TRUE NORTH COPPER LIMITED — Capital/Financing Update 2021

Feb 10, 2021

ASX Announcement Media Release

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AREA OF COPPER AND SILVER MINERALISATION AT MT FLORA MORE THAN DOUBLES IN SIZE

FEBRUARY 11, 2021

Duke Exploration (ASX Code: DEX) is pleased to announce that the first assays have been received from the first completed line of resource drilling at Mt Flora. These are the first assay results from the ongoing resource drilling program at Mt Flora, which follow on from the positive widths and grades of copper and silver mineralisation at the Quarry Anomaly announced on 22 December 2020.

Highlights

• The first phase of resource RC drilling at Mt Flora has restarted after the Christmas period, with 34 holes completed since the start of the RC drilling programme for a total of 6,271m from a budget of 43 holes for 7,040m,

• Better intersections from the drilling to date include:

• 6m at 1.39% Cu, 29.4 g/t Ag and 0.03 g/t Au in MFRC011 from 51m (the Mt Flora underground mine lode),

• 3m at 2.71% Cu, 11.9 g/t Ag and 0.31 g/t Au in MFRC011 from 100m,

• 17m at 1.12% Cu, 11.4 g/t Ag and 0.13 g/t Au in MFRC012 from 55m,

• 16m at 1.17% Cu, 10.5 g/t Ag and 0.08 g/t Au in MFRC014 from 84m,

• 8m at 2.99% Cu, 69.0 g/t Ag and 0.24 g/t Au in MFRC019 from 61m

• 6m at 2.18% Cu, 23.8 g/t Ag and 0.10 g/t Au in MFRC020 from 20m.

• There are 73 intersections of copper, silver and gold mineralisation above a 0.2% Cu cut off from assays to date that will contribute to the maiden resource estimate. Mineralisation is consistent in width, copper grade and orientation between drill holes, which will increase the confidence in future resource estimates and mining studies,

• Three lines of holes have been completed over the known mineralised area covering a strike of 200m a width of 250m and to a vertical depth of 280m. The holes are on a 60m by 60m drill

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spacing. A total of 7,000 samples have been sent to the laboratory in Townsville and 4,222 assay results have been returned to date,

• The geometry of the massive sulphide copper and silver veins and their spatial relationship to the granodiorite are now better understood and the mineralised area has more than doubled,

• The mineralised area at Mt Flora is now 500m wide when the Quarry mineralisation and western mineralised veins are included compared to the original interpretation of a 100m wide zone of copper, silver and gold mineralisation,

• Three holes will be drilled to complete the Phase One drilling to test the conductive anomaly to the north of the main historic underground workings at Mt Flora,

• Results from the next line to the south are expected to be finalised for announcing in late February and the results of the line to the north by mid-March,

• Follow up resource drill planning has been finalised at Mt Flora and based on the positive results will commence immediately after the first phase holes have been completed,

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

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:

“We are very happy with the results from the first line of resource drilling at Mt Flora, which have not only confirmed our initial interpretations based on the historic data but have more than doubled the mineralised area both down dip and to the west. We are particularly excited that the newly discovered Quarry mineralisation returned the highest grades of copper, silver and gold intersected in our drilling to date and we believe this new discovery will contribute to the growing resource potential at Mt Flora. The next phase of resource drilling, which has been planned, will start immediately after the first phase of drilling is completed with a focus on the Quarry mineralisation. We are also confident that based on results to date we will meet 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 0.10.1g/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). The amount of silver and gold associated with the copper mineralisation at Mt Flora also gives us exposure to these valuable metals, which if similar results are confirmed in the next phase of drilling should add significant value for shareholders. Mining and processing studies will start as soon as the scale of the copper, silver and gold resource is defined at Mt Flora. ”

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Future Work Programme

• Complete phase one RC drilling at Mt Flora,

• Start the next phase of infill drilling at Mt Flora guided by the results from the phase one drilling,

• Start pattern resource drilling at the Quarry Anomaly focussing on the higher grade northern strike extension,

• 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, with the aim of starting 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

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Technical Information

Mt Flora Phase One RC Drilling Results to Date

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). The first phase of resource RC drilling at Mt Flora has restarted after the Christmas period, with 34 holes completed since the start of the RC drilling programme for a total of 6,271m from a budget of 43 holes for 7,040m (Table 1). A total of 7,000 samples have been sent to the laboratory in Townsville and 4,222 assay results have been returned to date, with the next batch of results for the line to the south (Section 7572030 mN) expected to be reported by the end of February and the line to the north on (Section 7572120 mN) by mid-March (Table 1). The next phase of resource drilling, which has been planned, will start immediately after the first phase of drilling is completed, so drilling will continue until the end of June and longer if results are positive.

