TRUE NORTH COPPER LIMITED — Interim / Quarterly Report 2021

Jul 29, 2021

ASX Announcement

Media Release

==> picture [596 x 106] intentionally omitted <==

ASX: DEX QUARTERLY ACTIVITY REPORT FOR THE PERIOD ENDED 30 JUNE 2021

30 JULY, 2021

Highlights

Mount Flora Mineral Resource Summary

		Tonnes (Mt)	Cu%	Ag g/t	Cu tonnes	Ag ounces
Inferred	Oxide	1	0.3	4.2	2,000	87,000
	Sulphide	15	0.5	7.0	76,000	3,500,000
	Total	16	0.5	6.9	78,000	3,600,000

Notes:

  - Reported at a 0.2% Cu-equivalent cut-off grade (Cu & Ag)

  - The Mineral Resource is classified in accordance with JORC, 2012 edition.

  - The effective date of the Mineral Resource estimate is 25 June 2021.

  - The Mineral Resource is contained within EMP 26499.

  - Estimates are rounded to reflect the level of confidence in these resources at the present time. All resources have been rounded to the nearest million tonnes.

  - The Mineral Resource is reported as a global resource

• Better new intersections from the resource drilling at Mt Flora during the Quarter include:

• 14 m at 0.55 % Cu, 2.12 g/t Ag and 0.014 g/t Au from 2 m in MFRC039,

• o 3 m at 4.41 % Cu, 56 g/t Ag and 0.093 g/t Au from 19 m in MFRC044,

• 3 m at 1.32 % Cu, 45.03 g/t Ag and 0.007 g/t Au from 290 m in MFRC048

• 17 m at 0.46 % Cu, 4.2 g/t Ag and 0.026 g/t Au from 271 m in MFRC053,

• o 13 m at 1.64 % Cu, 15.63 g/t Ag and 0.07 g/t Au from 75 m in MFRC056, o 5 m at 1.21 % Cu, 25.96 g/t Ag and 0.026 g/t Au from 71 m in MFRC068, o 22 m at 0.48 % Cu, 4.18 g/t Ag and 0.049 g/t Au from 131 m in MFRC074, o 4 m at 1.12 % Cu, 14.75 g/t Ag and 0.046 g/t Au from 158 m in MFRC074, o 3 m at 1.29 % Cu, 40.73 g/t Ag and 0.022 g/t Au from 187 m in MFRC074, o 7 m at 1.24 % Cu, 13.44 g/t Ag and 0.090 g/t Au from 190 m in MFRC079 and o 5 m at 1.80 % Cu, 32.90 g/t Ag and 0.073 g/t Au from 163 m in MFRC080

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

2

• The Mt Flora Mineral Resource estimate is based on a total of 87 RC holes (15,834 m) and 3 diamond holes (550 m), drilled on a 60 m by 60 m grid , covering an area of 650 m by 650 m , and to a vertical depth of around 270 m.

• Four new exploration RC holes drilled 300 m to the north of the resource area at Mt Flora intersected massive sulphide mineralisation up to 11 m wide with visible chalcopyrite from a vertical depth of 20m to 200m. This important discovery extends the potential strike of mineralisation at Mt Flora by 300m

• The drilling also confirms that pXRF soil anomalies of greater than 140 ppm copper are related to bed rock massive sulphide copper mineralisation, which has very important implications for the potential scale of the mineralised systems in the southwest of the Bundarra Pluton in the Quorn, Absolon and Rogers prospect areas.

• Assay results during the Quarter confirm that the regional VTEM anomaly at Mt Flora is spatially associated with copper and silver mineralisation providing more confidence that the remaining 36 undrilled VTEM regional anomalies relate to bed rock mineralisation.

• The results from the 3D IP survey at Quorn are very encouraging and have mapped similar conductivity anomalies to those associated with copper, silver and gold mineralisation at Mt Flora based on a statistical analysis of the downhole conductivity data from the current Mt Flora resource drilling.

• The conductive volume mapped at Quorn represents approximately 116 million tonnes of potentially mineralised rock, using the average measured density of the massive sulphide and disseminated mineralisation and ratio of conductive rock to mineralisation at Mt Flora. This is more than five times larger than the tonnage of mineralisation defined by the drilling to date at Mt Flora and represents a significant new resource development target.

• Follow up exploration drilling of the 3D IP targets at Quorn and the pole-dipole conductive and chargeability anomaly south of Absolon was completed during the Quarter.

• Up to 140 m widths of copper sulphide mineralisation, in the form of chalcopyrite, has been logged in the exploration holes at Quorn from the surface to a vertical depth of 200m over a length of 400 m and a width of 200 m, confirming, as interpreted from the 3D IP, that Quorn has the potential to be a larger mineralised system than Mt Flora.

