TRUE NORTH COPPER LIMITED — Interim / Quarterly Report 2021

Apr 21, 2021

ASX Announcement Media Release

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ASX: DEX QUARTERLY ACTIVITY REPORT FOR THE PERIOD ENDED 31 MARCH 2021

APRIL 22, 2021

Highlights

• Work has commenced on an interim resource for Mt Flora, incorporating the Phase One drilling, with the results expected to be released by the end of June.

• Phase Two drilling commenced immediately following the completion of the Phase One drilling resulting in a total of 8,895m from 52 holes of resource drilling completed at Mt Flora and the Quarry anomaly during the quarter.

• There were 183 new intersections of copper, silver, and gold mineralisation above a 0.2% Cu cut off reported during the quarter that will contribute to the planned resource estimate at Mt Flora.

• Better intersections from the drilling results reported during the Quarter 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 Agand 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,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• The three exploration holes (MFRC047, MFRC048 and MFRC049) targeting the VTEM anomaly to the north of the Mt Flora deposit intersected multiple zones of visible copper mineralisation in RC chips from near the surface to a depth of 225m, which are interpreted to be similar stacked massive sulphide veins to the known mineralisation mined to the south at Mt Flora.

• The mineralisation intersected in the VTEM exploration holes extends the strike of the Mt Flora deposit by 250m.

• Due to the successful drilling results to date, Phase Two resource RC drilling has been extended to cover the electrical geophysical anomalies to the north and south of Mt Flora, potential down dip extensions at Mt Flora, and to the north and south of the Quarry anomaly.

• The Phase Two drilling programme at Mt Flora comprises a total of 68 holes for 11,967m with 16 holes for 2,923m drilled to date.

• A total of 11,750 samples have been sent to the laboratory in Townsville and 8,250 assay results returned.

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

• First pass electrical geophysical and pXRF soil surveys were carried out around the contact of the Bundarra intrusion as drilling at Mt Flora progressed, with exploration started in the South West of the pluton around the historic Quorn prospect.

• Drill planning to test the geophysical and geochemical targets at Quorn and Absolons is underway with drilling expected to start by mid-May.

• EPM 27609, which covers the Waitara Porphyry prospect, has been granted to Duke Exploration Limited for a term of 5 years from 18 February 2021 to 17 February 2026 over a total area of 6 sub-blocks.

Next Quarter Work Programme

• Deliver Interim Maiden Resource at Mt Flora.

• Complete Phase Two RC drilling at Mt Flora.

• Finalise geophysical targeting at Quorn.

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

• 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 Isen Underground mine area, to start drill testing by the third quarter of 2021.

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

This quarterly announcement has been authorised for release by the Board.

Toko Kapea Eugene Iliescu Chairman Managing Director - - t.kapea@duke exploration.com.au md@duke exploration.com.au Ph +64 27 534 2886 Ph +61 418 757 364

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

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Corporate

Duke presented at the Australian Energy and Minerals Conference in Brisbane and the RIU Explorers Conference in - Perth in February 2021 and a video copy of the presentations can be viewed at https://duke exploration.com.au/reports/presentations/.

The Company will be presenting at:

• RIU Sydney Resources Roundup in May 2021

• Gold Coast Investment Show Case June 2021

• Noosa Mining Conference July 2021 and

• Noosa Festival of Mining in November 2021.

Please see Duke’s website for conference details, ASX announcements, and media coverage, particularly a video presentation of the Bundarra Project (www.duke-exploration.com.au).

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.

Duke is well placed to meet the June Quarter exploration commitments and planned work programs with $5,212,000 cash in the bank as of 31st March 2021.

• • The announcement made during the quarter can be found at https://duke exploration.com.au/reports/asx announcements/, and listed below:

25-Mar-2021	Change in substantial holding
22-Mar-2021	Change in substantial holding
18-Mar-2021	Presentation to Australian Energy and Minerals Conference
16-Mar-2021	DEX–New Assay Results build to Maiden Resources at MT Flora
25-Feb-2021	EPM 27609 over Waitara Copper and Silver Porphyry is granted
18-Feb-2021	Mineralised Area doubles again at Mt Flora
17-Feb-2021	RIU Explorers Conference Presentation
11-Feb-2021	Area of Copper and Silver Mineralisation more than doubles
29-Jan-2021	Half Year Accounts
29-Jan-2021	Quarterly Activities Report
29-Jan-2021	Quarterly Cashflow Report

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Operations

Bundarra Project, (Duke 100%)

The Bundarra Project comprises the Bundara EPM 26499 and two applications, Duania EPMA 27474 and Waitara EPMA 27609. The tenements are located approximately 130 km southwest of Mackay and 50 km east of Moranbah in central Queensland (Figure 1a ). The Bundarra tenement covers 207 km[2] over the Bundarra Pluton, the Duania Application covers 83 km[2] over the interpreted down plunge extent of the Bundarra Pluton to the southwest and the Waitara tenement application 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 1a). EPM 27609 (Waitara) was granted for a term of 5 years from 18 February 2021 to 17 February 2026 over a total area of 6 subblocks during the period. The process for amalgamating the Bundarra and Duania tenements is being considered.