A phased approach is being taken to the drilling, which initially in Phase One aims to deliver sufficient drilling to estimate an Inferred resource over the known area of mineralisation at Mt Flora (Figure 1). The Phase One drill plan comprises 43 holes for 7,040m and are 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 70-50° 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 are drilled, with many holes extended as the mineralisation has been intersected deeper than originally interpreted.

Three lines of holes have been completed over the known mineralised area covering a strike of 200m a width of 250m and to a vertical depth of 280m. The holes are on a 60m by 60m drill spacing, which will allow an Inferred resource to be estimated once two additional lines are completed to the south and one additional line to the north. This will provide the required coverage and should close off the known mineralised area that includes all the historic underground workings and historic drill holes (Figure 1 and Figure 2).

The geometry of the massive sulphide copper and silver veins and their spatial relationship to the granodiorite are now better understood and the mineralised area has more than doubled due to the granodiorite contact dipping steeper to the east than originally interpreted, due to the mineralised veins continuing into the granodiorite and due to the mineralised zone being wider than first thought, particularly to the west (compare Figure 3 and Figure 4). The veins have been closed off to the east down-dip, with a down-dip length of 320m, which is more than double than was mapped originally. The mineralisation has also been closed off to the south past the granodiorite contact, although the contact area is mineralised (compare Figure 3 and Figure 4). The mineralisation also plunges to the north parallel to the dip of the granodiorite contact, which means the veins have a greater vertical extent to the north and remain open with the historic hole MFD6 intersecting (Figure 1):

• 3.1m at 0.76 % Cu, 2 g/t Ag and 0.10 g/t Au from 39.9m,

• 6.4m at 0.58 % Cu, 5 g/t Ag and 0.07 g/t Au from 60.2m,

• 4.3m at 1.57 % Cu, 31 g/t Ag and 0.12 g/t Au from 106.5m and

• 4.1m at 0.35 % Cu, 6 g/t Ag and 0.04 g/t Au from 117.8m.

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Mineralisation intersected in MFD5 (Figure 1):

• 35.5m at 0.51 % Cu, 5 g/t Ag and 0.01 g/t Au from 74.6m,

is interpreted to be the most southern intersection of the next vein system that is mapped by the electrical geophysics (Figure 1). The mineralisation remains open to the west and holes are being drilled to test the extensions to mineralisation in that direction. The resource drilling has also been extended to the east to cover the new Quarry mineralisation and pattern resource drilling is planned to include this mineralisation in the maiden resource estimate for Mt Flora. The mineralised area at Mt Flora is now 500m wide when the Quarry

mineralisation and western mineralised veins are included compared to the original interpretation of a 100m wide zone of copper, silver and gold mineralisation (compare Figure 3 and Figure 4).

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Section 7572090 mN
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Figure 1. Interpretation of potential new zones of copper, silver and gold mineralisation to the north of the Mt Flora underground mines mapped by conductivity in ground EM and GAIP surveys.

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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 to the granodiorite contact, showing the historic drill holes, assayed holes and holes with assays pending.

The assay results for the first line of drilling at Mt Flora (Section 7572090 mN) have been returned from the holes that tested the known historic underground workings (MFRC10-MFRC20, not including MFRC017), which comprises 10 holes for 2,057m (Figure 1, Figure 2 and Table 1). New mineralised lodes have been intersected at depth to the west and a hole was completed to test the up-dip continuation of this mineralisation to the west (MFRC 27), which intersected visible copper mineralisation as interpreted from the holes at depth, with the assays still to be returned. The results for all 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. Better intersections from the drilling on Section 7572090mN to date include:

• 6m at 1.39% Cu, 29.4 g/t Ag and 0.03 g/t Au in MFRC011 from 51m (the Mt Flora underground mine lode),

• 3m at 2.71% Cu, 11.9 g/t Ag and 0.31 g/t Au in MFRC011 from 100m,

• 17m at 1.12% Cu, 11.4 g/t Ag and 0.13 g/t Au in MFRC012 from 55m,

• 2m at 1.04% Cu, 17.0 g/t Ag and 0.04 g/t Au in MFRC012 from 201m,

• 24m at 0.36% Cu, 3.6 g/t Ag and 0.03 g/t Au in MFRC013 from 101m,

• 14m at 0.50% Cu, 4.6 g/t Ag and 0.04 g/t Au in MFRC013 from 129m,

• 2m at 2.08% Cu, 27.1 g/t Ag and 0.03 g/t Au in MFRC014 from 66m,

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• 16m at 1.17% Cu, 10.5 g/t Ag and 0.08 g/t Au in MFRC014 from 84m,

• 8m at 2.99% Cu, 69.0 g/t Ag and 0.24 g/t Au in MFRC019 from 61m,

• 14m at 0.50% Cu, 6.9 g/t Ag and 0.02 g/t Au in MFRC019 from 73m and

• 6m at 2.18% Cu, 23.8 g/t Ag and 0.10 g/t Au in MFRC020 from 20m (Figure 4 and Table 2).

