KINGFISHER MINING LTD — Capital/Financing Update 2022

Nov 28, 2022

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ASX Announcement: 29 November 2022

CORPORATE PROFILE

Shares on issue: 52,250,001 Listed options: 10,450,000 Unlisted options: 10,500,000 Cash: $5.4M (30 September 2022) Market Capitalisation: $28.7M* Debt: Nil

PROJECTS

Assays from MW7 Confirm Another High Grade REE Discovery

Mick Well Mineralisation Strike Exceeds 5km

• MW7 rock chip assays confirm a strike length of over 1km of high grade rare earth element (REE) mineralisation for the prospect. New assays from MW7 include:

  • 31.82% TREO (Total Rare Earth Oxides) with 5.99% Nd2O3 + Pr6O11 (MWGS1378)

• 20.11% TREO with 3.40% Nd2O3 + Pr6O11 (MWGS1347)

• 15.42% TREO with 2.71% Nd2O3 + Pr6O11 (MWGS1355)

MICK WELL AND KINGFISHER

Breakthrough high grade rare earth elements discovery in the Gascoyne region of Western Australia

BOOLALOO

Exciting copper and gold potential in the Ashburton region of Western Australia

• 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)

• 14.17% 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)

• 11.28% TREO with 2.08% Nd2O3 + Pr6O11 (MWGS1358)

CORPORATE DIRECTORY

WARREN HALLAM

Non-Executive Chairman

JAMES FARRELL Executive Director and CEO

• 10.87% TREO with 1.83% Nd2O3 + Pr6O11 (MWGS1368)

• The total strike length of mapped outcropping dykes and veins at the MW2, MW7 and MW8 prospects so far exceeds 5km, with surface mapping targeting additional mineralisation on-going within the Company’s 54km Mick Well REE target corridor.

• Additional rock chips from MW2 collected in late October have led to the identification of additional mineralisation, with new results including:

• 20.78% TREO with 3.31% Nd2O3 + Pr6O11 (MWGS1399)

• 17.65% TREO with 2.54% Nd2O3 + Pr6O11 (MWGS1402)

SCOTT HUFFADINE

Non-Executive Director

STEPHEN BROCKHURST

Company Secretary

MEDIA & INVESTOR ENQUIRIES

Peter Taylor, NWR Communications P: +61 412 036 231 E: peter@nwrcommunications.com.au

ABN: 96 629 675 216

P: +61 8 9481 0389 E: info@kingfishermining.com.au

Unit 2, 106 Robinson Avenue Belmont WA 6104 AUSTRALIA

* Based on a share price of $0.55 as of 28 November 2022

• 17.55% TREO with 2.57% Nd2O3 + Pr6O11 (MWGS1417)

• 9.96% TREO with 1.66% Nd2O3 + Pr6O11 (MWGS1400)

• The current drill program at MW2 is now over 35% complete, with the first samples already despatched for laboratory analysis, with first results expected January 2023.

Kingfisher Mining Limited ( ASX:KFM ) (“ Kingfisher ” or the “ Company” ) is pleased to announce that it has received further rock chip results from the high grade REE mineralisation discoveries at its 100% owned projects in the Gascoyne Mineral Field in Western Australia, confirming the discovery of mineralisation at MW7.

Kingfisher’s Executive Director and CEO James Farrell commented: “Our on-going field work along our 54km target corridor at Mick Well continues to deliver new high grade REE discoveries, with the latest results from MW7 confirming another series of parallel dykes and veins just 700m northwest of our high grade MW2 discovery. The current mapping has largely focused on just 5km of the 54km corridor and has already confirmed over 5km of outcropping mineralisation in cross-cutting structures. There is no doubt this is developing into a significant REE corridor and region.

Our drilling program at MW2 is progressing well and is on schedule. The first samples have already left site and we expect to see the first laboratory assays in January of next year”.

www.kingfishermining.com.au

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ASX Announcement:
29 November 2022
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MW7

Rock chip sampling results from the recently discovered MW7 prospect have confirmed the discovery of a new lode with an additional strike length of more than 1000m of outcropping mineralisation. On-going mapping has also identified a second target at MW7; the target is interpreted to merge with the initial MW7 discovery (Figure 1). The MW7 prospect is located 700m northwest of MW2, where drilling earlier this year returned high grade REE results of 5m at 3.45% TREO (see ASX:KFM 5 July 2022) and where rock chips sampling has returned results of over 40% TREO (see ASX:KFM 4 October 2022 and 30 August 2022).