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

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

Pattern resource drilling at Mt Flora and the Quarry Anomaly continued during the quarter. A phased approach is being taken to the drilling, which in Phase One is planned to deliver an Inferred JORC 2012 compliant resource over the known area of mineralisation at Mt Flora. 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 1b). All drill holes are planned to drill west at between 70-50° to intersect the mineralised lodes dipping 40° to the east. Several planned

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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. The main aims of this Phase One programme are:

• Drill enough pattern holes in Phase One to estimate an inferred resource over the known mineralised strike of 440m 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 has been 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, which is part of the Phase Two programme of pattern resource drilling.

There were 52 pattern resource RC drill holes completed during the quarter at Mt Flora for a total of 8,895m. Of these, 21 holes for a total of 3,901m concluded the Phase One drilling, and 31 holes for a total of 4,994m were from the Phase Two drilling, which is still ongoing. The Phase One program finished with 42 holes for a total of 7,807m compared to an original budget of 43 holes for 7,040m. A total of 59 holes have been drilled for 11,198m since the start of the programme compared to the plan of 111 holes for 19,007m (Figure 1b). The drilling is now averaging 128m per day, which is a significant improvement compared to the last Quarter and is better than budget. There have been 11,750 samples sent to the laboratory in Townsville from both Phase One and Phase Two drilling. A total of 8,250 have been returned from the Phase One drilling, with 3,500 remaining to be announced.

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

Five 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 220m, a width of 240m and to a vertical depth of 100m (Figure 1b), which corresponds to the area that was used to develop the reported Exploration Target (5,500,000-12,000,000 tonnes at 0.5-0.8% 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). This will provide the required coverage to estimate a JORC 2012 Inferred resource in the area that includes all the historic underground workings and historic drill holes (Figure 1b).

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 are 183 intersections of copper, silver, and gold mineralisation above a 0.2% Cu cut off returned during the quarter that will contribute to the planned maiden resource estimate for Mt Flora. Mineralisation continues to be predictable and consistent in width, copper grade and orientation between drill holes both down dip and now along strike, which will increase the confidence levels in the planned resource and mining studies at Mt Flora.

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Better intersections from the assays reported during the Quarter 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,

• 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,

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

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

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

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

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

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

• § 39 m at 0.82 % Cu, 9.2 g/t Ag and 0.05 g/t Au from 25 m in MFRC027, § 7 m at 2.63 % Cu, 29.0 g/t Ag and 0.19 g/t Au from 50 m in MFRC027,

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

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

• § 9 m at 1.00 % Cu, 15.9 g/t Ag and 0.03 g/t Au from 39 m in MFRC029, § 2 m at 1.27 % Cu, 24.3 g/t Ag and 0.04 g/t Au from 66 m in MFRC029, § 2 m at 1.92 % Cu, 35.9 g/t Ag and 0.04 g/t Au from 96 m in MFRC029, § 3 m at 3.08 % Cu, 49.0 g/t Ag and 0.08 g/t Au from 102 m in MFRC029, § 16 m at 0.69 % Cu, 9.9 g/t Ag and 0.02 g/t Au from 162 m in MFRC029, § 2 m at 1.62 % Cu, 9.1 g/t Ag and 0.16 g/t Au from 44 m in MFRC030, § 26 m at 0.65% Cu, 6.5 g/t Ag and 0.03 g/t Au from 190 m in MFRC031, § 14 m at 0.26 % Cu, 2.3 g/t Ag and 0.02 g/t Au from 108 m in MFRC032 and

• § 16 m at 0.69 % Cu, 9.6 g/t Ag and 0.02 g/t Au from 128 m in MFRC032 (Figure 3, Figure 4, Figure 5 and Table 2).

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. 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 (compare Figure 2 and Figure 3). 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. A new vein system has been intersected in 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. These holes could extend the strike of the Quarry Anomaly mineralisation by an additional 100m and remain open at depth to the east and the north.

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Figure 2. 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.

Figure 3. Drill section on 7,572,090mN of the interpretation of the geology of the main copper lodes at Mt Flora constrained by the Phase One drilling in relation to historic drilling, Mt Flora underground mine workings, and the re-interpreted granodiorite contact.

