TRUE NORTH COPPER LIMITED — Capital/Financing Update 2022

Jul 6, 2022

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Media Release
ASX ANNOUNCEMENT | ASX: DEX
07/07/2022
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GOLD WITH COPPER MINERALISATION AT ROGERS PROSPECT

Bundarra Primary Target Rogers RC Drilling Update

Duke Exploration Limited (ASX: DEX) (“Duke”) is pleased to announce new laboratory results which are highlighting an emerging trend of elevated gold mineralisation in association with copper mineralisation at the Rogers prospect. These preliminary results are from the reverse circulation (RC) drilling program that commenced in February 2022 at its flagship Bundarra project. This update is for laboratory results received for eight drill holes from the Rogers Prospect (previously reported as pXRF Cu values Duke release 26 June 2022), confirming Cu grades but with the important addition of gold and silver assays. Analysis of the gold assay data shows a trend for elevated values to occur with copper in association with mineralised shear veins, brecciated host rocks, and altered and sulphidised host rocks (granodiorite and hornfels). The Rogers Prospect is part of a 4 km structural corridor (including Browns South) that is rapidly emerging as a candidate for resource delineation drilling in the future.

KEY POINTS

• Duke has received Laboratory assays for eight RC and one diamond borehole drilled at the Rogers Prospect;

• The Rogers drilling has tested structurally controlled copper mineralisation with related copper-in-soils pXRF anomalism and electromagnetic conductivity highs;

• There is a strong relationship emerging between mineralised veins, brecciated and altered host rocks with elevated gold and copper (+/- silver and molybdenum) mineralisation;

• The following Au and Cu intercepts from a range of host rocks are highlighted:

	Hole ID	Depth From m	Depth To m	Width m	Rock Description	Au Lab g/t	Cu Lab %	Ag Lab **g/t **	Mo Lab **ppm **
	BNDD004	133.51	134.00	0.49	Brecciated Q-F Porphyry	0.37	3.91	9	3
	BNDD004	135.00	136.00	1.00	Brecciated Q-F Porphyry	0.20	2.25	6	7
	BNRC009	154.00	155.00	1.00	Alt Granodiorite	0.13	0.75	2	18
	BNRC010	6.00	7.00	1.00	Granodiorite	1.16	0.08	1	27
	BNRC010	17.00	18.00	1.00	Granodiorite - Cu Ox	0.22	7.20	2	41
	BNRC011	87.00	88.00	1.00	Mineralised Vein	0.84	4.31	11	3
	BNRC013	22.00	23.00	1.00	Hornfels stringer sulphides	0.32	3.84	13	5
	BNRC013	119.00	120.00	1.00	Mineralised Vein	0.82	4.83	13	4
	BNRC015	41.00	42.00	1.00	Alt Granodiorite	0.11	0.83	2	4

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Duke Exploration Limited | ABN: 28 119 421 868
P.O. Box 2057 Ascot QLD 4007
E: info@duke-exploration.com.au | www.duke-exploration.com.au
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Commenting on the Rogers Laboratory assays to date – Philip Condon, MD:

“We are very encouraged with the positive Rogers laboratory assay results. The emerging association of low level gold with the overall copper mineralisation at Rogers is an interesting development, with the potential being for added value with the addition of the precious metal. The other exciting outcome of the Rogers drilling is the emerging relationship between the structural deformation of the host rocks and the copper mineralisation. It is also notable that allied to the copper plus elevated gold assays we are also seeing spikes of molybdenum and silver.”

FUTURE WORK PROGRAM – Structural and intrusive targets

Immediate future work plan is testing structural and magnetic targets emanating from the integration of Duke and Rankin (2022) targets. This work will involve a combination of the following:

• Shallow heel-toe RC drilling testing the development of mineralised N-S trending structures in the north-east of the BIC;

• RC drilling testing the geometry and extent of breccia mineralisation at Rogers Prospect;

• RC with a DD tail investigation of a prominent magnetic high located NE of Rogers which may be an intrusive stock;

• Continued geological investigations and ground validation of Rankin (2022) targets.

This announcement has been authorised for release by the Board.

