KINGFISHER MINING LTD — Annual Report 2023

Sep 26, 2023

Level8,LondonHouse216StGeorge'sTerrace, Perth,WA6000AUSTRALIA

CORPORATE DIRECTORY	1
DIRECTORS' REPORT	2
AUDITOR'S INDEPENDENCE DECLARATION	44
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	45
STATEMENT OF FINANCIAL POSITION	46
STATEMENT OF CHANGES IN EQUITY	47
STATEMENT OF CASH FLOWS	48
NOTES TO THE FINANCIAL STATEMENTS	49
DIRECTORS' DECLARATION	66
INDEPENDENT AUDITOR'S REPORT	67
ADDITIONAL INFORMATION FOR PUBLIC LISTED COMPANIES	72

CORPORATE DIRECTORY

DIRECTORS

Warren Hallam	Non-Executive Chairman
James Farrell	Executive Director
Scott Huffadine	Non-Executive Director

SECRETARY

Stephen Brockhurst

REGISTERED OFFICE

Level 8, London House, 216 St Georges Terrace Perth WA 6000 Telephone: +61 8 9481 0389 Facsimile: +61 8 9463 6103

BUSINESS OFFICE

Unit 2, 106 Robinson Avenue Belmont WA 6104

WEBSITE & EMAIL

www.kingfishermining.com.au info@kingfishermining.com.au

STOCK EXCHANGE LISTINGS

Australian Securities Exchange ASX Code: KFM

AUDITORS

Criterion Audit Pty Ltd Suite 2, 642 Newcastle Street Leederville WA 6007

BANKER

National Australia Bank 1232 Hay Street West Perth WA 6005

LEGAL ADVISORS

HWL Ebsworth Level 20 ,240 St Georges Terrace PERTH WA 6000

SHARE REGISTRY

Automic Registry Services Pty Ltd Level 5, 191 St Georges Terrace Perth WA 6000 Telephone: +61 8 9324 2099

Your Directors submit the financial report of the Company for the year ended 30 June 2023.

OPERATIONS

Kingfisher's wholly-owned tenements cover 1,676km² in the underexplored Ashburton (707km² ) and Gascoyne (969km² ) Mineral Fields of Western Australia. The Company has made a high grade Rare Earth Elements (REE) discovery at Mick Well in the Gascoyne region where it holds a target strike length of more than 84km along the target REE mineralised corridors. At the Boolaloo project the Company has also secured significant landholdings across the interpreted extensions to its advanced copper-gold exploration targets giving it more than 30km of strike across the targeted geology.

During the year, additional drilling was completed at Kingfisher's high grade MW2 discovery as well as at Mick Well, where the Company made another REE discovery, with thick intervals of mineralisation discovered in clays developed along the Chalba target corridor. During the year, Kingfisher also completed large-scale airborne geophysical surveys at its Mick Well, Kingfisher and Arthur River Projects in the Gascoyne region as well as at Boolaloo in the Ashburton Basin. The surveys are an important input to the early-stage discovery process for the target mineralisation.

Gascoyne Mineral Field: Mick Well, Arthur River, Kingfisher and Mooloo Projects

The Mick Well and Kingfisher Projects are located approximately 230km east of Carnarvon, in the Gascoyne region of Western Australia (Figure 1, Figure 2). The Company recently made three hard rock REE discoveries at Mick Well as well as a high-grade REE discovery at the Kingfisher Project. The mineralisation occurs in a series of dykes and veins and is associated with carbonatites that intruded along a structural corridor which extends over a strike length of 54km within the Company's tenure. The tenure also includes rocks of the Proterozoic Durlacher Suite that hosts the world-class Yangibana Deposit which includes 29.93Mt at 0.93% TREO (see ASX:HAS 11 October 2022) and the Yin Deposit which includes 20.06Mt 1.03% TREO (see ASX:DRE 5 July 2023) as well as rocks of the Archean Halfway Gneiss.

The Company's tenure is also prospective for lithium-bearing Thirty Three Suite Pegmatites which hots Delta Lithium's Yinnetharra Project and has returned drill results of 33m at 1.9% Li2O (see ASX:DLI 23 June 2023) from Delta's Malinda Prospect and rock chips results of 4.2% Li2O (ASX:RDT 14 April 2023) from Delta's Jamesons Prospect.

Figure 1: Location of the Kingfisher and Mick Well Projects in the Gascoyne Mineral Field showing the extents of the Durlacher Suite and Halfway Gneiss. The location of the Yangibana Deposit and Yin Deposit 100km north of Kingfisher's projects are also shown.

Figure 2: Total Magnetic Intensity for the Kingfisher, Mick Well and Arthur River Projects. Kingfisher is targeting REE mineralisation associated carbonatite intrusions which intrude along faults and shear zones associated with the Chalba and Lockier zones which extend for 84km within the Company's tenure.

EXPLORATION ACTIVITY

MW2 Drilling Program

Drilling at MW2 completed during the year was designed to target REE mineralisation identified by the Company from its on-going surface mapping and sampling (see ASX:KFM 20 June 2022, 30 August 2022 and 4 October 2022). The mineralisation targeted in the program is located 500m northwest of Kingfisher's initial discovery drilling in the MW2 area, where previously reported high grade results have included 5m at 3.45% TREO, with 3m at 5.21% TREO (see ASX:KFM 5 July 2022) as well as 12m at 1.12% TREO, with 4m at 1.84% TREO (see ASX:KFM 24 March 2022).

The drilling program included 37 drill holes for approximately 4,225m. The assay results returned numerous significant results confirming the discovery of new high grade REE mineralisation at MW2 (see ASX:KFM 7 February 2023). Significant new results include:

• MWRC067: 5m at 2.63% TREO with 0.54% Nd2O³ + Pr6O¹¹ from 124m, including 3m at 4.11% TREO with 0.85% Nd2O³ + Pr6O¹¹ from 124m (Figure 3).
• MWRC035: 4m at 3.24% TREO with 0.54% Nd2O³ + Pr6O¹¹ from 46m.
• MWRC068: 5m at 1.54% TREO with 0.30% Nd2O³ + Pr6O¹¹ from 75m.
• MWRC059: 4m at 1.90% TREO with 0.34% Nd2O³ + Pr6O¹¹ from 65m, including 3m at 2.42% TREO with 0.43% Nd2O³ + Pr6O¹¹ from 65m.
• MWRC033: 3m at 2.52% TREO with 0.41% Nd2O³ + Pr6O¹¹ from 46m.
• MWRC067: 6m at 0.98% TREO with 0.17% Nd2O³ + Pr6O¹¹ from 89m.
• MWRC049: 9m at 0.66% TREO with 0.11% Nd2O³ + Pr6O¹¹ from 38m.
• MWRC063: 8m at 0.56% TREO with 0.10% Nd2O³ + Pr6O¹¹ from 32m.
• MWRC041: 4m at 1.07% TREO with 0.17% Nd2O³ + Pr6O¹¹ from 93m.
• MWRC048: 5m at 0.83% TREO with 0.14% Nd2O³ + Pr6O¹¹ from 104m.
• MWRC054: 6m at 0.62% TREO with 0.11% Nd2O³ + Pr6O¹¹ from 88m.
• MWRC037: 4m at 0.93% TREO with 0.17% Nd2O³ + Pr6O¹¹ from 36m.
• MWRC037: 5m at 0.74% TREO with 0.13% Nd2O³ + Pr6O¹¹ from 69m.
• MWRC056: 3m at 1.22% TREO with 0.20% Nd2O³ + Pr6O¹¹ from 50m.
• MWRC034: 4m at 0.85% TREO with 0.15% Nd2O³ + Pr6O¹¹ from 12m.
• MWRC062: 1m at 3.34% TREO with 0.71% Nd2O³ + Pr6O¹¹ from 108m.
• MWRC039: 4m at 0.76% TREO with 0.13% Nd2O³ + Pr6O¹¹ from 16m.
• MWRC060: 2m at 1.51% TREO with 0.30% Nd2O³ + Pr6O¹¹ from 103m.

5m at 2.63% TREO

Figure 3: Sample trays from MWRC067 showing REE mineralisation, assay results (TREO%) and well developed fenite alteration which is associated with the intrusion of carbonatites.

The intersections from MW2 are comparable to results reported by Hastings Technology Metals from the Bald Hill deposit which makes up over half of the mineral resources of Hasting's worldclass Yangibana Project (see ASX:HAS 25 July 2022, Appendix 2).

The MW2 mineralisation occurs in five separate lodes, with high REE grades distributed across the entire strike length of the mineralisation (Figure 4). The high grade REE mineralisation outcrops at surface, with the deepest mineralisation so far being intersected at a vertical depth of approximately 115m. In addition, the highest grade mineralisation remains open along strike and at depth. The mineralisation also consists dominantly of monazite, an important host globally for the magnet REEs, neodymium and praseodymium and is also low in thorium, with thorium typically being less than 200ppm for the reported mineralisation intervals.

The mineralisation occurs within very broad zones of well-developed fenite alteration, the alteration is specifically associated with the intrusion of carbonatites. The scale and intensity of the fenite alteration is highly encouraging from an exploration perspective, providing evidence of the presence of a large-scale mineral system within the Company's 54km long Chalba target corridor. The fenites also have highly anomalous REEs, with drill hole MWRC037 intersecting 62m at 0.29% TREO.

A plan view of the MW2 mineralisation is shown in Figure 4, with four cross-sections showing the mineralisation and broad zones of fenite alteration shown in Figure 5 to figure 8.

Figure 4: MW2 drilling results showing outcropping and surface projected REE mineralisation intersected in drilling. Cross-sections are shown in Figure 5 to Figure 8.

Figure 5: MW2 cross section showing drilling results, REE mineralisation and broad areas of carbonatiterelated fenite alteration around the mineralisation. The location of the cross section is shown on Figure 4.

Figure 6: MW2 cross section showing drilling results, REE mineralisation and broad areas of carbonatite-

Figure 7: MW2 cross section showing drilling results, REE mineralisation and broad areas of carbonatiterelated fenite alteration around the mineralisation . The location of the cross section is shown on Figure 4.

Figure 8: MW2 cross section showing drilling results, REE mineralisation and broad areas of carbonatite-

MW2 Target Definition and Rock Chip Sampling Results

Outcropping monazite-rich and high grade REE mineralisation was discovered at MW2 by the Company in June 2022 (see ASX:KFM 20 June 2022). On-going mapping and sampling during the year has delineated five parallel lodes which are associated with the intrusion of ferrocarbonatite dykes that occur within a 300m wide zone extending for over 3km. All five mineralised lodes remain open in all directions (Figure 9).

