
				recovery for diamond drilling.
*Logging*	•	Whether core and chip samples have been geologically	•	RC drilling: Chip samples have been geologically and
		and geotechnically logged to a level of detail to support		geotechnically logged to a level of detail to support
		appropriate Mineral Resource estimation, mining studies		mineral resource estimation. All chip samples have been
		and metallurgical studies.		geologically logged to 1 m resolution on the rig recording
	•	Whether logging is qualitative or quantitative in nature.		information on rock type, mineralogy, mineralisation,
		Core (or costean, channel, etc) photography.		fabrics, and textures. This logging is paired with logging
	•	The total length and percentage of the relevant		conducted using the downhole Televiewer information
		intersections logged.		which can log to at least 1-cm 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 1-m 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. The 87 holes drilled during
				the two-phase RC programme contained a total of
				15,834m, all of which was geologically logged.
			•	Diamond drilling: All core was logged by a geologist at a
				centimetre resolution. Features of interest that were
				logged include lithology, alteration, structure, and
				chemical composition (acquired through pXRF analysis),
				Downhole Optical Televiewer, Acoustic Televiewer, and
				petrophysical logging, including magnetic susceptibility,
				resistivity, natural gamma and density measurements,
				were also conducted and paired with geological and
				geotechnical logging. This logging provides information
				on structure, contacts, veining etc. in the form of dip and
				dip direction measurements at 10 cm resolution.
			•	Geological logging is considered qualitative while
				structural, geochemical, and geotechnical logging via
				pXRF geochemical analysis, downhole Televiewers and
				petrophysical logging is considered quantitative. All core
				trays were photographed, as well as lithologies of interest
				in the core.
			•	100% of the core from the drilling was geologically logged
				and the geological data recorded in the drill database. A
				total length of core logged from the programme was 550
				m.
*Sub-*	•	If core, whether cut or sawn and whether quarter, half or	•	Diamond drilling: Core was sawn in half, with half
*sampling*		all core taken.		retained in trays and the other half assayed.
*techniques* *and sample*	• •	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and	• •	Sampling is considered representative of the in-situ mineralisation. Duplicates were not collected. Sample sizes are considered appropriate to the grain size
*preparation*		appropriateness of the sample preparation technique.		of the material sampled.
	•	Quality control procedures adopted for all sub-sampling	•	RC drilling: All samples derived from RC bit-face were split
		stages to maximise representivity of samples.		using a Metzke rotary cone splitter fixed to the side of the
	•	Measures taken to ensure that the sampling is		drill rig,a device aimed at reducingsplittingvariance.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		representative of the in situ material collected, including		Holes were kept dry wherever possible using an auxiliary
		for instance results for field duplicate/second-half		booster. The cone splitter is able to deal with wet
		sampling.		samples without introducing bias. This has been
	•	Whether sample sizes are appropriate to the grain size of		independently reviewed and is considered an appropriate
		the material being sampled.		technique to collect large-volume samples when
				extractor, delimitation and preparation errors are well
				managed.
			•	RC drill chips were delivered to a cone splitter, then
				weighed on receipt at the laboratory and dried in an LPG
				oven for 24 hrs @ 95°C. Samples to 3 kg were pulverised
				to 85% passing 75 µm in a FLSmidth LM5 mill. Samples >3
				kg were spilt 50:50 using a 25-mm aperture riffle splitter
				prior to pulverising. Samples were then scooped from the
				LM5 bowl and put into brown paper bags, after which the
				final 0.25 charge weight was prepared by scooping from
				the bag using a spatula.
			•	The quality of the sampling preparation is considered of
				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.
*Quality of*	•	The nature, quality and appropriateness of the assaying	•	RC drilling: ME-ICP61 was used to analyse a total of 33
*assay data*		and laboratory procedures used and whether the		elements, including Cu and Ag. When a sample returned
*and* *laboratory*	•	technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the		a value exceeding the analysis limit of Cu or Ag, the sample was re-analysed using an ore grade analysis method to accurately define the final analysis grade. The
*tests*		analysis including instrument make and model, reading		quality was carefully controlled by both Duke and ALS.
		times, calibrations factors applied and their derivation,	•	QC samples were inserted in the form of Certified
		etc.		Reference Materials and blanks. The results showed the
	•	Nature of quality control procedures adopted (e.g.,		laboratory mostly delivered consistent results
		standards, blanks, duplicates, external laboratory checks)		throughout the campaign. A minor consistency issue
		and whether acceptable levels of accuracy (i.e., lack of		was noted with Ag analysis, which reported low for
		bias) and precision have been established.		extended periods. This has been resolved at the
				laboratory and in the Competent Person’s opinion has a
				negligible effect on the quality of the results used in
				MRE. Overall, bias and variance acceptance testing
				showed acceptable results.
			•	Internal ALS laboratory standards, blanks and duplicates
				were all within target range.
			•	No external laboratory checks were made; however,
				Duke is planning to submit laboratory cross-check
				samples to an umpire laboratory to support future
				Mineral Resource classification upgrades.
*Verification*	•	The verification of significant intersections by either	•	All significant intersections were inspected and verified
*of sampling*		independent or alternative company personnel.		by an external consultant during site visit for both RC
*and* *assaying*	• •	The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic)		and diamond samples. Verification of significant intersections has been made by comparing logging and laboratory results with chip trays and core boxes.
		protocols.	•	No twinned RC or diamond holes have been drilled;
	•	Discuss any adjustment to assay data.		these are planned to support future Mineral Resource
				classification upgrades.
			•	RC drilling: The data are collected via Duke Exploration
				Ltd.’s auto-validating, controlled spreadsheets with drop
				down menu entry. These sheets are loaded into an
				Access database using automatic scripting and are then
				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 were
				then validated within the database and brought into
				Micromine and further visual checks conducted.
				Database management was conducted by both internal
				staff and external consultants, reviewing all data
				merging and storage into the database to ensure the
				integrity of the data.
			•	Diamond drilling: The data from the historical drilling are
				stored in a digital database and were verified against
				hard copy assays sheets in various annual reports where
				available. The current data are collected via an auto-