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Philip Condon

Managing Director

p.condon@duke-exploration.com.au Ph +61 417 574 730

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Toko Kapea Chairman

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

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

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Bundarra RC Drilling Update

The current RC drilling program is scout testing high ranking prospects that are the most likely areas to host significant mineralisation with high grade and/or a large extent. New targeting techniques have been tested and confirmed through recent diamond drilling, which provided important geological and structural information. Structural and alteration targets generated from a recent geophysics data synthesis and interpretation are also being integrated into the drilling program[1] . This update presents results to date of Laboratory assays compared to previously reported pXRF analyses of RC chips for the Rogers prospect (Figures 1 and 2) that are located in the south western area of the Bundarra Intrusive Complex (BIC).

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Figure 1: Location of the Rogers Prospect and current RC drill holes relative to the BIC and Mt Flora.

• 1 20220518 DEX Bundarra Geophysical Data Synthesis Generates New Copper Targets.

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

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Figure 2: Completed holes drilled to date on the Rogers Prospect, southwestern part of the BIC, corresponding with Table 1.

Table 1: Drill hole collar details (GDA94 MGA94 Zone 55) of Duke Exploration boreholes shown in Figure 2.

Prospect	Hole ID	Hole Type	Easting	Northing	RL (masl)	Depth	Azimuth	Dip
						(m)
Rogers	BNDD003	DD	655416	7567756	355	168.6	202	-59
Rogers	BNDD004	DD	655258	7567861	323	150.6	181	-55
Rogers	BNDD005	DD	655336	7567237	422	150.66	211	-55
Rogers	BNRC009	RC	655060	7567885	292	249	138	-56
Rogers	BNRC010	RC	655153	7567774	317	255	139	-56
Rogers	BNRC011	RC	655246	7567664	342	237	143	-56
Rogers	BNRC012	RC	655429	7567818	336	249	138	-55
Rogers	BNRC013	RC	655337	7567929	303	255	139	-56
Rogers	BNRC014	RC	655244	7568039	292	149	144	-55
Rogers	BNRC015	RC	654924	7567394	338	218	139	-57
Rogers	BNRC016	RC	654831	7567504	332	249	142	-55
Rogers	BNRC017	RC	654745	7567615	345	249	142	-55

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

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Rogers Prospect

Receipt of Laboratory Assays for Rogers Prospect

The Rogers Prospect is part of the Duke RC scout drilling program (Figure 1 & Figure 2). The Company has received laboratory assays for the RC Scout drilling at Rogers Prospect (as opposed to the preliminary field generated pXRF results as per ASX release 25 June 2022[2] ).

To date results for three diamond drill holes (DD) and 8 reverse circulation (RC) drill holes have been received. Table 2 shows significant Laboratory Cu, Au, Ag and Mo intersections (with pXRF comparison) from Rogers Prospect drillholes, using a 0.1% Cu cut off, with a minimum width of 1 metre and including up to 3 metres of internal waste. Significant intersections are defined as width x Cu% > 0.5. The two largest returned intersections include 26 m at 0.74% Cu from 15 m in BNRC010 and 16 m @ 0.26% Cu from 160 m in BNRC009. This mineralised zone is interpreted to connect with a brecciated zone in diamond hole BNDD004 returning 10.5 m at 1.02% Cu from 128.6 m.

Overall, Table 2 indicates there is a good correlation between the Laboratory assays and pXRF, indicating the pXRF is providing a realistic estimate and guide to the locality of copper mineralisation.

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Figure 3: Cross Section showing the geology and mineralisation of the Rogers Prospect.

• 2 20220526 DEX Bundarra Primary Target RC Drilling Program: Significant Copper Intersections at Rogers

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

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Table 2: Significant Laboratory Cu, Au, Ag and Mo intersections (with pXRF comparison) from Rogers Prospect drillholes, using a 0.1% Cu cut off, with a minimum width of 1 metre and including 3 metres of internal waste. Significant intersections are defined as width x Cu% > 0.5.