• In addition to the 3D IP survey at Quorn, a gradient array IP survey has been completed at Isens, which suggests that the copper, silver and gold mineralisation mined underground historically at Isens could extend to the southwest into the hornfels and be much larger than initially interpreted.

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

3

Next Quarter Work Programme

• Finalise geophysical targeting at Quorn.

• Start the next phase of extension drilling at Mt Flora guided by the results from the resource estimation work.

• Complete follow up geological targeting drilling at Quorn, Absolon, Isens and Rogers to allow planning of first phase resource drilling at the prospect that has the best chance of adding to the Mt Flora resource.

• Start regional scale pXRF soil sampling to cover the remaining unsampled areas of the Bundarra Pluton by the end of the year to help with prioritisation of resource development targets.

• Extend the gradient array surveys to cover anomalous areas from the Quorn surveys that are open.

• Start exploration drilling at the Prairie Creek gold target and deliver results by the end of the September Quarter.

This announcement has been authorised for release by the Board.

Philip Condon Managing Director p.condon@duke-exploration.com.au Ph +61 417 574 730

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

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

4

Corporate

On the 10[th] June the Company announced it was seeking to raise a total of $8million via a Placement offer of up to 22.2 million shares at an issue price of 36 cents per share. The offer was significantly over subscribed with bids received from both domestic and international investors.

An Extraordinary General Meeting (EGM) of shareholders was held 20th July to vote on the approval of the $8 million share placement which was undertaken in two tranches. All resolutions at the EGM were overwhelmingly passed on a poll with shareholders ratifying the placement made in June 2021 (tranche 1) and approving the proposed placement in July (tranche 2). Shareholders also approved the grant of options to Mr Philip Condon.

In addition to the Placement, existing eligible shareholders were offered the opportunity to participate in a Share Purchase Plan (“SPP”) at the same 36 cent share price.

The funds raised pursuant to the Placement will be utilised for:

• Resource drilling and infill drilling on Mt Flora and other deposits identified through successful exploration target drilling such as Quorn.

• An expanded development program on Mt Flora including metallurgical and mining studies.

• Follow up Resource upgrade at Mt Flora and resource estimate at Quorn.

• Regional exploration using our advanced direct detection techniques to generate additional targets for development.

• Commence exploration drilling at Prairie Creek

• Expanded exploration target drill testing program to test new targets.

• Working capital purposes.

For further information, please refer to the Company’s website here www.duke-exploration.com.au contact the Company directly.

On 30[st] June Mr Eugene Iliescu retired from the board, having completed a handover to incumbent Managing Director, Mr Philip Condon, who was appointed on 26[th] April.

Related party payments paid during the quarter comprised Non-Executive Director's fees, salary for the Managing Director, fixed monthly consulting fee paid to the Company Secretary, and consulting fees paid to Kenex Pty Ltd (Kenex) for geological and database management services. Dr. Greg Partington, the Company’s Operations Manager is a director of Kenex. A full explanation of the services provided by Kenex and the contractual relationship was outlined in the Company’s prospectus.

The total funds held by the Company in cash and equivalents at the end of the June 2021 Quarter is $6.449m plus $2.752m, placing the company in a very strong position to carry out it’s planned and committed exploration and work programs.

The announcement made during the quarter can be found on our website here www.dukeexploration.com.au.

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

5

Listing Rule 5.4.4 requires the Company to set out a comparison of funds allocated in the use of funds schedule in the Company’s September 2020 prospectus compared to what has actually been spent and an explanation of any material variance. The Company provides the following table in satisfaction of this listing rule requirement:

	Prospectus Year 1	Actuals to 30 June 21
Bundarra
Mapping and Targeting	$96,350	$55,854
Drilling	$3,094,311	$4,278,082
Geophysics	$766,040	$913,397
Resource Estimation	$107,000	$23,875
Access/other	$84,800	$265,453
Total	$4,148,501	$5,536,661
Prairie Creek
Mapping and Targeting	$5,000	$352
Geochemical Sampling
Drilling	$252,105
Geophysics	$66,250	$37,490
Resource Estimation
Equipment/Other	$50,500
Total	$373,855	$37,842
Red Hill
Mapping and Targeting	$7,000
Geochemical Sampling
Drilling	$295,560
Equipment/Other	$35,000	$21,767
Total	$337,560	$21,767
Exploration & Corporate Management	$705,680	$1,016,281
Grand Total	$5,565,596	$6,612,551

The Company advises the only material variances to the budget is increased exploration management. This is due to the better than expected results at Mt Flora which has resulted in the Company expanding the exploration team to allow regional exploration and resource drilling to be done concurrently. The Company also advises that the work programme for Prairie Creek and Red Hill is scheduled for later in the year, with the Prairie Creek drilling confirmed to start at the beginning of the September Quarter.