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)

• 14.17% 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)

• 11.28% TREO with 2.08% Nd2O3 + Pr6O11 (MWGS1358)

• 10.87% TREO with 1.83% Nd2O3 + Pr6O11 (MWGS1368)

• 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 1.4% Nd2O3 + Pr6O11 (MWGS1379)

• 7.03% TREO with 1.25% Nd2O3 + Pr6O11 (MWGS1366)

• 7.00% TREO with 1.26% Nd2O3 + Pr6O11 (MWGS1356)

• 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)

• 5.54% TREO with 0.88% Nd2O3 + Pr6O11 (MWGS1336)

• 5.06% TREO with 0.93% Nd2O3 + Pr6O11 (MWGS1279)

MW2

Additional rock chip results from samples collected prior to the current drilling program at MW2 have led to the identification of an additional mineralised lode (Figure 2). New high grade results from the recently identified REE lode as well as other results received from MW2 include:

• 20.78% TREO with 3.31% Nd2O3 + Pr6O11 (MWGS1399)

• 17.65% TREO with 2.54% Nd2O3 + Pr6O11 (MWGS1402)

• 17.55% TREO with 2.57% Nd2O3 + Pr6O11 (MWGS1417)

• 9.96% TREO with 1.66% Nd2O3 + Pr6O11 (MWGS1400)

• 8.57% TREO with 1.41% Nd2O3 + Pr6O11 (MWGS1414)

• 6.23% TREO with 1.02% Nd2O3 + Pr6O11 (MWGS1398)

• 5.36% TREO with 0.94% Nd2O3 + Pr6O11 (MWGS1393)

• 4.94% TREO with 0.89% Nd2O3 + Pr6O11 (MWGS1418)

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ASX Announcement: 29 November 2022

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MWGS1010: 0.88% TREO and 0.14% NdPr
MWGS1011: 0.60% TREO and 0.10% NdPr
MWGS1079: 0.33% TREO and 0.05% NdPr
MWGS1186: 0.99% TREO and 0.16% NdPr
MWGS1187: 1.08% TREO and 0.18% NdPr
Open
MWGS1085: 0.73% TREO MW8 MWGS1373: 0.55% TREO and 0.13% NdPr
and 0.13% NdPr MWGS1374: 2.55% TREO and 0.46% NdPr
MWGS1386: 4.83% TREO and 0.97% NdPr
MWGS1387: 0.92% TREO and 0.23% NdPr
MWGS1347: 20.11% TREO and 3.4% NdPr MW7
MWGS1348: 8.40% TREO and 1.42% NdPr
MWGS1349: 0.46% TREO and 0.08% NdPr MWGS1366: 7.03% TREO and 1.25% NdPr
MWGS1350: 15.1% TREO and 2.29% NdPr MWGS1367: 8.23% TREO and 1.53% NdPr
MWGS1368: 10.87% TREO and 1.83% NdPr
MWGS1369: 4.31% TREO and 0.78% NdPr
MWGS1371: 12.14% TREO and 1.91% NdPr
MWGS1279: 5.06% TREO and 0.93% NdPr
MWGS1321: 6.71% TREO and 1.24% NdPr MWGS1355: 15.42% TREO and 2.71% NdPr
MWGS1378: 31.82% TREO and 5.99% NdPr MWGS1356: 7.00% TREO and 1.26% NdPr
MWGS1379: 8.22% TREO and 1.40% NdPr MWGS1357: 1.37% TREO and 0.26% NdPr Open
MWGS1358: 11.28% TREO and 2.08% NdPr
Open
MWGS1338: 4.84% TREO and 0.80% NdPr
MWGS1339: 6.17% TREO and 0.89% NdPr
Open MWGS1341: 0.24% TREO and 0.05% NdPr
Legend MWGS1359: 0.94% TREO and 0.17% NdPr MW2
Geology
Carbonatite complex MWGS1023: 3.85% TREO and 0.65% NdPr
Mineralised dyke
Mineralised dyke MWGS1276: 5.83% TREO and 1.05% NdPr
(newly discovered) MWGS1278: 0.04% TREO and 0.01% NdPr
Mineralisation target MWGS1377: 14.17% TREO and 2.49% NdPr Open
Drilling
RC drill hole Open
Rock Chips: TREO
>5% Open
1-5% Open
0.5-1% Open
0.2-0.5%
0.1-0.2% 500 m
0.0-0.1%
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Figure 1: MW7 rock chip samples and mineralisation. New results are shown in blue and previously reported rock chips are shown in orange (see ASX:KFM 24 October 2022). The results are stated as Total Rare Earth Oxides (TREO%) and total Nd2O3 + Pr6O11 (%) content.