New high grade REE rock chips results received during the year from mapping and sampling of the outcropping mineralisation at MW2 include:

• 40.31% TREO with 6.50% Nd2O³ + Pr6O¹¹ (MWGS0850)
• 30.83% TREO with 5.10% Nd2O³ + Pr6O¹¹ (MWGS1491)
• 30.54% TREO with 5.08% Nd2O³ + Pr6O¹¹ (MWGS1610)
• 28.07% TREO with 4.63% Nd2O³ + Pr6O¹¹ (MWGS1108, Figure 10)
• 25.68% TREO with 4.26% Nd2O³ + Pr6O¹¹ (MWGS0866)
• 24.04% TREO with 4.06% Nd2O³ + Pr6O¹¹ (MWGS1612)
• 23.81% TREO with 3.97% Nd2O³ + Pr6O¹¹ (MWGS0848, Figure 10)
• 21.02% TREO with 3.58% Nd2O³ + Pr6O¹¹ (MWGS1614)
• 20.86% TREO with 3.59% Nd2O³ + Pr6O¹¹ (MWGS1615)
• 20.78% TREO with 3.31% Nd2O³ + Pr6O¹¹ (MWGS1399)
• 18.45% TREO with 3.16% Nd2O³ + Pr6O¹¹ (MWGS1617)
• 17.65% TREO with 2.54% Nd2O³ + Pr6O¹¹ (MWGS1402)
• 17.55% TREO with 2.57% Nd2O³ + Pr6O¹¹ (MWGS1417)
• 16.37% TREO with 2.69% Nd2O³ + Pr6O¹¹ (MWGS0789)
• 16.00% TREO with 2.62% Nd2O³ + Pr6O¹¹ (MWGS1611, Figure 11)
• 15.79% TREO with 2.41% Nd2O³ + Pr6O¹¹ (MWGS1114, Figure 11)
• 15.25% TREO with 2.49% Nd2O³ + Pr6O¹¹ (MWGS1499)
• 15.22% TREO with 2.20% Nd2O³ + Pr6O¹¹ (MWGS1103)
• 14.59% TREO with 2.44% Nd2O³ + Pr6O¹¹ (MWGS1498)
• 13.87% TREO with 2.22% Nd2O³ + Pr6O¹¹ (MWGS0844)
• 13.30% TREO with 1.99% Nd2O³ + Pr6O¹¹ (MWGS0800)
• 12.49% TREO with 2.15% Nd2O³ + Pr6O¹¹ (MWGS1070)
• 12.41% TREO with 2.21% Nd2O³ + Pr6O¹¹ (MWGS0801)
• 11.98% TREO with 2.12% Nd2O³ + Pr6O¹¹ (MWGS1093)
• 11.43% TREO with 1.77% Nd2O³ + Pr6O¹¹ (MWGS1613)
• 10.61% TREO with 1.83% Nd2O³ + Pr6O¹¹ (MWGS0912)
• 10.12% TREO with 1.62% Nd2O³ + Pr6O¹¹ (MWGS1490)
• 9.96% TREO with 1.66% Nd2O³ + Pr6O¹¹ (MWGS1400)
• 9.93% TREO with 1.77% Nd2O³ + Pr6O¹¹ (MWGS0799)
• 9.58% TREO with 1.59% Nd2O³ + Pr6O¹¹ (MWGS0814)
• 9.28% TREO with 1.74% Nd2O³ + Pr6O¹¹ (MWGS0790)
• 9.15% TREO with 1.50% Nd2O³ + Pr6O¹¹ (MWGS1500)
• 9.06% TREO with 1.39% Nd2O³ + Pr6O¹¹ (MWGS0899)
• 8.95% TREO with 1.41% Nd2O³ + Pr6O¹¹ (MWGS0797)
• 8.77% TREO with 1.49% Nd2O³ + Pr6O¹¹ (MWGS0843)
• 8.57% TREO with 1.41% Nd2O³ + Pr6O¹¹ (MWGS1414)
• 8.40% TREO with 1.22% Nd2O³ + Pr6O¹¹ (MWGS1497)
• 8.14% TREO with 1.29% Nd2O³ + Pr6O¹¹ (MWGS0854)
• 7.99% TREO with 1.36% Nd2O³ + Pr6O¹¹ (MWGS0792)
• 7.34% TREO with 1.68% Nd2O³ + Pr6O¹¹ (MWGS1193)

Figure 9: MW2, MW7 and MW8 rock chip samples and mineralisation (see ASX:KFM 27 February 2023, 29 November 2022, 24 October 2022, 4 October 2022, 30 August 2022 and 20 June 2022). Drill results are shown in grey boxes and include the breakthrough discovery results 500m SE of the mineralisation outcrop (see ASX:KFM 5 July 2022 and 24 March 2022). Results are stated as Total Rare Earth Oxides (TREO%) and total Nd2O³ + Pr6O¹¹ (%) content.

Figure 10: Massive monazite sample MWGS1108 (left) and MWGS0848 (right) which assayed 28.07% TREO with 4.63% Nd2O³ + Pr6O¹¹ and 23.81% TREO with 3.97% Nd2O³ + Pr6O11.

Figure 11: High grade monazite-rich samples MWGS1114 (left) and monazite rich sample MWGS0800 (right) which assayed 15.79% TREO with 2.41% Nd2O³ + Pr6O¹¹ and 16.00% TREO with 2.62% Nd2O³ + Pr6O11.

The work has established the significance of the NE-trending magnetic features for targeting the high-grade mineralisation and the late-stage intrusion of ferrocarbonatite dykes (Figure 12).

Figure 12: Total magnetic intensity for the Mick Well area showing drilling, mineralisation defined by drilling and surface samples and mineralisation targets from interpretation of the magnetics data.

MW7 Discovery

Rock chip sampling results from the MW7 prospect confirmed the discovery of three new lodes with a cumulative strike length of more than 1500m of outcropping mineralisation; MW7 is located 700m northwest of MW2. On-going mapping during the year also identified two additional lodes at MW7 which merge with the initial MW7 discovery (Figure 9).

Results from rock chip sampling at MW7 include:

• 31.82% TREO with 5.99% Nd2O³ + Pr6O¹¹ (MWGS1378)
• 20.11% TREO with 3.40% Nd2O³ + Pr6O¹¹ (MWGS1347)
• 15.42% TREO with 2.71% Nd2O³ + Pr6O¹¹ (MWGS1355)
• 15.29% TREO with 2.31% Nd2O³ + Pr6O¹¹ (MWGS1360)
• 15.11% TREO with 2.57% Nd2O³ + Pr6O¹¹ (MWGS1361)
• 15.10% TREO with 2.29% Nd2O³ + Pr6O¹¹ (MWGS1350)
• 14.60% TREO with 2.41% Nd2O³ + Pr6O¹¹ (MWGS1443)
• 14.17% TREO with 2.49% Nd2O³ + Pr6O¹¹ (MWGS1377)
• 13.81% TREO with 2.55% Nd2O³ + Pr6O¹¹ (MWGS1376)
• 13.15% TREO with 2.18% Nd2O³ + Pr6O¹¹ (MWGS1346)
• 13.05% TREO with 2.27% Nd2O³ + Pr6O¹¹ (MWGS1364)
• 12.14% TREO with 1.91% Nd2O³ + Pr6O¹¹ (MWGS1371)
• 12.10% TREO with 2.04% Nd2O³ + Pr6O¹¹ (MWGS1445)
• 11.68% TREO with 1.83% Nd2O³ + Pr6O¹¹ (MWGS1587)
• 11.28% TREO with 2.08% Nd2O³ + Pr6O¹¹ (MWGS1358)
• 10.87% TREO with 1.83% Nd2O³ + Pr6O¹¹ (MWGS1368)
• 9.59% TREO with 1.62% Nd2O³ + Pr6O¹¹ (MWGS1448)
• 9.29% TREO with 1.53% Nd2O³ + Pr6O¹¹ (MWGS1334)
• 8.40% TREO with 1.42% Nd2O³ + Pr6O¹¹ (MWGS1348)
• 8.23% TREO with 1.53% Nd2O³ + Pr6O¹¹ (MWGS1367)
• 8.22% TREO with 1.40% Nd2O³ + Pr6O¹¹ (MWGS1379)
• 7.03% TREO with 1.25% Nd2O³ + Pr6O¹¹ (MWGS1366)
• 7.00% TREO with 1.26% Nd2O³ + Pr6O¹¹ (MWGS1356)
• 6.79% TREO with 1.14% Nd2O³ + Pr6O¹¹ (MWGS1526)
• 6.71% TREO with 1.24% Nd2O³ + Pr6O¹¹ (MWGS1321)
• 6.17% TREO with 0.89% Nd2O³ + Pr6O¹¹ (MWGS1339)
• 5.83% TREO with 1.05% Nd2O³ + Pr6O¹¹ (MWGS1276)
• 5.66% TREO with 0.95% Nd2O³ + Pr6O¹¹ (MWGS1585)
• 5.54% TREO with 0.88% Nd2O³ + Pr6O¹¹ (MWGS1336)
• 5.09% TREO with 0.95% Nd2O³ + Pr6O¹¹ (MWGS1447)
• 5.06% TREO with 0.93% Nd2O³ + Pr6O¹¹ (MWGS1279)

MW8 Discovery

Outcropping high grade REE mineralisation was discovered at MW8 during the year, which is located 1900m northwest of the MW2 prospect. The mineralisation at MW8 has been mapped in two parallel lodes that outcrop over a strike length of more than 300m. MW8 also includes a target with more than 800m of strike that is located along strike to the NE from the outcropping mineralisation; the target has had only limited sampling (Figure 9).

Sample results from the MW8 discovery which were reported during the year include:

• 17.64% TREO with 3.82% Nd2O³ + Pr6O¹¹ (MWGS1224, Figure 13)
• 16.75% TREO with 3.66% Nd2O³ + Pr6O¹¹ (MWGS1232)
• 13.80% TREO with 3.02% Nd2O³ + Pr6O¹¹ (MWGS1301)
• 10.62% TREO with 2.34% Nd2O³ + Pr6O¹¹ (MWGS1152)
• 4.88% TREO with 0.97% Nd2O³ + Pr6O¹¹ (MWGS1291)
• 4.49% TREO with 1.02% Nd2O³ + Pr6O¹¹ (MWGS1308)
• 2.62% TREO with 0.58% Nd2O³ + Pr6O¹¹ (MWGS1163)
• 2.39% TREO with 0.58% Nd2O³ + Pr6O¹¹ (MWGS1231)
• 2.01% TREO with 0.45% Nd2O³ + Pr6O¹¹ (MWGS1223)
• 1.75% TREO with 0.42% Nd2O³ + Pr6O¹¹ (MWGS1222)
• 1.74% TREO with 0.42% Nd2O³ + Pr6O¹¹ (MWGS1233)
• 1.21% TREO with 0.37% Nd2O³ + Pr6O¹¹ (MWGS1151)
• 1.16% TREO with 0.29% Nd2O³ + Pr6O¹¹ (MWGS1304)
• 1.11% TREO with 0.36% Nd2O³ + Pr6O¹¹ (MWGS1319)
• 1.08% TREO with 0.28% Nd2O³ + Pr6O¹¹ (MWGS1226)

Figure 13: Monazite-rich rock chip sample MWGS1224 which assayed 17.64% TREO with 3.82% Nd2O³ + Pr6O11.

Mick Well Clay REE Mineralisation

Reverse circulation drilling at Mick Well during the year intersected broad zones of clay hosted REE mineralisation at Mick Well (Figure 14, Figure 15). The mineralisation is associated with kaolinite clays and weathered bedrock within the shear zones which are part of the Chalba Shear Zone.

The interpretation of the shear zone and associated clay mineralisation at Mick Well has highlighted a potential strike length of 6.5km and drilling has delineated widths of 100m with vertical extents to 40m depth from surface. The 100m width of the clay zone was highlighted by drill hole MWRC029, which was collared in rock and passed into the clays at 30m downhole. Significant new results from the clay mineralisation include:

• MWRC020: 48m at 1265 ppm TREO with 257 ppm Nd2O³ + Pr6O¹¹ from 4m, including 40m at 1367 ppm TREO with 278 ppm Nd2O³ + Pr6O¹¹ from 8m.
• MWRC021: 16m at 1156 ppm TREO with 228 ppm Nd2O³ + Pr6O¹¹ from 8m, including 12m at 1301 ppm TREO with 259 ppm Nd2O³ + Pr6O¹¹ from 8m.
• MWRC027: 36m at 779 ppm TREO with 164 ppm Nd2O³ + Pr6O¹¹ from 4m.
• MWRC028: 48m at 1076 ppm TREO with 204 ppm Nd2O³ + Pr6O11, including 16m at 1580 ppm TREO with 325 ppm Nd2O³ + Pr6O¹¹ from surface.
• MWRC029: 20m at 734 ppm TREO with 146 ppm Nd2O³ + Pr6O¹¹ from 32m, including 4m at 1020 ppm TREO with 237 ppm Nd2O³ + Pr6O¹¹ from 48m.
• MWRC030: 24m at 2345 ppm TREO with 470 ppm Nd2O³ + Pr6O¹¹ from surface.

Drilling at Mick Well has also highlighted the association between the high grade REE mineralisation at MW2 and the clay mineralisation at Mick Well. Both styles of mineralisation are recognised to be part of the same mineral system, occurring in related geological structures, with potential for both styles of mineralisation within structures that make up the Chalba target corridor. The clay mineralisation has developed in areas of deep weathering of the carbonatites and associated intense alteration which filled the belt-scale shears.

Figure 14: Mick Well Prospect showing TREO results and the clay REE mineralisation target. A long section is shown in Figure 15.

Figure 15: Mick Well Prospect schematic long section showing TREO results and the clay REE mineralisation. The location of the long section is shown on Figure 14.