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The current interpretation of the geometry of the massive sulphide copper and silver veins and their spatial relationship to the granodiorite is confirmed on all of the sections drilled to date and the mineralised area is now seven times larger than first interpreted, mainly due to the mineralised zone being wider than first thought, particularly to the west (Figure 1b, Figure 3, Figure 4 and Figure 5). The new results from MFRC 027 on Section 7,572,090mN through the area of underground workings are particularly important as the hole confirms that unmined veins continue to the west, with intersections of 2 m at 2.05 % Cu, 23.3 g/t Ag, and 0.09 g/t Au from 14 m, 39 m at 0.82 % Cu, 9.2 g/t Ag and 0.05 g/t Au from 25 m and 7 m at 2.63 % Cu, 29.0 g/t Ag and 0.19 g/t Au from 50 m (Figure 1b and Figure 3). Additional holes have been drilled to test the extent of these new veins on the sections to the north and south (Figure 1b), which have assays still to be returned. If mineralised, as expected this will further increase the width and add to the resource potential of the Mt Flora vein system.

The veins have been closed off to the east down-dip on all sections drilled (Figure 3, Figure 4, and Figure 5). The mineralisation has also been closed off to the south and at depth past the granodiorite contact, with MFRC024MFRC026 unmineralised (Figure 1b). Although the next line to the north with MFRC038- MFRC041 is mineralised based on logging of chalcopyrite and the assays for these holes will be reported in the next quarter once validated (Figure 1b). The intersections on Section 7572150mN confirms that the mineralisation plunges to the north parallel to the dip of the granodiorite contact (Figure 5). The down dip length of the veins continues to be between 240320m on the new sections drilled and mineralisation is open to the west and to the north down plunge, although it is expected the mineralisation will become deeper in this direction.

Figure 4. Drill section on 7,572,030mN of the interpretation of the geology of the main copper lodes at Mt Flora constrained by the Phase One drilling and the granodiorite contact. Some of the intersections listed in Table 2 have been left off for clarity.

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Figure 5. Drill section on 7,572,150mN of the interpretation of the geology of the main copper lodes at Mt Flora constrained by the Phase One drilling and the granodiorite contact. Some of the intersections listed in Table 2 have been left off for clarity.

Three exploration holes were drilled during the Quarter to test the electrical geophysical anomaly to the north of the main underground workings at Mt Flora (Figure 1b and Figure 6). The anomaly has been identified in all electrical surveys, including, VTEM, ground EM, and gradient array IP surveys, and is along strike of the known mineralisation mined and drilled at Mt Flora (Figure 6).

Figure 6. 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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The three exploration holes (MFRC047, MFRC048, and MFRC049) targeting the VTEM anomaly to the north of the Mt Flora deposit have been completed but assays are still pending (Table 1 and Figure 1b). All the samples from these holes have been logged, data checked, and results integrated into the drill database. All the holes intersected multiple zones of visible copper mineralisation in RC chips to date from near the surface to a depth of 225m, which are interpreted to be similar stacked massive sulphide veins to the known mineralisation mined to the south at Mt Flora (Figure 7). These holes extend the strike of the Mt Flora deposit that requires resource drilling by 250m, which will further add to the mineralised area defined by the drilling to the south (Figure 1b).

Figure 7. Drill chips of chalcopyrite from massive sulphide veins intersected by the VTEM anomaly drilling at Mt Flora.

The mineralisation intersected by the VTEM exploration holes is significant not only for extending the strike potential of the resource at Mt Flora into an area not previously mined or explored but also because the mineralisation confirms the source of the VTEM anomaly at Mt Flora as copper bearing sulphide mineralisation. This provides confidence that the remaining 40 VTEM anomalies reported previously that have not been tested by drilling to date are also due to copper bearing massive sulphide mineralisation (See www.duke-exploration.com.au to download the Independent Geologists Report for the details of the VTEM plate anomalies). This provides support for the exploration strategy underway at a pluton scale at Bundarra and also excitingly provides additional evidence for the presence of a very large scale mineral system at Bundarra that has a 48 kilometre extent that has the potential to develop potentially Tier One long life mining opportunity.

The most important conclusion from the drilling during the Quarter is that the mineralised area at Mt Flora, including the Quarry mineralisation, is now seven times larger than the area that was used to determine the Exploration Target, which gives confidence that the potential resource at Mt Flora could be much larger than originally thought and could develop into a standalone mining operation that will rapidly grow in the near future from new discoveries at the resource target areas at Quorn, Absolons, Isens, and Rogers.

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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 8). Detailed EM and 3D IP surveys targeting the GAIP anomalies at Quorn and Absolon were also carried out during the Quarter, with preliminary results under review. These surveys will be used to plan scout exploration drilling at Quorn next Quarter. The 3DIP data processing is underway, with preliminary data provided for review. The results from these surveys are expected for reporting during the next Quarter.