.

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

6

Operations

Bundarra Project, (Duke 100%)

The Bundarra Project comprises the Bundara EPM 26499, Duania EPM 27474 and Waitara EPM 27609. The tenements are located approximately 130 km southwest of Mackay and 50 km east of Moranbah in central Queensland (Figure 1). The Bundarra tenement covers 207 km[2] over the Bundarra Pluton, the Duania tenement covers 83 km[2] over the interpreted down plunge extent of the Bundarra Pluton to the southwest and the Waitara tenement covers 19 km[2] over a geologically related intrusion to Bundarra (Waitara granite), 20 km to the northeast, on a trend of buried intrusions that have been mapped in 3D (Figure 1).

The Mt Flora prospect is a high priority target for development in the Bundarra Project area (see www.duke-exploration.com.au for project details) and is where initial exploration and resource drilling is being focussed. Pluton-scale electrical geophysical and pXRF geochemical soil surveys are being carried out around the contact of the Bundarra intrusion as the resource drilling at Mt Flora progresses, with exploration drilling started in the South West of the pluton around the historic Quorn and Absolon prospects (Figure 1).

Figure 1. Location of Bundarra Project (EPM 26499, EPM 27474, and EMP 27609) compared to historic prospects and main target areas.

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

7

Mt Flora and Quarry Lode Resource Drilling

Pattern resource drilling at Mt Flora and the Quarry Lode continued during the Quarter. All the planned drilling to allow the estimation of an Inferred JORC 2012 compliant resource over the known area of mineralisation at Mt Flora has been completed. The resource drilling is spaced 60m down dip and along strike of the known mineralisation that was mined historically and intersected in the historic drilling (Figure 2). Several planned hole locations are in topographically challenging areas (gorges and shafts), and the hole locations were adjusted for safety and the azimuth and dip of the holes have been amended to account for the changed hole location and still target the mineralised pierce points at 60m drill trace distance. The drill depths have been adjusted based on pXRF copper and silver results as the holes were drilled, with many holes extended as the mineralisation intersected is deeper than originally interpreted.

All drill holes are planned to drill west at between 70-50° to intersect the mineralised lodes dipping 40° to the east, with the main aims of the resource drilling at Mt Flora are to:

• Drill enough pattern holes to estimate an inferred resource over the known mineralised strike at Mt Flora.

• Test the strike and downhole extent of the Mt Flora mineralisation to the north.

• Test the geophysical survey anomalies in the granodiorite to the south and east.

• Drill the interpreted geological contact between the hornfels argillite and granodiorite to test for continuations of mineralised veins into the granodiorite.

• Prioritise any geophysical anomalies that warrant follow up exploration and infill drilling.

Due to the successful results to date, the pattern resource drilling was extended to cover the electrical geophysical anomalies to the north and south and potentially down dip extensions and the Quarry Anomaly to the north and south.

The current phase of resource drilling at Mt Flora has been completed and the drill rig has returned to Townsville for approximately one month for maintenance. There were 41 pattern resource RC drill holes completed during the quarter at Mt Flora for a total of 6,934m. A total of 109 holes have been drilled for 20,101 m since the start of the programme compared to the plan of 111 holes for 19,007m (Figure 2). The drilling averaged 106 m per day for the whole resource drilling programme, including breakdowns and weather delays. There have been 24,775 samples sent to the laboratory in Townsville from the resource drilling, with 2,608 samples still to be assayed.

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

8

Figure 2. Mt Flora drill location plan for the holes completed to 24 June at the Quarry Anomaly and Mt Flora relative to the Exploration Target area, drilled mineralised area and granodiorite contact, showing the historic drill holes, assayed holes and holes with assays pending (all hole numbers have a MFRC prefix).

Nine lines of holes on a 60m by 60m drill spacing have been completed over the known mineralised area to the end of the Quarter, covering a strike of 600m, a width of 900m and to a vertical depth of 300m (Figure 2), which is now larger than the area that was used to develop the original Exploration Target (5,500,000-12,000,000 tonnes at 0.5-0.8% Cu for 27,000-96,000 tonnes of copper, 5-15g/t Ag for 884,000-5,780,000 ounces of silver and 0.1-0.1g/t Au for 17,000-38,000 ounces of gold. See www.duke-exploration.com.au to download the Independent Geologists Report for the details of the Exploration Target). These holes were used to estimate the maiden Inferred JORC 2012 resource announced during the quarter.