Kingfisher Project

High grade REE mineralisation was also reported from the new KF3 target during the year, with a single sample consisting dominantly of monazite returning 32.16% TREO with 5.25% Nd2O³ + Pr6O¹¹ (Figure 16). The sample was collected as part of the Company's regional geological mapping and is associated with a distinct magnetic feature and a broad area of fenite alteration (the alteration associated with the intrusion of carbonatites) that extends over a strike of 5km and is more than 500m in width. Follow-up mapping focused on delineating the mineralisation will be completed as a high priority when fieldwork recommences in Q1 2023.

Drilling completed by the Company in 2022 has also confirmed the presence of anomalous REE mineralisation on separate structure to KF3 at the historical Kingfisher Prospect. Significant results from the new drilling results are listed below and are also shown in Figure 16.

• KFRC004: 4m at 1924 ppm TREO with 391 ppm Nd2O³ + Pr6O¹¹ from 172m.
• KFRC005: 16m at 859 ppm TREO with 168 ppm Nd2O³ + Pr6O¹¹ from 64m, including 4m at 1031 ppm TREO with 201 ppm Nd2O³ + Pr6O¹¹ from 72m.
• KFRC005: 8m at 659 ppm TREO with 132 ppm Nd2O³ + Pr6O¹¹ from 108m.

Significant results from the drilling results are listed below and are also shown in Figure 16.

Figure 16: Total magnetic intensity showing the location of KF3, 15km to the east of MW2. The results are stated as Total Rare Earth Oxides (TREO%) and total Nd2O³ + Pr6O¹¹ (%) content.

Airborne magnetics and radiometrics surveys were completed at the Company's Gascoyne REE projects during the year, significantly expanding upon the high resolution data coverage across the Company's tenements. The survey included 11,875 line kilometres and extended the strike length of high-resolution geophysics by 26km across the Company's 54km Chalba target corridor, with the airborne surveys also complete across the Arthur River tenements on the Company's second target corridor, the Lockier zone.

Airborne geophysics are highly effective tools for the identification of carbonatite intrusions and associated mineralisation. The carbonatite intrusion model has a central carbonatite pipe which is comprised of multiple phases of carbonatite intrusion that is surrounded by ring dykes which form around and radial dykes which radiate out from the central intrusion (Figure 17). The carbonatite exploration model envisages alteration of the host country rock into which the carbonatites intrude, with development of Sodic (Na) and Potassic (K) fenites around the intrusions which often hosts the REE mineralisation (Figure 18).

Each part of the carbonatite system has characteristics which can be detected by geophysics, for example: asds

• Thorium associated with the REE mineralisation is apparent in the radiometrics.
• Potassium fenites, the alteration which forms around carbonatites intrusions, is also apparent in the radiometrics.
• Ferrocarbonatites have high iron content and can appear as magnetic highs in the geophysics.
• Aster can detect various minerals and elements, including carbonates, ferrous and ferric iron as well as alumina and magnesium and can assist with of carbonatites and associated alteration.

The combination of these geophysical responses to the carbonatite geology make it a very powerful combination of tools for early stage targeting and project generation.

Figure 18: Carbonatite associated rare earth element mineralisation model*. The model shows carbonatite intrusions and dykes, areas of potassic fenitisation as well as the late stage REE-bearing dykes and veins – which have been discovered by the Company.

Thirteen high priority target areas have been identified from the interpretation of the geophysics surveys across the Chalba target corridor, with each target selected from a combination of magnetic, potassium and thorium features (Figure 19 and Figure 20). The target areas are spaced along the entire length of the 54km corridor and are large scale, ranging in size from 0.7km² to 18km² .

Geological mapping was completed across the high priority targets with mapping and sampling at the CH8 target confirming ferrocarbonatite intrusions that are fertile for REE mineralisation, with rock chip sampling returning 0.14% TREO (Figure 19).

Calcium, magnesium and iron-rich carbonatite intrusions were also identified at the Ch11 target, with the mapping has also revealing that the CH11 target is potentially upthrown along the Mombo Fault relative to the CH1 intrusion centre, exposing a deeper intrusive complex at surface which is potentially more prospective for intrusion-hosted REE mineralisation.

Figure 19: Total magnetic intensity for the 54km Chalba target corridor showing priority carbonatite targets and interpreted faults. Targets are labelled CH1 to CH10 and were selected based on the magnetic, thorium and potassium responses from the airborne geophysics surveys.

Figure 20: Thorium response from the airborne geophysics survey showing priority carbonatite targets and interpreted faults. High thorium responses are typically associated with carbonatite-related REE mineralisation.

At Arthur River on the Lockier target corridor, seven large-scale high priority target areas were identified from the interpretation of the geophysics surveys, with each target selected from a combination of magnetic, potassium and thorium features (Figure 21 and Figure 22). Tens of other smaller circular features have also been identified in the magnetic data; each of these high magnetic features, particularly where clustered or where co-located with high thorium responses are of interest to the Company for future project generation work.

All of the prioritised targets cover a substantial area, with the smallest LK3 being more than 2.2km long and 1km wide. The largest target, LK1, is particularly significant, and is more than 9km long and more than 6.5km wide. LK1 is also comprised of multiple circular features which are defined by the magnetics and thorium, with the ring-shaped thorium feature (Figure 22) having a diameter of 1.7km.

Figure 21: Total magnetic intensity for the Arthur River priority carbonatite targets and interpreted faults. Targets are labelled LK1 to LK7 and were selected based on the magnetic, thorium and potassium responses from the airborne geophysics surveys. The location of the Arthur River tenements along with the Company's other tenements in the Gascoyne region is shown in the inset.

Figure 22: Thorium response from the airborne geophysics survey showing priority carbonatite targets and interpreted faults. High thorium responses are typically associated with carbonatite-related REE mineralisation.

LK1 Exploration Target

The large-scale LK1 target is more than 9km long and more than 6.5km wide and is comprised of multiple circular features which are defined by the magnetics and thorium, with a ringshaped thorium feature having a diameter of 1.7km (see ASX:KFM 18 January 2023). The combination of magnetic, thorium and potassium responses of the target appear similar to the architecture of the carbonatite intrusion model, with potential for carbonatite plugs and the associated vein and dyke mineralisation (Figure 23).

Past exploration in the Arthur River area has established the potential for carbonatite intrusionrelated REE mineralisation at the LK1 target, with previous drilling and surface sampling establishing the presence of siderite and potassic alteration, numerous anomalous REEs as well as pathfinder elements. Previous exploration results include:

• Broad zones of ironstone and siderite intersected in multiple drill holes completed by Barranco Resources (Wamex report A78338). Siderite-rich ironstones host the REE mineralisation within the Gifford Creek Carbonatite complex, including at Dreadnought Resources' Yin discovery.
• Significant areas of ironstone have been mapped at surface, with limited surface sample results confirming the presence of highly anomalous rare earth elements, including 1170 ppm La and 166 ppm Y (Figure 23, Wamex report A57341) as well as other samples with 700 ppm Ce and 600 ppm Ce (Wamex report A65851). Results from samples similar La and Ce values with analysis of the full suite of REE element from Kingfisher's Mick Well are typically in the order of 0.5% and 0.3% TREO (see ASX:KFM 30 August 2022).
• Kingfisher's work in the Mick Well area has established a relationship between REEs and various pathfinder elements, including Ba, Sr, P, Co, Ni and Zn. Drilling in the LK1 area completed by Rio Tinto Exploration (four holes) was only analysed for Ce, La and Y as well as a number of pathfinder elements. Assays from the Rio Tinto Exploration drilling returned anomalous REEs and key pathfinder elements, including 340 ppm Ce, 195 ppm La, 125 ppm Y, 1100 ppm Ba and 8900 ppm P (Table 1, Wamex report A65851) supporting the potential for carbonatite-related REE mineralisation.
• Drilling by Barranco Resources targeted base metal-bearing ironstones and the 25 RC holes drilled by Baranco were not analysed for REEs. However, the drilling did return highly anomalous results for the pathfinder element Zn (Table 1), with results from ironstones which included 25m at 0.29% Zn from surface (RC5, Wamex report A78338) and 22m at 0.29% Zn from 1m (RC25, Wamex report A82640).
• Fenite alteration has been intersected in drilling and has been recorded from petrographic analysis of surface samples close to the ironstone outcrops (Wamex report A65851).
• Moderate to weak conductors coincident with the ironstones have been identified from ground-based Transient Electromagnetic (TEM) surveys in the LK1 area (Wamex report A75273). The REE mineralisation at Mick Well is also conductive, with the high grade REE mineralisation at MW2 identified from drilling a conductor target from Kingfisher's airborne electromagnetic survey (see ASX:KFM 10 January 2022).

Figure 23: Total magnetic intensity (A) and thorium responses (B) showing compelling carbonatite targets. Drill hole locations (grey boxes) described in Table 1 and surface sample (blue boxes) are also shown.

Table 1: Previous drilling results from the LK1 target area

Rio Tinto Drill Hole	Pathfinder elements: highest from 2m samples1
ARC01AR01	340 ppm Ce, 195 ppm La, 1100 ppm Ba and 1150 ppm P
ARC01AR02	280 ppm Ce, 165 ppm La, 125 ppm Y, 2600 ppm Ba and 3100 ppm P
ARC01AR03	8900 ppm P
ARC01AR04	1250 ppm Ba and 1400 ppm P
Barranco Drill Hole	Geology and elevated metals2
RC1	Ironstone with 7m at 0.25% Zn from 20m
RC5	Ironstone with 25m at 0.29% Zn from surface
RC8	Ironstone with 5m at 0.17% Zn from 20m
RC18	Ironstone with 30m at 0.13% Zn from 10m
RC24	Ironstone with 22m at 0.29% Zn from 1m

¹ Pathfinder elements in the reporting range are associated with REE mineralisation at MW2.

² Zinc is associated with the REE mineralisation at MW2. Drill holes not analysed for REEs.

Mooloo Project

Tenements E09/2660 and E09/2661 which make up the Mooloo Project were granted during the year. The project consists of rocks of the Halfway Gneiss and Moogie Metamorphics which are the same rocks that appear within the Mick Well area that host the Company's high grade REE discoveries across several targets including the namesake Mick Well Project as well as MW2, MW7 and MW8 (see ASX:KFM 24 October 2022, 4 October 2022 and 24 March 2022). Significantly, the Mooloo Project also shows high thorium responses which are similar to Mick Well, where elevated thorium is known to be associated with REE mineralisation (Figure 24).

Figure 24: Thorium from geophysics showing the location of the newly granted Mooloo tenements as well as the Company's target corridors. The location of the Mick Well, Kingfisher and Arthur River Projects as well as the Company's tenure are also shown.

Chalby Chalby Lithium Project

The Chalby Chalby pegmatite field includes more than 11km of strike of mapped pegmatites and covers an area of 3.3km by 3km. Chalby Chalby includes multiple stacked pegmatites, each up to 10m thick with continuous anomalous results over 0.1% Li2O with a peak of 0.61% Li2O. The analytical results also indicate that the pegmatites are fractionating and fertile for forming lithium mineralisation, highlighting the potential for the discovery of spodumene mineralisation in more well-developed and fractionated areas either along strike or down-dip at depth (Figure 25).

Figure 25: Mapped pegmatites at Chalby Chalby and Li2O results from rock chip samples. The location of the pegmatites relative to known Thirty Three Suite Pegmatites is shown in Figure 2.

Significant lithium rock chips results early stage work in the Chalby Chalby area are shown below.

• 0.61% Li2O (MWGS2784)
• 0.46% Li2O (MWGS2780)
• 0.37% Li2O (MWGS2777)
• 0.34% Li2O (MWGS2493)
• 0.26% Li2O (MWGS2772)
• 0.26% Li2O (MWGS2788)
• 0.26% Li2O (MWGS2781)
• 0.25% Li2O (MWGS2783)
• 0.25% Li2O (MWGS2500)

• 0.23% Li2O (MWGS2778)
• 0.21% Li2O (MWGS2766)
• 0.21% Li2O (MWGS2786)
• 0.21% Li2O (MWGS2792)
• 0.16% Li2O (MWGS2794)
• 0.16% Li2O (MWGS2793)
• 0.16% Li2O (MWGS2348) 0.15% Li2O (MWGS2779)

The Chalby Chalby pegmatite field occurs at a similar position off the exposure of the Durlacher Granite as the Thirty Three Suite Pegmatites of Minerals 260 Limited's Pyramid Hill prospect (Figure 2), where a 5km long lithium soil anomaly has recently been reported (see ASX:MI6 4 September 2023).

