TRUE NORTH COPPER LIMITED — Capital/Financing Update 2021

Mar 15, 2021

ASX Announcement Media Release

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DEX – NEW ASSAY RESULTS BUILD TO MAIDEN RESOURCE AT MT FLORA

MARCH 16, 2021

Duke Exploration (ASX Code: DEX) is pleased to announce new results from RC drilling of the Mt Flora Resource area that follows on from the results reported from the first completed line of RC drilling, announced on 09 February 2020. The reported holes now cover a 260m strike, a width of 550m and to a vertical depth of 270m.

Highlights

• Better new intersections from the RC drilling at Mt Flora include:

• 13 m at 1.27 % Cu, 18.4 g/t Ag and 0.02 g/t Au from 54 m in MFRC021,

• 3 m at 1.07 % Cu, 22.7 g/t Ag and 0.03 g/t Au from 51 m in MFRC022,

• 2 m at 2.05 % Cu, 23.3 g/t Ag and 0.09 g/t Au from 14 m in MFRC027,

• 39 m at 0.82 % Cu, 9.2 g/t Ag and 0.05 g/t Au from 25 m in MFRC027,

• 7 m at 2.63 % Cu, 29.0 g/t Ag and 0.19 g/t Au from 50 m in MFRC027,

• 2 m at 1.46 % Cu, 21.5 g/t Ag and 0.05 g/t Au from 48 m in MFRC028,

• 3 m at 1.40 % Cu, 31.1 g/t Ag and 0.03 g/t Au from 122 m in MFRC028,

• 9 m at 1.00 % Cu, 15.9 g/t Ag and 0.03 g/t Au from 39 m in MFRC029,

• 2 m at 1.27 % Cu, 24.3 g/t Ag and 0.04 g/t Au from 66 m in MFRC029,

• 2 m at 1.92 % Cu, 35.9 g/t Ag and 0.04 g/t Au from 96 m in MFRC029,

• 3 m at 3.08 % Cu, 49.0 g/t Ag and 0.08 g/t Au from 102 m in MFRC029,

• 16 m at 0.69 % Cu, 9.9 g/t Ag and 0.02 g/t Au from 162 m in MFRC029,

• 2 m at 1.62 % Cu, 9.1 g/t Ag and 0.16 g/t Au from 44 m in MFRC030,

• 26 m at 0.65% Cu, 6.5 g/t Ag and 0.03 g/t Au from 190 m in MFRC031 and

• 16 m at 0.69 % Cu, 9.6 g/t Ag and 0.02 g/t Au from 128 m in MFRC032.

• The new results include 110 intersections of copper, silver and gold mineralisation above a 0.2% cut off that will add to the maiden resource estimate at Mt Flora.

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

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

• Mineralisation continues to be predictable and consistent in width, copper grade and orientation between drill holes both down dip and now along strike, which increases the confidence level in the planned resource and mining studies at Mt Flora.

• The first phase of resource RC drilling is now completed at Mt Flora, with 42 holes drilled for a total of 7,807m compared to a budget of 43 holes for 7,040m.

• The second phase of resource RC drilling has started at Mt Flora that will extend and infill the first phase of drilling, with 16 holes for 2,923m drilled to date, compared to the Phase Two plan of 68 holes for 11,967m.

• A total of 11,000 samples have been sent to the laboratory in Townsville and 5,250 assay results are yet to be announced.

• The mineralised area at Mt Flora now covers a footprint of 0.3 km[2] to a vertical depth of 250m.

• Results from the western extension holes and holes testing the VTEM anomaly north of Mt Flora are expected by early April.

• Results from the Phase Two drilling should start becoming available by late April with the holes testing the north of the newly discovered Quarry Lode expected first.

• The Phase Two resource drilling at Mt Flora is planned to continue until mid-year.

• Planning for an interim resource estimate based on the Phase One drilling is underway, with a maiden resource expected to be announced by mid-year.

• Electrical geophysical surveys and pXRF soil sampling to follow up and test the extensions of the anomalies discovered at Quorn continued, with results expected by the end of March.

• Drill planning to test the geophysical and geochemical targets at Quorn and Absolons is underway with drilling expected to start in early April using a second drill rig that has been sourced locally.

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

Commenting on progress - Toko Kapea, Chairman:

“The results from the next four lines of resource drilling at Mt Flora are better than expected, with the width of the mineralised area four times wider than originally interpreted and the total mineralised area seven times larger than the interpreted mineralised area used to determine the Exploration Target quoted when we listed. The newly discovered Quarry mineralisation has become more continuous to the north of the granodiorite contact and it is now clear this new discovery will contribute significantly to the growing resource potential at Mt Flora. Our confidence has increased that based on these new results and mineralisation being seen in the Phase Two drilling that we will exceed the upper range of our Exploration Target for Mt Flora as reported in our recent prospectus (5,500,000-12,000,000 tonnes at 0.5-0.7% Cu for 27,000-84,000 tonnes of copper, 5-15g/t Ag for 884,000-5,780,000 ounces of silver and 0.1-0.1g/t Au for 17,000-38,000 ounces of gold. See www.duke-exploration.com.au to download the Independent Geologists Report for the details of the Exploration Target). We now see Mt Flora as a standalone mining opportunity without needing the additional resource potential being found by our regional exploration around Quorn and Absolons.”