The results for all the new holes assayed during the Quarter have been entered into the drill databases and quality control reviews completed. All check samples, blanks, and sample weights have been reviewed as part of an ongoing quality control process and returned results within accepted expected statistical ranges, which confirms the validity of the assay results. There were 194 new intersections of copper, silver, and gold mineralisation above a 0.2% Cu cut off announced during the quarter that were used to estimate the maiden Mt Flora resource.

Better intersections from the assays reported during the Quarter include:

• 14 m at 0.55 % Cu, 2.12 g/t Ag and 0.014 g/t Au from 2 m in MFRC039,

• 3 m at 4.41 % Cu, 56 g/t Ag and 0.093 g/t Au from 19 m in MFRC044,

• 3 m at 1.32 % Cu, 45.03 g/t Ag and 0.007 g/t Au from 290 m in MFRC048

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

9

• 17 m at 0.46 % Cu, 4.2 g/t Ag and 0.026 g/t Au from 271 m in MFRC053,

• 13 m at 1.64 % Cu, 15.63 g/t Ag and 0.07 g/t Au from 75 m in MFRC056,

• 5 m at 1.21 % Cu, 25.96 g/t Ag and 0.026 g/t Au from 71 m in MFRC068,

• 22 m at 0.48 % Cu, 4.18 g/t Ag and 0.049 g/t Au from 131 m in MFRC074,

• 4 m at 1.12 % Cu, 14.75 g/t Ag and 0.046 g/t Au from 158 m in MFRC074,

• 3 m at 1.29 % Cu, 40.73 g/t Ag and 0.022 g/t Au from 187 m in MFRC074,

• 7 m at 1.24 % Cu, 13.44 g/t Ag and 0.090 g/t Au from 190 m in MFRC079 and

• 5 m at 1.80 % Cu, 32.90 g/t Ag and 0.073 g/t Au from 163 m in MFRC080.

The results from the holes drilled during the Quarter are very encouraging as they were planned to test the margins of the mineralised area at Mt Flora where mineralisation was interpreted to die out. The extensions to the Mt Flora mineralisation in these holes now mean that the mineralised area at Mt Flora covers a strike of 700m, a width of 900m and a vertical depth of 280m (Figure 2, Figure 3 and Figure 4). The mineralisation at Mt Flora remains open to the north but as interpreted initially appears to plunge in this direction parallel to the Bundarra Pluton contact and consequently is deepening. It is interpreted that assuming this plunge continues that mineralisation will not be amenable to open cut mining much further north and will effectively be closed off for this phase of development drilling. Deeper drilling will be planned in the future once the economics of mining the surface and near surface mineralisation is better understood. The exploration focus will remain, in the near future, on finding and developing surface mineralisation that is amenable to open cut mining.

Mineralisation continues to be predictable and consistent in width, copper grade and orientation between drill holes both down dip and now along strike. The mineralisation on the new section lines at Mt Flora and the new Quarry Lode is similar in style, widths and grades of copper silver and gold to the intersections reported to date, with the silver grades intersected in the new assay results continuing to be economically attractive.

The results returned during the Quarter confirm that the regional VTEM anomaly at Mt Flora is spatially associated with potentially economic grades of copper and silver mineralisation, providing more confidence that the remaining 36 undrilled VTEM regional anomalies around the contact zone of the Bundarra pluton are due to bed rock copper, silver and gold mineralisation (Figure 2 and Figure 3).

The drill holes testing the strike extent of the newly discovered Quarry Lode into the hornfels to the north of the discovery holes confirm that the mineralisation improves in width and grade to the north of the granodiorite contact (Holes MFRC 046 – MFRC 59). The mineralised area of the Quarry Lode is now 450m along strike to the north, 250m wide and to a vertical depth of 260m (Figure 2 and Figure 3). This mineralisation continues to be open along strike to the north and at depth to the east. The mineralisation intersected at the Quarry Lode has more gold, cobalt, zinc and arsenic associated with the massive sulphide, with for example 1m at 0.35% Cu, 44.40 g/t Ag, 2,70 g/t Au, 240 ppm Mo, 0.3% Co, 0.81% Zn and 1% As intersected in MFRC 054 at 190 m depth, potentially mapping a metal zonation where more gold rich parts of the system are more likely where anomalous zinc and arsenic are present. This may provide a vector to mapping potentially more gold rich parts of the system at a regional scale using these pathfinder elements.

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

10

Figure 3. Plan view of the Mt Flora area showing drilling, mineralisation and geology. The location of cross-section plane shown in Figure 4 is denoted by the line along A–A’.

Figure 4. Drill section 7,572,081 mN (line A–A’ in Figure 3) showing drilling, mineralisation and geology.