Hole	From	To	Width	Cu %	Cu %	Ag	Au	Mo
ID				lab	pXRF	g/t	g/t	ppm
BNRC009	154	156	2	0.51	0.43	1.45	0.09	16
BNRC009	160	176	16	0.26	0.25	0.68	0.02	12
BNRC009	180	183	3	0.46	0.30	0.67	0.04	322
BNRC009	189	193	4	0.18	0.22	0.73	0.02	7
BNRC010	15	41	26	0.74	0.80	0.84	0.05	83
BNRC010	142	148	6	0.76	1.00	1.81	0.02	6
BNRC010	167	173	6	0.10	0.08	0.33	0.02	12
BNRC010	177	181	4	0.31	0.59	0.74	0.02	24
BNRC010	221	223	2	0.44	0.31	0.88	0.02	12
BNRC010	247	253	6	0.20	0.11	0.59	0.04	7
BNRC011	25	31	6	0.27	0.25	1.43	0.06	8
BNRC011	87	91	4	1.44	0.34	3.65	0.24	21
BNRC011	148	150	2	0.26	0.18	1.40	0.08	6
BNRC012	96	113	17	0.22	0.22	0.69	0.03	23
BNRC012	129	138	9	0.22	0.25	0.71	0.03	11
BNRC012	163	164	1	1.24	2.18	6.70	0.09	4
BNRC012	172	178	6	0.51	0.46	5.88	0.03	5
BNRC012	188	193	5	0.40	0.32	2.08	0.11	5
BNRC012	215	216	1	1.44	1.15	3.00	0.10	17
BNRC013	0	30	30	0.28	0.30	1.36	0.03	12
BNRC013	86	87	1	1.80	1.20	5.40	0.22	6
BNRC013	118	122	4	1.97	1.08	5.45	0.30	5
BNRC013	173	174	1	0.66	0.50	3.10	0.06	4
BNRC014	23	30	7	0.81	0.76	2.92	0.20	11
BNRC014	136	138	2	0.25	0.20	0.43	0.01	4
BNRC015	11	13	2	1.36	0.31	2.98	0.03	8
BNRC015	27	33	6	0.14	0.15	0.44	0.02	7
BNRC015	39	50	11	0.39	0.34	0.83	0.03	19
BNRC015	68	81	13	0.14	0.13	0.35	0.01	19
BNRC015	104	105	1	0.68	0.90	1.00	0.01	5
BNRC015	183	187	4	0.20	0.19	0.93	0.01	20
BNRC017	154	162	8	0.27	0.27	1.00	0.00	87

Table 3 shows an emerging relationship between elevated gold values and copper mineralisation, specifically relating to mineralised shear veins, brecciated host rocks (granodiorite, quartz feldspar porphyry), and altered host rocks (granodiorite and sulphidised hornfels). This relationship, including specifically the brecciated quartz feldspar porphyry intersected in BNDD004, are the subject of follow-up drilling during August-September 2022.

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

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Table 3: Summary individual gold assays from Rogers Prospect RC and DD drill holes, using a 0.1g/t Au cut off.

Hole	From	To	Width	Rock Description	Au Lab	Cu Lab	Ag Lab	Mo Lab
ID	m	m	m		**g/t **	%	**g/t **	**ppm **
BNDD003	103.00	104.00	1.00	Mineralised Vein	0.18	2.52	8	10
BNDD003	152.53	153.00	0.47	Mineralised Vein	0.11	1.96	7	94
BNDD003	153.00	153.50	0.50	Mineralised Vein	0.27	1.05	5	330
BNRC011	87.00	88.00	1.00	Mineralised Vein	0.84	4.31	11	3
BNRC012	215.00	216.00	1.00	Mineralised Vein	0.10	1.44	3	17
BNRC013	119.00	120.00	1.00	Mineralised Vein	0.82	4.83	13	4
BNRC013	120.00	121.00	1.00	Mineralised Vein	0.12	1.39	4	4
BNRC013	121.00	122.00	1.00	Mineralised Vein	0.18	1.35	4	5
BNRC014	23.00	24.00	1.00	Mineralised Vein	0.56	2.22	8	19
BNRC014	24.00	25.00	1.00	Mineralised Vein	0.21	1.11	4	8
BNRC014	25.00	26.00	1.00	Mineralised Vein	0.33	1.04	3	7
BNRC010	6.00	7.00	1.00	Granodiorite	1.16	0.08	1	27
BNRC010	7.00	8.00	1.00	Granodiorite	0.52	0.05	1	25
BNRC010	17.00	18.00	1.00	Granodiorite - Cu Ox	0.22	7.20	2	41
BNRC010	20.00	21.00	1.00	Granodiorite - Cu Ox	0.10	1.17	1	29
BNRC010	22.00	23.00	1.00	Granodiorite - Cu Ox	0.10	0.12	1	44
BNRC010	10.00	11.00	1.00	Granodiorite FeOx	0.10	0.11	1	79
BNDD004	133.51	134.00	0.49	BrecciatedQ-F Porphyry	0.37	3.91	9	3
BNDD004	135.00	136.00	1.00	BrecciatedQ-F Porphyry	0.20	2.25	6	7
BNDD004	138.00	139.10	1.10	BrecciatedQ-F Porphyry	0.15	1.47	4	1
BNDD004	137.00	138.00	1.00	BrecciatedQ-F Porphyry	0.12	1.31	5	15
BNDD004	134.00	135.00	1.00	BrecciatedQ-F Porphyry	0.19	1.28	4	419
BNDD004	136.00	137.00	1.00	BrecciatedQ-F Porphyry	0.11	1.00	3	23
BNDD004	144.35	144.98	0.63	BrecciatedQ-F Porphyry	0.15	0.96	2	25
				Alt Granodiorite
BNRC009	154.00	155.00	1.00	(Chl-py-cpy-hm)	0.13	0.75	2	18
				Alt Granodiorite
BNRC010	31.00	32.00	1.00	(Chl-py-cpy-hm)	0.15	0.42	2	145
				Alt Granodiorite
BNRC010	121.00	122.00	1.00	(weak Chl)	0.13	0.04	0	4

