Download the Prospectus
Pre Money Equity Valuation
$10,713,715
Min Raise
$8,000,000
Max Raise
$8,000,000
Estimated Close
2020-11-04
Issue Type
IPO
Lead Manager
Morgans Corporate Ltd
Type of Securities
Shares
Market Cap Max
$18,713,715
Key Executives
Toko Kapea (NEC), Eugene Iliescu (MD), Paul Frederiks (ED), Ian McAleese (NED)
Company Address
Level 2, 400 Queen Street Brisbane, QLD 4000
Exchange
ASX
Chairman's Letter

Dear Investor
On behalf of the Directors of Duke Exploration Limited, it is with great pleasure that I invite you to
participate in the company’s initial public offering (IPO) with a view to being admitted to the Australian
Securities Exchange (ASX).
Duke is an Australian exploration company focussed on the development of copper, silver and gold
opportunities in Queensland and New South Wales. The Company currently has majority interests in three
exploration tenements (plus two more under application) ranging from conceptual to drill-ready as well as
up to a 10% free carried interest in four tenements held by listed Emmerson Resources (ASX:ERM).
Our strengths are:
Use of technology
The Company’s assets are being advanced by deploying tightly targeted geophysical and exploration
methods. Our technical services agreement with geological consultants Kenex is a partnership that sets us
apart. The targeting methods and big data analysis by Kenex were used to pinpoint Duke’s targets.
Our projects
The Company’s five projects (two under application) are led by our flagship Bundarra Project in central
Queensland, which presents a near-term mine development opportunity. Our Mt Flora Prospect is at a stage
where drilling can start immediately on completion of listing, with the prospect of results in the first year
after the Company lists.
• Bundarra Project: the historic Mt Flora mine that is part of the Bundarra Project was Australia’s highest
grade copper project in the 1800s. Recent drilling and advanced ground surveys have identified five
“drill-ready” targets and delivered an independent Exploration Target detailed in the Independent
Geologist Report (See Section 7, Table 2.5).
• Mt Flora Prospect: the growth potential at Mt Flora has already been identified from electrical
geophysical surveys with the strike potential of the mineralisation now 1.3 km compared to the
maximum strike of 0.6 km assumed in the Exploration Target.
• Duania Application – this tenement, under application, is adjacent to the Bundarra Project
tenement and covers the potential down dip extensions to the Bundarra Pluton, which hosts the
mineralisation.
• Waitara Application – this tenement, under application, is located 20km north-east of the Bundarra
Project. Historic drilling from the 1970s and 2000s returned several broad zones of low-grade
copper-molybdenum mineralisation. Geological, geophysical, and geochemical evidence indicate
that the Waitara Porphyry Prospect represents a classic porphyry Cu-Mo deposit of the same age as
the Bundarra porphyry related mineralisation.
• Prairie Creek Project: our next most advanced project after the Bundarra Project, with significant
historic gold in soil anomalies and wide high-grade historic gold intersections 80km north of the
Cracow Gold Mine. This project is held in a joint venture with Capgold.
• Red Hill Project: Duke’s most conceptual project is associated with porphyry style copper gold
mineralisation within the Lachlan Fold Belt where recent exploration success has once again highlighted
the geological potential of the region.
An experienced leadership team
Duke’s leadership will be key to the company’s success. Our Board and Management team brings together a
wealth of mining, legal and financial experience, and has the relationships and technical capability required
to successfully develop and commercialise our current portfolio of high-quality assets as well as other
opportunities that arise.
Managing Director Eugene Iliescu’s 35-year plus career has spanned roles with Ross Mining and Gold Ridge
Mining and the development of six gold mines in the Australia-Pacific region with historical production of
1.5 million ounces of gold. Duke’s Operations Manager and Kenex Managing Director Dr Gregor Partington
has made major metal discoveries in the past. He has worked together with Executive Director Paul
Frederiks at Explaurum Limited, which developed the Tampia Gold Project in Western Australia, a project
taken over by Ramelius Resources Limited earlier this year.
As a commercial lawyer and corporate advisor, I currently chair ASX-listed Bathurst Resources, one of New
Zealand’s largest mining companies and hold board positions at Television New Zealand (the state-owned
broadcaster), and Tuia Group.
Together, we combine to create a strong governance and management team that covers the full mining
spectrum from exploration, development, operations, and mine closures.
A compelling future
With gold, silver and copper prices at historic highs, there is momentum in the equity market for near-term
mining development opportunities exposed to the gold market. Meanwhile, the world’s electrification is
increasing the demand for copper, a major component of batteries and electrical wiring. Recent research by
the International Copper Association found that China’s Belt and Road Initiative is likely to increase demand
for copper in over 60 Eurasian countries to 6.5 million tonnes by 2027, a 22% increase from 2017 levels.
Duke is seeking to raise $8,000,000 (before Offer costs) through the issue of 32,000,000 New Shares.
Duke proposes to use the funds raised to:
• fund acquisition of ground geophysical data from selected targets on the company’s exploration
tenements;
• fund exploration drilling of our exploration tenements; and
• meet ongoing administrative costs and provide working capital.
I encourage you to read the Prospectus carefully and in its entirety before making your investment decision
and where necessary consult your professional adviser. You should consider the investment risks outlined in
Section 4 before deciding whether or not to participate in the Offer.
We look forward to your support of the IPO and joining us as we leverage our people and access to
technology to make the most of our portfolio of tenements and interests.
Yours faithfully
Toko Kapea
Chairman