Duke Exploration Limited

www.duke-exploration.com.au

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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,

• Finalise land access and drill planning at the Prairie Creek gold target,

• Source a second rig to fast-track resource and exploration drilling over Mt Flora, Quorn and the Quarry prospects.

This announcement has been authorised for release by the Board.

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

Eugene Iliescu Managing Director - md@duke exploration.com.au Ph +61 418 757 364

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

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Technical Information

Mt Flora Phase One RC New Drilling Results

The Mt Flora prospect is the first high priority target for development in the Bundarra Project area (see www.dukeexploration.com.au for project details). A phased approach is being taken to the drilling, with Phase One aiming to deliver sufficient drilling to estimate a preliminary JORC 2012 Inferred resource over the Exploration Target area of mineralisation at Mt Flora (Figure 1). Planning for the preliminary resource estimate is underway, with a maiden resource for Mt Flora expected by mid-year.

The first phase of resource RC drilling at Mt Flora has been completed and the second phase started with 39 holes completed for 7,659m since the last announcement on February 09 (Table 1 and Figure 1). A total of 23 holes for 4,736m are from the Phase One drilling and 16 holes for 2,923m are from the Phase Two drilling, compared to the Phase Two drilling plan of 68 holes for 11,967m. The Phase One program finished with 42 holes for a total of 7,807m compared to an original budget of 43 holes for 7,040m. A total of 11,000 samples have been sent to the laboratory in Townsville and 5,250 assay results have yet to be announced.

The resource drilling is spaced 60m down dip and along strike of the known mineralisation that was mined historically and intersected in the historic drilling (Figure 1). All drill holes are planned to drill west at between 7050° to intersect the mineralised lodes dipping 40° to the east. Several planned hole locations are in topographically challenging areas (gorges and shafts), and the hole locations were adjusted for safety and the azimuth and dip of the holes have been amended to account for the changed hole location and still target the mineralised pierce points at 60m drill trace distance. The drill depths have been adjusted based on pXRF copper and silver results as the holes were drilled, with many holes extended as the mineralisation intersected is deeper than originally interpreted.

Five lines of holes on a 60m by 60m drill spacing have been completed over the known mineralised area, covering a strike of 220m, a width of 240m and to a vertical depth of 100m (Figure 1), which corresponds to the area that was used to develop the reported Exploration Target (5,500,000-12,000,000 tonnes at 0.5-0.7% Cu for 27,00084,000 tonnes of copper, 5-15g/t Ag for 884,000-5,780,000 ounces of silver and 0.1-0.1g/t Au for 17,000-38,000 ounces of gold. See www.duke-exploration.com.au to download the Independent Geologists Report for the details of the Exploration Target). This will provide the required coverage to estimate a JORC 2012 Inferred resource in the area that includes all the historic underground workings and historic drill holes (Figure 1).

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 110 new intersections of copper, silver and gold mineralisation above a 0.2% Cu cut off by the new drilling at Mt Flora that will contribute to the planned resource estimate. Mineralisation continues to be predictable and consistent in width, copper grade and orientation between drill holes both down dip and now along strike, which will increase the confidence levels in the planned resource and mining studies at Mt Flora.

The mineralisation to the north and south of the original section line reported at Mt Flora is similar in style, widths and grades of copper silver and gold, with the silver grades intersected in the new assay results continuing to be economically attractive.

Duke Exploration Limited

www.duke-exploration.com.au

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Figure 1. Mt Flora drill location plan for the holes completed to date 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).

Better intersections from the new assays returned include:

• § 25 m at 0.37 % Cu, 2.5 g/t Ag and 0.01 g/t Au from 0 m in MFRC021,

• § 13 m at 1.27 % Cu, 18.4 g/t Ag and 0.02 g/t Au from 54 m in MFRC021,

• § 23 m at 0.29 % Cu, 3.6 g/t Ag and 0.01 g/t Au from 73 m in MFRC021,

• § 3 m at 1.07 % Cu, 22.7 g/t Ag and 0.03 g/t Au from 51 m in MFRC022,

• § 2 m at 2.05 % Cu, 23.3 g/t Ag and 0.09 g/t Au from 14 m in MFRC027,

• § 39 m at 0.82 % Cu, 9.2 g/t Ag and 0.05 g/t Au from 25 m in MFRC027,

• § 7 m at 2.63 % Cu, 29.0 g/t Ag and 0.19 g/t Au from 50 m in MFRC027,

• § 2 m at 1.46 % Cu, 21.5 g/t Ag and 0.05 g/t Au from 48 m in MFRC028,

• § 3 m at 1.40 % Cu, 31.1 g/t Ag and 0.03 g/t Au from 122 m in MFRC028,

• § 9 m at 1.00 % Cu, 15.9 g/t Ag and 0.03 g/t Au from 39 m in MFRC029,

• § 2 m at 1.27 % Cu, 24.3 g/t Ag and 0.04 g/t Au from 66 m in MFRC029,

• § 2 m at 1.92 % Cu, 35.9 g/t Ag and 0.04 g/t Au from 96 m in MFRC029,

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

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• § 3 m at 3.08 % Cu, 49.0 g/t Ag and 0.08 g/t Au from 102 m in MFRC029,

• § 16 m at 0.69 % Cu, 9.9 g/t Ag and 0.02 g/t Au from 162 m in MFRC029,

• § 2 m at 1.62 % Cu, 9.1 g/t Ag and 0.16 g/t Au from 44 m in MFRC030,

• § 26 m at 0.65% Cu, 6.5 g/t Ag and 0.03 g/t Au from 190 m in MFRC031,

• § 14 m at 0.26 % Cu, 2.3 g/t Ag and 0.02 g/t Au from 108 m in MFRC032 and

• § 16 m at 0.69 % Cu, 9.6 g/t Ag and 0.02 g/t Au from 128 m in MFRC032 (Figure 4 and Table 2).

The current interpretation of the geometry of the massive sulphide copper and silver veins and their spatial relationship to the granodiorite is confirmed by the new assay results and the mineralised area is now seven times larger than first interpreted, mainly due to the mineralised zone being wider than first thought, particularly to the west (Figure 2). The new results from MFRC 027 on Section 7,572,090mN through the area of underground workings are particularly important as the hole confirms that unmined veins continue to the west, with intersections of 2 m at 2.05 % Cu, 23.3 g/t Ag and 0.09 g/t Au from 14 m, 39 m at 0.82 % Cu, 9.2 g/t Ag and 0.05 g/t Au from 25 m and 7 m at 2.63 % Cu, 29.0 g/t Ag and 0.19 g/t Au from 50 m (Figure 2). Additional holes have been drilled to test the extent of these new veins on the sections to the north and south, which have assays still to be returned. If mineralised, as expected this will further increase the width and add to the resource potential of the Mt Flora vein system.

The veins have been closed off to the east down-dip on all sections drilled (Figure 2, Figure 3 and Figure 4). The mineralisation has also been closed off to the south and at depth past the granodiorite contact, with MFRC024MFRC026 unmineralised (Figure 1). Although the next line to the north with MFRC038- MFRC041 is mineralised based on logging of chalcopyrite and the assays for these holes will be reported in the next announcement once validated (Figure 1). The intersections on Section 7572150mN confirms that the mineralisation plunges to the north parallel to the dip of the granodiorite contact (Figure 4). The down dip length of the veins continues to be between 240-320m on the new sections drilled and mineralisation is open to the west as discussed and to the north down plunge, with the recently announced holes into the VTEM anomaly to the north (see announcement on February 18), extending the potential strike to 550m, although it is expected the mineralisation will become deeper in this direction.

The most important conclusion from the drilling to date is that the mineralised area, including the Quarry mineralisation, is now 7 times larger than the area that was used to determine the Exploration Target, which gives confidence that the potential resource at Mt Flora could be much larger than originally thought and could develop into a standalone mining operation that will rapidly grow in the near future from new discoveries at the resource target areas at Quorn, Absolons, Isens and Rogers. Drill testing of the targets at Quorn is currently being planned with a second drill rig having been sourced. This drilling should start early in the June Quarter, depending on the timing of cattle mustering on the station. Results from the western extension holes and the results for the holes testing the VTEM anomaly north of Mt Flora are expected by early April. Results from the Phase Two drilling should start becoming available by late April with the holes drilled testing the north of the newly discovered Quarry Lode expected first.

Electrical geophysical surveys to follow up the main anomalies at Quorn and Absolons at depth with 3D IP and EM and test the extensions of the soil anomalies discovered at Quorn using pXRF have started, with results expected by the end of March. These targets are expected to add to the resource development potential at Bundarra in the near term.

Duke Exploration Limited

www.duke-exploration.com.au

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Figure 2. Drill section on 7,572,090mN of the interpretation of the geology of the main copper lodes at Mt Flora constrained by the Phase One drilling in relation to historic drilling, Mt Flora underground mine workings and the re-interpreted granodiorite contact.