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

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Hole	From	To	Width	Rock Description	Au Lab	Cu Lab	Ag Lab	Mo Lab
ID	m	m	m		**g/t **	%	**g/t **	**ppm **
				Alt Granodiorite
BNRC010	223.00	224.00	1.00	(Kfs-hm veining)	0.11	0.01	0	4
				Alt Granodiorite
BNRC010	234.00	235.00	1.00	(K-fs + Sericite)	0.10	0.16	1	7
				Alt Granodiorite
BNRC010	252.00	253.00	1.00	(Chl-py-cpy-hm)	0.19	0.72	2	9
				Alt Granodiorite
BNRC015	41.00	42.00	1.00	(Chl-py-cpy-hm)	0.11	0.83	2	4
BNRC013	22.00	23.00	1.00	Hornfels stringer sulphides	0.32	3.84	13	5
BNRC013	24.00	25.00	1.00	Hornfels stringer sulphides	0.13	1.29	5	3
BNRC013	86.00	87.00	1.00	Hornfels stringer sulphides	0.22	1.80	5	6

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Figure 4: Brecciated pyrite-chalcopyrite-specular hematite mineralised zone with green chlorite-sericite alteration from BNDD004 (133 m) from within the interval 10.1 m @ 1.06 % Cu, 2.97 g/t Ag and 0.11 g/t Au from 129 m.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information reviewed by Dr James Lally, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of The Australian Institute of Geologists.

Dr Lally has been engaged by Duke as a consultant through Mining Associates Pty Ltd. He has over 25 years of experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Lally consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Reference: Rankin, L. 2022: Geological interpretation of the Bundarra Intrusive Complex from detailed airborne geophysics and geological data. GeoInterp Confidential Report 2022-06 for Duke Exploration Ltd, Queensland April 2022

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

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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 reverse
techniques		chips, or specific specialised industry standard measurement		circulation drill rig, which when split is approximately 10% of
		tools appropriate to the minerals under investigation, such as		the total meter sample. The quality of the sample has been
		down hole gamma sondes, or handheld XRF instruments, etc).		being actively measured using various quality control
		These examples should not be taken as limiting the broad		techniques, focusing on keeping holes dry, reducing dust loss
		meaning of sampling.		and optimising sample delimitation. The quality of the
	•	Include reference to measures taken to ensure sample		sampling has been independently reviewed and is deemed to
		representivity and the appropriate calibration of any		be high, and fit-for-purpose to be used in mineral resource
		measurement tools or systems used.		estimations. Various quality control metrics are actively
	•	Aspects of the determination of mineralisation that are Material		monitored to ensure the quality of samples collected. Such
		to the Public Report.		measures include:
	•	In cases where ‘industry standard’ work has been done this		- Every effort is made to ensure all samples are drilled dry
		would be relatively simple (e.g., ‘reverse circulation drilling was		and when this is not possible samples are logged as wet,
		used to obtain 1 m samples from which 3 kg was pulverised to		and the quality designation ranking lowered and
		produce a 30 g charge for fire assay’). In other cases, more		considered in the resource estimation.
		explanation may be required, such as where there is coarse gold		- The measuring and monitoring of total RC sample
		that has inherent sampling problems. Unusual commodities or		weights to measure total recovery and metre
		mineralisation types (e.g., submarine nodules) may warrant		delineation of the drilling (after correcting for density
		disclosure of detailed information.		based on lithology averages and volume differences
				based on bit size).
Drilling	•	Drill type (e.g., core, reverse circulation, open-hole hammer,	•	Reverse circulation drilling equipment with face sampling
techniques		rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core		hammers were used to collect samples. The drilling was
		diameter, triple or standard tube, depth of diamond tails, face-		conducted by a McCulloch DR 800 drill rig with Sulli 350/1100
		sampling bit, or other type, whether core is oriented and if so, by		compressor, a Mercedes powered 350/1100 Sulli
		what method, etc).		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 the
recovery		recoveries and results assessed.		rig using locked auto-validating excel spreadsheets. Samples
	•	Measures taken to maximise sample recovery and ensure		were weighed using digital scales and recoveries were
		representative nature of the samples.		estimated based on average density of logged lithology, bit
	•	Whether a relationship exists between sample recovery and		diameter (indicating volume of sample) and total sample
		grade and whether sample bias may have occurred due to		weight. The recovery was constantly monitored using live-
		preferential loss/gain of fine/coarse material.		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.
			•	There is no relationship between sample recovery and grade
				and no correction or weighting factors were required.