Recent exploration by Delta Lithium Limited has highlighted the potential of the Gascoyne Thirty Three Suite Pegmatites to host potentially economic lithium mineralisation. Significant and high grade spodumene-bearing mineralisation has been reported from Delta Lithium's Yinnetharra Project, which is located 40km northeast of the Company's Chalba projects. Recent exploration results from Yinnetharra include drill results of 33m at 1.9% Li2O* from the Malinda Prospect and rock chips results from Jamesons Prospect that include 4.2% Li2O⁺ (Figure 27).

Figure 26: Simplified geology of Kingfisher's Gascoyne projects showing the location of the Company's Chalby Chalby lithium target and Thirty Three Suite Pegmatite at Minerals 260's Pyramid Hill (Aston Project). The location of the hardrock REE discovery at MW2, clay REE discovery at Mick Well and the large LK1 carbonatite target are also shown.

Figure 27: Location of Kingfisher's tenements in the highly prospective Gascoyne Mineral Field. The locations of Delta Lithium's Yinnetharra Project (Malinda and Jamesons Prospects) and Minerals 260's Aston Project (Pyramid Hill) are also shown. Application tenements will be awarded by ballot between Kingfisher and several other companies.

Boolaloo Project

The Boolaloo copper-gold and base metal project is located approximately 160km west of Paraburdoo and 35km southwest of the Paulsen's gold mine in the Ashburton region of Western Australia (Figure 28). The Company has granted exploration licences over the potential strike extents of the interpreted mineralised structures, giving a significant strategic holding in an emerging province and tenure which now covers more than 30km of strike of the interpreted mineralised structures.

Past exploration established the potential for the discovery of copper mineralisation at the project, with previous reverse circulation (RC) returning encouraging results at the K15, K16 and Copper Strike Prospects, with the K16 mineralised zone being intersected in drilling over a strike length of 1.5km. Follow-up diamond and RC drilling by Kingfisher has identified additional mineralisation at Copper Strike and Erny Bore and resulted in the discovery of new copper and gold mineralisation at the Green Hills Prospect.

Figure 28: Location of the Boolaloo Project in the Ashburton Mineral Field showing the K16, Copper Strike and Erny Bore Prospects and the Company's tenure. Selected tenements of other companies active in the Ashburton Basin are also shown. Refer to the previous announcements section of this release for detailed information on past productionⁱ and resourcesii of the Paulsens Gold Mine and the Mt Clement Projectiii .

A summary of the significant results from the Boolaloo Project is below.

K15

MIRC013: 3m at 3.05% Cu and 0.57 g/t Au from 63m, including 2m at 3.90% Cu and 0.77 g/t Au from 63m.

K16

• MIRC002: 4m at 1.06% Cu and 1.40 g/t Au from 109m, including 1m at 1.41% Cu and 2.70 g/t Au from 110m.
• MIRC004: 3m at 1.83% Cu and 1.12 g/t Au from 96m, including 1m at 3.14% Cu and 1.38 g/t Au from 96m.
• MIRC009: 2m at 1.44% Cu and 1.36 g/t Au from 137m, including 1m at 2.28% Cu and 2.28 g/t Au from 138m.

Copper Strike

• MIRC027: 2m at 3.81% Cu and 0.62 g/t Au from 62m.
• BLDD003: 10.05m at 0.84% Cu and 0.11 g/t Au from 23.15m, including 2.7m at 1.45% Cu and 0.14 g/t Au from 23.15m and 0.85m at 2.68% Cu and 0.49 g/t Au from 32.35m (Figure 25).

Green Hills

BLRC002: 12m at 0.72% Cu and 0.14 g/t Au from surface, including 4m at 1.16% Cu and 0.27 g/t Au from 4m.

Erny Bore

• BLRC009: 11m at 0.38% Cu from 79m.
• BLRC009: 2m at 0.95% Cu and 0.40g/t Au from 59m, including 1m at 1.73% Cu and 0.78g/t Au from 59m.

BLDD003: 10.05m at 0.84% Cu and 0.11 g/t Au from 23.15m, including 2.7m at 1.45% Cu

J35750: 48.1% Cu and 0.15 g/t Au J35738: 18.1% Cu and 0.17 g/t Au

Figure 25: Drilling and rock chip sample results from the Copper Strike Prospect at Boolaloo (see ASX:KFM 5 July 2021 and 12 August 2021).

Mineralisation

RC drill hole

Diamond drill hole

Legend Geology

Drilling

Rock Chips: Cu >5% 1-5% 0.5-1% 0.1-0.5% 0-0.1%

MIRC028: 7m at 0.47% Cu from 133m

J35735: 16.1% Cu and 0.17 g/t Au BLGS0090: 10.6% Cu and 2.36 g/t Au

BLGS0083: 9.65% Cu and 0.57 g/t Au

Competent Person's Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr James Farrell, a geologist and Executive Director / CEO employed by Kingfisher Mining Limited. Mr Farrell is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to this style of mineralisation and type of deposit under consideration and to the activity that is being reported on 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 Farrell consents to the inclusion in the report of the matters in the form and context in which it appears.

ENVIRONMENTAL REGULATION

The Company is subject to significant environmental and monitoring requirements in respect of its natural resources exploration activities. The Directors are not aware of any significant breaches of these requirements during the period.

The Company's principal activities are exploration for clean energy metals which are a key component of global de-carbonisation.

MATERIAL BUSINESS RISKS

The Company's exploration and evaluation operations will be subject to the normal risks of mineral exploration. The material business risks that may affect the Company are summarised below.

Future capital raisings

The Company's ongoing activities is likely to require further substantive financing in the future. The Company will require additional funding to continue its exploration and evaluation operations of its projects with the aim of identifying economically mineable reserves and resources. Any additional equity financing may be dilutive to shareholders, may be undertaken at lower prices than the current market price, if available, may involve restrictive covenants which limit the Company's operations and business strategy. Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to or available at all. If the Company is unable to obtain additional financing as needed, it may be required to reduce, delay or suspend its operations and this could have a material adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern.

Exploration risk

The success of the Company depends on the delineation of economically mineable reserves and resources, access to required development capital, the movement in the price of commodities, securing and maintaining title to the Company's exploration and mining tenements and obtaining all consents and approvals necessary for the conduct of its exploration activities. Exploration on the Company's existing tenements may be unsuccessful, resulting in a reduction in the value of those tenements, diminution in the cash reserves of the Company and possible relinquishment of the tenements. The exploration costs of the Company are based on certain assumptions with respect to the method and timing of exploration.

By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual costs may materially differ from these estimates and assumptions.

Accordingly, no assurance can be given that the cost estimates and that the underlying assumptions will be realised in practice, which may materially and adversely affect the Company's viability. If the level of operating expenditure required is higher than expected, the financial position of the Company may be adversely affected.

Feasibility and development risks

It may not always be possible for the Company to exploit successful discoveries which may be made in areas in which the Company has an interest. Such exploitation would involve obtaining the necessary licences or clearances from relevant authorities that may require conditions to be satisfied and/or the exercise of discretions by such authorities. It may or may not be possible for such conditions to be satisfied. Further, the decision to proceed to further exploitation may require participation of other companies whose interests and objectives may not be the same as the Company's.

Regulatory risk

The Company's operations are subject to various Commonwealth, State and Territory and local laws and plans, including those relating to mining, prospecting, development permit and licence requirements, industrial relations, environment, land use, royalties, water, native title and cultural heritage, mine safety and occupational health. Approvals, licences and permits required to comply with such rules are subject to the discretion of the applicable government officials.

No assurance can be given that the Company will be successful in maintaining such authorisations in full force and effect without modification or revocation. To the extent such approvals are required and not retained or obtained in a timely manner, or at all, the Company may be limited or prohibited from continuing or proceeding with exploration. The Company's business and results of operations could be adversely affected if applications lodged for exploration licences are not granted. Mining and exploration tenements are subject to periodic renewal. The renewal of the term of a granted tenement is also subject to the discretion of the relevant Minister. Renewal conditions may include increased expenditure and work commitments or compulsory relinquishment of areas of the tenements comprising the Company's projects. The imposition of new conditions or the inability to meet those conditions may adversely affect the operations, financial position and/or performance of the Company.

Environmental risk

The activities of the Company are subject to the environmental laws and regulations of Australia. As with most exploration projects, the Company's activities are expected to have an impact on the environment, particularly if advanced exploration or if mine development proceeds. The Company attempts to conduct activities to the highest standard of environmental obligation, including compliance with all environmental laws and regulations. The Company is unable to predict the effect of additional environmental laws and regulations which may be adopted in the future, including whether any such laws or regulations would materially increase the Company's cost of doing business or affect its operations in any area.

However, there can be no assurances that new environmental laws, regulations or stricter enforcement policies, once implemented, will not oblige the Company to incur significant expenses and undertake significant investments which could have a material adverse effect on the Company's business, financial condition and performance.

Availability of equipment and contractors

Prior to the COVID-19 pandemic, appropriate equipment, including drill rigs, was in short supply. There was also a high demand for contractors providing other services to the mining industry. The COVID-19 pandemic only served to exacerbate these issues. Consequently, there is a risk that the Company may not be able to source all the equipment and contractors required to fulfil its proposed activities. There is also a risk that hired contractors may underperform or that equipment may malfunction, either of which may affect the progress of the Company's activities.

LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS

There are no likely development of which the Directors are aware of which could be expected to significantly affect the results of the Company's operations in subsequent financial periods not otherwise disclosed in the 'Principal activities' and 'Review of operations' or the 'Significant events after the balance sheet date' sections of the Directors' report.

PRINCIPAL ACTIVITIES

The principal activities of the Company during the year were the exploration and development of natural resources. There have been no other significant changes in the activities of the Company during the year other than matters noted in this report. During the year the Company pegged Exploration Licences E09/2837 and E09/2847 in the Gascoyne Mineral Field. The exploration licences were pegged to expand the Company's exploration opportunities in lithium. Competing applications for the tenements were made by other companies, and the ownership of the tenements will be decided by ballot.

CORPORATE

• On 19 September 2022 the Company issued 10,000,000 shares at \$0.425 each raising \$4,250,000 as part of a placement.
• On 28 November 2022 the Company issued 10,450,000 unquoted options exercisable at \$0.70 each expiring 30 May 2025 as part of a loyalty option offer, raising \$52,250
• On 30 November 2022 the Company issued:
• o 400,000 shares at \$0.425 each raising \$170,000 as part of the Director's participation in the placement as approved by shareholders at the 21 November 2022 AGM;
• o 100,001 unquoted options exercisable at \$0.70 each expiring 30 May 2025 as part of the Director's participation in the placement as approved by shareholders at the 21 November 2022 AGM;
• o 2,500,000 unquoted options exercisable at \$0.70 each expiring 30 May 2025 as part of the placement as approved by shareholders at the 21 November 2022 AGM; and
• o 1,800,000 unquoted options exercisable at \$0.70 each expiring 30 May 2025 as part of the broker fees associate with the placement.
• On 6 December 2022 the Company granted:
• o 2,000,000 unquoted options exercisable at \$0.691 each expiring 5 December 2025 to Directors under the Employee Securities Incentive Plan as approved by shareholders at the 21 November 2022 AGM; and
• o 450,000 unquoted options exercisable at \$0.691 each expiring 5 December 2025 to employees and consultants under the Employee Securities Incentive Plan.
• On 31 January 2023 1,015,000 unquoted options exercisable at \$0.25 each expiring 11 December 2023 were converted into shares.
• On 14 February 2023 50,000 unquoted options exercisable at \$0.25 each expiring 11 December 2023 were converted into shares.