Duke Exploration Limited

www.duke-exploration.com.au

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Figure 3. Drill section on 7,572,030mN of the interpretation of the geology of the main copper lodes at Mt Flora constrained by the Phase One drilling and the granodiorite contact. Some of the intersections listed in Table 2 have been left off for clarity.

Duke Exploration Limited

www.duke-exploration.com.au

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Figure 4. Drill section on 7,572,150mN of the interpretation of the geology of the main copper lodes at Mt Flora constrained by the Phase One drilling and the granodiorite contact. Some of the intersections listed in Table 2 have been left off for clarity.

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

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Prospect	Hole	Line	Easting	Northing	RL	Depth	Az	Dip	Status
Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora 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	MFRC017 MFRC021 MFRC022 MFRC023 MFRC024 MFRC025 MFRC026 MFRC027 MFRC028 MFRC029 MFRC030 MFRC031 MFRC032 MFRC033 MFRC034 MFRC035 MFRC036 MFRC037 MFRC038 MFRC039 MFRC040 MFRC041 MFRC042 MFRC043 MFRC044 MFRC045 MFRC046 MFRC047 MFRC048 MFRC049 MFRC050 MFRC051 MFRC052 MFRC053 MFRC054 MFRC055 MFRC056 MFRC057 MFRC058	7572030 7572030 7572030 7572030 7571730 7571730 7571850 7572090 7572150 7572150 7572150 7572150 7572150 7572150 7572030 7572090 7571910 7571910 7571970 7571970 7571970 7571910 7571850 7572150 7572030 7571850 7572030 7572330 7572450 7572390 7572210 7572210 7572210 7572210 7572150 7572150 7572150 7572150 7572090	662,495 662,280 662,349 662,392 662,225 662,302 662,319 662,077 662,322 662,360 662,523 662,518 662,466 662,220 662,182 662,013 662,557 662,630 662,340 662,252 662,170 662,235 662,239 662,023 662,076 662,628 662,872 662,432 662,470 662,407 662,696 662,761 662,832 662,903 662,894 662,805 662,714 662,675 662,874	7,572,030 7,572,032 7,572,029 7,572,035 7,571,730 7,571,730 7,571,850 7,572,090 7,572,144 7,572,150 7,572,144 7,572,144 7,572,142 7,572,144 7,572,030 7,572,090 7,571,910 7,571,910 7,571,970 7,571,970 7,571,970 7,571,915 7,571,850 7,572,150 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 7,572,155 7,572,142 7,572,147 7,572,090	263 283 283 274 218 217 229 261 327 314 296 296 304 305 254 243 240 233 262 255 247 235 228 254 250 230 235 376 352 352 316 304 295 287 279 267 287 292 254	249 171 189 225 79 103 103 133 258 309 338 333 333 255 104 80 80 80 219 87 75 87 87 92 73 75 243 333 333 333 243 261 255 333 333 262 123 207 129	270 270 270 264 270 270 270 0 274 270 270 270 275 280 270 270 270 270 270 270 270 250 270 270 0 270 270 270 270 270 270 270 270 270 270 265 285 270 270	-55 -55 -55 -65 -55 -55 -55 -90 -55 -60 -72 -55 -55 -55 -55 -60 -55 -55 -55 -55 -55 -60 -55 -55 -90 -55 -55 -55 -58 -55 -55 -55 -55 -55 -55 -55 -67 -55 -55	Mineralised Mineralised Mineralised Mineralised Unmineralised Unmineralised Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending

Table 1. Drill collar details of unreported Mt Flora Resource RC holes (MGA94 Zone 55).