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				validated access database and are tested for errors. The
				data are then loaded into Micromine and validated using
				tools in Micromine and visual checks conducted.
				Database management was conducted by both internal
				staff and external consultants, reviewing all data
				merging and storage into the database to ensure the
				integrity of the data.
			•	Assay data have not been adjusted.
*Location of*	•	Accuracy and quality of surveys used to locate drillholes	•	The drillholes have been accurately surveyed using a
*data points*		(collar and down-hole surveys), trenches, mine workings		mmGPS in MGA 94/Zone 55.
		and other locations used in Mineral Resource estimation.	•	Downhole survey data were 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
				downhole surveyor by comparing them with the
				deviation data obtained with other downhole 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.
			•	The grid system is MGA94 Zone 55.
			•	Topographical control is by Lidar DTM, and accurate to
				~1 m, as compared to surveyed points.
*Data*	•	Data spacing for reporting of Exploration Results.	•	The drilling reported has been carried out on a 60 m x
*spacing and*	•	Whether the data spacing and distribution is sufficient to		60 m grid. The holes were drilled to an average depth of
*distribution*		establish the degree of geological and grade continuity		~180 m.
		appropriate for the Mineral Resource and Ore Reserve	•	Geological evidence is sufficient to imply but not verify
		estimation procedure(s) and classifications applied.		geological and grade continuity.
	•	Whether sample compositing has been applied.	•	No sample composting has been applied.
*Orientation*	•	Whether the orientation of sampling achieves unbiased	•	The drilling orientation has been determined via
*of data in*		sampling of possible structures and the extent to which		Televiewer structural interpretation and holes are
*relation to* *geological*	•	this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to		oriented perpendicular to the main banding and veins. Where the terrain is challenging the drill pads were moved along the line and the drill dip was steepened to
*structure*		have introduced a sampling bias, this should be assessed		intersect the drill target at depth. In these
		and reported if material.		circumstances, 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.
*Sample*	•	The measures taken to ensure sample security.	•	RC drilling: All samples were removed from site on the
*security*				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.
			•	Diamond drilling: Core trays were removed daily from the
				drill site and locked in a shed. The samples were
				transported by a professional freight company to the
				laboratory in Townsville and remain in a secure storage
				there.
*Audits or*	•	The results of any audits or reviews of sampling	•	An external resource consultant has visited the
*reviews*		techniques and data.		exploration site and has reviewed and confirmed the
				drilling and sampling procedures.
			•	This external consultancy has validated high grade RC
				sample and diamond core intervals, comparing database
				values to respective preserved chip and core samples, to
				ensure robustness and integrity of sampling and data
				capture methods.

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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*	•	Type, reference name/number, location and	•	EPM 26499 ‘Bundarra’ is located south of Nebo, QLD,
*tenement and*		ownership including agreements or material issues		and is held 100% by Duke Exploration Ltd. Parts of
*land tenure*		with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical		the tenement have native title interests with the Barada Barna people.
*status*		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*	•	Acknowledgment and appraisal of exploration by	•	Production at Mt Flora began in the 1880s.
*done by other*		other parties.		Numerous shafts, to a maximum depth of 38 m, adits
*parties*				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 1974–1976, 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. From 1974–1975 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 Mt Flora is located within 300 m of the contact
				zone between the Bundarra Granodiorite and Back
				Creek Group sediments. In the Mt Flora area, shale,
				siltstone and sandstone has undergone contact
				metamorphism to form andalusite hornfels.
				Mineralisation at Mt Flora occurs in structurally
				controlled lodes, which crosscut the granodiorite-
				sediment contact, with mineralisation occurs 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 arepresent,as well as