There are 73 intersections of copper, silver and gold mineralisation above a 0.2% Cu cut off on the section that will contribute to the planned resource estimate. The mineralisation is consistent in width, copper grade and orientation between drill holes that will increase the confidence in future resource estimates and mining studies.

The assay results from the first line of drilling at Mt Flora have been used to update the geological interpretation of the mineralisation at Mt Flora in relation to the underground workings and granodiorite contact, and the new interpretation can be compared with the original interpretation in Figure 3 and Figure 4. The four historically mined copper lodes have been intersected and nine new massive sulphide veins confirmed by the assay results, taking the total number of veins mapped to thirteen that covers a true width of 345m from the hanging wall vein in the Quarry mineralisation to the footwall vein in the western-most veins (Figure 4). The continuity of the veins is excellent down dip forming a continuous zone of mineralisation from the surface to 310m down dip or a vertical depth of 260m. The veins are less well developed to the east, but a new vein system has been intersected in two holes to the north of the Quarry Anomaly that is interpreted to be the continuation of the Quarry Anomaly to the north into the hornfels, which intersected the highest copper, silver and gold grades intersected in drilling to date, including 10.85% Cu, 261 g/t Ag and 0.89 g/t Au in the intersection for hole MFRC019 listed in Table 2. These holes could extend the strike of the Quarry Anomaly mineralisation by an additional 100m. This mineralisation remains open at depth to the east. This mineralisation also has the highest sulphide content recorded to date with 4.2% S assayed over the 8m wide intersection. This style of sulphide rich mineralisation may be responsible for the electrical geophysical anomalies to the north of Mt Flora (Figure 1) and provide additional evidence that the mineralisation at Mt Flora will extend to the north from the zone drilled to date (Figure 1).

Three holes will be drilled to complete the Phase One drilling to test the conductive anomaly to the north of the main underground workings at Mt Flora (Figure 1). The anomaly has been identified in all VTEM, 3D IP, FLEM and GAIP surveys, and is along strike of the known mineralisation. The pXRF soil geochemistry survey described above in the Mt Flora Soil Sampling section has also identified a copper anomaly with the same orientation as the geophysical trends (Figure 1).

Electrical geophysical surveys to follow up the main anomalies at Quorn and Absolon 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.

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Figure 3. Drill section on 7,572,090mN of the original interpretation of the geology of the main copper lodes at Mt Flora constrained by the historic drilling, Mt Flora underground mine workings and the granodiorite contact.

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Quarry Mineralisation
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Figure 4. Drill section on 7,572,090mN of the new interpretation of the geology of the main copper lodes at Mt Flora based on the new resource RC drilling in relation to the historic drilling, Mt Flora underground mine workings and the re-interpreted granodiorite contact. Some of the 73 intersections listed in Table 2 have been left off for clarity.

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Prospect	Hole	Type	Easting	Northing	RL	Depth	Az	Dip	Status
Quarry Quarry Quarry Quarry Quarry Quarry Quarry Quarry Quarry Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Quarry Quarry Quarry 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	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	RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC RC	662,722 662,746 662,708 662,779 662,776 662,698 662,861 662,941 662,777 662,185 662,189 662,304 662,374 662,362 662,502 662,554 662,495 662,726 662,729 662,659 662,280 662,349 662,392 662,225 662,302 662,319 662,077 662,322 662,360 662,523 662,518 662,466 662,220 662,182	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 7,572,090 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	222 221 230 224 236 233 223 219 222 285 285 305 300 301 278 265 263 264 265 261 283 283 274 218 217 229 261 327 314 296 296 304 305 254	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	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	-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	Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Assays Pending Abandoned 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

