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INVESTMENT OPPORTUNITY:
Near Term Mine ProductionAdvanced Exploration & Blue Sky
▪ Mt Flora (open in all directions) ▪ 47 Bundarra Targets (Isens, Quorn, Rogers – Advanced) ▪ Prairie Creek 52m @2.1g/t including 10m @3.2g/t, 6m @ 6.5g/t▪ Red Hill 11 near surface magnetic anomalies▪ Cloncurry drill ready targets Cu & Co▪ Coomerang untested drill targets
DECEMBER 2019
DISCLAIMER
Duke Exploration / Investor Presentation 2
▪ This presentation contains only an overview of Duke Exploration Limited ABN 28119421868(“Duke”, “DE” or the “Company”) and its activities and operations. The contents of thispresentation, including matters relating to the geology and exploration potential of theCompany’s projects, may rely on various assumptions and subjective interpretations which it isnot possible to detail in this presentation and which have not been subject to any independentverification.
▪ This presentation contains a number of forward-looking statements. Known and unknown risksand uncertainties, and factors outside of the Company’s control, may cause the actual results,performance and achievements of the Company to differ materially from those expressed orimplied in this presentation.
▪ To the maximum extent permitted by law, Duke does not warrant the accuracy, currency orcompleteness of the information in this presentation, nor the future performance of theCompany, and will not be responsible for any loss or damage arising from the use of theinformation.
▪ The information contained in this presentation is not a substitute for detailed investigation oranalysis of any particular issue. Current and potential investors should seek independentadvice before making any investment decisions in regard to the Company or its activities.
THE DIFFERENCE
Duke Exploration / Investor Presentation 3
FOCUSSED ON
▪ Near term mine development.
▪ Advanced stage exploration projects.
▪ Large scale copper, gold and silver systems in Australia.
UNIQUE EXPLORATION METHODOLOGY
▪ The selection of all tenements (Duke’s five and those shared with Emmerson Resources) was based on a rigorous application of various mineral system models using sophisticated and proprietary statistical spatial data analysis.
▪ Validation of exploration data confirmed and one near term mine development project ready for resource drilling.
▪ Drill targets defined on three of the other projects, with the focus on drilling a new epithermal gold target.
Duke Exploration / Investor Presentation 4
THE BOARD
NON EXECUTIVE CHAIRMANMr Toko Kapea is a Wellington (New Zealand) based director, commercial lawyer and consultant. Toko is a director of Tuia Group Limited and a partner in Tuia Legal. He is Chairman of Bathurst Resources Ltd (ASX listed, NZ’s mining company) and is a director of Television New Zealand (the state owned broadcaster).
MANAGING DIRECTOREugene Iliescu is an Engineer Surveyor with a degree in Social Science and over 35 years of experience in the resources sector. He has been involved in projects across the industry spectrum including exploration, mine development, mine operations and mine closure in Australia, USA, the Middle East, North Africa, Eastern Europe and the Pacific Region.
NON EXECUTIVE DIRECTOR
Dr Gregor Partington is the Managing Director of his own New Zealand and Western Australian based company, Kenex, and of Kenex KSL, which is focused on creating business opportunities through the application of spatial and predictive modelling.
EXECUTIVE DIRECTOR / COMPANY SECRETARY
Paul Frederiks has extensive experience in public company financial and secretarial management with more than 30 years’ experience as a finance and corporate governance executive in the Australian resources sector, with an extensive knowledge base in listed public company reporting and compliance.
Experienced team – scientific, technical, corporate and governance
History of successful exploration and mine development
ASX board and management experience
Duke Exploration / Investor Presentation
5
ALLIANCE
▪ Duke has a Strategic Alliance Agreement with Kenex for validation of the exploration and new target generation.
▪ Duke‘s exploration projects were selected and acquired on the basis of Kenex targeting techniques.