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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Logging	•	Whether core and chip samples have been geologically and	•	Chip samples have been geologically and geotechnically
		geotechnically logged to a level of detail to support appropriate		logged to a level of detail to support mineral resource
		Mineral Resource estimation, mining studies and metallurgical		estimation, mining studies and metallurgical studies. All chip
		studies.		samples have been geologically logged to 1m resolution on
	•	Whether logging is qualitative or quantitative in nature. Core (or		the rig recording information on rock type, mineralogy,
		costean, channel, etc) photography.		mineralisation, fabrics, and textures. This logging is paired
	•	The total length and percentage of the relevant intersections		with logging conducted using the downhole Televiewer
		logged.		information which can log to at least 10cm resolution and
				records structural information for contacts, foliation,
				banding, veining etc. in the form of dip and dip direction
				measurements., resistivity, natural gamma and density
				measurements are also used to assist this logging.
			•	The logging for the RC drilling was qualitative for the
				geological data collection and quantitative for structural,
				geotechnical, and geochemical data. A handheld XRF was
				used to collect continuous geochemical data and Televiewer
				optical and acoustic data collection allows the measurement
				of structural and geotechnical data.
			•	All one metre samples from the drilling have been
				geologically logged and the geological data recorded in the
				drill database. Subsamples were also collected and stored in
				chip trays for future reference.
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all	•	All other samples were split using a cone splitter fixed to the
techniques and		core taken.		side of the drill rig, a device aimed at reducing splitting
sample preparation	• •	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality, and appropriateness of		variance. Holes were kept dry wherever possible using an auxiliary booster. The cone Splitter can deal with wet samples without introducing bias. This has been independently
		the sample preparation technique.		reviewed and is considered an appropriate technique to
	•	Quality control procedures adopted for all sub-sampling stages		collect large-volume samples when extractor, delimitation
		to maximise representivity of samples.		and preparation errors are well managed.
	•	Measures taken to ensure that the sampling is representative of	•	For this project, the quality assurance and quality control on
		the in-situ material collected, including for instance results for		the primary calico sample were excellent, resulting in good
		field duplicate/second-half sampling.		metre delineation, minimal sample loss and good water
	•	Whether sample sizes are appropriate to the grain size of the		management.
		material being sampled.	•	pXRF RC samples were delivered to a cone splitter, then a 25g
				pulverised sample was taken as a representative portion to
				analyse using a pXRF Vanta m-series. The sample consisted of
				sieved pulverised fine material collected from a sieve
				undersize collected from the 1m sample collection bag – this
				mitigates any large rock chips influencing the pXRF analysis.
				Due to the nature of the sample procedure, it is possible the
				small sample size does not accurately reflect the large metre
				sample. A calico bag representing the sampled metre was
				sent to the lab. No pXRF duplicates or replicate samples were
				taken.
			•	Laboratory 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.