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

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	Ag g/t	Au g/t
MFRC010 MFRC010 MFRC011 MFRC011 including MFRC011 MFRC011 including MFRC011 MFRC011 MFRC011 MFRC012 MFRC012 MFRC012 MFRC012 MFRC012 including MFRC012 MFRC012 MFRC012 MFRC012 MFRC012 MFRC012 MFRC012 MFRC012 MFRC013 MFRC013 MFRC013 MFRC013 MFRC013 MFRC013 MFRC013 MFRC013 MFRC013 MFRC013 MFRC013 MFRC014 MFRC014 MFRC014 MFRC014 MFRC014 MFRC014 including MFRC014 MFRC014 MFRC014	Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora	662,185 662,164 662,175 662,171 662,160 662,154 662,146 662,141 662,135 662,302 662,290 662,282 662,275 662,263 662,250 662,240 662,230 662,216 662,211 662,195 662,179 662,174 662,370 662,365 662,363 662,360 662,359 662,357 662,354 662,350 662,347 662,346 662,344 662,361 662,356 662,347 662,342 662,332 662,323 662,317 662,309 662,293	7,572,106 7,572,099 7,572,102 7,572,100 7,572,097 7,572,096 7,572,093 7,572,092 7,572,090 7,572,086 7,572,086 7,572,085 7,572,085 7,572,084 7,572,084 7,572,083 7,572,083 7,572,083 7,572,083 7,572,082 7,572,082 7,572,082 7,572,092 7,572,091 7,572,091 7,572,091 7,572,090 7,572,090 7,572,090 7,572,090 7,572,090 7,572,089 7,572,089 7,572,091 7,572,091 7,572,091 7,572,091 7,572,091 7,572,091 7,572,091 7,572,091 7,572,091	284 246 244 235 206 191 171 157 142 302 288 279 271 257 242 232 221 206 201 185 169 164 281 252 241 227 217 206 189 166 143 136 129 301 293 280 274 258 246 238 226 203	0.0 45.0 43.0 51.0 55.0 84.0 100.0 101.0 121.0 137.0 153.0 0.0 21.0 33.0 40.0 55.0 55.0 82.0 97.0 109.0 132.0 139.0 161.0 184.0 191.0 18.0 44.0 60.0 70.0 83.0 94.0 101.0 129.0 157.0 166.0 173.0 0.0 10.0 24.0 32.0 52.0 66.0 66.0 77.0 84.0 118.0	1.0 46.0 44.0 57.0 56.0 85.0 103.0 102.0 125.0 138.0 155.0 8.0 24.0 34.0 50.0 72.0 56.0 84.0 98.0 115.0 133.0 141.0 163.0 185.0 192.0 21.0 54.0 61.0 79.0 86.0 97.0 125.0 143.0 161.0 167.0 174.0 1.0 11.0 27.0 35.0 53.0 68.0 67.0 78.0 100.0 121.0	1.0 1.0 1.0 6.0 1.0 1.0 3.0 1.0 4.0 1.0 2.0 8.0 3.0 1.0 10.0 17.0 1.0 2.0 1.0 6.0 1.0 2.0 2.0 1.0 1.0 3.0 10.0 1.0 9.0 3.0 3.0 24.0 14.0 4.0 1.0 1.0 1.0 1.0 3.0 3.0 1.0 2.0 1.0 1.0 16.0 3.0	0.24 0.80 0.35 1.39 5.69 0.40 2.71 6.74 0.56 0.40 0.47 0.26 0.41 0.31 0.90 1.12 7.14 0.33 0.56 0.52 0.92 1.04 0.38 0.34 0.46 0.45 0.28 0.42 0.23 0.70 0.32 0.36 0.50 0.43 0.26 0.41 0.24 0.35 0.27 0.44 0.95 2.08 3.79 0.20 1.17 0.21	0.5 13.5 3.2 29.4 134.0 9.7 11.9 28.9 4.5 4.6 6.7 2.0 5.5 7.9 11.8 11.4 58.1 4.9 11.3 6.2 6.3 17.0 8.5 3.2 3.9 6.8 3.3 9.2 3.5 8.1 3.4 3.6 4.6 7.2 5.5 4.0 0.3 1.9 5.2 4.8 15.8 27.1 49.3 3.9 10.5 3.3	0.007 0.011 0.039 0.030 0.120 0.009 0.309 0.740 0.063 0.014 0.016 0.015 0.016 0.011 0.048 0.127 1.610 0.012 0.015 0.024 0.080 0.040 0.018 0.011 0.019 0.015 0.014 0.008 0.008 0.037 0.024 0.033 0.039 0.013 0.009 0.012 0.008 0.013 0.008 0.031 0.047 0.033 0.060 0.003 0.084 0.012