TECHNICAL ADVISOR
Michelle Stokes has over 30 years’ work experienceacross mining, exploration, consulting, and the publicsector. She was responsible for the development ofsuccessful mining projects in Western Australia as wellas the Northern Gold portfolio in the Northern Territory.Michelle is a director and founding partner of Kenex.She is also a Non-Executive Director of RSC Global(Mineral & Energy Resource Development Specialists).
OPPORTUNITY
▪ 100% interests in 5 tenements focused on potential “company maker” gold, copper and silver opportunities in Qld & NSW - 9% Free Carried with Capgold Pty Ltd.
▪ Up to 10% Free Carried Equity in Lachlan Resources Pty Ltd, a wholly owned subsidiary of Emmerson Resources (ASX: ERM) covering a new porphyry system.
▪ Recent drilling and modelling by Duke has identified the Bundarra copper project as a high priority near term mine development opportunity that is ready for resource drilling and prefeasibility studies.
▪ Duke is planning to raise up to $2-4M prior to listing. The balance required for listing will be raised during IPO.
Duke Exploration / Investor Presentation 6
Duke Exploration / Investor Presentation 7
ASSETS
QLD Tenements
1 EPM 19253 (Cloncurry) 100%
2 EPM 26499 (Bundarra) 100%
3 EPM 26852 (Prairie Creek) 91%, Duke - 9% Capgold Pty Ltd free carried to BFS
NSW Tenements
4 EL 8568 (Red Hill) 100%
5 EL 8539 (Coomerang) 100%
JV Tenements NSW (10% Free Carried Equity BFS)
6 EL 8590 (Kiola)
7 EL 8463 (Wellington)
8 EL 8464 (Fifield)
9 EL 8652 (Temora)
BUNDARRA
Duke Exploration / Investor Presentation 8
MINE DEVELOPMENT OPPORTUNITY▪ Highly prospective tenement, with historic
underground and surface mining. 47 copper, silver, gold mine prospects. Represents a major porphyry related mineral system.
▪ Past drill intersections with significant copper mineralisation are immediate targets for resource drilling and mining.
▪ Recent drilling by Duke (October 2019) confirms historic results.
▪ Potential for orebodies to be discovered and mapped using 3D IP geophysics.
BUNDARRA
Duke Exploration / Investor Presentation 9
HIGHLY ANOMALOUS COPPER AND SILVER MINE PROSPECTS ▪ Five geochemically anomalous centres. The
largest is 5km2 in size. Comprising 47 known mines and prospects. 5 prospects have immediate resource potential.
▪ Described in 1870 as the highest grade copper mineral field in Australia.
▪ Anomalous silver and gold also present.▪ Mt Flora and Quorn have immediate mine
development potential based on historic drilling and underground mine data.
▪ Other prospects and mines not yet drill tested.▪ Metallurgy testing = copper recoveries to a
floatation concentrate of 22-30% Cu and 300-320 g/t Ag.
Duke Exploration / Investor Presentation 10
HISTORIC DRILL INTERSECTIONS:Mt Flora (Endeavor Oil Co 1975)
• 7.3m at 0.9 % Cu and 15.7 g/t Ag from 15.0m in MFD1• 6.4m at 1.3 % Cu and 14 g/t Ag from 71.0m in MFD1• 9.2m at 1.5 % Cu and 17.4 g/t Ag from 80.1m in MFD1• 2.6m at 2.3 % Cu and 29.4 g/t Ag from 101.7m in MFD1• 6.2m at 0.5 % Cu and 10.9 g/t Ag from 205.8m in MFD1• 2.0m at 0.9 % Cu and 5.7 g/t Ag from 104.4m in MFD2• 10.0m at 0.7 % Cu and 2.9 g/t Ag from 38.5m in MFD3• 12.0m at 1.3 % Cu and 8.1 g/t Ag from 52.5m in MFD3• 4.1m at 1.4 % Cu and 7.8 g/t Ag 101.1m in MFD3• 4.1m at 0.5 % Cu and 4.5 g/t Ag from 46 m in MFD4• 15.7m at 0.7 % Cu and 6 g/t Ag from 94.4 m in MFD5• 2.0m at 1.1 % Cu and 8 g/t Ag from 60.2 m in MFD6
Quorn/Monarch (Chesterfield 1984 and Marlborough Gold Mines 1991)
• 30.0m at 0.7 % Cu and 12.2 g/t Ag from 16 m in MFP1
• 30.0m at 0.5 % Cu and 14.3 g/t Ag from 10 m in MFP2
• 6.0m at 1.4 % Cu and 38 g/t Ag from 27 m in D002
ADVANCED STAGED EXPLORATION
▪ 3D copper and silver block model developed atMt Flora (8.3mt at 0.67% Cu for 56,000t Cuand 7.8 g/t Ag for 2.1M ounces Ag).