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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Quality of	•	The nature, quality and appropriateness of the assaying and	•	A pXRF Vanta m-series analysed each sample using 3 beams
assay data and		laboratory procedures used and whether the technique is		in geochemistry mode. Each beam was set to 10 seconds for
laboratory tests	•	considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments,		a total of 30 seconds and targeting 39 elements, specifically anomalous copper. The pXRF Vanta m-series was calibrated
		etc, the parameters used in determining the analysis including		once a week and the prolene pXRF windows were changed
		instrument make and model, reading times, calibrations factors		upon noticing any imperfection on the surface. The 25g
		applied and their derivation, etc.		sample taken from the metre bag was held in a multipurpose
	•	Nature of quality control procedures adopted (e.g., standards,		plumbing cap 3cm in diameter and 3cm deep. The plumbing
		blanks, duplicates, external laboratory checks) and whether		cap was placed in a purpose build custom pXRF stand to
		acceptable levels of accuracy (i.e., lack of bias) and precision		ensure every sample analysed the centre of the sample. The
		have been established.		pXRF machine was kept under a gazebo to reduce the
				temperature and avoid overheating. No standards were used
				or analysed to adjust the data.
			•	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 Cu and
				Ag. When a sample returned a value exceeding the analysis
				limit of Cu or Ag, the sample was re-analysed using an ore
				grade analysis method to accurately define the final analysis
				grade. The quality was carefully controlled by both Duke and
				ALS.
			•	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.
			•	No standards, assay repeats or blanks were used during
				collection of pXRF data.
			•	Examination of previous pXRF results on RC chips from
				Bundarra drilling using the same sub-sampling and analysis
				techniques shows a strong positive linear correlation with
				laboratory assay results (slope of 0.87 and R2of 0.77)
Verification of	•	The verification of significant intersections by either	•	The data is collected via Duke Exploration Ltd.’s auto-
sampling and		independent or alternative company personnel.		validating, controlled spreadsheets with drop down menu
assaying	• •	The use of twinned holes. Documentation of primary data, data entry procedures, data		entry. These sheets are loaded into an Access database using automatic scripting and are then subjected to a range of
		verification, data storage (physical and electronic) protocols.		further tests for errors. Any issues were communicated to site
	•	Discuss any adjustment to assay data.		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 (collar	•	The drill holes have been accurately surveyed using a mmGPS
data points		and down-hole surveys), trenches, mine workings and other		in MGA 94/Zone 54.
		locations used in Mineral Resource estimation.	•	Downhole survey data was collected using a North seeking
	•	Specification of the grid system used.		solid state gyro during the downhole data acquisition. The
	•	Quality and adequacy of topographic control.		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 program and has been corrected to height values
				from the DGPS survey. The topographic control is considered
				to be highly accurate.
Data spacing	•	Data spacing for reporting of Exploration Results.	•	The drilling reported has been carried out on a grid with 80 -
and	•	Whether the data spacing and distribution is sufficient to		120 m spacing of borehole collars. The holes are drilled to an
distribution		establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve	•	average depth of around 180 m. No physical compositing of samples has occurred in this
		estimation procedure(s) and classifications applied.		drilling.
	•	Whether sample compositing has been applied.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Orientation of	•	Whether the orientation of sampling achieves unbiased	•	The drilling orientation has been determined via Televiewer
data in relation		sampling of possible structures and the extent to which this is		structural interpretation and hole are oriented perpendicular
to geological	•	known, considering the deposit type. If the relationship between the drilling orientation and the		to the main banding and veins. Where the terrain is challenging the drill pads were moved along the line and the
structure		orientation of key mineralised structures is considered to have		drill dip was steepened to intersect the drill target at depth.
		introduced a sampling bias, this should be assessed and		In these circumstances the drill intersection is not
		reported if material.		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 security	•	The measures taken to ensure sample security.	•	All samples were removed from site on the day of drilling and
				stored inside a secure warehouse facility. The samples were
				transported by a certified freight company to ALS Laboratories.
				The samples are not left unattended and a chain of custody is
				maintained throughout the shipping process.
Audits or	•	The results of any audits or reviews of sampling techniques and	•	No audits have been conducted by external parties at this
reviews		data.		stage. Internal review by various company personnel has
				occurred.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement	•	Type, reference name/number, location and ownership	•	EPM 26499 ‘Bundarra’ is located south of Nebo, QLD, and is
and land tenure		including agreements or material issues with third parties		held 100% by Duke Exploration Ltd. Parts of the tenement have
status		such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national	•	native title interests with the Barada Barna people. No known impediments.
		park and environmental settings.
	•	The security of the tenure held at the time of reporting
		along with any known impediments to obtaining a licence to
		operate in the area.
Exploration done	•	Acknowledgment and appraisal of exploration by other	•	Production at Mt Flora began in the 1880s. Numerous shafts,
by other parties		parties.		to a maximum depth of 38 m, adits and surface workings were
				developed. Mining continued during the 1970s. Exploration
				since the 1960s included geological mapping (Endeavour Oil
				1974-75) soil surveys (CRA Exploration 1962, Endeavour Oil
				1974-75, Regency Resources 2005), rock chip sampling
				(Endeavour Oil 1974-75, Chesterfield Mining and Exploration
				1983, Elliot Exploration 1987, Dominion Gold Operations 1991,
				Queensland Metals Corporation 1994), Geophysics (magnetics
				by Planet Metals in 1967 and Elliot Exploration 1987, gravity by
				Carpentaria Gold in 1984, IP by Endeavour Oil in 1975, and
				VTEM by Regency in 2014). Endeavour Oil drilled six diamond
				drillholes in 1975, and Queensland Metals Corporation drilled
				two percussion holes in 1994. Endeavour Oil 1974-75 carried
				out trial underground mining, metallurgical test work and
				resource estimation. Endeavour Oil did extensive work at Mt
				Flora from 1974-76, including detailed 1:500 scale mapping,
				rock chip sampling, geophysics, drilling and extending adits
				and shaft sinking. Petrology was done on ore material taken
				from the base of a shaft sunk on the Flora lode in 1972
				(Endeavour Oil, 1974). Near surface narrow lode
				mineralisation was detected in the Mt Flora area using IP
				geophysics, and Endeavour Oil considered IP to be a useful
				reconnaissance tool. Six diamond holes were drilled to
				successfully test IP anomalies at depth. In 1974-75 Endeavour
				Oil undertook a mining exploration program 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 Mining plc 2001-2013