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				molybdenum and gold.
*Drill hole*	•	A summary of all information material to the	•	All drillhole information has been provided in
*Information*		understanding of the exploration results including a		previous public reports, latest of which dated: 2 June
		tabulation of the following information for all		2021 and can be accessed at: https://duke-
		Material drillholes:		exploration.com.au/reports/asx-announcements/
		`o` easting and northing of the drill hole collar	•	No information was excluded.
		`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` downhole 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*	•	In reporting Exploration Results, weighting averaging	•	Aggregate intercepts for new drilling announced here
*aggregation*		techniques, maximum and/or minimum grade		have been calculated at a 0.2% Cu cut-off grade,
*methods*		truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated.		minimum width of 3 m and allowing 3m maximum internal dilution and 2m maximum consecutive
	•	Where aggregate intercepts incorporate short lengths		dilution.
		of high grade results and longer lengths of low grade	•	No metal equivalents have been used, other than to
		results, the procedure used for such aggregation		calculate an economic cut-off grades on blocks. This
		should be stated and some typical examples of such		has been done using current metal prices and only
		aggregations should be shown in detail.		for metals for which metallurgical information is
	•	The assumptions used for any reporting of metal		reasonably available.
		equivalent values should be clearly stated.
*Relationship*	•	These relationships are particularly important in the	•	The mean copper-mineralised vein direction is
*between*		reporting of Exploration Results.		40/099, while the diamond drillholes were drilled at
*mineralisation* *widths and*	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		60/270 and RC drillholes were drilled at 55/270. This means the drillholes are close to perpendicular to the mean vein direction, and true widths are close to
*intercept*	•	If it is not known and only the downhole lengths are		intercept lengths. This will vary on an individual basis.
*lengths*		reported, there should be a clear statement to this	•	RC drilling: Where the terrain is challenging the drill
		effect (e.g., ‘downhole length, true width not known’).		pads were moved along the line and the drill dip was
				steepened to intersect the drill target at depth. In
				these circumstances the drill intersection is not
				perpendicular to the geological structures or
				mineralisation.
*Diagrams*	•	Appropriate maps and sections (with scales) and	•	This report and previous announcements contain
		tabulations of intercepts should be included for any		various maps, figures and sections in the body of the
		significant discovery being reported These should		announcement text shoeing the sample results in
		include, but not be limited to a plan view of drill hole		geological context.
		collar locations and appropriate sectional views.
*Balanced*	•	Where comprehensive reporting of all Exploration	•	In the Competent Person’s opinion, all material
*reporting*		Results is not practicable, representative reporting of		results have been reported in a balanced manner.
		both low and high grades and/or widths should be
		practiced to avoid misleading reporting of Exploration
		Results.
*Other*	•	Other exploration data, if meaningful and material,	•	A desktop study was completed by Core Metallurgy
*substantive*		should be reported including (but not limited to):		Pty Ltd, using the most recent drill data and
*exploration* *data*		geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock		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
		characteristics; potential deleterious or contaminating		was to produce indicative flowsheets and the
		substances.		associated capital and 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.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
			•	The cost estimates provided within the review are
				of a preliminary nature and should have an
				expected accuracy range of 25–45%. 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
				Cu of 24% and Ag of 398 g/t, 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 AUD 56.3 million.
			•	Order of magnitude operating costs for a greenfield
				EPCM and second-hand process plant, at AUD 31–34
				per tonne, were significantly lower compared to
				Builder Owner Operator (AUD 47–51 per tonne) and
				Contract Crushing / Direct Shipped Ore (AUD 65–89
				per tonne) options.
*Further work*	•	The nature and scale of planned further work (e.g.,	•	Further work will include collection of GAIP data to
		tests for lateral extensions or depth extensions or		map conductive anomalies associated with historic
		large-scale step-out drilling).		workings and VTEM anomalies.
	•	Diagrams clearly highlighting the areas of possible	•	The regional scale pXRF soil survey mapping Cu
		extensions, including the main geological		anomalies on a 80 m x 80 m grid is ongoing and
		interpretations and future drilling areas, provided this		eventually planned to cover the 50 km2area of the
		information is not commercially sensitive.		Bundarra Pluton and contact zone.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	•	*JORC Code explanation*	Commentary	Commentary
*Database*	•	Measures taken to ensure that data has not been	•	The data are collected via Duke Exploration Ltd.’s
*integrity*		corrupted by, for example, transcription or keying		auto-validating, controlled spreadsheets with drop
		errors, between its initial collection and its use for		down menu entry. These sheets are loaded into an
		Mineral Resource estimation purposes.		Access database using automatic scripting and are
	•	Data validation procedures used.		then 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 are then validated within the database
				and brought into Micromine and further visual
				checks conducted. Database management was
				conducted by both internal staff and external
				consultants, reviewing all data merging and storage
				into the database to ensure the integrity of the
				data.
			•	An external consultancy has undertaken an
				independent review of the drilling data including
				examination of original drilling logs and sampling
				data, original assay data, drill samples retained on
				site and chip tray samples.
			•	An external consultancy has conducted data
				validation at both data receival stage and during