▪ JORC Exploration Target developed fromhistoric drilling, underground sampling andmapping using 3D block model and polygonalestimation of copper veins.
▪ Exploration Target part of a staged explorationstrategy aimed to fast track development andmining.
▪ Immediate potential for small profitable mine atMt Flora based on optimisations of Cu-Agblock model.
BUNDARRA
BUNDARRA: EXPLORATION TARGET (JORC 2012)
Duke Exploration / Investor Presentation 11
Prospect Estimate Low Cu T High Cu T Low Ag oz High Ag oz Low Au oz High Au oz
Mt Flora Mine IDW2 56,000 61,000 2,10,000 2,380,000 27,000 29000
Mt Flora E Lode Polygonal 12,000 12,000 510,000 1,072,000 3,000 7,000
Isens Polygonal 24,000 26,000 1,072,000 1,667,000 3,000 6,000
Quorn Polygonal 24,000 25,000 1,946,000 2,450,000 36,000 51,000
Mt Rogers Polygonal 21,000 21,000 337,000 786,000 14,000 20,000
Total 136,593 145,743 5,960,036 8,356,029 83,607 112,330
Prospect Low T High T Low Cu% High Cu% Low Ag g/t High Ag g/t Low Au g/t High Au g/tMt Flora Mine 8,333,162 12,679,200 0.67 0.48 7.8 5.8 0.1 0.1
Mt Flora E Lode 453,600 1,587,600 2.6 0.8 35.0 21.0 0.2 0.1
Isens 529,200 1,852,200 4.5 1.4 63.0 28.0 0.2 0.1
Quorn 3,780,000 7,938,000 0.6 0.3 16.0 9.6 0.3 0.2Mt Rogers 873,180 3,056,130 2.4 0.7 12.0 8.0 0.5 0.2
Total 13,969,142 27,113,130 1.0 0.5 13.3 9.6 0.2 0.1
MT FLORA DIAMOND DRILLING (OCTOBER 2019)
Duke Exploration / Investor Presentation 12
▪ Aim of drilling to provide a continuous sample of the geology and geochemistry of as many of the mappedhistoric veins as possible and the bounding granite contact at depth (550m drilled).
▪ Copper, silver and molybdenum mineralisation was intersected in all the holes and all historic veinsintersected.
▪ Five new veins also intersected between the historic veins.▪ Veins comprise massive chalcopyrite veins and breccia in highly altered host hornfelsed siltstone.▪ Veins appear to pinch and swell along dip and strike but the structures that host the copper, silver and
molybdenum in the Mt Flora mine area have good continuity and are predictable.▪ PXRF data from the core drilled to date confirms the presence of high-grade copper (27% Cu). High grade
silver and molybdenum were also intersected.▪ Sulphide veins with anomalous PXRF Cu values were intersected in shear zones in the tonalite that may
provide new targets not tested by exploration to date.
KEY OUTCOME:
▪ Results confirm historic results, which provides more confidence in the use of historic data in explorationplanning and economic modelling.