Four new exploration RC holes have been drilled 300 m to the north of the last line of holes used in the mineral resource estimate to test a coincident pXRF copper soil and EM conductivity anomaly that was interpreted as a potential new massive sulphide vein system that may join up with the Mt Flora or

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

11

Quarry Lode vein systems (Figure 2 and Figure 5: MFRC093 – MFRC096). All four holes intersected massive sulphide mineralisation with visible chalcopyrite up to 11 m wide that is supported by pXRF copper analysis from a vertical depth of 20m to 200m. The sulphide mineralisation appears to have a similar dip to the Mt Flora and Quarry Lode mineralisation, but it is unclear if the mineralisation is related to either vein system.

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

Figure 5. Mt Flora drill location plan for the holes completed to date at the Quarry Anomaly and Mt Flora relative the pXRF soil and electrical geophysical anomalies in relation to the northern Mt Flora exploration holes.

The mineralised area at Mt Flora is expected to continue growing, including the Quarry mineralisation, from extension drilling that tests the 240m strike from the VTEM plate anomaly to the north to the new discovery and this gives confidence that the potential resource at Mt Flora could develop into a standalone mining operation without the need for additional resources from new discoveries at the resource target areas at Quorn, Absolons, Isens and Rogers.

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

12

Mt Flora Maiden Resource Estimate

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

Four major lithological domains were created (hornfels, granodiorite, microdiorite, and porphyry dyke), using Leapfrog Geo implicit modelling workflows and based on the downhole geological logging and supported by multi-element geochemical data (Figure 6). The resulting 3D geological wireframes provide an important control on mineralisation, with the plunge of the mineralisation aligning with the granodiorite-sediment contact.

Figure 6. Oblique 3D view of the granodiorite-metasediment contact (looking 56° down towards ENE). Porphyry dykes in yellow; granodiorite in blue; metasediments not showing (void); transparent red and grey domains of mineralisation plunging along granodiorite contact along view angle.

The domaining approach used in the Mineral Resource estimate constrains the grade interpolation to only relevant samples that are characterised by the same geological features. The grade populations in each of the estimation domains displayed acceptable variances that remain reasonably stationary across

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

13

the deposit. The coefficient of variation for the composited data in the vein and stockwork domains is 1.63 (after grade-capping five samples to 7.5% Cu) and 1.62 (uncapped), respectively.

In preparation for grade interpolation using Ordinary Kriging, weights were generated by modelling variograms for each of the estimation domains and for each element of interest. Given the geometry of the massive sulphide veins and the wide drill spacing, this was carried out on all combined data within the massive sulphide vein system (n=520). The resulting variograms were poorly structured, which is a clear indication that further infill drilling is required to achieve higher classifications

The search ellipse used in a single-pass estimation had settings broadly acknowledging the geometry of the domains (250 m x 150 m x 25 m). Estimation was performed by dynamically rotating the search ellipse to the local orientation of the vein or the trend of the stockwork zone. To find a balance between grade capping and estimation bias, anomalously high grades were cut more than the level indicated by the global statistics of the domains for the longer search ellipses, but the anomalously high grades were allowed to inform the nearest blocks without cutting close to the measured value (e.g., distancebuffered grade cutting).

The Maiden Inferred Mineral Resource Estimate at Mt Flora is 16 Mt at an average grade of 0.5% Cu and 6.9 ppm Ag (Table 1), The resource is reported at a 0.2% Cu cut-off grade as classified and reported in accordance with the JORC Code (2012). The cut-off grade of 0.2% Cu used to report the Mt Flora Mineral Resource estimate was confirmed by the mining study and is in line with cut-off grades for other similar open pit copper projects.

		Tonnes (Mt)	Cu%	Ag g/t	Cu tonnes	Ag ounces
Inferred	Oxide	1	0.3	4.2	2,000	87,000
	Sulphide	15	0.5	7.0	76,000	3,500,000
	Total	16	0.5	6.9	78,000	3,600,000

Table 1. Mount Flora Mineral Resource Summary.

Notes:

• Reported at a 0.2% Cu-equivalent cut-off grade (Cu & Ag)

• The Mineral Resource is classified in accordance with JORC, 2012 edition.

• The effective date of the Mineral Resource estimate is 25 June 2021.

• The Mineral Resource is contained within EMP 26499.

• Estimates are rounded to reflect the level of confidence in these resources at the present time. All resources have been rounded to the nearest million tonnes.