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Criteria	•	*JORC Code explanation*	Commentary	Commentary
				geological modelling.
*Site visit*	•	Comment on any site visits undertaken by the	•	An external resource consultant visited the site in
		Competent Person and the outcome of those visits.		June 2021. All SOPs were found to be properly
	•	If no site visits have been undertaken indicate why this		adhered to and the results of verification of results
		is the case.		and data were positive.
*Geological*	•	Confidence in (or conversely, the uncertainty of) the	•	Geological evidence is sufficient to imply but not
*interpretation*		geological interpretation of the mineral deposit.		verify geological and grade continuity.
	•	Nature of the data used and of any assumptions	•	There is a reasonable degree of confidence in the
		made.		geological interpretation of the deposit. The
	•	The effect, if any, of alternative interpretations on		mineralised structures and hosting rocks have
		Mineral Resource estimation.		reasonably predictable geometries from section to
	•	The use of geology in guiding and controlling Mineral		section, and even though variability occurs on scales
		Resource estimation.		smaller than average drill spacing, the geological
	•	The factors affecting continuity both of grade and		framework at the resolution of the resource model is
		geology.		fit-for-purpose.
			•	Logging data, multi-element ICP and pXRF, gravity,
				magnetic susceptibility and density data were all
				used to aid in constructing the geological model.
				Assumptions did not have major implications on the
				overall geometries of the various geological
				domains.
*Dimensions*	•	The extent and variability of the Mineral Resource	•	The completion of phase 2 RC drilling extends the Mt
		expressed as length (along strike or otherwise), plan		Flora mineralised area to cover a strike of 700m, a
		width, and depth below surface to the upper and		width of 900m and a vertical depth of 280m.
		lower limits of the Mineral Resource.
*Estimation and*	•	The nature and appropriateness of the estimation	•	Four major lithological domains were created
*modelling*		technique(s) applied and key assumptions, including		(hornfels, granodiorite, microdiorite, and porphyry
*techniques*		treatment of extreme grade values, domaining, interpolation parameters and maximum distance of		dykes) using Leapfrog Geo implicit modelling workflows and based on the downhole geological
		extrapolation from data points. If a computer assisted		logging and supported by multi-element
		estimation method was chosen include a description		geochemical data.
		of computer software and parameters used.	•	Geological domains were not at sufficient resolution
	•	The availability of check estimates, previous estimates		to capture mineralisation and separate grade
		and/or mine production records and whether the		populations for unbiased estimation. Mt Flora occurs
		Mineral Resource estimate takes appropriate account		in structurally controlled narrow massive sulphide
		of such data.		veins, which crosscut the granodiorite-sediment
	•	The assumptions made regarding recovery of by-		contact, and in a dense, steeper-dipping network of
		products.		stock-work veining and alteration. Mineralisation is
	•	Estimation of deleterious elements or other non-grade		hosted structurally controlled lodes all dipping to the
		variables of economic significance (e.g. sulphur for		east.
		acid mine drainage characterisation).	•	The massive sulphide lodes are predominantly
	•	In the case of block model interpolation, the block size		massive chalcopyrite veins that can have very high
		in relation to the average sample spacing and the		Cu grades (>10%). They are visible as narrow discreet
		search employed.		veins at surface, in drill core, and in OTV
	•	Any assumptions behind modelling of selective mining		photography. Their dip, trend and geometry can be
		units.		captured between drillholes with reasonable
	•	Any assumptions about correlation between variables.		confidence combining these indicators with
	•	Description of how the geological interpretation was		geochemical indicators. The massive sulphide veins
		used to control the resource estimates.		were therefore modelled implicitly by a narrow
	•	Discussion of basis for using or not using grade cutting		domain using the Leapfrog Vein Modelling workflow,
		or capping.		creating “hard” boundaries and rarely extending
	•	The process of validation, the checking process used,		beyond 2–3m thickness. This is Estimation Domain 1.
		the comparison of model data to drill hole data, and	•	Structural data, obtained from OTV data
		use of reconciliation data if available.		interpretation in WellCad and investigated through
				stereonets, showed steeper-dipping structures, also
				broadly east-dipping but at a steeper angle of ~70°.
				This structural trend aligned well with the dip and
				azimuth of a porphyry dyke that cuts through the
				deposit. A subset of structural measurements from
				OTV data capturing these structures was extracted
				and modelled into a trend using the Leapfrog Form
				Interpolant workflow. This trend then provided the
				anisotropy to model the high-grade Cu-Ag stockwork
				domain using hard copper grade boundaries. This is
				Estimation Domain 2.
			•	A broader background mineralisation is evident from
				grade data in the drilling. It represents a zone with

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Criteria	•	*JORC Code explanation*	Commentary	Commentary
				minor alteration and thin irregular quartz veining
				that lacks the consistency, at the current drilling
				spacing, to form further discreet domains. A
				significant jump occurs in the cumulative probability
				Cu grade population at ~200 ppm Cu and this
				threshold was used to model this domain. This was
				done using both the anisotropy and trends
				determined from the massive sulphide veining as
				well as the high-grade stockwork mineralisation,
				creating two broadly overlapping domains. These
				were then combined using a Boolean union
				operation to form the overall constraint to
				estimation. This is Estimation Domain 3.
			•	Oxidation domains were modelled using the sulphur
				data from pXRF, which showed a clear break on the
				base of oxidation. Weathering domains were
				modelled from the clear break in down-the-hole
				gamma-gamma measurements.
			•	All domains were validated in the context of the
				geological framework, through observations from
				mapping at surface and observed structures and in
				core and OTV imagery. At 60 m drill spacing, it is
				often difficult to determine whether intervals are
				part of one vein domain or another, and this may
				impact on the accuracy of the estimation. In the
				Competent Person’s opinion, they are a suitable
				representation of the deposit at Mount Flora and fit
				for purpose of estimation and classification in the
				Inferred category.
			•	The domaining approach aims to constrain the grade
				interpolation to only relevant samples that are
				characterised by the same geological features. The
				grade populations in each of the estimation domains
				displayed acceptable variances that remain
				reasonably stationary across the deposit. The
				coefficient of variation for the composited data in
				the vein and stockwork domains are 1.63 (after
				grade-capping five samples to 7.5% Cu) and 1.62
				(uncapped), respectively. No further distinction was
				made within the mineralised domains (e.g. no sub-
				domains were generated).
			•	The contact analysis plots for the massive sulphide
				chalcopyrite vein estimation domains and high-grade
				stockwork estimation domains indicate that the vein
				domain clearly has hard contacts, whereas the
				stockwork domain is expectedly more gradational.
			•	In preparation of grade interpolation using Ordinary
				Kriging, weights were generated by modelling
				variograms for each of the estimation domains and
				for each element of interest. Given the thin nature of
				the massive sulphide veins and the wide spacing, this
				was carried out on all combined data within the
				massive sulphide vein system (n=520). The resulting
				variograms were poorly structured, which is a clear
				indication that further infill drilling is required to
				achieve higher classifications. After normal-score
				transformation, the experimental data show aγ0 of
				~40%, and a long range of ~110 m. Second structures
				are hard to determine but were introduced to
				reduce the weighting of samples between 30–110m
				ranges.
			•	Average block grades were estimated using ordinary
				kriging (OK). The block size was set to 25 m x 30 m x
				5 m to honour the drillhole spacing, with sub-celling
				set at 5 m x 10 m x 5 m for volume resolution at the
				anticipated SMU scale.
			•	A large search ellipse was used in a single-pass
				estimation, with settings broadly acknowledging the
				geometry of the domains (250 m x 150 m x 25 m).
				Estimation wasperformed bydynamicallyrotating