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				did mapping and soil sampling, and apparently drilled RC holes
				in 2001, although no data were reported. Regency also
				undertook Rotary Air blast (RAB) drilling on a number of
				targets during 2006-2007. Chesterfield Mining and Exploration
				undertook limited RAB drilling in 1985. The Regency and
				Chesterfield boreholes were sampled each metre and results
				retrieved from the Company’s public reports. The borehole
				data have been used only as indicators of mineralisation during
				the Duke 2021-2022 exploration program.
Geology	•	Deposit type, geological setting, and style of mineralisation.	•	Copper, gold, silver, and molybdenum mineralisation at
				Bundarra is located within 500 m of the contact zone between
				the Bundarra Granodiorite and Back Creek Group sediments.
				Argillite has been contact metamorphosed to an andalusite
				hornfels argillite, creating an 800m thick hornfels zone
				surrounding the granodiorite. Mineralisation at Mt Flora
				occurs in structurally controlled lodes, which crosscut the
				granodiorite-sediment contact, with mineralisation occurring
				on both sides of the contact. Mineralisation is hosted by faults
				and fractures, associated with sheeted quartz veins, hematite,
				limonite, and pyrite. The lodes have massive sulphides with
				high copper percentages (>10%). Silver and zinc are present, as
				well as molybdenum and gold. It is assumed the mineralisation
				is the same as Lonehand-Joes.
Drill hole	•	A summary of all information material to the understanding	•	See Figures 1 - 4 and Tables 1 – 6 in the main text.
Information		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 aggregation	•	In reporting Exploration Results, weighting averaging	•	Significant pXRF intersections were calculated using a pXRF
methods		techniques, maximum and/or minimum grade truncations		0.1% Cu cut off, with a minimum width of 1 metre and
		(e.g., cutting of high grades) and cut-off grades are usually		including 3 metres of internal waste. No grade capping was
		Material and should be stated.		applied.
	•	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	•	These are the first holes drilled into the Lonehand-Joes
between		reporting of Exploration Results.		prospect and the orientation of the copper mineralisation is
mineralisation widths and	• •	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are		not known. The holes are thought to be drilling perpendicular to the mineralisation based off mapping surrounding outcrops.
intercept lengths		reported, there should be a clear statement to this effect
		_(e.g., ‘down hole length, true width not known’). _
Diagrams	•	Appropriate maps and sections (with scales) and tabulations	•	See Figures 1 – 4 in the main text.
		of intercepts should be included for any significant discovery
		being reported These should include, but not be limited to a
		plan view of drill hole collar locations and
	•	appropriate sectional views.
Balanced reporting	•	Where comprehensive reporting of all Exploration Results is	•	No assays have been returned for the current drilling. The pXRF
		not practicable, representative reporting of both low and		results are reported in place due to extended lab waiting times.
		high grades and/or widths should be practiced to avoid
		misleading reporting of Exploration Results.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Other substantive	•	Other exploration data, if meaningful and material, should		Synthesis of geophysical data
exploration data		be reported including (but not limited to): geological	•	The primary Cretaceous Bundarra Igneous Complex (BIC)
		observations; geophysical survey results; geochemical		comprises 4 main poly- phase plutons, with potential
		survey results; bulk samples – size and method of		concealed, variably magnetic plutons and satellite stocks to
		treatment; metallurgical test results; bulk density,		the east (trending NNW along a possible early orogen-parallel