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	Ag g/t	Au g/t
MFRC014 MFRC014 MFRC014 MFRC014 MFRC014 MFRC014 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC016 MFRC016 MFRC016 MFRC016 MFRC016 MFRC016 MFRC016 MFRC019 MFRC019 including including including MFRC019 MFRC020 MFRC020 MFRC020	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 Quarry Quarry Quarry Quarry Quarry Quarry	662,280 662,273 662,267 662,241 662,237 662,236 662,495 662,477 662,455 662,451 662,443 662,424 662,409 662,399 662,394 662,386 662,367 662,358 662,543 662,515 662,491 662,471 662,462 662,435 662,419 662,720 662,691 662,683 662,652 662,646 662,586	7,572,091 7,572,091 7,572,091 7,572,091 7,572,091 7,572,091 7,572,082 7,572,082 7,572,082 7,572,082 7,572,082 7,572,082 7,572,082 7,572,082 7,572,082 7,572,082 7,572,082 7,572,082 7,572,081 7,572,086 7,572,090 7,572,094 7,572,095 7,572,100 7,572,103 7,572,089 7,572,089 7,572,089 7,572,090 7,572,090 7,572,090	184 175 166 128 124 121 268 242 211 205 194 166 146 131 124 112 86 72 250 209 174 145 132 93 70 253 211 199 252 242 157	140.0 151.0 163.0 210.0 216.0 219.0 12.0 43.0 80.0 89.0 102.0 136.0 154.0 179.0 188.0 200.0 234.0 251.0 18.0 68.0 111.0 146.0 162.0 208.0 238.0 14.0 61.0 63.0 64.0 65.0 73.0 11.0 20.0 127.0	146.0 158.0 166.0 212.0 217.0 220.0 13.0 44.0 83.0 90.0 104.0 137.0 169.0 181.0 189.0 205.0 235.0 252.0 19.0 69.0 112.0 147.0 163.0 211.0 239.0 15.0 69.0 64.0 65.0 66.0 87.0 12.0 26.0 128.0	6.0 7.0 3.0 2.0 1.0 1.0 1.0 1.0 3.0 1.0 2.0 1.0 15.0 2.0 1.0 5.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 3.0 1.0 1.0 8.0 1.0 1.0 1.0 14.0 1.0 6.0 1.0	0.46 0.25 0.77 0.65 0.24 0.26 0.25 0.25 0.34 0.29 0.27 0.21 0.26 0.29 0.30 0.31 0.27 0.65 0.37 0.44 0.22 0.91 0.46 0.29 0.20 0.36 2.99 10.85 5.70 4.41 0.50 0.38 2.18 0.25	3.5 3.9 8.3 6.2 3.7 5.2 2.0 4.4 3.5 2.1 2.1 1.8 2.1 2.1 2.9 3.6 2.8 11.2 6.2 10.4 1.2 12.3 6.7 3.5 4.1 6.5 69.0 261.0 206.0 91.5 6.9 16.8 23.8 2.4	0.037 0.008 0.008 0.025 0.003 0.003 0.043 0.003 0.036 0.014 0.019 0.013 0.023 0.058 0.010 0.007 0.005 0.016 0.006 0.008 0.027 0.036 0.009 0.015 0.006 0.064 0.244 0.481 0.887 0.148 0.017 0.031 0.102 0.022

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

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About Duke Exploration

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

Duke’s key assets comprise:

• EPM26499 and EPM2747 – 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, there is one application for an EPM in progress in Queensland (the Waitara Application, EPMA 27069) to extend the area of the Bundarra Project. 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 holds a 5% interest in two of these tenements and a 10% interest in the other two tenements.

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, random	•	One-metre primary samples were collected using a
techniques		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 taken into account 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 Sullair 350/1100 compressor, a Mercedes powered
		core is oriented and if so, by what method, etc).		350/1100 Sullair 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 wereManutech 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 hand held 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 foliation surface. Where the terrain is challenging the drill pads were moved along the line and the drill dip
structure		have introduced a sampling bias, this should be assessed		was steepened to intersect the drill target at depth. In
		and reported if material.		these circumstances the drill intersection is not
				perpendicular to the geological structures or
				mineralisation.
			•	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. Numerous
done by other		other parties.		shafts, to a maximum depth of 38 m, adits and
parties				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
				Creek Groupsediments. In the Mt Flora area,shale,

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				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 Table 1 and Table 2 in the main text.
Information		understanding of the exploration results including a
		tabulation of the following information for all
		Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above
		sea level in metres) of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on the
		basis that the information is not Material and this
		exclusion does not detract from the understanding of
		the report, the Competent Person should clearly
		explain why this is the case.
Data	•	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 where 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 known’).		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	•	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
				subsequently evaluate the feasibility and economic

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				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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