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Criteria	•	*JORC Code explanation*	Commentary	Commentary
				the search ellipse to the local orientation of the vein
				or the trend of the stockwork zone. To find a balance
				between grade capping and estimation bias, extreme
				grades were capped back slightly further than the
				level indicated by the global statistics of the
				domains, and the extreme grades were allowed to
				inform the nearest blocks without capping (e.g.
				distance-buffered grade capping).
*Moisture*	•	Whether the tonnages are estimated on a dry basis or	•	Tonnages are estimated on an in-situ dry weight
		with natural moisture, and the method of		basis and moisture was not considered.
		determination of the moisture content.
*Cut-off*	•	The basis of the adopted cut-off grade(s) or quality	•	The cut-off grade is in line with cut-off grades for
*parameters*		parameters applied.		other similar open pit copper projects.
*Mining factors*	•	Assumptions made regarding possible mining	•	AMC assessed open pit mining parameters. It
*or assumptions*		methods, minimum mining dimensions and internal		considered a steady-state mining rate of 15–20 Mtpa
		(or, if applicable, external) mining dilution. It is always		is achievable from the geometry of the deposit and
		necessary as part of the process of determining		sufficient to maintain steady-state concentrator feed
		reasonable prospects for eventual economic extraction		rates. The geometry of the deposit would require
		to consider potential mining methods, but the		that the majority of mining would need to be
		assumptions made regarding mining methods and		undertaken as selective mining, with limited
		parameters when estimating Mineral Resources may		opportunity for bulk waste mining in the hanging
		not always be rigorous. Where this is the case, this		wall. Bench heights of 5 m or less would be required
		should be reported with an explanation of the basis of		to limit mining dilution and ore loss.
		the mining assumptions made.	•	On this basis, excavators in the 110 t to 190 t class
				may be appropriate, matched with 100 t payload
				mine trucks. The corresponding mining cost
				indicated an overall waste unit mining cost of
				approximately AUD 4.14/t mined. Including an
				additional allowance for grade control of AUD 1.00/t
				of ore processed, the overall unit mining cost
				increases to approximately AUD 4.35/t mined.
			•	A constant copper recovery of 96.8% for the
				concentrator was used in the review for all ore
				grades. Based on recoveries observed in other
				studies, metallurgical recoveries in flotation circuits
				are usually variable and dependent on the overall
				feed grade, mineral assemblage and lithology. Lower
				recoveries are often observed from lower grade
				material, and a fixed tail grade component is often
				applied to account for this.
			•	On the basis of the conceptual mining parameters,
				an SMU size in the order of 5 m x 10 m x 5 m (XYZ)
				matches the size of mining equipment
				recommended, the mining selectivity indicated by
				the deposit geometry, and the mine production
				rates required to maintain a 2 Mtpa concentrator
				feed rate. The steady state mining and processing
				rates, and plant feed and concentrate grade profiles,
				are in line with other similar open pit projects.
*Metallurgical*	•	The basis for assumptions or predictions regarding	•	Scoping test work to assess metallurgical processing
*factors or*		metallurgical amenability. It is always necessary as		options was conducted by Core Metallurgy in May
*assumptions*		part of the process of determining reasonable prospects for eventual economic extraction to consider		and June 2019. The scoping test work considered both leaching and flotation as means of copper
		potential metallurgical methods, but the assumptions		recovery for various mineralogical domain samples,
		regarding metallurgical treatment processes and		but did not seek to fully optimise conditions and only
		parameters made when reporting Mineral Resources		assess the amenability of the samples to these
		may not always be rigorous. Where this is the case,		processes. The samples were collected from old
		this should be reported with an explanation of the		shaft surface dumps at the MT Flora deposit and
		basis of the metallurgical assumptions made.		were nominally classified as having oxide, transition,
				and sulphide mineralisation.
			•	Key assumptions included that all mining would
				occur from an open pit, and using a throughput rate
				of 500,000 tonnes per annum of sulphide ore, a
				concentrate grade for Cu of 24% and Ag of 398 g/t,
				concentrate filter cake delivered to Mt Isa by road
				transport and a locally based drive in/out workforce
				beingavailable at Mackayor in the surroundingarea.