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ASX Announcement: 29 November 2022

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MW8
MW7 MWGS0848: 23.81% TREO and 3.97% NdPr
MWGS0849: MWGS0850: 0.26% TREO and 0.05% NdPr40.31% TREO and 6.5% NdPr Open
MWGS0866: 25.68% TREO and 4.26% NdPr
MWGS0844: 13.87% TREO and 2.22% NdPr MWGS1108: 28.07% TREO and 4.63% NdPr
MWGS0845: 1.02% TREO and 0.17% NdPr Open MWGS0814: 9.58% TREO and 1.59% NdPr
MWGS0592: 0.31% TREO and 0.05% NdPr MWGS0807: 0.02% TREO
MWGS0696: 0.27% TREO and 0.05% NdPr Open MWGS0808: 0.38% TREO and 0.06% NdPr
MWGS0701: 0.50% TREO and 0.08% NdPr MW2
Open
MWGS1128: 4.92% TREO and 0.84% NdPr MWGS1398: 6.23% TREO and 1.02% NdPr
MWGS1399: 20.78% TREO and 3.31% NdPr
MWGS1103: 15.22% TREO and 2.2% NdPr MWGS1400: 9.96% TREO and 1.66% NdPr
MWGS1104: 3.93% TREO and 0.78% NdPr Open Open MWGS1415: 0.20% TREO and 0.03% NdPr
Open
MWGS1093: 11.98% TREO and 2.12% NdPr MWGS1402: 17.65% TREO and 2.54% NdPr
MWGS0796: 4.52% TREO and 0.80% NdPr
MWGS1179: 3.19% TREO and 0.64% NdPr MWGS0797: 8.95% TREO and 1.41% NdPr
MWGS1190: 1.34% TREO and 0.27% NdPr MWGS0798: 6.33% TREO and 1.06% NdPr
MWGS1191: 3.91% TREO and 0.78% NdPr Open MWGS0799: 9.93% TREO and 1.77% NdPr
MWGS1193: 7.34% TREO and 1.68% NdPr Open
Open MWGS1130: 1.15% Open MWGS1417: 17.55% TREO and 2.57% NdPr
TREO and 0.25% NdPr MWGS1418: 4.94% TREO and 0.89% NdPr
MWGS0484: 21.13% TREO and 3.59% NdPr
Legend MWGS0488: 17.95% TREO and 3.01% NdPr
Geology Open MWGS0490: 19.60% TREO and 3.09% NdPr
Carbonatite complex MWGS1172: 0.65% TREO and 0.14% NdPr MW2 DRILL HOLE RESULTS:
Mineralised dyke MWGS1176: 0.11% TREO and 0.02% NdPr MWRC004: 12m at 1.12% TREO,
Mineralised dyke MWGS1177: 5.06% TREO and 1.13% NdPr including 4m at 1.84% TREO
(newly discovered) MWGS1200: 1.77% TREO and 0.36% NdPr
Mineralisation target Open MWRC011: 5m at 3.45% TREO,
including 3m at 5.21% TREO
Drilling MWRC011: 4m at 1.03% TREO,
RC drill hole DRILL HOLE RESULTS:MWRC017: 4m at 0.17% TREO including 1m at 2.78% TREO
Rock Chips: TREO
MWRC013: 8m at 1.05% TREO
>5%
MW3 DRILL HOLE RESULTS:
1-5% MWRC002: 4m at 0.17% TREO
0.5-1%
0.2-0.5%0.1-0.2% Open 250 m
0.0-0.1%
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Figure 2: MW2 rock chip samples and mineralisation. New results are shown in blue and previously reported rock chips are shown in orange (see ASX:KFM 24 October 2022, 4 October 2022, 30 August 2022 and 20 June 2022). The outcropping mineralisation is located 500m northwest of Kingfisher’s MW2 discovery drill holes which included 5m at 3.45% TREO, with 3m at 5.21% TREO (see ASX:KFM 5 July 2022) and 12m at 1.12% TREO, with 4m at 1.84% TREO (see ASX:KFM 24 March 2022). Rock chip results are stated as Total Rare Earth Oxides (TREO%) and total Nd2O3 + Pr6O11 (%) content.

