AuKing Mining Limited Prospectus

A U K ING M INING L IMITED I NDEPENDENT T ECHNICAL A SSESSMENT R EPORT – W ESTERN A USTRALIAN M INERAL A SSETS CSA Global Report Nº R278.2020 35 3 Exploration Strategy The Koongie Park property has demonstrated potential for VMS copper-zinc-lead-gold-silver mineralisation. The property has two advanced copper-zinc-lead-gold-silver projects (Onedin and Sandiego) and a number of prospective targets which were defined by previous operators. There also exists potential for other styles of mineralisation including nickel-cobalt-PGE and gold. Gold and PGE exploration rights are retained by AAR under the JV agreement and exploration for pure gold and PGE plays will not be pursued on the Koongie Park project. An exploration and development strategy has been developed for the project. Development studies will be undertaken on the advanced projects, while in parallel a regional target assessment will involve modern geophysical, geochemical and geological analysis using existing data. AuKing has advised CSA Global that as it has been several years since detailed exploration activities have been conducted at Koongie Park, that upon completion of the ASX listing and commencement of new earn- in activities, they intend to meet with DMIRS officials (together with AAR) to present AuKing’s proposed activities for the project. 3.1 Development Strategy AuKing has informed CSA Global that it will undertake scoping study work on the Onedin and Sandiego deposits to examine potential for economic development and pathways to development. This may include updated Mineral Resource estimation, metallurgical testwork, mining studies, processing studies, environmental studies, and economic assessments. Where study work indicates the need for additional raw data, further drilling may be necessary. An outcome of the scoping study is envisioned to be detailed planning and costing for a prefeasibility study, leading to the potential delineation of Ore Reserves. An early component of the scoping study will be a detailed assessment of the existing metallurgical testwork results, geometallurgical analysis of the drill core data and desktop review of potential mineral processing pathways. This work will cover both the primary sulphide mineralisation and the secondary mineralisation of the transitional and oxide zones. The appropriate metallurgical testwork will be designed and commissioned, with a campaign of diamond drilling implemented to provide the fresh core sample vital for reliable and meaningful testwork results. The drillholes will be purpose designed to develop a set of composite samples representative of the geometallurgical mineralisation types and grades within the deposits. It is important to note that AuKing has identified a number of alternative mineral processing technologies which show promise for effective concentration of the metallurgically challenging mineralisation types of Koongie Park. These technologies have not been applied during historical metallurgical testwork. A small portion of the funds raised will be used to further investigate the viability of applying these methods commercially. Subsequent study phases will be planned around the results of the early metallurgical phase. 3.2 Brownfields Exploration During the resource modelling work, CSA Global has identified a drill target close to the existing Mineral Resources defined at Sandiego where copper and zinc mineralisation down plunge and below 50 m RL and to the south of northing 7,968,100. This should be tested with a diamond drilling program. At the Onedin deposit potential exists for mineralisation to occur below the toe of drillhole DDH22. CSA Global recommend the geological logs and sample assays for these historical holes be reviewed to confirm the limits for extending the Mineral Resource down plunge to the south. A positive outcome from the review would lead to a target suitable for testing with diamond drilling. 6. Independent Technical Report continued 110