Duke Exploration Limited

www.duke-exploration.com.au

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	**Ag g/t **	**Aug/t **
MFRC017 MFRC017 MFRC017 MFRC017 MFRC021 MFRC021 MFRC021 MFRC021 Including MFRC021 MFRC021 MFRC022 MFRC022 MFRC022 MFRC022 MFRC022 MFRC022 MFRC022 MFRC022 MFRC022 MFRC023 MFRC023 MFRC023 MFRC023 MFRC023 MFRC023 MFRC023 MFRC027 MFRC027 Including MFRC027 MFRC027 MFRC027 MFRC028 Including MFRC028 MFRC028 MFRC028 MFRC028 MFRC028	Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora	662,482 662,455 662,428 662,414 662,273 662,263 662,258 662,245 662,232 662,204 662,342 662,339 662,324 662,319 662,306 662,297 662,285 662,275 662,263 662,387 662,380 662,368 662,356 662,344 662,334 662,325 662,077 662,077 662,077 662,077 662,077 662,310 662,294 662,285 662,265 662,262 662,260	7,572,030 7,572,030 7,572,031 7,572,031 7,572,032 7,572,032 7,572,032 7,572,032 7,572,032 7,572,032 7,572,029 7,572,029 7,572,030 7,572,031 7,572,031 7,572,031 7,572,032 7,572,033 7,572,034 7,572,035 7,572,034 7,572,033 7,572,032 7,572,031 7,572,031 7,572,030 7,572,090 7,572,090 7,572,090 7,572,090 7,572,090 7,572,145 7,572,147 7,572,147 7,572,148 7,572,149 7,572,149	244 206 166 144 273 258 252 233 214 174 274 269 248 240 221 208 188 170 149 263 248 224 197 170 147 128 246 217 191 177 159 310 287 275 249 246 243	20 69 117 143 0 29 35 54 56 73 132 11 17 43 51 75 86 111 135 159 12 27 55 79 114 135 160 14 25 50 69 83 99 18 21 48 60 96 101 104	26 70 118 144 25 31 41 67 58 96 133 12 18 44 54 76 97 118 136 160 13 30 56 90 115 144 161 16 64 57 71 85 106 24 22 50 67 97 102 105	6 1 1 1 25 2 6 13 2 23 1 1 1 1 3 1 11 7 1 1 1 3 1 11 1 9 1 2 39 7 2 2 7 6 1 2 7 1 1 1	0.28 0.36 0.46 0.69 0.37 0.32 0.55 1.27 5.77 0.29 0.30 0.25 0.36 0.36 1.07 0.26 0.32 0.27 0.22 0.21 0.27 1.07 0.99 0.63 0.41 0.32 0.22 2.05 0.82 2.63 0.44 0.59 0.30 0.73 2.65 1.46 0.52 0.52 0.35 0.23	3.6 4.3 3.2 5.9 2.5 5.1 8.9 18.4 83.5 3.6 9.5 3.8 6.7 3.4 22.7 2.2 3.3 2.6 3.2 2.5 11.2 8.3 10.9 9.4 2.5 4.2 2.8 23.3 9.2 29.0 4.5 5.5 3.0 7.4 23.4 21.5 8.2 13.4 8.0 5.7	0.01 0.01 0.06 0.06 0.01 0.02 0.02 0.02 0.10 0.01 0.03 0.03 0.02 0.02 0.03 0.02 0.03 0.01 0.01 0.01 0.05 0.08 0.11 0.01 0.04 0.02 0.00 0.09 0.05 0.19 0.04 0.05 0.03 0.05 0.18 0.05 0.02 0.13 0.01 0.01

Duke Exploration Limited

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	**Ag g/t **	**Aug/t **
MFRC028 Including MFRC028 MFRC028 MFRC028 MFRC028 MFRC028 MFRC028 MFRC029 MFRC029 MFRC029 MFRC029 Including Including MFRC029 MFRC029 MFRC029 MFRC029 Including MFRC029 Including MFRC029 MFRC029 MFRC029 MFRC029 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030	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	662,248 662,242 662,239 662,230 662,223 662,214 662,184 662,354 662,350 662,346 662,338 662,327 662,321 662,313 662,310 662,304 662,289 662,281 662,268 662,251 662,516 662,509 662,495 662,464 662,455 662,452 662,443 662,440 662,436 662,435 662,432 662,431 662,424 662,420 662,417	7,572,149 7,572,149 7,572,149 7,572,150 7,572,150 7,572,151 7,572,154 7,572,150 7,572,150 7,572,150 7,572,150 7,572,150 7,572,150 7,572,149 7,572,149 7,572,149 7,572,148 7,572,149 7,572,149 7,572,150 7,572,144 7,572,143 7,572,145 7,572,147 7,572,148 7,572,148 7,572,149 7,572,149 7,572,149 7,572,149 7,572,150 7,572,150 7,572,150 7,572,151 7,572,151	228 221 217 205 197 185 144 304 298 290 276 256 246 229 223 211 181 164 136 99 275 253 211 128 103 97 75 66 59 55 48 46 30 19 14	122 123 133 138 152 160 178 226 11 18 26 39 42 45 66 76 96 102 103 113 120 149 162 199 240 22 44 89 178 202 211 234 244 252 256 264 266 281 294 301	125 124 134 139 154 168 179 233 12 20 30 48 43 46 68 81 98 105 104 122 121 154 178 202 243 23 46 91 179 207 212 236 245 253 257 265 267 287 297 302	3 1 1 1 2 8 1 7 1 2 4 9 1 1 2 5 2 3 1 9 1 5 16 3 3 1 2 2 1 5 1 2 1 1 1 1 1 6 3 1	1.40 2.42 0.42 1.16 0.56 0.43 0.37 0.70 0.23 0.25 0.47 1.00 2.95 3.31 1.27 0.89 1.92 3.08 7.46 0.75 3.70 0.63 0.69 0.26 0.46 1.36 1.62 0.25 0.28 0.21 0.31 0.30 0.33 0.46 0.29 0.30 0.20 0.27 0.30 0.28	31.1 58.1 4.7 28.6 5.9 7.4 4.4 10.8 7.8 4.8 8.4 15.9 59.7 45.4 24.3 9.4 35.9 49.0 117.0 14.3 70.7 12.4 9.9 4.7 6.5 35.8 9.1 4.0 2.2 2.6 2.6 2.7 6.2 6.2 3.4 2.7 3.6 3.7 4.1 2.4	0.03 0.04 0.02 0.03 0.03 0.02 0.02 0.01 0.05 0.00 0.01 0.03 0.07 0.07 0.04 0.08 0.04 0.08 0.22 0.02 0.08 0.02 0.02 0.05 0.01 0.07 0.16 0.01 0.02 0.03 0.05 0.02 0.01 0.02 0.01 0.02 0.03 0.03 0.02 0.00