Figure 8. Location map of Quorn soil and electrical geophysical survey areas and IP line (N-S) in relation to Duke targets that include mines, occurrences, drill intersections, soil anomalies, and geophysical anomalies.

Regional pXRF soil sampling continued during the Quarter extending the soil survey at Quorn over the south western part of the Bundarra Pluton from the Absolon prospect west to the Roger prospect to map the copper values and other pathfinder elements in the soil. A total of 1,631 samples were collected on an 80 m by 80 m grid pattern during the Quarter, with the programme planned to continue through the next Quarter. The soil samples were analysed with a Vanta m-series pXRF that provided multielement geochemistry, including pathfinder element useful for mapping porphyry mineralisation like silver, molybdenum, and zinc. The soil samples were collected from 20 cm below the surface in C Horizon soils with the samples sieved to 60 micron and compressed using a 4 cm by 4 cm small plumbing cap for analysis. The pXRF beam was set to 10 seconds for a total of 30 second analysis, with 39 elements analysed for each sample. Copper is the main element used to map potential near surface copper bearing massive sulphide veins like those being drilled currently at Mt Flora.

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Any targets generated from the soil and electrical geophysical surveys are expected to add to the resource development potential at Bundarra in the near term. Drill testing of the targets at Quorn is currently being planned with a second drill rig having been sourced. This drilling should start early in the June Quarter, depending on the timing of cattle mustering on the station.

Figure 9. Drone picture of location of Quorn, Absolon and Isens relative to Mt Flora, showing access and topography.

The Waitara Porphyry prospect (EPM 27609), which was granted during the Quarter, covers similar age geology to the Bundarra tenement 20 km to the west (Figure 10). The tenement area covers three historic prospects that have been the focus for historic exploration ( Error! Reference source not found. 1 and Figure 12). The Waitara Porphyry Prospect is the most advanced with the most work done to date. The major metallic minerals described from the exploration to date are pyrite, chalcopyrite, molybdenite and magnetite. Phyllic and propylitic alteration are common but potassic alteration is rare and supergene enrichment is weak.

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Figure 10. Location of Bundarra Project (EPM 26499 (Bundarra), EPM 27474 (Duania) and EPM 27609 (Waitara)) compared to historic prospects and main target areas.

Figure 11. Geology map of the Waitara prospect tenement EPM 27609.

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Figure 12. State-wide magnetic imagery (TMI) over the Bundarra and Waitara tenements.

The prospects in EPM 27609 occur along the edge of a well-defined arcuate magnetic high that encloses a circular magnetic low (Figure 12), which is interpreted to be a buried intrusion like Bundarra. The signature of the magnetic high is similar to that of the Bundarra granodiorite and may represent a later, more mafic magma that intruded along the margin of an older more felsic intrusive body.

All available historic exploration data have been compiled for the Waitara tenement area and integrated into the Bundarra project databases. The data collected include 631 drillholes, 575 soil samples, 179 stream sediment samples, 85 rock chips, several geology maps and cross-sections, gridded magnetic-radiometric data, and several historic geophysical images. The data have been checked and QAQC carried out, with the data being reasonable quality. A total of 631 drillholes have been completed in the tenement area for a total of 6,724m of drilling. Most are shallow RAB holes, with only 18 holes drilled past 60m down hole. Better historic intersections from the deeper holes include:

• 24.0 m from 46.0 m at 0.31 Cu % in W-0,

• 12.0 m from 74.0 m at 0.43 Cu % in W-01,

• 44.0 m from 92.0 m at 0.29 Cu % in W-01,

• 18.0 m from 132.0 m at 0.23 Cu % in W-02,

• 34.0 m from 44.0 m at 0.26 Cu % in W-08,

• 16.0 m from 22.0 m at 2.14 Cu % in W-PDH3,

• 19.0 m from 38.0 m at 0.37 Cu % in W-PDH9,

• 102.0 m from 28.0 m at 0.22 Cu % in WTDH001,

• 99.0 m from 11.0 m at 0.35 Cu % in WTDH002.

The historic data confirm the initial assessment that the Waitara tenement is highly prospective for porphyry coppermolybdenum mineralisation similar to that currently being explored at Bundarra. The Waitara Porphyry Prospect is the main target in the tenement, having returned several encouraging drill intersections of broad, low-grade Cu-Mo

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mineralisation and adds another target for development to the Bundarra project.

Little exploration has been conducted in the area since the 1970s, most of the drillholes are shallow and vertical and are therefore unlikely to have completely tested the potential of the tenement. No modern geophysics has been carried out at Waitara and therefore there is the potential to identify new drill targets using these techniques. Electrical geophysical methods such as 3D IP and VTEM have been shown to accurately map sulphide mineralisation at Bundarra and similar methods would likely be successful at Waitara.