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ASX Announcement: 29 November 2022

The current mapping and rock chipping work is targeting a large number of laterally-extensive high priority targets in a broad area that extends 10km west-northwest from MW2 (Figure 3). The targets in this area are also associated with carbonatite complexes as well as high thorium and magnetic responses – similar to what is seen from the newly identified outcropping mineralisation at MW2. Significantly, all of these targets within this 10km long area also lie within Kingfisher’s target corridor, the Chalba Shear Zone, which extends for 54km across the Company’s Gascoyne tenure (Figure 4).

The Chalba Shear Zone is a broad WNW-trending crustal-scale structure that has played an important role in providing a conduit for the intrusion of the carbonatites, as well as the associated alteration and late-stage mineralised veins and carbonatite dykes. Fenites (carbonatite-associated alteration) and potassium fenites, are well-developed in the Mick Well area and are an important host of the REE mineralisation. The carbonatite intrusionrelated exploration and mineralisation model is shown in Figure 5.

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Priority Targets
Priority Targets
Open
MW7
MW8 Open
Open
Open
Open
Open MW2
Open
MW3
Legend
Geology
Carbonatite complex
Mineralised carbonatite dyke Priority Targets
Geophysics Priority Targets
20
Thorium
parts per million
40
1 km
100
Radiometrics
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Figure 3: Extensive thorium anomalies which extend 10km west-northwest of the MW2 discovery and are within the 54km target corridor within Kingfisher’s tenure. Priority targets, the outcropping mineralisation and the coincident thorium anomaly at the recently discovered REE-bearing carbonatite dykes are also shown.

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ASX Announcement: 29 November 2022

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Figure 4: 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 which extend for 54km within the Company’s tenure.

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ASX Announcement:

29 November 2022

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Figure 5: 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 at the Mick Well project.

2022 Gascoyne Exploration Program

Kingfisher is carrying out extensive and targeted exploration programs for its Gascoyne projects during 2022. The planned exploration is cost-effective and aims to develop and test drill targets from ground-based mapping and rock sampling. The Company also plans to simultaneously develop a pipeline of exploration opportunities through integrating current and scheduled tenement-scale airborne geophysical surveys with geological knowledge from the Company’s breakthrough REE discovery at Mick Well.

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29 November 2022

ASX Announcement:

Planned and completed activities for 2022 for Kingfisher’s Gascoyne projects are shown below.

Q1 2022	Q2 2022	Q3 2022	Q4 2022
Mick Well
RC Drilling
Magnetic and radiometric survey
Mappingand drill target definition
Ground-based radiometrics
Kingfisher
RC Drilling
Magnetic and radiometric survey
Arthur River
Magnetic and radiometric survey
Boolaloo
Magnetic and radiometric survey

Upcoming News

• December 2022: Results from airborne geophysics surveys.

• December 2022: Results from ongoing surface mapping and rock chip sampling in the Mick Well area.

• January 2023: First assay results from MW2 drilling.