MT FLORA: VEINS, HISTORIC MINING AND RECENT DRILLING
Duke Exploration / Investor Presentation 13
MT FLORA: SECTION OF VEINS AND DRILLING
Duke Exploration / Investor Presentation 14
MT FLORA: MINE SECTION WITH DFD001 AND HISTORIC VEINS
Duke Exploration / Investor Presentation 15
MT FLORA: DFD002 AND HISTORIC VEINS
Duke Exploration / Investor Presentation 16
MT FLORA: DFD003 AND HISTORIC VEINS
Duke Exploration / Investor Presentation 17
MT FLORA DOWN HOLE DATA
Duke Exploration / Investor Presentation 18
▪ Down hole data surveys have been completed for all holes usingdensity, magnetic, resistivity, sonar and optical tools. All datacollected are good quality.
▪ The data will assess the geometry and orientation of the copper veins.▪ The copper and silver mineralisation has a strong statistical correlation
with chargeability therefore the potential to be directly detected usingground IP geophysical surveying.
▪ The physical rock properties are being used help plan a trialgeophysical survey to test the direct detection of the location andgeometry of the massive sulphide veins.
▪ If proved correct then we will have a quick and cost effectivetechnique that will allow us to map the extent, particularly at depth,and distribution of the sulphide mineralisation at Mt Flora, which willsave costly scout and resource drilling.
MT FLORA PROCESSING REVIEW – CORE METALLURGY PTY LTD
Duke Exploration / Investor Presentation 19
▪ Desktop study completed, using recent drill data and flotation test work results to perform an order-ofmagnitude assessment of processing and operating options for a mine.
▪ Cost estimates have an expected accuracy range of 25% to 45%.▪ All mining will be open-pit, throughput rate will be 500,000 tpa of sulphide ore, concentrate grades for
copper of 24% and silver of 398 g/t Ag, concentrate delivered to Mt Isa by road transport.▪ Study considered twelve processing options with the Base Case capital cost estimate for the
processing plant estimated at approximately A$56.3 million.▪ The operating cost for the Base Case plant or a second-hand plant is A$31-34 per tonne.
KEY OUTCOME:
▪ The study gives confidence to start planning a development programme.▪ The programme will include 3D IP to map the massive sulphide veins along strike and down dip from
the underground mines and drill holes drilled to date and provide a constraint on the eventual size ofthe resource at Mt Flora.
▪ These data will then be used to plan a pattern resource drilling programme, with the aim of estimatinga resource that can be used to complete a pre-feasibility study on a mine.
MT FLORA: RESOURCE DEVELOPMENT PLAN
Duke Exploration / Investor Presentation 20
Copper block model0ptimised pit shell to 140m vertical depth▪ Follow up with 4,000m grid drilling
program to define initial inferredresource.
▪ Follow up with 15,000m grid drillingprogram to define Indicated resource.
▪ Mine feasibility studies to follow basedon resource definition.
▪ Aim to develop a low capital, high profitcopper and silver mine at Mt Flora in afour year timeframe.
BUNDARRA: EXPLORATION AND DEVELOPMENT PLAN
Duke Exploration / Investor Presentation 21
▪ Mineralisation appears to be directly detectable by geophysics IP and EM.
▪ Significant untested geochemical anomalies.
▪ Untested drill intersections at Quorn and Flora Range.
▪ Untested underground mines at Isens and Mt Rogers.
▪ Growth potential outside Mt Flora significant.
Duke Exploration / Investor Presentation 22
PROSPECT
PRAIRIE CREEK EPM 26852
MOUNTAIN VIEW
T0RSDALE
GOSSAN WEST
PRAIRIECREEK
TARRAMBA CREEK
91% DUKE : 9% CAPGOLD PTY LTD (Capgold free carried to BFS)
(advanced stage exploration)
PRAIRIE CREEK
Duke Exploration / Investor Presentation 23
▪ Tenement covers numerous historical occurrences of gold mineralisation associated with Grandore granitic complex and Camboon Volcanics of the Auburn Arch.