The plan for the next quarter on the Bundarra project is to:

• Deliver Interim Maiden Resource at Mt Flora.

• Complete Phase Two RC drilling at Mt Flora.

• Finalise geophysical targeting at Quorn.

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

• 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 Isen Underground mine area, with the aim of starting drill testing by the third quarter of 2021.

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Prospect	Hole	Line	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 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 MFRC035 MFRC036 MFRC037 MFRC038 MFRC039 MFRC040 MFRC041 MFRC042 MFRC043 MFRC044 MFRC045	7571850 7571850 7571970 7571970 7572030 7572030 7571970 7571970 7571910 7572090 7572090 7572090 7572090 7572090 7572090 7572090 7572030 7572090 7572090 7572090 7572030 7572030 7572030 7571730 7571730 7571850 7572090 7572150 7572150 7572150 7572150 7572150 7572150 7572030 7572090 7571910 7571910 7571970 7571970 7571970 7571910 7571850 7572150 7572030 7571850	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 662013 662557 662630 662340 662252 662170 662,235 662,239 662,023 662,076 662,628	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 7572090 7571910 7571910 7571970 7571970 7571970 7,571,915 7,571,850 7,572,150 7,572,030 7,571,850	222 221 230 224 236 233 223 219 222 285 285 305 300 301 278 265 263 264 265 261 283 283 274 218 217 229 261 327 314 296 296 304 305 254 243 240 233 262 255 247 235 228 254 250 230	78 79 61 121 137 76 158 206 98 46 182 212 269 284 302 249 249 15 189 309 171 189 225 79 103 103 133 258 309 338 333 333 255 104 80 80 80 219 87 75 87 87 92 73 75	288 283 266 270 270 280 270 270 250 250 250 268 265 270 270 280 270 270 270 270 270 270 264 270 270 270 0 274 270 270 270 275 280 270 270 270 270 270 270 270 250 270 270 0 270	-60 -80 -50 -50 -60 -60 -50 -50 -50 -60 -70 -50 -80 -55 -55 -55 -55 -55 -55 -55 -55 -55 -65 -55 -55 -55 -90 -55 -60 -72 -55 -55 -55 -55 -60 -55 -55 -55 -55 -55 -60 -55 -55 -90 -55	Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Abandoned Mineralised Mineralised Mineralised Mineralised Mineralised Unmineralised Unmineralised Unmineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Mineralised Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending Assays Pending

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	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	MFRC046 MFRC047 MFRC048 MFRC049 MFRC050 MFRC051 MFRC052 MFRC053 MFRC054 MFRC055 MFRC056 MFRC057 MFRC058	7572030 7572330 7572450 7572390 7572210 7572210 7572210 7572210 7572150 7572150 7572150 7572150 7572090	662,872 662,432 662,470 662,407 662,696 662,761 662,832 662,903 662,894 662,805 662,714 662,675 662,874	7,572,030 7,572,330 7,572,450 7,572,390 7,572,210 7,572,210 7,572,210 7,572,210 7,572,150 7,572,155 7,572,142 7,572,147 7,572,090	235 376 352 352 316 304 295 287 279 267 287 292 254	243 333 333 333 243 261 255 333 333 262 123 207 129	270 270 270 270 270 270 270 270 270 265 285 270 270	-55 -55 -58 -55 -55 -55 -55 -55 -55 -55 -67 -55 -55	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 RC holes completed since the start of the drilling programmes (MGA94 Zone 55).

Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	**Ag g/t **	**Aug/t **
MFRC002 MFRC003 MFRC004 MFRC004 MFRC004 MFRC005 MFRC005 MFRC006 MFRC007 MFRC009 MFRC009 MFRC009 MFRC010 MFRC010 MFRC011 MFRC011 including MFRC011 MFRC011 including MFRC011 MFRC011 MFRC011 MFRC012 MFRC012 MFRC012	Quarry Quarry Quarry 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 Mt Flora Mt Flora Mt Flora Mt Flora	662,746 662,708 662,779 662,779 662,779 662,776 662,776 662,698 662,861 662,777 662,777 662,777 662,185 662,164 662,175 662,171 662,160 662,154 662,146 662,141 662,135 662,302 662,290 662,282	7,571,842 7,571,968 7,571,969 7,571,969 7,571,969 7,572,027 7,572,027 7,572,014 7,571,966 7,571,925 7,571,925 7,571,925 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	221 230 224 224 224 236 236 233 223 222 222 222 284 246 244 235 206 191 171 157 142 302 288 279	9.0 29.0 30.0 36.0 74.0 32.0 70.0 21.0 22.0 10.0 26.0 41.0 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	10.0 31.0 31.0 37.0 76.0 33.0 78.0 28.0 23.0 11.0 27.0 42.0 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	1.0 2.0 1.0 1.0 2.0 1.0 8.0 7.0 1.0 1.0 1.0 1.0 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	0.30 4.56 0.25 0.28 1.30 0.51 1.53 3.85 0.28 0.71 1.45 0.79 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	6.40 79.45 5.70 6.70 18.10 13.50 27.77 58.16 11.20 34.90 38.90 25.00 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	0.01 0.07 0.00 0.01 0.03 0.02 0.04 0.10 0.01 0.02 0.00 0.02 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