About the Kingfisher and Mick Well Projects

The Kingfisher and Mick Well Projects are located approximately 230km east of Carnarvon, in the Gascoyne region of Western Australia. The Company holds exploration licences covering 969km[2] and has recently increased its interests in the Gascoyne Mineral Field by nearly 40% through the targeted pegging of additional tenure interpreted to be prospective for rare earth elements (Figure 6). The tenure includes rocks of the Proterozoic Durlacher Suite that hosts the world-class Yangibana Deposit which includes 29.93Mt @ 0.93% TREO[# ] as well as the Archaean Halfway Gneiss.

The recently discovered REE mineralisation at Mick Well is associated with carbonatite intrusions discovered by Kingfisher. Historic exploration in the area had focused on outcrops of quartz reef and gossanous ironstones which are up to 10m in width. Past exploration returned rock chip sample results of up to 10.6% Cu over a strike length of 1km within a laterally extensive geological horizon. Four historical drill holes were completed in the Mick Well area, with the best result being 11m @ 0.25% Cu from 118 m (MWDD001)[^] .

Historical exploration also identified copper at the Kingfisher Project, with mineralisation exposed in a series of shallow historical mining pits over a strike length of 2km. Previous exploration at the project has included geophysical surveys, surface geochemical sampling and limited reverse circulation drilling, with drilling intercepts including 3m @ 0.6% Cu (KFRC10) and rock chip results of 15.3% Cu, 6.3% Cu, 6.2% Cu, 5.9% Cu and 3.4% Cu[^] .

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ASX Announcement: 29 November 2022

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Figure 6: Location of the Mick Well Project in the Gascoyne Mineral Field showing the extents of the Durlacher Suite and Halfway Gneiss. The location of the Yangibana Deposit and Yin and Lyons Projects 100km north of Kingfisher’s projects are also shown.

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ASX Announcement: 29 November 2022

This announcement has been authorised by the Board of Directors of the Company.

Ends

For further information, please contact:

Kingfisher Mining Limited

James Farrell, Executive Director Ph: +61 (08) 9481 0389

E: info@kingfishermining.com.au

Media & Investor Enquiries

Peter Taylor, NWR Communications Ph: +61 412 036 231 E: peter@nwrcommunications.com.au

About Kingfisher Mining Limited

Kingfisher Mining Limited ( ASX:KFM ) is a mineral exploration company committed to increasing value for shareholders through the acquisition, exploration and development of mineral resource projects throughout Western Australia. The Company’s tenements and tenement applications cover 1,676km[2] in the underexplored Ashburton and Gascoyne Mineral Fields.

The Company has made a breakthrough high grade rare earth elements discovery in the Gascoyne region where it holds a target strike length of more than 50km along the mineralised corridor and has secured significant landholdings across the interpreted extensions to its advanced copper-gold exploration targets giving it more than 30km of strike across the Boolaloo Project target geology.

To learn more please visit: www.kingfishermining.com.au

Previous ASX Announcements

ASX:KFM: New REE Discoveries along Kingfisher’s 54km Target Corridor - MW7 and MW8 24 October 2022.

ASX:KFM: Further Exceptional REE Results Extends MW2 Strike Length to 3km 4 October 2022.

ASX:KFM: 40% REE Returned from Mick Well 30 August 2022.

ASX:KFM: Latest Drilling Returns High Grade REEs with 5m at 3.45% TREO, including 3m at 5.21% TREO 5 July 2022.

ASX:KFM: Surface Assays up to 21% TREO Define a Further 800m of Outcropping Mineralisation 20 June 2022.

ASX:KFM: High Grade Rare Earths Returned from Discovery Drill Hole: 4m at 1.84% TREO, including 1m at 3.87% TREO 24 March 2022.

ASX:KFM: Significant Rare Earths Discovery: 12m at 1.12% TREO 10 January 2022.

• Elliott, H.A.L., Wall, F., Chakhmouradian, A.R., P.R.Siegfried, Dahlgrend, S., Weatherley, S., Finch, A.A., Marks, M.A.W., Dowman, E. and Deady, F. 2018. Fenites associated with carbonatite complexes: A review. Ore Geology Reviews , Volume 93, February 2018, Pages 38-59.

• ASX Announcement ‘Drilling along 8km long Bald Hill - Fraser's trend Increases Indicated Mineral Resources by 50%’. Hastings Technology Metals Limited (ASX:HAS), 11 October 2022.