▪ Located in established mineral province, between Theodore/Cracow (80km to S in same belt of rocks: 2 Moz Au) and Mt Morgan (9 Moz Au).
▪ The area now recognised for both low and high sulphidation styles of epithermal gold mineralisation and porphyry gold and copper mineralisation.
▪ Heads of Agreement with Capgold Pty Ltd, which provides 9% free carried interest up to BFS.
Drill Section
1,600m Soils2.04-5.3 g/t Au
PRAIRIE CREEK
Duke Exploration / Investor Presentation
24
Drilling intersecting from surface:
52 m @ 2.1 g/t including:• 10 m @ 3.2 g/t • 6m @ 6.5 g/t Au.
▪ Tenement granted for five years.
▪ Exploration work program approved.
▪ Native Title finalised.
▪ Exploration planning underway, with the aim to diamond drill gold soil anomalies to collect geological data.
PRAIRIE CREEK
Duke Exploration / Investor Presentation 25
▪ Highly ranked IOCG Cu-Co-Au.
▪ 3D geology modelled and drill ready targets generated.
o Archer – Identified Cu-Au-Co mineralised zones to be drilled.
o Jasper – known zones to be extended.
▪ Close to Cloncurry, producing mines and infrastructure. (e.g. Ernest Henry Mines Total reserve + resource prior to the commencement of mining in 1998 was 166 Mt @ 1.1% Cu, 0.54 g/t Au).
IRON OXIDE COPPER GOLD (IOCG) TARGETS
Archer Prospect
Jasper Prospect
Oonoomurra Prospect
(100% DUKE)CLONCURRY EPM 19253
CLONCURRY
Duke Exploration / Investor Presentation 26
Highly ranked IOCG target. Rock and soil Cu anomaly, magnetic and IP chargeability highs. Historical drilling:
• 10 m @ 1.65% Cu, 0.16 g/t Au• 10 m @ 1.26% Cu, 0.19 g/t Au• 5.1 m @ 2.15% Cu, 0.2 g/t Au• 10 m @ 0.15% Co
Highly ranked IOCG target. Magnetic and IP chargeability highs. Historical drilling:
• 10 m @ 1.44% Cu, 0.59 g/t Au
CLONCURRY
Duke Exploration / Investor Presentation 27
▪ 3D interpretation maps multiple ore grade zones that could represent a significant steeply dipping orebody.
▪ Host immediate drill targets with the plan to drill diamond holes in early 2020.
HOLE ID FROM (M) TO (M) INTERVAL (M) CO PPM
CA002RC 0 2 2 1060
CA008D 146 147 1 1440
CA008D 149 150 1 1040
CA008D 156 157 1 1050
CA009D 304 305 1 1070
CA009D 306 307 1 1160
CA009D 316 326 10 1546
CA009D 354 355 1 2160
CLONCURRY EPM 19253: ARCHER PROSPECT
CLONCURRY
Duke Exploration / Investor Presentation 28
▪ EL 8568 is 100% held by Duke and associated with porphyry style copper-gold mineralisation, within the Lachlan Fold Belt.
▪ Targeting Cadia look-alikes (37 M oz Au, 7.5 Mt Cu).
▪ Surface results including 0.17% Cu, 11.5 g/t Au support base metal and gold mineralisation.
▪ Historical workings highlight potentially multiple mineralisation styles including skarn, epithermal and VMS which may be related to buried porphyry intrusive sources.
▪ Magnetic images reveals a number of circular and sub-circular magnetic anomalies indicative of buried intrusions, (porphyries) and associated potential epithermal and skarn targets.
▪ Magnetic inversion studies have defined 11 near surface magnetic anomalies that require drill testing.
RED HILL EL 8568(100% DUKE)
RED HILL
Duke Exploration / Investor Presentation 29
Mineral PotentialMap
Clustering of potential intrusions consistent with base metal endowment along major NNW trending geological boundary in EL 8568.
