#1AUKING AKN AFRICA DOWNUNDER INVESTOR PRESENTATION An emerging uranium developer in Tanzania Thursday, 7 September 2023 ADU Conference, Perth#2DISCLAIMER AUKING AKN The information contained in this presentation has been prepared by Auking Mining Limited (AKN). This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in AKN. This presentation has been made available for information purposes only and does not constitute a prospectus, short form prospectus, profile statement or offer information statement. This presentation is not subject to the disclosure requirements affecting disclosure documents under Chapter 6D of the Corporations Act. While the information contained in this presentation has been prepared in good faith, neither AKN nor any of its Directors, officers, employees, agents or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Accordingly, to the maximum extent permitted by law, none of AKN, its Directors, officers, employees, agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this presentation or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this presentation. This presentation may contain statements that may be deemed 'forward-looking statements. Forward risks, uncertainties and other factors, many of which are outside the control of AKN, can cause actual results to differ materially from such statements. Such risks and uncertainties include, but are not limited to, commodity price volatility, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. AKN makes no undertaking to update or revise such statements but has made every endeavour to ensure that they are fair and reasonable at the time of making the presentation. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in any forward- looking statements made. Exploration priorities change with increased data and knowledge, as such targets and concepts outlined in this presentation may or may not be tested or be tested by different means. Competent Persons' Statements The information in this report that relates to exploration results at the Koongie Park Project (both current and historic) is based on information compiled by Mr lan Hodkinson who is a member of the Australian Institute of Geoscientists and the Society for Geology Applied to Mineral Deposits. Mr Hodkinson is a non-executive director of AuKing Mining Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.' Mr Hodkinson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Mineral Resources at the Koongie Park Project is based on information compiled by Mr David Williams who is a member of the Australian Institute of Geoscientists. Mr Williams is a Principal Consultant Geologist (Brisbane) of CSA Global and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.' Mr Williams consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information relating to the Mineral Resources at the Koongie Park Project is extracted from the Independent Resource Estimate Report of CSA Global dated 4 April 2022, a full version of which is available to view on the AKN website www.aukingmining.com. This presentation has been authorised by Paul Williams, Chief Executive Officer. 2#3AUKING AKN Tanzania-a "strategically important" country • Location - proximity to key world markets Population growth Extensive mineral resources Significantly improved investment conditions Mount Meru, northern Tanzania#4GLOBAL URANIUM MARKET The best fundamentals in 10 years AUKING AKN • ⚫ 10 years of under-investment in uranium exploration and development Ux U308 PriceⓇ (Spot vs. Long-Term) $140 US$/lb U308 Ux LT U308 Price ⒸUxC.com Ux U308 Price Long-term contract market between producers and utilities has resumed ⚫ World Nuclear Association reports: • 436 operating reactors (392GW) 60 under construction (67GW) 110 ordered or planned (107GW) 321 proposed reactors (356GW) Development of Small Nuclear Reactors is advancing globally Financial market speculation (eg Sprott Physical Uranium Investment Trust) $120 $100 $80 60 $80 440 $20 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23#5URANIUM STRUCTURAL SUPPLY SHORTAGE 200 150 100 Western Market (Mlb U₂Og p.a.) Average supply deficit of ~40Mlb p.a. over the next decade¹ 50 50 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Existing Production Secondary Supply Paladin Energy presentation Diggers and Dealers, August 2023 Returning Mine Production Demand AUKING AKN#6UGANDA KENYA RWANDA BURUNDI Mpanda Copper Project Itigi Uranium Project Manyoni Uranium Project o Dodoma Magaga Uranium Project Dar es Salaam Karema Copper Project TANZANIA Mbeya Mkuju Uranium Project ZAMBIA Auking asset Town N MOZAMBIQUE 200km TANZANIAN PROJECTS An exciting, new acquisition* AKN has acquired several uranium and copper licences in Tanzania including: MKUJU - nearby the world class Nyota uranium project in southern Tanzania; the subject of significant previous exploration MANYONI/ITIGI - situated in central Tanzania, 100kms west of Dodoma; existing JORC (2004) resource of 92Mt (29Mlbs of U308) with potential to be in near-term production MPANDA/KAREMA - prospective copper areas in western Tanzania that were the subject of historic mining operations but largely untouched by modern exploration methods. Well-known Tanzanian-born mining entrepreneur Asimwe Kabunga is the Chairman the AKN Board and a substantial shareholder. *Refer ASX release dated 31 January 2023 AUKING AKN O#7Nyota AUKING AKN MKUJU URANIUM PROJECT Near the world class Nyota U3O8 project Situated in southern Tanzania, Mkuju region was the focus of then-ASX Listed Mantra Resources. • Mantra established the world class Nyota uranium project, which was the subject in 2011 of a $1.16B takeover by Russian ARMZ Group. 