DIRECTORS

The names of Directors who held office during or since the end of the year:

Title
Non-Executive Chairman
Executive Director
Non-Executive Director (resigned 21 November 2022)
Non-Executive Director

COMPANY SECRETARY

Name	Title
Stephen Brockhurst	Company Secretary

DIRECTORS' QUALIFICATIONS AND EXPERIENCE

The Directors' qualifications and experience are set out below:

Current Directors

Director	Details
Warren Hallam
Qualifications	MSc (Min. Econ), BAppSci (Metallurgy), GradDip (Fin)
Position	Non-Executive Chairman
Appointment Date	4 December 2018
Resignation Date	N/A
Length of Service	4 years 6 months
Biography	Mr Hallam is a Metallurgist and a Mineral Economist and holds a Graduate Diploma in Business. Mr Hallam has over 35 years of experience in the mining industry and has considerable technical, managerial and financial experience across a broad range of commodities being predominantly copper, nickel, tin, gold, REE, lithium, and iron ore.
Current ASX Listed	Essential Metals Limited Poseidon Nickel Limited
Directorships	St Barbara Mines Limited
Former ASX Listed	Millenium Minerals Limited
Directorships	Nelson Resources Limited
within last 3 years	Nico Resources Limited
James Farrell
Qualifications	BSc (Hon) Geology, Grad Cert Business, MAIG, GAICD
Position	Executive Director
Appointment Date	5 August 2020
Resignation Date	N/A
Length of Service	2 years 11 months
Biography	Mr Farrell is an exploration and resource development geologist with 20 years' experience in the resource industry in Australia, Africa and Asia. Mr Farrell has significant experience with project generation, multidisciplinary project development studies, project development strategy and technical due diligence for company mergers, project acquisition and project divestment.

Current ASX Listed Directorships	Nil
Former ASX Listed Directorships within last 3 years	None
Scott Huffadine
Qualifications	BSc (Hons)
Position	Non-Executive Director
Appointment Date	1 March 2019
Resignation Date	N/A
Length of Service	4 years 4 months
Biography	Mr Huffadine is a Geologist with more than 28 years' experience in the resource industry, specifically project management, geology and executive management. Mr Huffadine has held several key management positions ranging from operational start-ups involving open pit and underground mining projects, through to large integrated operations in gold and base metals. He was previously Managing Director of Kingsrose Mining Limited, an Executive Director of Metals X Limited, Managing Director of Westgold Resources Limited and Non Executive Director of Pantoro (PNR:ASX).
Current ASX Listed Directorships	None
Former ASX Listed Directorships within last 3 years	Maximus Resources Limited Pantoro Limited

Former Directors

Adam Schofield
Qualifications	Dip (MechEng)
Position	Non-Executive Director
Appointment	29 October 2018
Date
Resignation Date	21 November 2022
Length of Service	4 years 1 month
Biography	Mr Schofield is an Executive Director with over 21 years' experience in the
	resources sector in Africa and Australia. He is a Mechanical Engineer
	with significant experience in conducting feasibility studies and taking

	projects from feasibility stage into operations. Mr Schofield has an extensive experience in gold, mineral sands, iron ore and copper.
Current ASX	Heavy Minerals Limited
Listed
Directorships
Former ASX Listed	Nelson Resources Limited
Directorships
within last 3
years

MEETINGS OF DIRECTORS

The number of meetings held during the year and the number of meetings attended by each Director was as follows:

	Board	Board in the Capacity of Audit & Risk Management Committee	Board in the Capacity of Nomination & Remuneration Committee
Number of Meetings Held	8	2	2
Number of Meetings Attended:
Warren Hallam	8	2	2
James Farrell	8	2	2
Adam Schofield1	4	1	1
Scott Huffadine	8	2	2

SHARES UNDER OPTION

There are 23,735,001 unissued ordinary shares of the Company under option at the date of this report of which 11,885,000 are unlisted and 14,850,001 are listed.

SHARES ISSUED ON THE EXERCISE OF OPTIONS

There were 1,065,000 ordinary shares of the Company issued during the financial year ended 30 June 2023 and up to the date of this report on the exercise of options.

¹ Resigned 21 November 2022.

DIRECTORS' INTERESTS AND BENEFITS

The movement during the reporting year in the number of fully paid ordinary shares of the Company held directly, indirectly or beneficially, by each Director or key management personnel, including their personally-related entities is as follows:

Director	No. Shares	Purchases	Exercise of	Other	No. Shares	No. Shares
	Held at 30		Options	Changes	Held at 30	Held at Date of
	June 2022				June 2023	this Report
Warren Hallam
Directly	-	-	-	-	-	-
Indirectly	1,950,000	290,294	-	-	2,240,294	2,240,294
James Farrell
Directly	1,405,000	47,059	-	-	1,452,059	1,452,059
Indirectly	25,000	-	-	-	25,000	25,000
Adam Schofield2
Directly	1,528,707	-	-	-	N/A	N/A
Indirectly	-	-	-	-	N/A	N/A
Scott Huffadine
Directly	-	-	-	-	-	-
Indirectly	1,125,000	117,647	-	-	1,242,647	1,242,647
Total	6,033,707	455,000	-	-	4,960,000	4,960,000

The movement during the reporting year in the number of options over ordinary shares of the Company held directly, indirectly or beneficially, by each Director or key management personnel, including their personally-related entities is as follows:

Director	No. Options	Grant of Options	Exercise of Options	Other Changes	No. Options Held at 30	No. Options Held at Date of
	Held at 30				June 2023	this Report
	June 2022
Warren Hallam
Directly	-	-	-	-	-	-
Indirectly	1,000,000	500,000	-	448,824	1,948,824	1,948,824
James Farrell
Directly	2,000,000	-	-	292,765	2,292,765	2,292,765
Indirectly	-	1,000,000	-	-	1,000,000	1,000,000
Adam Schofield3
Directly	1,000,000	-	-	-	N/A	N/A
Indirectly	-	-	-	-	N/A	N/A
	Scott Huffadine
Directly	-	-	-	-	-	-
Indirectly	1,000,000	500,000	-	243,412	1,743,412	1,743,412
Total	5,000,000	2,000,000	-	985,001	6,985,001	6,985,001

² Resigned 21 November 2022.

³ Resigned 21 November 2022.

REMUNERATION REPORT

Introduction

The Directors present the Remuneration Report for the Company for the year ended 30 June 2023. This Remuneration Report forms part of the Directors' Report in accordance with the requirements of the Corporations Act 2001 and its regulations. For the purposes of this report, Key Management Personnel ("KMP") of the Company are defined as those persons having authority and responsibility for planning, directing and controlling the major activities of the Company, directly or indirectly, including any director (whether executive or otherwise) of the Parent Entity.

Remuneration Policy

The Company Constitution provides that the remuneration of non-executive Directors will be not more than the aggregate fixed sum determined by a general meeting. The remuneration of executive Directors will be fixed by the Directors and may be paid by way of fixed salary or consultancy fee. High level performance reviews were undertaken during the year by the Chairman.

Remuneration Report Approval at FY2023 AGM

The remuneration report for the year ended 30 June 2023 will be put to shareholders for approval at the Company's AGM which will be held in November 2023.

Details of Remuneration

Details of the remuneration of the Directors, other key management personnel of the Company and specified executives of the Company for the year ended 30 June 2023 respectively are set out on the following tables:

					LTI	Total	Proportion of
			Fixed STI						Remuneration
		Salary	Other	Term	Super	Incentive	Fair value		Fixed	STI	LTI
Director /	Year	and	fees	ination	annuation	Payments	of Share
KMP		fees		Payment			Options
							(equity
							settled)
		\$	\$	\$	\$	\$	\$	\$	%	%	%
Non-Executive Directors
Warren	2023	50,834	-	-	5,338	-	165,5004	221,672	25%	-	75%
Hallam	2022	51,531	-	-	4,898	-	-	56,429	100%	-	-
Adam	2023	21,900	-	-	-	-	-	21,900	100%	-	-
Schofield5	2022	52,560	-	-	-	-	-	52,560	100%	-	-
Scott	2023	47,566	-	-	4,994	-	165,5006	218,060	24%	-	76%
Huffadine	2022	48,217	-	-	4,583	-	-	52,800	100%	-	-
Total Non	2023	120,300	-	-	10,332	-	331,000	461,632	28%	-	72%
Executive
Directors	2022	152,308	-	-	9,481	-	-	161,789	100%	-	-
Executive Directors
James	2023	257,149	-	-	27,001	-	331,0006	615,150	46%	-	54%
Farrell	2022	195,187	-	-	19,365	-	-	214,552	100%	-	-
Total	2023	257,149	-	-	27,001	-	331,000	615,150	46%	-	54%
Executive
Directors	2022	195,187	-	-	19,365	-	-	214,552	100%	-	-

Service Agreements

The Company entered into an executive services agreement with James Farrell effective 1 November 2020, pursuant to which Mr Farrell serves as Executive Director & CEO responsible for the overall management and supervision of the activities, operations and affairs of the Company, subject to overall control and direction of the Board. Pursuant to the agreement, Mr Farrell is entitled to receive \$185,000 per annum (excluding statutory superannuation). Effective 1 September 2021 this was increased to \$200,000 per annum (excluding statutory superannuation) then effective 1 July 2022 this was increased to \$230,000 per annum (excluding statutory superannuation). During September 2022 a bonus of \$27,149 was paid.

The Board may, in its absolute discretion invite Mr Farrell to participate in bonus and/or other incentive schemes in the Company that it may implement from time to time, subject to compliance with the Corporations Act and Listing Rules. The agreement is for an indefinite term, continuing until terminated by either the Company or Mr Farrell giving not less than three month's written notice of termination to the other party (or shorter period in limited circumstances).

⁴ As approved by shareholders at the 21 November 2022 AGM, options granted on 6 December 2022 have an exercise price of \$0.691. an expiry date of 5 December 2025 and were valued using a share price at grant date of \$0.56, a risk free interest rate of 3.01%, and a volatility of 100% resulting in a valuation of \$0.331 per option.

⁵ Resigned 21 November 2022.

Mr Farrell is also subject to restrictions in relation to the use of confidential information during his employment and after his employment with the Company ceases and being directly or indirectly involved in a competing business during the continuance of his employment with the Company and for a period of 12 months after his employment with the Company ceases, on terms which are otherwise considered standard for agreements of this nature. In addition, the agreement contains additional provisions considered standard for agreements of this nature.

The Company has entered into agreements with its Non-Executive Directors.

Share Based Compensation

No ordinary shares in the Company were provided as a result of an exercise of remuneration options but incentive options were granted to Directors and other key management personnel of the Company in this reporting year.

End of Audited Remuneration Report.

REVIEW OF RESULTS

The loss after tax for the year ended 30 June 2023 was \$2,013,952 (2022: \$896,096 loss). The earnings of the Group for the past 3 years since are summarised below:

	30 June 2023	30 June 2022	30 June 2021
	\$	\$	\$
Revenue	67,099	2,710	319
EBITDA	(1,957,769)	(848,682)	(947,944)
EBIT	(2,010,340)	(891,770)	(964,553)
Profit / (loss) after income tax	(2,013,952)	(896,096)	(967,004)

The factors that are considered to affect total shareholders return are summarised below:

	30 June 2023	30 June 2022	30 June 2021
	\$	\$	\$
Share price at financial year end	0.295	0.25	0.19

DIVIDENDS

No dividends were paid or declared during the year ended 30 June 2023 (2022: Nil).

INDEMNIFICATION AND INSURANCE OF OFFICERS

The Company has agreed to indemnify all of the Directors of the Company for any liabilities to another person (other than the Company or related body corporate) that may arise from their position as Directors of the Company and its controlled entities, except where the liability arises out of conduct involving a lack of good faith. During the financial year the Company paid a premium in respect of a contract insuring the Directors and officers of the Company and its controlled entities against any liability incurred in the course of their duties to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.

PROCEEDINGS ON BEHALF OF THE COMPANY

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of the Corporations Act 2001.

CORPORATE GOVERNANCE

The Board has not set measurable gender diversity objectives for the 2023 financial year because the Board considered the application of a measurable gender diversity objective requiring a specified proportion of women on the Board and in senior executive roles would, given the small size of the Company and the Board, unduly limit the Company from applying the Diversity Policy as a whole and the Company's policy of appointing based on skills and merit. A performance evaluation of the Board and individual Directors was not undertaken during the year due to the current size of the Board and the infancy of the Company.

NON AUDIT SERVICES

Criterion Audit Pty Ltd was appointed as the Company's auditor on 30 October 2018 and has not provided any non-audit services to the Company since its appointment.

EVENTS SUBSEQUENT TO REPORTING DATE

There are no matters or circumstances that have arisen since the end of the year which will significantly affect, or may significantly affect, the state of affairs or operations of the reporting entity in future financial periods.

AUDITOR'S DECLARATION OF INDEPENDENCE

The auditor's independence declaration for the year ended 30 June 2023 has been received and is included within the financial statements.