Duke Exploration Limited

www.duke-exploration.com.au

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	**Ag g/t **	**Aug/t **
MFRC030 MFRC030 MFRC030 MFRC031 MFRC031 MFRC031 MFRC031 MFRC031 MFRC031 Including MFRC031 MFRC031 MFRC031 MFRC031 MFRC031 MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 Including MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 Including MFRC033 MFRC033 MFRC033 MFRC033 MFRC033 MFRC033 MFRC034 MFRC034 MFRC034	Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora	662,415 662,411 662,407 662,487 662,465 662,434 662,420 662,410 662,400 662,388 662,368 662,366 662,350 662,342 662,461 662,444 662,440 662,434 662,432 662,413 662,402 662,390 662,368 662,363 662,352 662,346 662,320 662,316 662,217 662,210 662,129 662,110 662,107 662,101 662,174 662,172 662,142	7,572,151 7,572,152 7,572,152 7,572,142 7,572,142 7,572,140 7,572,141 7,572,141 7,572,140 7,572,139 7,572,139 7,572,139 7,572,138 7,572,138 7,572,142 7,572,144 7,572,144 7,572,145 7,572,145 7,572,147 7,572,148 7,572,150 7,572,152 7,572,153 7,572,155 7,572,156 7,572,159 7,572,160 7,572,145 7,572,146 7,572,160 7,572,165 7,572,166 7,572,167 7,572,030 7,572,030 7,572,032	8 -1 -10 253 222 179 158 145 131 113 84 82 58 47 297 272 266 258 255 226 209 191 155 147 130 119 73 65 300 292 169 136 130 121 243 240 196	306 317 327 52 88 141 165 185 190 204 224 259 262 289 304 8 38 46 55 59 94 108 128 140 174 187 204 219 273 280 285 4 16 164 203 207 217 13 17 69	309 319 328 54 95 146 174 186 216 205 226 261 263 294 306 10 39 47 56 60 95 122 144 141 183 189 213 223 275 287 286 8 17 166 204 213 224 14 18 71	3 2 1 2 7 5 9 1 26 1 2 2 1 5 2 2 1 1 1 1 1 14 16 1 9 2 9 4 2 7 1 4 1 2 1 6 7 1 1 2	0.88 0.28 0.31 0.45 0.36 0.20 0.87 0.32 0.65 2.04 0.28 0.25 0.26 0.27 0.46 0.40 0.28 0.31 0.27 0.51 0.40 0.26 0.69 2.92 0.44 0.54 0.29 0.23 0.52 0.63 2.11 0.57 0.50 0.30 0.31 0.21 0.33 0.22 0.26 0.49	4.6 4.0 2.9 9.2 5.4 1.4 7.2 3.4 6.5 14.7 2.8 3.6 3.1 3.2 3.8 1.9 4.4 6.6 3.8 5.4 3.8 2.3 9.6 35.1 6.4 8.6 4.8 1.8 6.1 6.8 20.8 2.7 3.5 3.9 3.3 3.1 3.0 11.3 2.5 4.9	0.07 0.01 0.01 0.01 0.03 0.02 0.15 0.01 0.03 0.09 0.03 0.00 0.01 0.02 0.00 0.02 0.01 0.00 0.01 0.02 0.05 0.02 0.02 0.06 0.01 0.01 0.01 0.02 0.07 0.02 0.04 0.03 0.02 0.02 0.02 0.01 0.05 0.02 0.01 0.03

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	**Ag g/t **	**Aug/t **
MFRC034	Mt Flora	662,139	7,572,032	191	76	77	1	0.26	1.9	0.02

Table 2. Drill intersections from the Mt Flora 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).

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:

• § EPM26499, EPM27474 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 historic data from the mine at the Mt Flora Prospect has 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 historic mining, geology and geophysics.

Our aim in the next two years is to develop an Indicated Mineral Resource at the Mt Flora Prospect to allow feasibility studies to be undertaken and o 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).

Competent person statement

The information in the ASX announcement is based on information compiled by Dr Gregor Partington, who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Dr Gregor Partington has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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’ (the JORC Code).

