TRUE NORTH COPPER LIMITED — Share Issue/Capital Change 2021

Jul 19, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

DUKE EXPLORATION LIMITED

Date of this announcement

Tuesday July 20, 2021

The +securities the subject of this notification are:

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+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	OPTIONS EXPIRING 20-JULY-2028	1,250,000	20/07/2021
to be confirmed

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

DUKE EXPLORATION LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

28119421868

1.3 ASX issuer code

DEX

1.4 The announcement is

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New announcement

1.5 Date of this announcement

20/7/2021

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Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

ASX +security code New class - code to be confirmed	+Security description OPTIONS EXPIRING 20-JULY-2028	+Security description OPTIONS EXPIRING 20-JULY-2028
+Security type	ISIN code
Options
Date the +securities the subject of this notification were issued
20/7/2021
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
Were any of the +securities issued to +key management personnel (KMP) or an +associate?
Yes
Provide details of the KMP or +associates being issued +securities.
Name of KMP	Name of registered holder	Number of +securities
PHILIP CONDON	PHILIP CONDON	1,250,000
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
Yes
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
issued.
https://dex.irmau.com/site/PDF/85611923-8c69-478b-b23b-9db9eb75cfb6/NoticeofGeneralMeetingProxyForm
Options Details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.33000000	20/7/2028
Details of the existing class of +security that will be issued upon exercise or conversion of this new class of
company option
Other
Description

OPTIONS EXPIRING 20-JULY-2028

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms https://dex.irmau.com/site/PDF/85611923-8c69-478b-b23b-9db9eb75cfb6/NoticeofGeneralMeetingProxyForm Any other information the entity wishes to provide about the +securities the subject of this notification Issue details

Number of +securities

1,250,000

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
DEX : ORDINARY FULLY PAID	79,211,152

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
DEXAA : ORDINARY FULLY PAID RESTRICTED	15,208,475
DEXAB : OPTION EXPIRING 10-NOV-2022 RESTRICTED	1,497,097
DEXAC : OPTION EXPIRING 10-NOV-2027 RESTRICTED	5,554,946
New class - code to be confirmed : OPTIONS EXPIRING 20-JULY-2028	1,250,000

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

20/7/2021

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