This report is made in accordance with a resolution of Directors, pursuant to section 306(3) of the Corporation Act 2001. Signed in accordance on behalf of the Directors.

____________________

Warren Hallam Non-Executive Chairman

26 September 2023

Criterion Audit Pty Ltd

ABN 85 165 181 822

PO Box 233 LEEDERVILLE WA 6902 Suite 2, 642 Newcastle Street

LEEDERVILLE WA 6007

Phone: 9466 9009

To The Board of Directors

Auditor's Independence Declaration under Section 307C of the Corporations Act 2001

As lead audit director for the audit of the financial statements of Kingfisher Mining Ltd for the year ended 30 June 2023, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
• any applicable code of professional conduct in relation to the audit.

Yours faithfully

CHRIS WATTS CA Director

CRITERION AUDIT PTY LTD

DATED at PERTH this 26th day of September 2023

	Note	Company 30 June 2023	Company 30 June 2022
		\$	\$
Other Income		67,099	2,710
Accounting fees		(64,350)	(62,315)
Compliance fees		(87,780)	(71,599)
Consultancy fees		(115,080)	(80,490)
Depreciation	8 & 9	(52,571)	(43,088)
Directors' remuneration		(437,948)	(340,616)
Exploration expenditure		9,073	(3,119)
Insurance expense		(27,750)	(24,457)
Interest expense		(3,612)	(4,326)
IT expenses		(31,440)	(27,821)
Legal fees		(18,147)	(5,981)
Marketing expenses		(203,912)	(72,025)
Occupancy expenses		-	-
Other expenses		(194,244)	(147,115)
Share based payments expense	15	(820,480)	(5,431)
Travel expenses		(32,810)	(10,423)
Profit/(loss) before tax		(2,013,952)	(896,096)
Income tax benefit/(expense)	3	-	-
Net profit/(loss)for the year from operations		(2,013,952)	(896,096)
Other comprehensive income		-	-
Total comprehensive profit/(loss)for the
year		(2,013,952)	(896,096)
Basic profit/(loss) per share (cents)	4	(4.33)c	(2.12)c

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023

	Note	Company 30 June 2023	Company 30 June 2022
		\$	\$
ASSETS
Current Assets Cash and cash equivalents	5	3,378,934	2,184,093
Trade and other receivables	6	77,339	59,400
Other assets	7	48,500	60,905
Total Current Assets		3,504,773	2,304,398
Non-Current Assets
Plant and equipment	8	163,565	84,411
Right of use assets	9	74,679	96,016
Exploration and evaluation expenditure	10	4,119,183	2,179,958
Total Non-Current Assets		4,357,427	2,360,385
Total Assets		7,862,200	4,664,783
LIABILITIES
Current Liabilities
Trade and other payables	11	138,404	136,246
Provisions	12	65,841	29,301
Lease liabilities	13	24,000	24,000
Total Current Liabilities		228,245	189,547
Non-Current Liabilities
Lease liabilities	13	54,410	74,797
Total Current Liabilities		54,410	74,797
Total Liabilities		282,655	264,344
Net Assets		7,579,545	4,400,439
EQUITY
Contributed equity	14	9,435,699	5,439,389
Reserves	15	2,299,329	1,102,581
Accumulated losses		(4,155,483)	(2,141,531)
Total Equity		7,579,545	4,400,439

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2023

Company	Note	Contributed Equity	Share Based Payments Reserve \$	Options Reserve	Accumulated Losses	Total
		\$		\$	\$	\$
Balance at 30 June 2022		5,439,389	674,181	428,400	(2,141,531)	4,400,439
Equity issues	14	4,686,250	-	-	-	4,686,250
Equity issue costs	14	(689,940)	-	-	-	(689,940)
Net share based payments	15	-	820,480	376,268	-	1,196,748
Loss for the year Other comprehensive		-	-	-	(2,013,952)	(2,013,952)
income		-	-	-	-	-
Total comprehensive loss
for the year		-	-	-	(2,013,952)	(2,013,952)
Balance at 30 June 2023		9,435,699	1,494,661	804,668	(4,155,483)	7,579,545
Balance at 30 June 2021		5,443,885	668,750	428,400	(1,245,433)	5,295,602
Equity issues	14	-	-	-	-	-
Equity issue costs	14	(4,496)	-	-	-	(4,496)
Net share based payments	15	-	5,431	-	-	5,431
Loss for the year		-	-	-	(896,098)	(896,098)
Other comprehensive
income		-	-	-	-	-
Total comprehensive loss for the period		-	-	-	(896,098)	(896,098)
Balance at 30 June 2022		5,439,389	674,181	428,400	(2,141,531)	4,400,439

	Note	Company	Company
		30 June 2023	30 June 2022
		\$	\$
Cash flows from operating activities
Payments to suppliers and employees		(1,143,849)	(806,968)
Proceeds from receipt of interest		28,951	2,710
Payment of interest: lease		(3,612)	(4,326)
Net cash (used in) operating activities	17	(1,118,510)	(808,584)
Cash flows from investing activities
Payment for exploration and evaluation assets		(1,928,451)	(1,299,341)
Payments for plant and equipment		(110,388)	(9,052)
Net cash (used in) investing activities		(2,038,839)	(1,308,393)
Cash flows from financing activities
Proceeds from equity issues		4,738,518	-
Payment of equity issue costs		(365,940)	(4,496)
Repayment of lease		(20,388)	(19,674)
Net cash provided from/(used in) financing
activities		4,352,190	(24,170)
Net increase / (decrease) in cash held		1,194,841	(2,141,147)
Cash and cash equivalents at beginning of the year		2,184,093	4,325,240
Cash and cash equivalents at year end	5	3,378,934	2,184,093

1. Corporate information

This annual report covers Kingfisher Mining Limited (the "Company"), a company incorporated in Australia on 29 October 2018 for the year ended 30 June 2023. The presentation currency of the Company is Australian Dollars ("\$"). A description of the Company's operations is included in the review and results of operations in the Directors' Report. The Directors' Report is not part of the financial statements. The Company is a for-profit entity and limited by shares incorporated in Australia. The financial statements were authorised for issue on 26 September 2023 by the Directors of the Company. The Directors have the power to amend and reissue the financial statements. The principal accounting policies adopted in the preparation of the financial statements are set out below.

2. Accounting policies

a. Basis of preparation

This general purpose financial report has been prepared in accordance with Australian Accounting Standards, including Australian Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001. Compliance with Australian Accounting Standards ensures that the financial statements and notes of the Group comply with International Financial Reporting Standards ("IFRS"). Kingfisher Mining Limited is a for-profit entity for the purpose of preparing the financial statements. The financial statements are presented in Australian dollars and have been prepared under the historical cost convention.

b. Current and non-current classification

Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as noncurrent. A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current.

c. Comparatives

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

2. Accounting policies (continued)

d. Significant management judgement in applying accounting policies and estimate uncertainty

When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. Information about significant judgements, estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expense is provided below.

i. Exploration and evaluation expenditure

The application of the Company's accounting policy for exploration and evaluation expenditure requires judgement in determining whether it is likely that future economic benefits are likely either from future exploitation or sale or where activities have not reached a stage which permits a reasonable assessment of the existence of reserves.

ii. Share-based payment transactions

The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Binomial or Black-Scholes model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.

iii. Lease term

The lease term is a significant component in the measurement of both the right-of-use asset and lease liability. Judgement is exercised in determining whether there is reasonable certainty that an option to extend the lease or purchase the underlying asset will be exercised, or an option to terminate the lease will not be exercised, when ascertaining the periods to be included in the lease term.

In determining the lease term, all facts and circumstances that create an economical incentive to exercise an extension option, or not to exercise a termination option, are considered at the lease commencement date. Factors considered may include the importance of the asset to the Company's operations; comparison of terms and conditions to prevailing market rates; incurrence of significant penalties; existence of significant leasehold improvements; and the costs and disruption to replace the asset. The Company reassesses whether it is reasonably certain to exercise an extension option, or not exercise a termination option, if there is a significant event or significant change in circumstances.

2. Accounting policies (continued)

iv. Incremental borrowing rate

Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such a rate is based on what the Co estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.

e. Accounting Standards that are mandatorily effective for the current reporting year

The Company has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for an accounting period that begins on or after 1 July 2022. The Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Company and, therefore, no material change is necessary to Company accounting policies.

g. Standards and Interpretations in issue not yet adopted

At the date of authorisation of the financial statements, the Company has not applied the new and revised Australian Accounting Standards, Interpretations and amendments that have been issued but are not yet effective. Based on a preliminary review of the standards and amendments, the Directors do not anticipate a material change to the Company's accounting policies, however further analysis will be performed when the relevant standards are effective.

Company	Company
30 June 2023	30 June 2022
\$	\$

3. Income tax benefit / (expense)

A reconciliation between the income tax expense and the product of accounting profit before income tax multiplied by the Company's applicable income tax rate is as follows:

Profit / (loss) before tax	(2,013,952)	(896,096)
Statutory income tax rate for the Company at 30.0% (2022:
30.0%)	(604,186)	(268,829)
Tax effect of amounts which are not deductible /(taxable)
in calculating taxable income:
Other deductible expenses	-	-
Other non-deductible expenses	247,388	1,917
Unrecognised tax losses and timing differences	356,798	266,912
Income tax expense reported in the statement of
comprehensive income	-	-
Deferred tax balances not recognised
Tax losses	2,148,562	1,136,467
Exploration	(1,229,666)	(647,429)
Other	236,409	111,630
	1,155,305	600,668

Accounting policy

Income tax

Current income tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax assets and liabilities are recognised for all taxable temporary differences:

• Except for the deferred income tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction affects neither the accounting profit nor taxable profit or loss; and
• In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

3. Income tax benefit / (expense) (continued)

The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred income tax to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Income taxes relating to items recognised directly in equity are recognised in equity and not in profit or loss. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.

Goods and services and sales tax

Revenues, expenses and assets are recognised net of the amount of Goods and Services Tax (GST) except:

• Where the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of the asset or as part of an item of expense; or
• For receivables and payables which are recognised inclusive of GST.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers. Commitments and contingencies are disclosed net of amount of GST recoverable from, or payable to, the ATO.

4. Earnings per share

Loss used for basic and diluted loss per share are loss after tax of \$2,013,952 (2022: loss after tax of \$896,096). The weighted average number of ordinary shares used as the denominator in calculating basic and diluted earnings per share is 46,490,159 ordinary shares (2022: 42,250,001 ordinary shares).

Accounting policy

Basic earnings per share is calculated by dividing the profit or loss attributable to equity holders of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the period, adjusted for bonus elements in ordinary shares issued during the period. Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.

	Company 30 June 2023	Company 30 June 2022
	\$	\$
5. Cash and cash equivalents
Cash at bank	878,934	2,184,093
Term deposits	2,500,000	-
	3,378,934	2,184,093

Cash and cash equivalents include cash on hand and in the bank, and other short-term deposits. Bank overdrafts are shown separately in current liabilities on the Statement of Financial Position. For the purposes of the Statement of Cash Flows, cash and cash equivalents as defined above, net of outstanding bank overdrafts.

6. Trade and other receivables

GST receivable	39,191	51,409
Other receivables	38,148	7,991
	77,339	59,400

Accounting policy

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate method, less any impairment losses. This category generally applies to trade and other receivables. Trade and other receivables are generally due for settlement within no more than 30 days from the date of recognition. Due to their current nature, the carrying amount of trade and other receivables approximates fair value. The carrying amount of trade and other receivables is reduced through the use of an allowance account and the loss is recognised in the profit or loss.

	Company	Company
	30 June 2023	30 June 2022
	\$	\$
7. Other assets
Prepaid expenses	48,500	60,905
	48,500	60,905

	Company 30 June 2023	Company 30 June 2022
	\$	\$
8. Plant and equipment
Balance at beginning of year	84,411	97,110
Additions	110,388	9,052
Depreciation	(31,234)	(21,751)
Balance at end of year	163,565	84,411

Plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment in value. The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Company. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits. Depreciation is calculated on a straight line basis over the estimated useful life of the asset as follows:

Computer equipment – 5 years	Office equipment – 5 years
Motor vehicles – 5 years	Exploration equipment – 5 years

9. Right of use assets

Balance at beginning of year	96,016	117,353
Depreciation	(21,337)	(21,337)
Balance at end of year	74,679	96,016

Accounting policy

A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Company expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any re-measurement of lease liabilities.