• The Mineral Resource is reported as a global resource

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

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

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

14

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

Quorn and Absolon Exploration

3D IP surveying was completed during the Quarter at Quorn, using the same system that was used at Mt Flora to better map the GAIP electrical anomaly at Quorn and anomalous surface copper from pXRF soil sampling in 3D space to a depth of around 300m (Figure 7). The survey was completed over a period of 25 days from 10th February 2021 to 6th March 2021. The Quorn prospect area has areas of challenging terrain with an elevation range of between 200m and 400m. The instruments used for the survey consisted of a two GDD RX8/32 receivers and a GDD 5000W 20amp transmitter. All IP measurements were made in the time-domain using a two second half-duty cycle. An integration window of 0.500 to 1.100 seconds was used for the final chargeability calculation.

Figure 7 Left: Quorn 3D IP survey area in relation to gradient array IP conductivity anomalies, VTEM plate anomalies, known historic mines and historic drill holes. The image is of residual conductivity, with the long wavelength signal removed to improve detail. Right: Quorn 3D IP survey area at Quorn compared to copper soil grid that maps the major anomalous areas defined by the 140 ppm copper contour and VTEM targets.

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

15

The conductivity data from the 3D IP survey at Quorn were classified statistically and visually constrained by a statistical analysis of the down hole resistivity data from the Mt Flora resource drilling for the massive sulphide, disseminated sulphide and unmineralised samples (Table 2). This allowed the conductivity values from the Quorn 3D IP survey to be used to map potential volumes of copper, silver and gold massive sulphide and disseminated sulphide mineralisation at Quorn (Figure 8 and Figure 9). A visual review of the anomalous conductivity volumes confirms that the conductivity data at Quorn maps the location of the known copper, silver and gold mineralisation in historic drilling and surface pXRF soil sampling (Figure 8 and Figure 9). The anomalous copper soil values cover the main

conductive anomalies in the hornfels to the west and the granodiorite to the east, which are separated by the range of hills that mark the granodiorite contact (Figure 8). All the mineralised historic drill holes are located in the conductive anomaly volumes at Quorn.

Conductivity		Class	Mt Flora Intersections
<0.02		Unmineralised
0.02-0.03		Disseminated mineralisation	5 m at 0.96% Cu, 15.3 g/t Ag and 0.03 g/t Au in the Flora lode
0.03-0.12		Massive sulphide mineralisation	16.7 m at 1.15% Cu, 16.06 g/t Ag and 0.03 g/t Au
>0.12		Highly conductive

Table 2. Summary of conductivity value cut offs from down hole resistivity that maps copper, silver and gold mineralisation at Mt Flora.

The conductivity isovalues listed in Table 2 were used to map the areas in the 3D IP block model at Quorn with the highest potential to host copper, silver and gold mineralisation (Figure 8 and Figure 9). There are three large scale well defined consistent conductivity anomalies that are interpreted to be due to extensive copper, silver and gold sulphide mineralisation at Quorn. The conductivity anomalies at Quorn that have the same conductivity as the mineralisation at Mt Flora can be mapped to a vertical depth of 320 m, which equates to a volume of about 107,891,394 m[3] compared to a volume of 19,117,125 m[3] at Mt Flora.

The historic drilling at Quorn confirms the interpretation that the conductivity values at Mt Flora can be used to map bedrock copper, silver and gold mineralisation (Figure 9). The conductive volume mapped at Quorn represents approximately 116 million tonnes of potentially mineralised rock, using the average measured density of the massive sulphide and disseminated mineralisation and ratio of conductive rock to mineralisation at Mt Flora. Copper, silver and gold mineralisation intersected by historic drilling at Quorn in the conductivity target volume includes:

• 30.0 m at 0.7 % Cu and 12.2 g/t Ag from 16 m in MFP1,

• 30.0 m at 0.5 % Cu and 14.3 g/t Ag from 10 m in MFP2 and

• 6.0 m at 1.4 % Cu and 38 g/t Ag from 27 m in D002.

This is more than five times larger than the tonnage of mineralisation defined by the drilling to date at Mt Flora and represents a significant new resource development target.

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

16

The results to date from the 3D IP survey at Quorn are another significant step forward in developing a successful mining operation at Bundarra and has provided more confidence in the project hosting additional resources of copper, silver and gold to that already found at Mt Flora. The scale of the mineral system and the number of new targets at Quorn suggest that a near surface long life mining operation may be present at Bundarra, particularly when the other VTEM targets are included. The results from the 3D IP survey at Quorn further confirms that the ability to directly detect the massive sulphides that host the copper, silver and gold in the mineral system using EM and 3DIP geophysics is

speeding up the exploration process, is significantly reducing costs and will add value to the project more quickly than would happen in projects that require drilling to establish project valuations.

Figure 8. Quorn 3D IP block model of potentially mineralised rock in relation to VTEM plate anomalies, historic drill holes and highly anomalous copper soil contours.