		groundwater, geotechnical and rock characteristics;		fault zone) and southwest (concealed and associated with
		potential deleterious or contaminating substances.		localised domal folding of Blenheim Fm (Pb) sediments. The
				Bg2 & Bg4 plutons are sub-circular, magnetically zoned
				(particularly the latter), and appear potentially as a second
				phase of emplacement into the Bg1 & Bg3 plutons.
			•	The BIC also includes numerous small-scale, sub elliptical to
				subcircular (and occasionally magnetically zoned) bodies;
				these may include syn- to post-primary- phase intrusive stocks
				(including possible porphyries?), and hydrothermal alteration
				zones (breccias etc?).
			•	The potential subsurface extent of the main plutonic complex
				below hornfelsed Pb sediments has been highlighted in the
				magnetic interpretation; however, there are ambiguities as to
				whether some of the magnetic zonation in these areas lies
				within the granitoids, or in the overlying hornfelsed sediments
				(a combination of both is probable).
			•	The BIC appears to be emplaced along a broad NE-trending
				structural corridor, with the Bg2 & Bg4 plutons emplaced along
				a major ENE-trending transfer structure / bend along the main
				fault system (NE-1 FZ). The NE-trending structural corridor may
				represent an earlier Palaeozoic basement-basin fault,
				reactivated during and post- emplacement of the BIC. The
				faults are partially obscured by the intrusions.
			•	The main NE-1 and NE-2 FZs are associated with a major ENE-
				trending horsetail splay of fault strands (transfer zone)
				intersecting Bg4, and a N-trending corridor of reverse faults
				acting as a linking zone between the main NE-faults. The N-
				trending structural corridor is coincident with the Mt Flora Cu
				mineralisation.
			•	Other key structures in the district include a series of N-S, NW-
				SE, and E-W trending structural corridors; these may represent
				deeper-seated, long lived fault zones, with potential to have
				influenced emplacement of 2nd order intrusions and/or
				hydrothermal alteration (and mineralising?) fluids.
			•	A series of 63 target zones for potential Cu, Cu-Au
				mineralisation (porphyry, hydrothermal breccia, polymetallic
				vein etc styles) have been selected based on lithological,
				structural and (where available) alteration criteria (from the
				available geophysical and geochemical datasets).
			•	The target zones and rankings are being reviewed and
				integrated with available data and compared to current and
				existing targets from previous studies.
				Metallurgical Testwork
			•	A desktop study was completed by Core Metallurgy Pty Ltd,
				using the most recent drill data and flotation test work results
				to perform an order-of magnitude assessment of processing
				and operating options for a mine at Mt Flora. The goal of the
				study was to produce indicative flowsheets and the associated
				capital and operating costs to subsequently evaluate the
				feasibility and economic viability of producing a copper
				concentrate via conventional open pit mining and processing
				methods from deposits in the Bundarra project area.
			•	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 locallybased drive in/out workforce is

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				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., tests for	•	Further work will include drilling other prospects around the
		lateral extensions or depth extensions or large-scale step-		Bundarra Intrusive Complex (BIC) to test results returned from
		out drilling).		the geophysical survey synthesis, pXRF soil surveys and
	•	Diagrams clearly highlighting the areas of possible		mapping and integrating the structural studies with drill
		extensions, including the main geological interpretations		targeting.
		and future drilling areas, provided this information is not
		commercially sensitive.

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