		Company	Company
		30 June 2023	30 June 2022
		\$	\$
10.	Exploration and evaluation expenditure
	Balance at beginning of year	2,179,958	829,550
	Exploration expenditure incurred	1,930,152	1,353,527
	Exploration expenditure (expensed) / refunded	9,073	(3,119)
	Balance at end of year	4,119,183	2,179,958

Exploration and evaluation expenditure in relation to each separate area of interest are recognised as an exploration and evaluation asset in the year in which they are incurred where the following conditions are satisfied:

• (i) the rights to tenure of the area of interest are current; and
• (ii) at least one of the following conditions is also met:
• the exploration and evaluation expenditure are expected to be recouped through successful development and exploration of the area of interest, or alternatively, by its sale; or
• exploration and evaluation activities in the area of interest have not, at the reporting date, reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing.

Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore, studies, exploratory drilling, trenching and sampling and associated activities and an allocation of depreciation and amortisation of assets used in exploration and evaluation activities. General and administrative costs are only included in the measurement of exploration and evaluation costs where they are related directly to operational activities in a particular area of interest. Indirect costs that are included in the cost of an exploration and evaluation asset include, among other things, charges for depreciation of equipment used in exploration and evaluation activities. If an area of interest is abandoned or is considered to be of no further commercial interest, the accumulated exploration costs relating to the area are written off against income in the year of abandonment. Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount. The recoverable amount of the exploration and evaluation asset (or the cash-generating unit(s) to which it has been allocated, being no larger than the relevant area of interest) is estimated to determine the extent of the impairment loss (if any). Where a decision has been made to proceed with development in respect of a particular area of interest, the relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to development.

		Company 30 June 2023 \$	Company 30 June 2022 \$
11.	Trade and other payables
	Accrued expenses	30,649	65,909
	Trade creditors	107,755	70,337
		138,404	136,246

Trade and other payable amounts represent liabilities for goods and services provided to the entity prior to the end of the year and which are unpaid. The amounts are unsecured and are usually paid within 30 days of invoice.

12. Provisions

Balance at beginning of year	29,301	13,756
Employee entitlements	36,540	15,545
Balance at end of year	65,841	29,301

Accounting policy

Provision is made for the Company's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be wholly settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits expected to be settled more than one year after the end of the reporting period have been measured at the present value of the estimated future cash outflows to be made for those benefits.

13. Borrowings

Balance at end of year	24,000	24,000
Repayments	(20,388)	(19,674)
Reclassification from non-current	20,388	19,674
Balance at beginning of year	24,000	24,000
Current

	Company 30 June 2023 \$	Company 30 June 2022 \$
13. Borrowings (continued)
Non-Current
Balance at beginning of year	74,797	94,471
Reclassification to current	(20,387)	(19,674)
Balance at end of year	54,410	74,797

Refer to Right-of-use asset accounting policy at note 9.

	Company 30 June 2023		Company 30 June 2022
	No.	\$	No.	\$
14. Contributed equity
Balance at beginning of year	42,250,001	5,439,389	42,250,001	5,443,885
Share issue: 19 September 2022	10,000,000	4,250,000	-	-
Share issue: 30 November 2022	400,000	170,000	-	-
Share issue: 31 January 2023	1,015,000	253,750	-	-
Share issue: 14 February 2023	50,000	12,500	-	-
Equity issue costs1	-	(689,940)	-	(4,496)
Balance at end of year	53,715,001	9,435,699	42,250,001	5,439,389

Capital Management

The Company's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it may continue to provide returns for shareholders and benefits for other stakeholders. Due to the nature of the Company's activities, being mineral exploration, it does not have ready access to credit facilities and therefore is not subject to any externally imposed capital requirements, with the primary source of Company funding being equity raisings. Accordingly, the objective of the Company's capital risk management is to balance the current working capital position against the requirements to meet exploration programmes and corporate overheads. This is achieved by maintaining appropriate liquidity to meet anticipated operating requirements, with a view to initiating appropriate capital raisings as required.

14. Contributed equity (continued)

Ordinary shares

Ordinary shares have no par value and have the right to receive dividends as declared and, in the event of the winding up of the Company, to participate in proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on the shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. Share capital represents the nominal value of shares that have been issued. Any transaction costs associated with the issuing of shares are deducted from share capital, net of any related income tax benefits.

	Company 30 June 2023 \$	Company 30 June 2022 \$
15. Reserves
Share based payments reserve
Balance at beginning of year	674,181	668,750
Share based payments6	820,480	5,431
Balance at end of year	1,494,661	674,181
Options reserve
Balance at beginning of year	428,400	424,400
Share based payments6	376,268	-
Balance at end of year	804,688	424,400

⁶Variables used to calculate the option valuations are as follows:

Inputs	Director Options [FY20/21]	Vendor Options [FY20/21]	Broker Options [FY20/21]	Employee Options [FY21/22]	Broker Options6 [FY22/23]	Director, Employee & Contractor Options [FY22/23]
Number of options	5,000,000	1,250,000	4,000,000	250,000	1,800,000	2,450,000
Exercise price	\$0.25	\$0.25	\$0.25	\$0.2403	\$0.70	\$0.691
Expiry date	11-Dec-23	11-Dec-23	11-Dec-23	30-Nov-24	30-May-25	05-Dec-25
Grant date	06-Oct-20	06-Oct-20	07-Dec-20	01-Dec-21	30-Nov-22	06-Dec-22
Share price at grant date	\$0.20	\$0.20	\$0.20	\$0.17	N/A	\$0.56
Risk free interest rate	0.18%	0.18%	0.18%	0.53%	N/A	3.01%
Volatility	90.00%	90.00%	90.00%	59.01%	N/A	100.00%
Option value	\$0.107	\$0.107	\$0.107	\$0.0038	\$0.18	\$0.331

⁶ Listed options therefore valued at KFMO price on grant date.

16. Operating segments

The Company has determined operating segments based on the information provided to the Board of Directors. The Company operates predominantly in one business segment being the exploration for minerals in one geographic segment, being Australia.

Accounting policy

Operating segments are identified based on the internal reports that are regularly reviewed by the Board of Director's, the Chief Operation Decision Maker, for the purpose of allocating resources and assessing performance. The adoption of this "management approach" has resulted in the identification of reportable segments.

Company	Company
30 June 2022	30 June 2023
\$	\$

17. Reconciliation of cashflows from operating activities

Profit/(loss) before tax	(2,013,952)	(896,096)
Depreciation	52,571	43,088
Share based payments	820,480	5,431
Change in trade & other receivables	(17,939)	25,905
Change in other assets	12,405	(26,945)
Change in trade & other payables	64,465	55,578
Change in provisions	(36,540)	(15,545)
Net cash used in operating activities	(1,118,510)	(808,584)

18. Events after the end of the reporting year

There are no matters or circumstances that have arisen since the end of the year which will significantly affect, or may significantly affect, the state of affairs or operations of the reporting entity in future financial periods.

	Company 30 June 2023	Company 30 June 2022
	\$	\$
19. Commitments and contingencies a. Commitments relating to operating expenditures
Not longer than 1 year	836,306	698,281
More than 1 year but not longer than 5 years	1,591,423	1,859,162
More than 5 years	-	-
	2,427,729	2,557,443

b. Contingent assets

There are no contingent assets as at 30 June 2023.

c. Contingent liabilities

There are no contingent liabilities as at 30 June 2023.

20. Financial instruments

Financial risk management objectives, policies and processes

The Company has exposure to the following risks from their use of financial instruments:

• credit risk,
• liquidity risk, and
• market risk (including gold price risk, interest rate and currency risk).

This note presents information about the Company' exposure to each of the above risks, their objectives, policies and processes for measuring and managing risk. The Board has overall responsibility for the establishment and oversight of the risk management framework. The Board reviews and agrees policies for managing each of these risks and they are summarised below. The Company's principal financial instruments comprise cash. The main purpose of the financial instruments is to earn the maximum amount of interest at a low risk to the Company. The Company also has other financial instruments such as receivables and payables which arise directly from its operations. For the year under review, it has been the Company's policy not to trade in financial instruments.

	Company 30 June 2023 \$	Company 30 June 2022 \$
20. Financial instruments (continued)
Financial instruments
Financial assets
Cash and cash equivalents	3,378,934	2,184,093
Trade and other receivables	77,339	59,400
	3,456,273	2,243,493
Financial liabilities
Trade and other payables	138,404	136,246
Lease liabilities	78,410	98,797
	216,814	235,043

Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The Company only transacts with entities that are rated the equivalent of investment grade and above. The Company's exposure and the credit ratings of its counterparties are continuously monitored. Credit exposure is controlled by counterparty limits that are reviewed and approved by the Board annually. The Company does not have any significant credit risk exposure to the National Australia Bank. The credit risk on liquid funds is reduced because the counterparty is a bank with high credit rating assigned by international credit rating agencies.

Liquidity risk

Ultimate responsibility for liquidity risk management rests with the Board of Directors, who have built an appropriate liquidity risk management framework for the management of the Company's short, medium and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves and banking facilities, determining when capital raising is required and by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The Company did not have any undrawn facilities at its disposal as at reporting date. The table below analyses the Company's financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows.

20. Financial instruments (continued)

Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

Contractual maturities of financial liabilities

Details	>1 Year	1-2 Years	2-5 Years	>5 Years	Total	Carrying
	\$	\$	\$	\$	\$	Amount \$
30 June 2023
Trade and other
payables	107,755	-	-	-	107,755	107,755
Accrued expenses	30,649	-	-	-	30,649	30,649
Lease liabilities	24,000	54,410	-	-	78,410	78,410
Total	162,404	54,410	-	-	216,814	216,814
30 June 2022
Trade and other
payables	70,337	-	-	-	70,337	70,337
Accrued expenses	65,909	-	-	-	65,909	65,909
Lease liabilities	24,000	74,797	-	-	98,797	98,797
Total	160,246	74,797	-	-	235,043	235,043

Market risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the Company's income or the value of its holdings of financial instruments. The Company does not have short or long-term debt and therefore the risk is minimal. The Company limits its exposure to credit risk by only investing in liquid securities and only with counterparties that have acceptable credit ratings.

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Current financial assets and financial liabilities are generally not exposed to interest rate risk because of their short-term nature. The Company's cash and cash equivalents at 30 June 2023 are fixed interest rate financial instruments. Non-current financial assets are subject to interest rate risk but the risk is not considered material.

Fair value measurements

The fair values of cash, receivables, trade and other payables approximate their carrying amounts as a result of their short maturity.

20. Financial instruments (continued)

Accounting policy

Investments and other financial assets

Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at either amortised cost or fair value depending on their classification. Classification is determined based on both the business model within which such assets are held and the contractual cash flow characteristics of the financial asset unless, an accounting mismatch is being avoided.

Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering part or all of a financial asset, its carrying value is written off.

Financial assets at fair value through profit or loss

Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements are recognised in profit or loss.

Financial assets at fair value through other comprehensive income

Financial assets at fair value through other comprehensive income include equity investments which the Company intends to hold for the foreseeable future and has irrevocably elected to classify them as such upon initial recognition.

Impairment of financial assets

The Company recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Company's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses.

20. Financial instruments (continued)

The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised within other comprehensive income. In all other cases, the loss allowance is recognised in profit or loss.

	Company 30 June 2023 \$	Company 30 June 2022 \$
21. Auditors' remuneration
Criterion Audit Pty Ltd: Audit and review of financial reports	26,656	27,490
Total auditor's remuneration	26,656	27,490
22. Related party transactions
KMP compensation
Short-term employee benefits	414,782	376,341
Long-term employee benefits	662,000	-
Total KMP compensation	1,076,782	376,341

Detailed remuneration disclosures are provided in the remuneration report included in the Directors' Report.

Effective 26 February 2021 the Company entered into a sub-lease agreement with Nelson Resources Limited (a company of which both Warren Hallam and Adam Schofield were directors) for the occupancy of its premises. The transaction was on an arm's length term at a cost of \$2,000 per month, expiring 31 December 2024. The total amount paid to 30 June 2023 was \$12,000 (2022: \$12,000).