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Criteria	•	*JORC Code explanation*	Commentary	Commentary
			•	The study considered 12 processing options. 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, was
				estimated by Core to be approximately AUD 56.3
				million.
			•	Order-of-magnitude operating costs, for a greenfield
				EPCM and a second-hand processing plant (AUD 31–
				34 per tonne) were significantly lower compared to
				Builder Owner Operator (AUD 47–51 per tonne) and
				Contract Crushing/Direct Shipped Ore (AUD 65–89
				per tonne) options.
*Environmental*	•	Assumptions made regarding possible waste and	•	No assumptions regarding the possible waste and
*factors or*		process residue disposal options. It is always necessary		process residue disposal options have been made.
*assumptions*		as part of the process of determining reasonable prospects for eventual economic extraction to consider	•	The Mt Flora project area is currently used for grazing.
		the potential environmental impacts of the mining and	•	No large drainage systems pass through the area.
		processing operation. While at this stage the	•	There do not appear to be any major environmental
		determination of potential environmental impacts,		constraints that would negatively impact on the
		particularly for a greenfields project, may not always		potential for eventual economic extraction.
		be well advanced, the status of early consideration of
		these potential environmental impacts should be
		reported. Where these aspects have not been
		considered this should be reported with an
		explanation of the environmental assumptions made.
*Bulk density*	•	Whether assumed or determined. If assumed, the	•	Bulk density values were determined through down-
		basis for the assumptions. If determined, the method		the-hole gamma-gamma in both RC and diamond
		used, whether wet or dry, the frequency of the		holes at 1 cm resolution, as well as by conventional
		measurements, the nature, size and		wet-dry Archimedes density determination on
		representativeness of the samples.		selected core samples. Inconsistencies were
	•	The bulk density for bulk material must have been		discovered during data validation of the gamma-
		measured by methods that adequately account for		gamma method and these had not yet been resolved
		void spaces (vugs, porosity, etc), moisture and		at time of reporting.
		differences between rock and alteration zones within	•	Bulk densities were therefore assigned to the various
		the deposit.		geological and estimation domains, by using average
	•	Discuss assumptions for bulk density estimates used in		values from the Archimedes and salvageable
		the evaluation process of the different materials.		gamma-gamma data, and taking weathering into
				account, as shown in Table 2 in the body of the text.
			•	In the Competent Person’s opinion, this is fit for the
				purpose for estimation of a low-confidence Mineral
				Resource; however, this will need to be improved in
				future resource upgrades.
*Classification*	•	The basis for the classification of the Mineral	•	The Competent Person has classified the Mineral
		Resources into varying confidence categories.		Resource in the Inferred category in accordance with
	•	Whether appropriate account has been taken of all		the JORC Code (2012). Geological evidence is
		relevant factors (i.e. relative confidence in		sufficient to imply but not verify geological and
		tonnage/grade estimations, reliability of input data,		grade continuity. The Mineral Resource is based on
		confidence in continuity of geology and metal values,		exploration, sampling and assaying information
		quality, quantity and distribution of the data).		gathered through appropriate techniques from
	•	Whether the result appropriately reflects the		outcrops and drillholes. There is no material
		Competent Person’s view of the deposit.		classified as Indicated or Measured.
			•	It is reasonably expected that the majority of
				Inferred Mineral Resources could be upgraded to
				Indicated Mineral Resources with continued
				exploration. Confidence in the estimate is not
				sufficient to allow the results of the application of
				technical and economic parameters to be used for
				detailed planning in Pre-Feasibility or Feasibility
				Studies. Caution should be exercised if Inferred
				Mineral Resources are used to support technical and
				economic studies such as Scoping Studies.
			•	In assessing the reasonable prospects, the
				Competent Person has evaluated preliminary mining,
				metallurgical, economic and geo-technical
				parameters. The Mineral Resource reported here is a
				realistic inventory of mineralisation which, under
				assumed andjustifiable technical,economic and

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Criteria	•	*JORC Code explanation*	Commentary	Commentary
				development conditions, might, in whole or in part,
				become economically extractable.
			•	Future work should seek to decrease the drill
				spacing, improve sample and analytical quality
				control and obtain representative bulk density data
				for the resource and waste components of the
				model.
*Audits or*	•	The results of any audits or reviews of Mineral	•	The Mineral Resource estimate has been peer
*reviews*		Resource estimates.		reviewed by an external consultancy.
*Discussion of*	•	Where appropriate a statement of the relative	•	The expected accuracy of the MRE is appropriately
*relative*		accuracy and confidence level in the Mineral Resource		reflected in the classification assigned to the deposit.
*accuracy/*		estimate using an approach or procedure deemed appropriate by the Competent Person. For example,		It includes assumptions on geological continuity, domain behaviour, assaying and sample preparation
*confidence*		the application of statistical or geostatistical		bias and variance, to a degree considered by the
		procedures to quantify the relative accuracy of the		Competent Person to be suitable for inclusion in the
		resource within stated confidence limits, or, if such an		Inferred category. Blocks classified as Inferred can
		approach is not deemed appropriate, a qualitative		generally be regarded as being accurate to within
		discussion of the factors that could affect the relative		25%-50%.
		accuracy and confidence of the estimate.	•	The MRE statement related to a global estimate of
	•	The statement should specify whether it relates to		in-situ tonnes and grade. The MRE is considered to
		global or local estimates, and, if local, state the		be accurate globally, but there may be some
		relevant tonnages, which should be relevant to		uncertainty in the local estimated due to data
		technical and economic evaluation. Documentation		density giving a lack of detailed information of any
		should include assumptions made and the procedures		subtle variations in the deposit.
		used.	•	No relevant production data is available for
	•	These statements of relative accuracy and confidence		comparison.
		of the estimate should be compared with production
		data, where available.

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Appendix 2 – Drill Hole Information and Assay Results