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	**Ag g/t **	**Aug/t **
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 MFRC014 MFRC014 MFRC014 MFRC014 MFRC014 MFRC014 MFRC015 MFRC015	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	662,275 662,263 662,250 662,240 662,230 662,216 662,211 662,195 662,179 662,174 662,370 662,365 662,363 662,360 662,359 662,357 662,354 662,350 662,347 662,346 662,344 662,361 662,356 662,347 662,342 662,332 662,323 662,317 662,309 662,293 662,280 662,273 662,267 662,241 662,237 662,236 662,495 662,477	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 7,572,091 7,572,091 7,572,091 7,572,091 7,572,091 7,572,091 7,572,082 7,572,082	271 257 242 232 221 206 201 185 169 164 281 252 241 227 217 206 189 166 143 136 129 301 293 280 274 258 246 238 226 203 184 175 166 128 124 121 268 242	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 84.0 118.0 140.0 151.0 163.0 210.0 216.0 219.0 12.0 43.0	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 78.0 100.0 121.0 146.0 158.0 166.0 212.0 217.0 220.0 13.0 44.0	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 6.0 7.0 3.0 2.0 1.0 1.0 1.0 1.0	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 0.46 0.25 0.77 0.65 0.24 0.26 0.25 0.25	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 3.5 3.9 8.3 6.2 3.7 5.2 2.0 4.4	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 0.037 0.008 0.008 0.025 0.003 0.003 0.043 0.003

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	**Ag g/t **	**Aug/t **
MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC015 MFRC016 MFRC016 MFRC016 MFRC016 MFRC016 MFRC016 MFRC016 MFRC017 MFRC017 MFRC017 MFRC017 MFRC019 MFRC019 including including including MFRC019 MFRC020 MFRC020 MFRC020 MFRC021 MFRC021 MFRC021 MFRC021 Including MFRC021 MFRC021 MFRC022 MFRC022 MFRC022	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 Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora	662,455 662,451 662,443 662,424 662,409 662,399 662,394 662,386 662,367 662,358 662,543 662,515 662,491 662,471 662,462 662,435 662,419 662,482 662,455 662,428 662,414 662,720 662,691 662,683 662,652 662,646 662,586 662,273 662,263 662,258 662,245 662,232 662,204 662,342 662,339 662,324	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 7,572,030 7,572,030 7,572,031 7,572,031 7,572,089 7,572,089 7,572,089 7,572,090 7,572,090 7,572,090 7,572,032 7,572,032 7,572,032 7,572,032 7,572,032 7,572,032 7,572,029 7,572,029 7,572,030	211 205 194 166 146 131 124 112 86 72 250 209 174 145 132 93 70 244 206 166 144 253 211 199 252 242 157 273 258 252 233 214 174 274 269 248	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 20 69 117 143 14.0 61.0 63.0 64.0 65.0 73.0 11.0 20.0 127.0 0 29 35 54 56 73 132 11 17 43	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 26 70 118 144 15.0 69.0 64.0 65.0 66.0 87.0 12.0 26.0 128.0 25 31 41 67 58 96 133 12 18 44	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 6 1 1 1 1.0 8.0 1.0 1.0 1.0 14.0 1.0 6.0 1.0 25 2 6 13 2 23 1 1 1 1	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 0.28 0.36 0.46 0.69 0.36 2.99 10.85 5.70 4.41 0.50 0.38 2.18 0.25 0.37 0.32 0.55 1.27 5.77 0.29 0.30 0.25 0.36 0.36	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 3.6 4.3 3.2 5.9 6.5 69.0 261.0 206.0 91.5 6.9 16.8 23.8 2.4 2.5 5.1 8.9 18.4 83.5 3.6 9.5 3.8 6.7 3.4	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 0.01 0.01 0.06 0.06 0.064 0.244 0.481 0.887 0.148 0.017 0.031 0.102 0.022 0.01 0.02 0.02 0.02 0.10 0.01 0.03 0.03 0.02 0.02

