Auking Mining Limited commenced a Scoping Study to assess the development of an open-pit and underground operation at the Sandiego deposit at its flagship Koongie Park copper/zinc project in north-eastern Western Australia. Wave International has been engaged to assist with the preparation of the Study which will consider all proposed aspects of a proposed mine development and is expected to be completed by the end of March 2023. The Study will form a "base case" scenario that involves a combined open pit and underground mining operation at Sandiego and will include the following aspects: Preliminary mine planning, Project design, Preliminary processing flowsheets, Concept layouts, Mechanical equipment requirements, Capex/Opex estimates, High level economic assessment.

In addition, consideration will be given to nearby deposits with similar mineralogy that are likely to process via flotation techniques ­ these include the following options:, Additional resources (at depth) at Sandiego, Emull deposit, Mt Angelo North (CAZ asset ­ see MoU details below), Bommie (CAZ asset ­ see MoU below) The intention with these additional deposits is to create an optimal economic mine development case utilising deposits that are all situated within a radius of approximately 10kms from the Sandiego deposit. There is already a substantial body of available study and technical data for Sandiego, based on the prefeasibility work undertaken several years ago by Astral Resources . This material will be referred to for the purposes of the Scoping Study wherever possible.