Dr Gregor Partington is engaged by Duke Exploration as Operations Manager and consents to the inclusion of the information in the ASX announcement in the form and context in which it appears.

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

Section 1 Sampling Techniques and Data

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

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

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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				seconds for a total of 30 seconds and targeting 39
				elements, specifically anomalous copper. The pXRF
				Vanta m-series was calibrated once a week and the
				prolene pXRF windows were changed upon noticing any
				imperfection on the surface. A blank standard was
				analysed once a week or following the prolene window
				change.
			•	QC samples were inserted in the form of Certified
				Reference Materials, blanks, crush duplicates and pulp
				duplicates. The results showed the laboratory delivered
				consistent results throughout the campaign. Bias and
				variance acceptance testing showed positive results,
				with the only issue noted the elevated variability in
				pulps.
Verification	•	The verification of significant intersections by either	•	All significant intersections were inspected and verified
of sampling		independent or alternative company personnel.		by the Competent Person.
and	•	The use of twinned holes.	•	The data is collected via Duke Exploration Ltd.’s auto-
assaying	•	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic)		validating, controlled spreadsheets with drop down menu entry. These sheets are loaded into an Access
		protocols.		database using automatic scripting and are then
	•	Discuss any adjustment to assay data.		subjected to a range of further tests for errors. Any
				issues were communicated to site within 24 hours and
				resolved before the data was accepted. The data is then
				validated within the database and brought into
				Micromine and further visual checks conducted. One
				database administrator conducts all data merging and
				storage into the database to ensure the integrity of the
				data.
			•	No data has been adjusted.
Location of	•	Accuracy and quality of surveys used to locate drill holes	•	The drill holes have been accurately surveyed using a
data points		(collar and down-hole surveys), trenches, mine workings		mmGPS in MGA 94/Zone 54.
		and other locations used in Mineral Resource estimation.	•	Downhole survey data was collected using a North
	•	Specification of the grid system used.		seeking solid state gyro during the downhole data
	•	Quality and adequacy of topographic control.		acquisition. The gyro results were checked by the down
				hole surveyor by comparing them with the deviation
				data obtained with other down hole tools (OPTV and
				ATV) and by duplicating a total of three surveys. The
				location accuracy of sample data points is considered by
				the Competent person to be highly accurate and
				properly quality controlled.
			•	Topographic control has been adopted from a recent
				aerial geophysical programme and has been corrected
				to height values from the DGPS survey. The topographic
				control is considered to be highly accurate.
Data	•	Data spacing for reporting of Exploration Results.	•	The drilling reported has been carried out on a
spacing and	•	Whether the data spacing and distribution is sufficient to		60mx60m grid. The holes are drilled to an average depth
distribution		establish the degree of geological and grade continuity		of around180m.
		appropriate for the Mineral Resource and Ore Reserve	•	Geological and grade continuity has been confirmed
		estimation procedure(s) and classifications applied.		across the 60m drill spacing.
	•	Whether sample compositing has been applied.	•	No physical compositing of samples has occurred in this
				drilling.
Orientation	•	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 hole 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 circumstances
		and reported if material.		the drill intersection is not perpendicular to the
				geological structures or mineralisation, particularly
				where the holes are vertical.
			•	There is no apparent bias in any of the drilling
				orientations used.
Sample	•	The measures taken to ensure sample security.	•	All samples were removed from site on the day of drilling
security				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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				and a chain of custody is maintained throughout the
				shipping process.
Audits or	•	The results of any audits or reviews of sampling	•	No audits have been conducted by external parties at this
reviews		techniques and data.		stage. Internal review by various company personnel has
				occurred.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral	•	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 1974-76, including detailed 1:500 scale
				mapping, rock chip sampling, geophysics, drilling and
				extending adits and shaft sinking. Petrology was done
				on ore material taken from the base of a shaft sunk
				on the Flora lode in 1972 (Endeavour Oil, 1974). Near
				surface narrow lode mineralisation was detected in
				the Mt Flora area using IP geophysics, and Endeavour
				Oil considered IP to be a useful reconnaissance tool.
				Six diamond holes were drilled to successfully test IP
				anomalies at depth. In 1974-75 Endeavour Oil
				undertook a mining exploration programme and used
				this work to complete a resource estimate for the Mt
				Flora lodes.
			•	Elliot Exploration re-assayed the Endeavour Oil core
				for gold in 1987. In 1994 Normandy drilled two holes:
				MFP 01 and MFP 02 near the top of Mt Flora, and
				Regency Mines 2001-2013 did mapping and soil
				sampling, and apparently drilled RC holes in 2001,
				although no data were reported.
Geology	•	Deposit type, geological setting and style of	•	Copper, gold, silver and molybdenum mineralisation
		mineralisation.		at Mt Flora is located within 300 m of the contact
				zone between the Bundarra Granodiorite and Back