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	**Ag g/t **	**Aug/t **
MFRC022 MFRC022 MFRC022 MFRC022 MFRC022 MFRC022 MFRC023 MFRC023 MFRC023 MFRC023 MFRC023 MFRC023 MFRC023 MFRC027 MFRC027 Including MFRC027 MFRC027 MFRC027 MFRC028 Including MFRC028 MFRC028 MFRC028 MFRC028 MFRC028 MFRC028 Including MFRC028 MFRC028 MFRC028 MFRC028 MFRC028 MFRC028 MFRC029 MFRC029 MFRC029 MFRC029 Including Including	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	662,319 662,306 662,297 662,285 662,275 662,263 662,387 662,380 662,368 662,356 662,344 662,334 662,325 662,077 662,077 662,077 662,077 662,077 662,310 662,294 662,285 662,265 662,262 662,260 662,248 662,242 662,239 662,230 662,223 662,214 662,184 662,354 662,350 662,346 662,338	7,572,031 7,572,031 7,572,031 7,572,032 7,572,033 7,572,034 7,572,035 7,572,034 7,572,033 7,572,032 7,572,031 7,572,031 7,572,030 7,572,090 7,572,090 7,572,090 7,572,090 7,572,090 7,572,145 7,572,147 7,572,147 7,572,148 7,572,149 7,572,149 7,572,149 7,572,149 7,572,149 7,572,150 7,572,150 7,572,151 7,572,154 7,572,150 7,572,150 7,572,150 7,572,150	240 221 208 188 170 149 263 248 224 197 170 147 128 246 217 191 177 159 310 287 275 249 246 243 228 221 217 205 197 185 144 304 298 290 276	51 75 86 111 135 159 12 27 55 79 114 135 160 14 25 50 69 83 99 18 21 48 60 96 101 104 122 123 133 138 152 160 178 226 11 18 26 39 42 45	54 76 97 118 136 160 13 30 56 90 115 144 161 16 64 57 71 85 106 24 22 50 67 97 102 105 125 124 134 139 154 168 179 233 12 20 30 48 43 46	3 1 11 7 1 1 1 3 1 11 1 9 1 2 39 7 2 2 7 6 1 2 7 1 1 1 3 1 1 1 2 8 1 7 1 2 4 9 1 1	1.07 0.26 0.32 0.27 0.22 0.21 0.27 1.07 0.99 0.63 0.41 0.32 0.22 2.05 0.82 2.63 0.44 0.59 0.30 0.73 2.65 1.46 0.52 0.52 0.35 0.23 1.40 2.42 0.42 1.16 0.56 0.43 0.37 0.70 0.23 0.25 0.47 1.00 2.95 3.31	22.7 2.2 3.3 2.6 3.2 2.5 11.2 8.3 10.9 9.4 2.5 4.2 2.8 23.3 9.2 29.0 4.5 5.5 3.0 7.4 23.4 21.5 8.2 13.4 8.0 5.7 31.1 58.1 4.7 28.6 5.9 7.4 4.4 10.8 7.8 4.8 8.4 15.9 59.7 45.4	0.03 0.02 0.03 0.01 0.01 0.01 0.05 0.08 0.11 0.01 0.04 0.02 0.00 0.09 0.05 0.19 0.04 0.05 0.03 0.05 0.18 0.05 0.02 0.13 0.01 0.01 0.03 0.04 0.02 0.03 0.03 0.02 0.02 0.01 0.05 0.00 0.01 0.03 0.07 0.07