Magnetic image analysis reveals a number of circular and sub-circular magnetic anomalies indicative of buried intrusions.
RED HILL
Duke Exploration / Investor Presentation 30
Mineral PotentialMap
Clustering of potential intrusions consistent with base metal endowment along major NNW trending geological boundary in EL 8568.
Magnetic image analysis reveals a number of circular and sub-circular magnetic anomalies indicative of buried intrusions.
RED HILL
Duke Exploration / Investor Presentation 31
COOMERANG EL 8539▪ EL 8539 lies near the Gilmore Suture Zone, 5-15 km south
of the Adelong Gold Field.
▪ The Gilmore Suture Zone is a major geologicalstructure traversing the Lachlan Fold Belt and is associatedwith significant gold endowment.
▪ Specifically associated with:o Mineral Hill (1 Moz)o Cowal (6 Moz)o Gidginbung/Temora (4 Moz)o Adelong/Mt Adrah (1 Moz)
▪ EL 8539 contains untested drill targets associated withhistorical gold workings, identified along 12 km+ strikelength within the tenement.
Coomerang X
(100% DUKE)
COOMERANG
Duke Exploration / Investor Presentation 32
▪ Duke has a 10% free carried interest (to BFS) in four grantedtenements in NSW targeting Cu-Au porphyry systems ownedand explored by Emmerson Resources*, which recentlycompleted a $2 million raising.
▪ Announcements by ERM in June 2018 regarding Fifield (EL8464) describe that, based on mapped intrusives, includingrock chip and auger sampling indicate copper-gold anomalism.
▪ This EL has “the hallmarks of an early stage porphyry copper-gold discovery”.
▪ Drilling targets aimed at testing new concepts are potentiallyeligible for state and federal exploration incentive fundingcontributions.
EMMERSON NSW: PORPHYRY COPPER TARGETS
*Wholly owned by Lachlan Resources
ERM TENEMENTS
• Exploration Licence No 8590 (Kiola)
• Exploration Licence No 8463 (Wellington)
• Exploration Licence No 8464 (Fifield)
• Exploration Licence No 8652 (Temora)
Emmerson Resources
Duke Exploration
Duke Exploration / Investor Presentation 33
Duke Exploration / Investor Presentation 34
Duke Exploration / Investor Presentation 35
PROPOSED TWO YEAR EXPLORATION BUDGET
Prospect Geology Targeting Drilling and Geochemistry
Geophysics Exploration Management
Prairie Creek $120,000 $141,000 $423,000 $45,000 $140,000Bundarra $120,000 $104,000 $222,000 $59,000 $130,000Cloncurry $100,000 $69,000 $308,000 $41,000Red Hill $60,000 $62,000 $23,000 $30,000 $15,000Coomerang $50,000 $55,000 $103,000 $12,000Regional and New Areas $90,000 $40,000Total $540,000 $431,000 $1,079,000 $134,000 $378,000Grand Total $2,562,000
Duke Exploration / Investor Presentation 36
KEY SEED INVESTORS:
▪ Directors and their related parties.
▪ Wellington, NZ Investors.
▪ Perth based investors.
▪ Sydney based investors.
SHARE STRUCTURE
PLACEMENT OFFER:
▪ Shares rank equally.
SHAREHOLDINGS %
VENDORS 7,357,050 22.6%
SEED INVESTORS 17,301,811 53.1%
MANAGEMENT &EQUITY FOR SERVICES
7,896,000 24.3%
TOTAL 32,554,861 100%
Duke Exploration / Investor Presentation 37
FURTHER INFORMATION
FOR FURTHER INFORMATION PLEASE REFER TO OUR INFORMATION MEMORANDUM OR CONTACT:
Eugene Iliescu, Managing Directormd@duke-exploration.com.au
Aus (+61) 0418 757 364
Toko Kapea, Chairmant.kapea@duke-exploration.com.au
NZ (+64) 04 566 5278
or visit Duke’s websitewww.duke-exploration.com.au
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