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				Creek Group sediments. In the Mt Flora area, shale,
				siltstone and sandstone has been contact
				metamorphosed to an andalusite hornfels.
				Mineralisation at Mt Flora occurs in structurally
				controlled lodes, which crosscut the granodiorite-
				sediment contact, with mineralisation occurring on
				both sides of the contact. Mineralisation is hosted by
				faults and fractures, associated with sheeted quartz
				veins, hematite, limonite and pyrite. The lodes have
				massive sulphides with high copper percentages
				(>10%). Silver and zinc are present, as well as
				molybdenum and gold.
Drill hole	•	A summary of all information material to the	•	See Figure 1, Figure 2, Figure 3 and Figure 4 and
Information		understanding of the exploration results including a		Table 1 and Table 2 in the main text.
		tabulation of the following information for all
		Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above
		sea level in metres) of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on the
		basis that the information is not Material and this
		exclusion does not detract from the understanding of
		the report, the Competent Person should clearly
		explain why this is the case.
Data	•	In reporting Exploration Results, weighting averaging	•	Intervals were composited in Micromine, using a
aggregation		techniques, maximum and/or minimum grade		weighted average technique at a 0.2% Cu cut off,
methods		truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated.		allowing 3 m of internal dilution and a 1 m minimum width.
	•	Where aggregate intercepts incorporate short lengths
		of high grade results and longer lengths of low grade
		results, the procedure used for such aggregation
		should be stated and some typical examples of such
		aggregations should be shown in detail.
	•	The assumptions used for any reporting of metal
		equivalent values should be clearly stated.
Relationship	•	These relationships are particularly important in the	•	The mean copper-mineralised vein direction is
between		reporting of Exploration Results.		40/099, while the drillholes were 55/270. This means
mineralisation widths and	•	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		the drillholes are close to perpendicular to the mean vein direction, and true widths are close to intercept lengths. This will vary on an individual basis. Where
intercept	•	If it is not known and only the down hole lengths are		the terrain is challenging the drill pads were moved
lengths		reported, there should be a clear statement to this		along the line and the drill dip was steepened to
		effect (e.g., ‘down hole length, true width not		intersect the drill target at depth. In these
		known’).		circumstances the drill intersection is not
				perpendicular to the geological structures or
				mineralisation.
Diagrams	•	Appropriate maps and sections (with scales) and	•	See Table 1 and Table 2 and Figure 1, Figure 2, Figure
		tabulations of intercepts should be included for any		3 and Figure 4 in the main text.
		significant discovery being reported These should	•
		include, but not be limited to a plan view of drill hole
		collar locations and
	•	appropriate sectional views.
Balanced	•	Where comprehensive reporting of all Exploration	•	All drill holes assays returned to date from the
reporting		Results is not practicable, representative reporting of		current drill programme have been reported.
		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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				subsequently evaluate the feasibility and economic
				viability of producing a copper concentrate via
				conventional open pit mining and processing
				methods from deposits in the Bundarra project
				area.
			•	The cost estimates provided within the review are
				of a preliminary nature and should have an
				expected accuracy range of 25% to 45%. Scoping
				test work to assess metallurgical processing options
				was conducted by Core in May and June 2019 and
				these data were used to constrain the review.
			•	Key assumptions include all mining will be from an
				open-pit, throughput rate will be 500,000 tonnes
				per annum of sulphide ore, a concentrate grade for
				copper of 24% and silver of 398 g/t Ag, concentrate
				filter cake delivered to Mt Isa by road transport and
				a locally based drive in/out workforce is available at
				Mackay or in the surrounding area.
			•	The study considered twelve processing options
				with the Base Case capital cost estimate for the
				supply and construction of a concentrator with a
				nominal capacity of 500,000 dry tonnes per annum
				to produce a saleable rougher copper concentrate is
				estimated at approximately A$56.3 million.
			•	Order of magnitude operating costs for a greenfield
				EPCM and second-hand process plant, at A$31-34
				per tonne, were significantly lower compared to
				Builder Owner Operator (A$47-51 per tonne) and
				Contract Crushing / Direct Shipped Ore (A$65-89 per
				tonne) options.
			•	A copper cut-off grade of 0.2% Cu represents the
				economic cut-off grade for the project using the
				current copper price and cost estimates above.
Further work	•	The nature and scale of planned further work (e.g.,	•	Further work will include drilling other prospects
		tests for lateral extensions or depth extensions or		(Quorn) around the Bundarra Pluton to test results
		large-scale step-out drilling).		returned from GAIP, MLEM and 3D IP geophysical
	•	Diagrams clearly highlighting the areas of possible		surveys and pXRF soil surveys.
		extensions, including the main geological
		interpretations and future drilling areas, provided this
		information is not commercially sensitive.

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