Exploration Uncertainty Looms as Duketon Faces Grade Variability and Untested Gold Zones

Barlee Project, Promising Gold Anomalies

Duketon Mining Limited’s latest quarterly report highlights a series of compelling gold anomalies at its Barlee Project in Western Australia. The company completed an extensive soil geochemistry program, collecting 1,500 samples using the ultrafine fraction method. This work identified six significant gold prospects, including the Astro, Tiger, Gromit, and Lost Bolt prospects, each exhibiting large footprint anomalies with gold concentrations reaching up to 235 parts per billion (ppb).

These anomalies cover substantial areas, with the Astro Prospect spanning 1,800 by 800 metres and the Lost Bolt Prospect extending approximately 1,700 by 1,000 metres. Notably, none of these prospects have yet been drilled, suggesting considerable exploration upside remains. The results bolster confidence in the project’s prospectivity, particularly given the historic anomalism and encouraging assay values.

Boodanoo and Killarney Projects, Defining Gold Potential

At the Boodanoo Project, infill soil sampling has refined previously identified gold anomalies, delineating two parallel geochemical trends over 650 metres in strike and up to 190 metres wide, with peak gold values near 60ppb. These anomalies flank a gabbro hill and remain untested by drilling, with transported cover in the southern area posing some sampling challenges.

The Killarney Project saw a second reverse circulation drilling campaign, returning multiple gold intercepts confirming mineralisation within the targeted structural corridor. While grades were somewhat lower than prior drilling, the company notes grade variability is typical in such nuggety gold systems. The consistent presence of gold across all holes supports the robustness of the mineralised system and informs ongoing exploration modelling.

Nickel Resources, Rosie and C2 Projects Update

Duketon’s nickel assets also feature prominently in the report. The Rosie Project’s updated Mineral Resource Estimate (MRE) stands at 2.77 million tonnes grading 3.27% nickel equivalent, with over 72% classified as Indicated. Contained metals include approximately 56,300 tonnes of nickel, 11,800 tonnes of copper, and significant quantities of cobalt and platinum group elements (PGEs).

The C2 Project adds a further 8.06 million tonnes at 0.57% nickel, predominantly Indicated, contributing an additional 46,263 tonnes of nickel and 25,684 ounces of PGEs. Combined, the Bulge Complex (Rosie and C2) now hosts over 102,000 tonnes of nickel and 254,700 ounces of PGEs, underscoring the scale and quality of Duketon’s nickel portfolio.

Financial Position and Strategic Outlook

Financially, Duketon Mining remains well funded with a cash and liquid asset position of A$11.3 million at the end of December 2025. Exploration expenditure for the quarter was moderate at $536,000, reflecting focused activity across its gold and nickel projects. The company continues to pursue a three-pronged strategy, advancing exploration on current tenure, acquiring new tenure opportunistically, and expanding nickel resources through further studies and potential extensions.

With multiple projects demonstrating encouraging results and a solid financial footing, Duketon is positioned to capitalise on its exploration momentum. The company’s methodical approach to defining mineralisation and refining its exploration models bodes well for future drilling campaigns and resource growth.