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

17

==> picture [474 x 261] intentionally omitted <==

Figure 9. Drill section of the first exploration hole at Quorn where visible chalcopyrite (copper and silver) was logged relative to historic holes, 3D IP conductivity model and the granodiorite contact.

Isens Gradient Array IP Data Acquisition and Modelling

A gradient array resistivity and induced polarization survey (GAIP) was completed during the Quarter over the Isens prospect (Figure 1). The survey was carried out using the same equipment and techniques as used at the Quorn and Absolon prospects. The gradient array survey consisted of one 1 km[2] setup array (Figure 1). The lines were run east-west, spaced 100 m apart with 25 m dipoles. The survey geometry was designed based on the orientation of the mineralisation and associated conductive zones that are orthogonal to the Bundarra intrusive contact at the Isens prospect.

The GAIP survey fails to map the main historic copper, silver, and gold underground mine at Isens, which is spatially related to a significant copper soil anomaly (Figure 10). However, there is a very significant conductivity anomaly mapped 320 m to the south west along the strike of the Isens massive sulphide veins that corresponds to a major VTEM plate anomaly (Figure 10). This conductivity anomaly is also coincident with a chargeability anomaly. Both anomalies define a 470m by 165m target that has not been tested by drilling to date, may be a new discovery that has not been considered to date and not included in the Exploration Target for Isens as reported in our recent prospectus (140,000-300,000 tonnes at 1.4-4.5% Cu for 2,000-14,000 tonnes of copper, 30-60g/t Ag for 135,000-579,000 ounces of silver and 0.1-0.2g/t Au for 450-2,000 ounces of gold. See www.duke-exploration.com.au to download the Independent Geologists Report for the details of the Exploration Target).

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

18

Figure 10. Isens conductivity anomalies mapped for the gradient array IP data in relation to known historic mines and anomalous copper soil contours.

Follow Up Exploration Drilling of Quorn and Absolon Soil and Geophysical anomalies

The exploration and development strategy being used for the Bundarra project is to simultaneously carry out resource development work at Mt Flora while exploring the regional potential of the Bundarra Pluton with the aim of discovering a pipeline of resource development projects to add to the Mt Flora project through organic growth by exploration discovery. pXRF soil sampling and gradient array resistivity and induced polarization (GAIP) surveys continued to be carried out to the south and east of the surveys completed last Quarter towards the Roger and Isens prospects (Figure 11).

Exploration drilling of the 3D IP targets at Quorn and the pole-dipole conductive and chargeability anomaly south of Absolon was completed during the Quarter that comprised 9 holes for 1,969mThree RC holes for 900m were planned at Quorn and two holes at Absolon for 600m to collect detailed down hole geophysical, geochemical and optical data (Figure 11 and Figure 12. Three holes were also planned for 900m, to test the significant conductivity and chargeability anomalies in the near surface to 400 m depth just to the south of Absolon (Figure 11 and Figure 12). This anomaly is within the Bundarra pluton and just to the south of a near surface conductive anomaly in the Absolon GAIP survey. This is the largest and most depth extensive conductivity anomaly mapped at Bundarra to date, has never been tested before and could lead to the discovery of a new style of mineralisation at Bundarra that, based on the pole-dipole anomalies could be more extensive that the targets currently being tested at Bundarra, including Quorn (Figure 12).

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

19

Figure 11. Location map of Quorn target area in relation to Bundarra regional survey areas, IP line in relation and VTEM anomalies.

Three exploration RC holes covering 747 m of drilling at Quorn were logged in detail during Three exploration RC holes covering 747 m of drilling at Quorn were logged in detail during the Quarter, with all holes intersecting sulphide mineralisation in drill chips (Figure 9 and Figure 12). Copper sulphide mineralisation in the form of chalcopyrite was logged in all the exploration holes at Quorn from the surface to a vertical depth of 220 m over a length of 240 m and a width of 360 m, confirming as interpreted from the 3D IP that Quorn has the potential to be a larger mineralised system than Mt Flora (Figure 9 and Figure 12).

Hole QNRC002 was planned to twin and test deeper than the historic intersection of 44.0 m at 0.48 % Cu and 12.2 g/t Ag from 16 m in MFP1 (Figure 9 and Figure 12). Visual logging supported by pXRF analysis confirms the width of the mineralised intersection in MFP1 and suggests that similar mineralisation occurs as stacked zones for an additional 140 m beneath the historic intersection, giving a potential mineralised intersection of nearly 200 m (Figure 9). The geometry of stacked zones of mineralisation in this hole appears to be like the ore body geometry at Mt Flora. Logging of the exploration drilling of the conductive anomalies at Quorn confirm the ability of 3D IP to directly map the presence of copper and silver mineralisation in the region around the Bundarra pluton contact at the surface and to a depth of around 300 m. Down hole data is being acquired to better understand the geology and the geometry of the copper sulphides and controls on the mineralisation intersected, which will allow the planning of pattern drilling to start resource development work at Quorn.