In the opinion of the Directors:

• a) the financial statements and notes set out on pages 45 to 65 are in accordance with the Corporations Act 2001 including:
• i. giving a true and fair view of the Company's financial position as at 30 June 2023 and of the performance for the year ended 30 June 2023; and
• ii. complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and
• b) the financial statements and notes also comply with International Financial Reporting Standards as disclosed in Note 1
• c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

The Directors have been given the declarations required by section 295A of the Corporations Act 2001.

This declaration is signed in accordance with a resolution of the Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the Directors

____________________

Warren Hallam Non-Executive Chairman

26 September 2023

Criterion Audit Pty Ltd

ABN 85 165 181 822

PO Box 233 LEEDERVILLE WA 6902

Suite 2, 642 Newcastle Street LEEDERVILLE WA 6007

Phone: 9466 9009

Independent Auditor's Report

To the Members of Kingfisher Mining Limited

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Kingfisher Mining Limited ("the Company"), which comprises the statement of financial position as at 30 June 2023, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration.

In our opinion:

• a. the accompanying financial report of Kingfisher Mining Limited is in accordance with the Corporations Act 2001, including:
• i. giving a true and fair view of the Company's financial position as at 30 June 2023 and of its financial performance for the year then ended; and
• ii. complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter	How our audit addressed the key audit matter
Exploration and Evaluation Expenditure – \$4,119,183	Our procedures included, amongst others:
(Refer to Note 10)	• Assessing management's determination of its areas of interest for consistency with the
Exploration and evaluation is a key audit matter due to: • The significance of the balance to the Company's financial position. • The level of judgement required in evaluating management's application of the requirements of AASB 6 Exploration for and Evaluation of Mineral Resources. AASB 6 is an industry specific accounting standard requiring the application of significant judgements, estimates and industry knowledge. This includes specific requirements for expenditure to be capitalised as an asset and subsequent requirements which must be complied with for capitalised expenditure to continue to be carried as an asset. • The assessment of impairment of exploration and evaluation expenditure being inherently difficult.	definition in AASB 6. This involved analysing the tenements in which the Company holds an interest and the exploration programmes planned for those tenements. • For each area of interest, we assessed the Company's rights to tenure by corroborating to government registries and evaluating agreements in place with other parties as applicable; • We tested the additions to capitalised expenditure for the year by evaluating a sample of recorded expenditure for consistency to underlying records, the capitalisation requirements of the Company's accounting policy and the requirements of AASB 6; • We considered the activities in each area of interest to date and assessed the planned future activities for each area of interest by evaluating budgets for each area of interest. • We assessed each area of interest for one or more of the following circumstances that may indicate impairment of the capitalised expenditure: • the licenses for the right to explore expiring in the near future or are not expected to be renewed;

• substantive expenditure for further exploration in the specific area is neither budgeted or planned

Share-based payments (Refer to Note 15)

Share-based payments is a key audit matter due to:

• The significance of the balance to the Company's financial performance and position.

• The level of judgement required in evaluating management's application of the requirements of AASB 2 Share-based Payment which requires the application of significant judgements and estimates.

• decision or intent by the Company to discontinue activities in the specific area of interest due to lack of commercially viable quantities of resources; and

• data indicating that, although a development in the specific area is likely to proceed, the carrying amount of the exploration asset is unlikely to be recovered in full from successful development or sale.
• We assessed the appropriateness of the related disclosures in note 10 to the financial statements.

Our procedures included, amongst others:

• Verifying the key terms of the share based payments in respect of the granting of option over the shares for rendering of services by directors, employees and contractors.
• Assessing the fair value calculation of option granted by checking the accuracy of the inputs to the Black Scholes option pricing model adopted for that purpose.
• Testing the accuracy of the share-based payments amortisation over the vesting period and recording of expense in the statement of profit or loss and increment to the share based payment reserve.
• We assessed the appropriateness of the related disclosures in note 15 to the financial statements.

Other Information

The directors are responsible for the other information. The other information comprises the information included in the Company's annual report for the year ended 30 June 2023, but does not include the financial report and our auditor's report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast

significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on the Remuneration Report

Opinion on the Remuneration Report

We have audited the Remuneration Report included in the directors' report for the year ended 30 June 2023.

In our opinion, the Remuneration Report of Kingfisher Mining Limited, for the year ended 30 June 2023, complies with section 300A of the Corporations Act 2001.

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with s 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.

CRITERION AUDIT PTY LTD

CHRIS WATTS CA Director

DATED at PERTH this 26th day of September 2023

As at 22 September 2023

Issued Securities

	Quoted on ASX	Unquoted	Total
Fully paid ordinary shares	53,715,001	-	53,715,001
\$0.25 unquoted options expiring 11 December 2023	-	9,185,000	9,185,000
\$0.2403 unquoted options expiring 30 November
2024	-	250,000	250,000
\$0.70 quoted options expiring 30 May 2025	14,850,001	-	14,850,001
\$0.691 unquoted options expiring 5 December 2025	-	2,450,000	2,450,000
Total	68,565,002	11,885,000	80,450,002

Distribution of Quoted Ordinary Fully Paid Shares

					% of Total Issued
		Spread of Holdings	Number of Holders	Number of Units	Capital
1	-	1,000	54	29,573	0.06%
1,001	-	5,000	310	935,948	1.74%
5,001	-	10,000	200	1,664,745	3.10%
10,001	-	100,000	481	16,869,381	31.41%
100,001	-	and over	87	34,215,354	63.70%
Total			1,132	53,715,001	100.00%

Top 20 Quoted Ordinary Fully Paid Shareholders

</the<>

			%
		Shares	Issued
Rank	Shareholder	Held	Capital
1.	DC & PC HOLDINGS PTY LTD	2,171,475	4.04%
	MRS LEONIE MARY HALLAM & MR WARREN SHAYE HALLAM <the< td="">
2.	HALLAM S/F A/C>	2,140,294	3.98%
3.	ALITIME NOMINEES PTY LTD	2,040,000	3.80%
4.	MR CHRISTOPHER ADAM SIDDONS SCHOFIELD	1,528,707	2.85%
5.	MR JAMES NICHOLAS FARRELL	1,452,059	2.70%
6.	MR SCOTT JAMES HUFFADINE	1,242,647	2.31%
7.	MR EUGENE LINNIK	1,108,547	2.06%
8.	ROXTEL PTY LTD	1,055,097	1.96%
	MR GREGORY JOHN MUNYARD & MRS MARIA ANN MUNYARD &
9.	MISS CARMEN HELENE MUNYARD	1,044,000	1.94%
10.	KITARA INVESTMENTS PTY LTD	1,000,000	1.86%
11.	ANGKOR IMPERIAL RESOURCES PTY LTD	940,000	1.75%
12.	BNP PARIBAS NOMINEES PTY LTD	867,620	1.62%
13.	BT PORTFOLIO SERVICES LIMITED	730,699	1.36%
14.	GEOANALYTICA PROPRIETARY LIMITED	700,000	1.30%
15.	PETER ROMEO GIANNI	625,000	1.16%
16.	MR ROHAN DAVID GAMBLE	587,817	1.09%
	CRAIG SHER SUPER NOMINEES PTY LTD <craig fund<="" sher="" super="" td="">
17.	A/C>	532,500	0.99%
18.	NORTH OF THE RIVER INVESTMENTS PTY LTD	500,568	0.93%
19.	COMERTOSE PTY LTD	500,000	0.93%
	MR STEPHEN MICHAEL BROCKHURST <sm brockhurst="" family<="" td="">
19.	A/C>	500,000	0.93%
20.	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	488,546	0.91%
Total		21,755,576	40.47%

The number of shareholdings held in less than marketable parcels is 193.

Distribution of Quoted Options

		Spread of Holdings	Number of Holders	Number of Units	% of Total Issued Capital
1	-	1,000	72	37,970	0.26%
1,001	-	5,000	137	365,929	2.46%
5,001	-	10,000	70	543,271	3.66%
10,001	-	100,000	160	5,493,143	36.99%
100,001	-	and over	31	8,409,688	56.63%
Total			470	14,850,001	100.00%

Top 20 Quoted Option Holders

</the<>

			%
		Options	Issued
Rank	Shareholder	Held	Capital
1.	DC & PC HOLDINGS PTY LTD	730,000	4.92%
2.	BT PORTFOLIO SERVICES LIMITED	680,319	4.58%
3.	ALITIME NOMINEES PTY LTD	600,000	4.04%
	MRS LEONIE MARY HALLAM & MR WARREN SHAYE HALLAM <the< td="">
4.	HALLAM S/F A/C>	428,824	2.89%
5.	MR PAUL DAVID MCKEE	414,000	2.79%
6.	BIG BEAR NOMINEES PTY LTD	400,000	2.69%
7.	KITARA INVESTMENTS PTY LTD	352,499	2.37%
8.	DESHON ENTERPRISES PTY LTD	335,000	2.26%
9.	MR BRENDON DESHON	325,000	2.19%
10.	MR JAMES NICHOLAS FARRELL	292,765	1.97%
11.	RANKINE INFRASTRUCTURE PTY LTD	280,172	1.89%
12.	ROXTEL PTY LTD	270,020	1.82%
13.	MR PETER MURRAY JACKSON	250,000	1.68%
13.	SHAW AND PARTNERS LIMITED	250,000	1.68%
14.	MR SCOTT JAMES HUFFADINE	243,412	1.64%
15.	NEAROLOGY PTY LTD	222,500	1.50%
16.	CPS CAPITAL NO 5 PTY LTD	210,000	1.41%
17.	MR BRUCE KEENAN	209,820	1.41%
18.	MR ANTONY BRENDAN COSGROVE	200,000	1.35%
19.	MR KYLE JOHN HARDING	195,238	1.31%
20.	MR STEVEN JAMES WARD	187,693	1.26%
Total		7,077,262	47.65%

The Company has the following substantial shareholders listed in its register as at 22 September 2023:

Rank	Shareholder	Shares Held	% Issued Capital
1.	Timothy Paul Neesham & Associated Entities	4,360,000	8.12%
Total		4,360,000	8.12%

Ordinary Shares Voting Rights - Subject to any rights or restrictions for the time being attached to any class or classes of Shares, at general meetings of Shareholders or classes of Shareholders:

• each Shareholder entitled to vote may vote in person or by proxy, attorney or representative;
• on a show of hands, every person present who is a Shareholder or a proxy, attorney or representative of a Shareholder has one vote; and
• on a poll, every person present who is a Shareholder or a proxy, attorney or representative of a Shareholder shall, in respect of each fully paid Share held by him, or in respect of which he is appointed a proxy, attorney or representative, have one vote for the Share, but in respect of partly paid Shares shall have such number of votes as bears the same proportion to the total of such Shares registered in the Shareholder's name as the amount paid (not credited) bears to the total amounts paid and payable (excluding amounts credited).

The Company has no restricted securities on issue as at the date of this report.

Use of Funds

Between the date of listing on ASX and the date of this report the Company has used the cash and assets in a form readily convertible to cash that it had at the time of admission in a way consistent with its business objectives and as set out in the Prospectus dated 3 December 2019.

Schedule of Exploration Tenements

Tenement	Project	Location	Interest
E08/2945	Boolaloo	WA	100%
E08/3067	Boolaloo	WA	100%
E08/3246	Boolaloo	WA	100%
E08/3247	Boolaloo	WA	100%
E08/3317	Boolaloo	WA	100%
E09/2242	Kingfisher	WA	100%
E09/2349	Kingfisher	WA	100%
E09/2481	Kingfisher	WA	100%
E09/2320	Mick Well	WA	100%
E09/2495	Mick Well	WA	100%
E09/2653	Mick Well	WA	100%
E09/2319	Arthur River	WA	100%
E09/2494	Arthur River	WA	100%
E09/2523	Arthur River	WA	100%
E09/2654	Chalba	WA	100%
E09/2655	Chalba	WA	100%
E09/2660	Mooloo	WA	100%
E09/2661	Mooloo	WA	100%
E09/28371	Yinnetharra	WA	100%
E09/28472	Yinnetharra	WA	100%

Notes for the schedule of tenements:

1. Kingfisher applied for E09/2837 which covers 4 blocks on 16 June 2023. Competing applications were also lodged on the same date and the tenement owner will be decided by ballot.

2. Kingfisher applied for E09/2847 which covers 10 blocks on 16 June 2023. Competing applications were also lodged on the same date and the tenement owner will be decided by ballot.

Level8,LondonHouse 216StGeorge'sTerrace, Perth,WA6000AUSTRALIA