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Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	**Ag g/t **	**Aug/t **
MFRC029 MFRC029 MFRC029 MFRC029 Including MFRC029 Including MFRC029 MFRC029 MFRC029 MFRC029 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC030 MFRC031 MFRC031 MFRC031 MFRC031 MFRC031 MFRC031 Including MFRC031 MFRC031 MFRC031 MFRC031	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	662,327 662,321 662,313 662,310 662,304 662,289 662,281 662,268 662,251 662,516 662,509 662,495 662,464 662,455 662,452 662,443 662,440 662,436 662,435 662,432 662,431 662,424 662,420 662,417 662,415 662,411 662,407 662,487 662,465 662,434 662,420 662,410 662,400 662,388 662,368 662,366 662,350	7,572,150 7,572,150 7,572,149 7,572,149 7,572,149 7,572,148 7,572,149 7,572,149 7,572,150 7,572,144 7,572,143 7,572,145 7,572,147 7,572,148 7,572,148 7,572,149 7,572,149 7,572,149 7,572,149 7,572,150 7,572,150 7,572,150 7,572,151 7,572,151 7,572,151 7,572,152 7,572,152 7,572,142 7,572,142 7,572,140 7,572,141 7,572,141 7,572,140 7,572,139 7,572,139 7,572,139 7,572,138	256 246 229 223 211 181 164 136 99 275 253 211 128 103 97 75 66 59 55 48 46 30 19 14 8 -1 -10 253 222 179 158 145 131 113 84 82 58	66 76 96 102 103 113 120 149 162 199 240 22 44 89 178 202 211 234 244 252 256 264 266 281 294 301 306 317 327 52 88 141 165 185 190 204 224 259 262 289	68 81 98 105 104 122 121 154 178 202 243 23 46 91 179 207 212 236 245 253 257 265 267 287 297 302 309 319 328 54 95 146 174 186 216 205 226 261 263 294	2 5 2 3 1 9 1 5 16 3 3 1 2 2 1 5 1 2 1 1 1 1 1 6 3 1 3 2 1 2 7 5 9 1 26 1 2 2 1 5	1.27 0.89 1.92 3.08 7.46 0.75 3.70 0.63 0.69 0.26 0.46 1.36 1.62 0.25 0.28 0.21 0.31 0.30 0.33 0.46 0.29 0.30 0.20 0.27 0.30 0.28 0.88 0.28 0.31 0.45 0.36 0.20 0.87 0.32 0.65 2.04 0.28 0.25 0.26 0.27	24.3 9.4 35.9 49.0 117.0 14.3 70.7 12.4 9.9 4.7 6.5 35.8 9.1 4.0 2.2 2.6 2.6 2.7 6.2 6.2 3.4 2.7 3.6 3.7 4.1 2.4 4.6 4.0 2.9 9.2 5.4 1.4 7.2 3.4 6.5 14.7 2.8 3.6 3.1 3.2	0.04 0.08 0.04 0.08 0.22 0.02 0.08 0.02 0.02 0.05 0.01 0.07 0.16 0.01 0.02 0.03 0.05 0.02 0.01 0.02 0.01 0.02 0.03 0.03 0.02 0.00 0.07 0.01 0.01 0.01 0.03 0.02 0.15 0.01 0.03 0.09 0.03 0.00 0.01 0.02

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23

Hole	Prospect	Easting	Northing	RL	From	To	Width	Cu %	**Ag g/t **	**Aug/t **
MFRC031 MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 Including MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 MFRC032 Including MFRC033 MFRC033 MFRC033 MFRC033 MFRC033 MFRC033 MFRC034 MFRC034 MFRC034 MFRC034	Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora Mt Flora	662,342 662,461 662,444 662,440 662,434 662,432 662,413 662,402 662,390 662,368 662,363 662,352 662,346 662,320 662,316 662,217 662,210 662,129 662,110 662,107 662,101 662,174 662,172 662,142 662,139	7,572,138 7,572,142 7,572,144 7,572,144 7,572,145 7,572,145 7,572,147 7,572,148 7,572,150 7,572,152 7,572,153 7,572,155 7,572,156 7,572,159 7,572,160 7,572,145 7,572,146 7,572,160 7,572,165 7,572,166 7,572,167 7,572,030 7,572,030 7,572,032 7,572,032	47 297 272 266 258 255 226 209 191 155 147 130 119 73 65 300 292 169 136 130 121 243 240 196 191	304 8 38 46 55 59 94 108 128 140 174 187 204 219 273 280 285 4 16 164 203 207 217 13 17 69 76	306 10 39 47 56 60 95 122 144 141 183 189 213 223 275 287 286 8 17 166 204 213 224 14 18 71 77	2 2 1 1 1 1 1 14 16 1 9 2 9 4 2 7 1 4 1 2 1 6 7 1 1 2 1	0.46 0.40 0.28 0.31 0.27 0.51 0.40 0.26 0.69 2.92 0.44 0.54 0.29 0.23 0.52 0.63 2.11 0.57 0.50 0.30 0.31 0.21 0.33 0.22 0.26 0.49 0.26	3.8 1.9 4.4 6.6 3.8 5.4 3.8 2.3 9.6 35.1 6.4 8.6 4.8 1.8 6.1 6.8 20.8 2.7 3.5 3.9 3.3 3.1 3.0 11.3 2.5 4.9 1.9	0.00 0.02 0.01 0.00 0.01 0.02 0.05 0.02 0.02 0.06 0.01 0.01 0.01 0.02 0.07 0.02 0.04 0.03 0.02 0.02 0.02 0.01 0.05 0.02 0.01 0.03 0.02

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

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

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southernmost localised geochemical high soil anomaly was drilled at Prairie Creek, which resulted in several promising intersections of gold (see www.duke-exploration.com.au for project details).

A site visit with the Prairie Creek Landowner was carried out with no issues identified. A CCA is being drafted to allow the diamond drilling at Prairie Creek, which is planned to be completed by mid-year. A drill rig has been sourced for the planned drilling.

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 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.dukeexploration.com.au for project details).

Emmerson continues to explore the JV tenements with no significant results reported during the quarter. A joint venture meeting was held 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

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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.

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 27474,	100%
Queensland		EPMA 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

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