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

20

The results from the drilling even at this early stage at Quorn are another significant step forward in developing a successful mining operation at Bundarra and is providing more confidence in the project hosting additional resources of copper, silver and gold to that already found at Mt Flora. The scale of the mineral system at Quorn and the number of new targets around Quorn suggest that a near surface long life mining operation may be present at Bundarra, particularly when the other electrical geophysical targets are included.

Figure 12. Location of logged holes at Quorn and planned holes at Absolon in relation to historic drill holes and granodiorite contact

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

21

Figure 13. Chalcopyrite logged from drilling at Quorn.

Prairie Creek Project, (Duke 90%)

The Prairie Creek Project is located 120 km southwest of Gladstone and 25 km southwest of Biloela, central Queensland, in the EPM 26852 tenement area. This portion of Central Queensland is prospective for porphyry related gold, copper, and molybdenum mineralisation like the Cracow epithermal gold deposit 80 km to the south.

The Prairie Creek prospect is associated with a NE trending elevated gold geochemical soil anomaly (0.5 – 5.0 g/t Au) extending over a strike length of 1.6 km and with a width of 200 m. A zone of outcropping epithermal veining associated with visible gold is spatially associated with the soil anomaly that is over 85 m wide and striking over 450 m with the southern end drilled, but the extent and continuity beyond this outcrop not tested. Only the southernmost localised geochemical high soil anomaly was drilled at Prairie Creek, which resulted in several promising intersections of gold (see www.dukeexploration.com.au for project details).

Land access negotiations were successfully completed at Prairie Creek during the Quarter. Planning of three diamond holes and checking their location in the field has been completed. A diamond drill rig has been sourced, access tracks constructed and drilling is expected to start by the end of July.

Red Hill, (Duke 100%)

The Red Hill Project is located approximately 70 km north north-west of Canberra, north and east of Yass in New South Wales in EL 8568. EL 8568 covers an area of approximately 180 km[2] within the prospective Lachlan Fold Belt, with Cu, Pb, Zn, Au, and Ag mineralisation in the project area associated with an interpreted porphyry mineral system. The Lachlan Fold Belt hosts several porphyry Cu-Au

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

22

deposits such as Cadia, Cowal, and Northparkes and the recently discovered Boda porphyry system, providing the target style and scale for exploration at Red Hill.

The Red Hill Project was identified using mineral prospectivity analysis for porphyry copper-gold style of mineralisation over the entire Lachlan Fold Belt (see www.duke-exploration.com.au for project details). Importantly, several circular and sub-circular magnetic anomalies have been mapped that are spatially associated with the mineralisation discovered to date. These have signatures which may represent buried porphyry intrusions and could be the source of the metals mined in historic local workings.

There was no work during the Quarter.

Emmerson JV tenements NSW (Duke 10%)

Duke has an interest in four exploration licences within the Lachlan Fold Belt (LFB) of New South Wales operated by Lachlan Resources Pty Ltd, a wholly owned subsidiary of ASX listed Emmerson Resources (ASX:ERM). The four tenements that form the joint venture are Wellington (EL 8463 – 390 km[2] ); Fifield (EL8464 – 66 km[2] ); Temora (EL 8652 – 178 km[2] ); and Kiola (EL8590 – 203 km[2] ). This joint venture provides Duke with exposure to porphyry Cu-Au potential over a larger area of the highly mineralised Lachlan Fold Belt, as well as management of these assets by the highly credentialed Emmerson Resources management and exploration team (see www.duke-exploration.com.au for project details).

Emmerson continues to explore the JV tenements with no significant results reported during the quarter.

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.

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

23

Schedule of Mining Tenements and Beneficial Interests Held as at the end of the March 2021 Quarter

Project / Location	Country	Tenement	Percentage held /
			earning
Bundarra – Central	Australia	EPM 26499, EPM	100%
Queensland		27474, EPM 27609
Prairie Creek – Central	Australia	EPM 26852	91%
Queensland
Red Hill – NSW	Australia	EL 8568	100%
Emmerson JV – NSW	Australia	EL 8463, EL 8652	5%
		EL8590, EL8464	10%

Schedule of Mining Tenements and Beneficial Interests Acquired during the March 2021 Quarter

Project / Location	Country	Tenement	Date Acquired
N/A

Schedule of Mining Tenements and Beneficial Interests Disposed of during the March 2021 Quarter

Project / Location	Country	Tenement	Withdrawal Date
NA

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