2011 Nyota resource 108Mt containing 101Mlbs U308* • Mantra (and other groups) carried out significant exploration work on the areas to the south of Nyota, many of which have now been acquired by AKN. *Refer Mantra ASX release dated 16 November 2011 use Im @ 130ppm U308 2m@ 205ppm U308 Im@160ppm U308 or perso Priority Drill Area 12,320ppm UO 15,380ppm UsO 440ppm U30 650ppm U3Og 1m @ 100ppm U308 Im @ 120ppm U308 Selous Game Reserve Boundary 740ppm U308 3,510ppm U30 SWC Satellite Targets 7m @ 2,591ppm U308 3m @ 1,350ppm U308 3.2m @ 4,119ppm U308 2m @ 2,866ppm U308 7#8MKUJU URANIUM PROJECT (cont) Potential to establish a large Nyota- style deposit at Mkuju • Auking holds seven (7) PLs to the immediate south-east of Nyota Mkuju Project Area AKN Tenement Boundary Proposed soil sampling locations Planned drilling locations 8880000 Nyota Uranium Project 110Mlb U₂Og 8870000 • • PLs cover an area of 730 sq kms - much of which was identified by Mantra in 2007 as a significant radiometric anomaly AuKing has commenced initial soil sampling combined with a 3000m auger drilling program over an estimated 150 shallow drill holes • More detailed drilling is planned, pending results from initial activities. 8860000 8850000 8840000 AUKING AKN 880000 888000 887000 886000 CCCCCCO 885000 AUKING AKN 884000 0 5 10 km 890000 900000 910000 8#9DA KENYA AUKING AKN Manyoni Uranium Project Auking asset Town N • Dodoma 200km Dar es Salaam • • • • MANYONI/ITIGI URANIUM PROJECT Manyoni was subject to extensive historical drilling and exploration before the Fukushima disaster in 2011. Project is situated near the central Tanzanian city of Dodoma on the main railway line to the port city of Dar-Es-Salaam. Itigi is situated 80kms west of Manyoni and contains a significant 40km x 10km radiometric anomaly - potential to significantly increase already known Manyoni uranium resources Mineralisation largely occurs as near-surface (>50m depth) ancient playa deposits. ⚫ AKN has completed an initial exploration drilling program at Itigi. Assay results are expected in 6-8 weeks. Itigi Uranium Project ZAMBIA TANZANIA Mbeya MOZAMBIQUE 6#10UGANDA KENYA Itigi Uranium Project Manyoni Uranium Project Dodoma AUKING AKN Dar es Salaam MMagaga Uranium Project Karema Copper Project TANZANIA Mbeya Mkuju Uranium Project TANZANIAN COPPER Greenfield copper opportunity in western Tanzania Situated in western Tanzania, AKN has secured interests in copper-prospective areas Mpanda and Karema. • • • Mpanda mineral field hosts the historical Mukwamba mine which produced copper for 30 years until 1960 At Karema there is a significant number of historic artisanal copper and base metals. mines. Both Mpanda and Karema have yet to be subjected to modern exploration techniques. • Auking completed an initial soil sampling program in June - awaiting assay results prior to further activities. RWANDA BURUNDI Mpanda Copper Project ZAMBIA MOZAMBIQUE 10#11KOONGIE PARK PROJECT Mining Study completed for development of a copper/zinc mine near Halls Creek in north- eastern Western Australia Key findings from the Scoping Study include: 11-year mine life, mining each of the Sandiego, Mt Angelo North, Onedin and Bommie deposits. Estimated $134M development capex 2.45 years payback. 5 Pre-tax NPV 8 of $177M. 39.7% IRR. Nicholson's Mine Pantoro Ltd Emull Prospect 12.2Mt @0.27% Cu, 0.38% Zn, 4.9g/t Ag 1 LOM EBITDA $443.8M with average operating cashflow of $40.3M pa. EL4960 Onedin Deposit 4.8Mt @0.7% Cu, 3.2% Zn, 0.3g/t Au, 38g/t Ag Bommie Cazaly Resources 95.6Mt @ 0.27% Cu Halls Creek Cosmo Prospect Sandiego Deposit 4.1 Mt @1.38% Cu, 4.28% Zn, 25g/t Ag AUKING AKN Mt Angelo North Cazaly Resources 1.72Mt @1.4% Cu, 1.4% Zn, 12.3g/t Ag Mining Lease Prospecting Licence Exploration Licence Homestead JORC Deposits Major Prospects 10Km 11#12INVESTMENT HIGHLIGHTS Uranium projects already the subject of major previous exploration and Strong in- country Tanzanian connections and experience drilling Mkuju next to world-class Nyota uranium project + Uranium is gaining momentum in the current energy market 12#13CORPORATE SNAPSHOT Asimwe Kabunga Executive Chairman Peter Tighe Non-Executive Director Shares on issue 204.1 million Paul Williams Chief Executive Officer Shizhou Yin Non-Executive Director Zuliang (Park) Wei Non-Executive Director Chris Bittar Exploration Manager CAPITAL STRUCTURE Market Capitalisation $12 million 5 May 2023 Cash $1.3 million 30 June 2023 Top 20 Shareholders 61% AUKING AKN 13#14AUKING AKN CONTACT DETAILS Auking Mining Ltd Level 22, 127 Creek Street, Brisbane QLD 4000 Office: +617 3535 1208 Paul Williams: +61 419 762 487 Email: [email protected] www.aukingmining.com AUKING AKN 14