Prospect	Phase	Hole	Line	Easting	Northing	RL	Depth	Az	Dip	Status
Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Quarry lode Quarry lode Quarry lode 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	R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R1 R2 R2 R2 R1 R1 R1 R1 R1 R2	MFRC001 MFRC002 MFRC003 MFRC004 MFRC005 MFRC006 MFRC007 MFRC008 MFRC009 MFRC010 MFRC011 MFRC012 MFRC013 MFRC014 MFRC015 MFRC016 MFRC017 MFRC018 MFRC019 MFRC020 MFRC021 MFRC022 MFRC023 MFRC024 MFRC025 MFRC026 MFRC027 MFRC028 MFRC029 MFRC030 MFRC031 MFRC032 MFRC033 MFRC034 MFRC035 MFRC036 MFRC037 MFRC038 MFRC039 MFRC040 MFRC041 MFRC042 MFRC043	7,571,850 7,571,850 7,571,970 7,571,970 7,572,030 7,572,030 7,571,970 7,571,970 7,571,910 7,572,090 7,572,090 7,572,090 7,572,090 7,572,090 7,572,090 7,572,090 7,572,030 7,572,090 7,572,090 7,572,090 7,572,030 7,572,030 7,572,030 7,571,730 7,571,730 7,571,850 7,572,090 7,572,150 7,572,150 7,572,150 7,572,150 7,572,150 7,572,150 7,572,030 7,572,090 7,571,910 7,571,910 7,571,970 7,571,970 7,571,970 7,571,910 7,571,850 7,572,150	662,722 662,746 662,708 662,779 662,776 662,698 662,861 662,941 662,777 662,185 662,189 662,304 662,374 662,362 662,502 662,554 662,495 662,726 662,729 662,667 662,281 662,348 662,391 662,226 662,302 662,319 662,063 662,324 662,360 662,522 662,517 662,464 662,213 662,180 662,010 662,554 662,626 662,344 662,252 662,173 662,239 662,234 662,017	7,571,851 7,571,842 7,571,968 7,571,969 7,572,027 7,572,014 7,571,966 7,571,970 7,571,925 7,572,106 7,572,107 7,572,086 7,572,092 7,572,091 7,572,082 7,572,079 7,572,030 7,572,089 7,572,089 7,572,086 7,572,032 7,572,030 7,572,039 7,571,729 7,571,727 7,571,850 7,572,103 7,572,143 7,572,150 7,572,147 7,572,147 7,572,144 7,572,144 7,572,030 7,572,089 7,571,911 7,571,909 7,571,971 7,571,966 7,571,967 7,571,913 7,571,850 7,572,150	222 221 230 224 236 233 223 219 222 285 285 305 300 301 278 265 263 264 265 263 284 285 282 218 217 231 262 320 315 298 298 303 300 256 244 241 234 264 255 247 238 229 258	78 79 61 121 137 76 158 206 98 46 182 212 269 284 302 249 249 15 189 309 171 189 225 79 103 103 133 258 309 338 333 333 255 104 80 80 80 219 87 75 87 87 92	288 283 266 270 270 280 270 270 250 250 250 268 265 270 270 280 270 270 270 270 270 270 264 270 270 270 0 274 270 270 270 275 280 270 270 270 270 270 270 270 250 270 270	-60 -80 -50 -50 -60 -60 -50 -50 -50 -60 -70 -50 -80 -55 -55 -55 -55 -55 -55 -55 -55 -55 -65 -55 -55 -55 -90 -55 -60 -72 -55 -55 -55 -55 -60 -55 -55 -55 -55 -55 -60 -55 -55	Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Unmineralised Unmineralised Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised

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www.duke-exploration.com.au

Prospect	Phase	Hole	Line	Easting	Northing	RL	Depth	Az	Dip	Status
Mt Flora Mt Flora Quarry lode Mt Flora Mt Flora Mt Flora Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode Quarry lode 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	R2 R2 R2 R1 R1 R1 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2 R2	MFRC044 MFRC045 MFRC046 MFRC047 MFRC048 MFRC049 MFRC050 MFRC051 MFRC052 MFRC053 MFRC054 MFRC055 MFRC056 MFRC057 MFRC058 MFRC059 MFRC060 MFRC061 MFRC062 MFRC063 MFRC064 MFRC065 MFRC066 MFRC067 MFRC068 MFRC069 MFRC070 MFRC071 MFRC072 MFRC073 MFRC074 MFRC075 MFRC076 MFRC077 MFRC078 MFRC079 MFRC080 MFRC081 MFRC082 MFRC083 MFRC084 MFRC085 MFRC086 MFRC087 MFRC088	7,572,030 7,571,850 7,572,030 7,572,330 7,572,450 7,572,390 7,572,210 7,572,210 7,572,210 7,572,210 7,572,150 7,572,150 7,572,150 7,572,150 7,572,090 7,572,090 7,571,970 7,571,970 7,571,910 7,571,910 7,571,790 7,571,790 7,571,850 7,571,910 7,571,910 7,571,970 7,571,970 7,572,030 7,572,150 7,572,210 7,572,210 7,572,210 7,572,210 7,572,270 7,572,270 7,572,210 7,572,210 7,572,210 7,572,270 7,572,270 7,572,270 7,572,270 7,572,270 7,572,270 7,572,330	662,072 662,626 662,869 662,426 662,462 662,409 662,688 662,751 662,829 662,894 662,889 662,804 662,714 662,673 662,874 662,794 662,483 662,410 662,325 662,400 662,233 662,154 662,162 662,168 662,085 662,090 662,011 662,011 662,119 662,467 662,531 662,053 662,144 662,046 662,044 662,323 662,321 662,238 662,312 662,408 662,482 662,156 662,166 662,170 662,170	7,572,033 7,571,851 7,572,031 7,572,330 7,572,447 7,572,390 7,572,214 7,572,210 7,572,213 7,572,214 7,572,157 7,572,153 7,572,142 7,572,146 7,572,087 7,572,094 7,571,962 7,571,960 7,571,910 7,571,910 7,571,790 7,571,790 7,571,850 7,571,910 7,571,910 7,571,970 7,571,970 7,572,030 7,572,150 7,572,210 7,572,210 7,572,212 7,572,218 7,572,270 7,572,270 7,572,210 7,572,210 7,572,210 7,572,257 7,572,270 7,572,272 7,572,270 7,572,270 7,572,265 7,572,328	251 230 236 375 359 350 317 305 296 290 279 271 285 290 253 244 251 257 242 244 223 224 233 241 234 242 240 239 284 333 315 285 315 286 286 347 347 340 369 361 359 335 335 335 350	73 75 243 333 333 333 243 261 255 333 333 261 177 207 207 165 231 177 104 146 61 61 61 67 91 122 80 68 189 333 331 164 219 13 171 303 300 296 315 333 333 19 13 261 243	0 270 270 270 270 270 270 270 270 270 270 265 285 270 270 263 280 280 270 270 270 270 270 270 270 270 270 270 270 270 270 270 265 270 270 270 270 270 278 270 260 270 270 276 270	-90 -55 -55 -55 -58 -55 -55 -55 -55 -55 -55 -55 -67 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -55 -80 -55 -55 -61 -55 -55 -56 -55 -55 -55	Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Unmineralised Unmineralised Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Unmineralised Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Unmineralised Unmineralised Mineralised Assays Pending

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www.duke-exploration.com.au

Prospect	Phase	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	R2 R2 R2 R2 R2 R2 R2 R2	MFRC089 MFRC090 MFRC091 MFRC092 MFRC093 MFRC094 MFRC095 MFRC096 MFRC097	7,572,270 7,572,270 7,572,330 7,572,390 7,572,750 7,572,750 7,572,690 7,572,690 7,572,390	662,484 662,259 662,268 662,184 662,502 662,573 662,510 662,587 662,252	7,572,272 7,572,288 7,572,330 7,572,397 7,572,750 7,572,750 7,572,690 7,572,690 7,572,392	350 374 380 367 281 276 295 287 367	277 249 249 249 159 149 201 249 19	270 258 270 270 270 270 270 270 270	-70 -56 -55 -55 -55 -55 -55 -55 -55	Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending
Mt Flora	R2

Table 1. Drill collar details of all Phase One and Phase Two RC holes 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
MFRC079 MFRC079 MFRC079 MFRC079 MFRC079 MFRC079 MFRC079 MFRC079 MFRC079 MFRC079 MFRC079 MFRC080 MFRC080 MFRC080 MFRC080 MFRC080 MFRC080 MFRC081 MFRC081 MFRC081 MFRC081 MFRC082 MFRC083 MFRC083 MFRC083 MFRC083 MFRC083 MFRC083 MFRC084 MFRC084 MFRC084 MFRC084 MFRC084 MFRC084 MFRC084	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	662,313 662,310 662,307 662,298 662,294 662,289 662,288 662,286 662,280 662,277 662,275 662,297 662,278 662,255 662,247 662,226 662,170 662,220 662,166 662,158 662,122 662,207 662,338 662,317 662,300 662,286 662,265 662,226 662,370 662,362 662,332 662,324 662,315 662,306 662,299	7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,210 7,572,270 7,572,270 7,572,270 7,572,270 7,572,270 7,572,270 7,572,270 7,572,252 7,572,252 7,572,247 7,572,244 7,572,242 7,572,243 7,572,242	290 273 257 203 184 156 146 140 103 87 76 313 285 253 241 210 130 314 238 227 174 178 260 230 210 187 157 101 198 186 142 130 117 105 95	52.0 74.0 90.0 143.0 164.0 190.0 203.0 208.0 247.0 263.0 271.0 36.0 74.0 108.0 128.0 163.0 257.0 28.0 123.0 135.0 201.0 217.0 122.0 157.0 179.0 204.0 243.0 307.0 194.0 210.0 264.0 277.0 293.0 312.0 322.0	60.0 77.0 92.0 150.0 167.0 197.0 205.0 211.0 249.0 265.0 279.0 43.0 76.0 119.0 131.0 168.0 265.0 30.0 125.0 140.0 208.0 220.0 124.0 161.0 188.0 219.0 253.0 324.0 198.0 217.0 276.0 283.0 301.0 316.0 324.0	8.0 3.0 2.0 7.0 3.0 7.0 2.0 3.0 2.0 2.0 8.0 7.0 2.0 11.0 3.0 5.0 8.0 2.0 2.0 5.0 7.0 3.0 2.0 4.0 9.0 15.0 10.0 17.0 4.0 7.0 12.0 6.0 8.0 4.0 2.0	0.57 0.67 0.26 0.45 0.36 1.21 0.23 0.33 0.27 0.38 0.76 0.24 0.62 0.33 0.33 1.80 0.42 0.27 0.97 0.41 0.43 0.45 0.44 0.43 0.20 0.46 0.80 0.24 0.74 0.34 0.34 0.35 0.43 0.40 0.51	9.01 5.43 2.95 6.31 8.83 13.44 2.30 2.15 2.20 3.05 8.49 7.02 13.85 5.06 9.60 32.90 4.80 7.00 18.40 10.72 6.38 11.33 13.55 6.85 3.18 7.22 11.93 1.95 14.10 5.34 4.90 6.10 4.81 7.18 8.35	0.04 0.07 0.01 0.03 0.03 0.09 0.02 0.05 0.01 0.03 0.03 0.01 0.01 0.02 0.03 0.07 0.03 0.01 0.02 0.01 0.02 0.01 0.01 0.03 0.03 0.02 0.04 0.03 0.03 0.01 0.02 0.01 0.01 0.06 0.02

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	Ag g/t	Au g/t
MFRC087	Mt Flora	662,120	7,572,269	264	86.0	88.0	2.0	0.25	6.75	0.01

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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Mt Flora Phase Two New RC Drilling Results Used in Resource Estimate

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Geology and Geological Interpretation

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Supporting Preliminary Mining and Metallurgical Studies

Resource Classification

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About Duke Exploration

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

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources

Appendix 2 – Drill Hole Information and Assay Results

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TRUE NORTH COPPER LIMITED — Capital/Financing Update 2021

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MT FLORA MAIDEN INFERRED MINERAL RESOURCE AND DRILLING UPDATE

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Mt Flora Maiden Resource Estimate

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Sampling Preparation

Sample Analysis Method

Estimation Methodology

Geological Domains

Estimation Domains

Grade Interpolation

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Supporting Preliminary Mining and Metallurgical Studies

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Mt Flora Maiden Mineral Resource Estimate

About Duke Exploration

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

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Section 3 Estimation and Reporting of Mineral Resources

Appendix 2 – Drill Hole Information and Assay Results

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