• ^ Kingfisher Mining Limited Prospectus, 9 November 2020.

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29 November 2022

ASX Announcement:

Total Rare Earth Oxide Calculation

Total Rare Earths Oxides (TREO) is the sum of the oxides of the light rare earth elements lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), and samarium (Sm) and the heavy rare earth elements europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu), and yttrium (Y).

Forward-Looking Statements

This announcement may contain forward-looking statements which involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

Competent Persons Statements

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.

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Annexure 1: Rock Chip Sample Information

Sample ID	Easting	Northing	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	Nd2O3	Pr6O11	Sm2O3	Tb2O3	Tm2O3	Y2O3	Yb2O3	TREO
MWGS1276	400969	7250079	26835	252.1	73.6	255.2	596.0	35.9	17625	4.21	7986	2488	1055.01	62.15	7.42	960.3	37.92	58274
MWGS1278	400981	7250102	178	5.2	2.6	1.7	6.6	0.9	78	0.45	61	19	11.13	0.92	0.46	29.7	2.96	400
MWGS1279	401055	7250164	23865	202.8	52.1	212.4	473.6	28.0	14815	3.07	7059	2213	886.06	49.72	5.25	717.4	25.39	50607
MWGS1321	401068	7250173	31653	250.8	58.9	286.8	673.8	32.9	19560	2.84	9497	2944	1211.21	64.46	5.71	833.1	24.94	67100
MWGS1322	401078	7250181	241	6.9	2.3	3.4	9.3	1.1	139	0.23	80	24	13.22	1.27	0.34	27.0	1.82	552
MWGS1323	401085	7250194	3521	51.2	21.6	33.0	81.5	8.9	2185	1.59	1062	333	135.67	10.01	2.63	260.1	13.78	7722
MWGS1324	401094	7250190	1502	3.8	1.0	5.7	12.8	0.5	1040	0.00	358	128	28.99	0.92	0.00	13.7	0.68	3096
MWGS1325	401097	7250190	16074	269.8	95.4	158.3	423.0	44.1	9740	5.91	4678	1513	599.98	53.52	10.51	1231.7	51.70	34949
MWGS1331	401380	7250439	817	12.5	3.5	12.9	28.9	1.6	436	0.34	331	93	52.53	2.88	0.46	38.1	2.39	1832
MWGS1333	401314	7250415	3162	328.8	109.1	159.4	501.7	51.3	1320	6.25	1921	432	539.57	67.10	12.33	1376.6	59.44	10046
MWGS1334	401314	7250416	44330	242.8	80.3	242.4	537.9	36.1	29840	4.55	11469	3872	1132.82	55.25	8.68	990.9	43.61	92887
MWGS1335	401286	7250358	7592	56.7	14.4	59.9	147.3	7.7	4745	0.91	2122	699	249.55	14.04	1.60	201.8	7.63	15919
MWGS1336	401279	7250347	25997	259.6	79.5	178.3	467.4	39.4	17717	4.32	6551	2245	710.96	54.67	8.22	1044.1	38.15	55394
MWGS1337	401110	7250178	18049	225.9	78.9	135.2	339.2	36.0	11771	5.46	4868	1624	543.39	44.08	8.91	1025.2	44.64	38800
MWGS1338	401121	7250205	22937	175.9	56.5	148.8	361.6	26.5	15279	3.41	5938	2019	627.46	38.56	6.17	743.2	29.72	48391
MWGS1339	401131	7250203	29590	141.2	48.1	125.3	280.4	21.5	21386	3.41	6438	2420	565.54	31.08	5.14	619.1	28.24	61702
MWGS1341	401136	7250213	878	58.6	21.6	28.6	82.1	9.6	412	1.82	422	107	92.07	11.51	2.51	263.8	13.44	2404
MWGS1342	401174	7250220	10468	69.1	19.6	65.4	149.6	9.9	6871	1.25	2727	944	284.22	16.23	2.17	264.9	10.48	21903
MWGS1344	401183	7250234	13172	85.0	27.3	82.0	180.2	12.8	8213	1.71	3643	1224	367.25	19.34	3.08	356.2	14.92	27402
MWGS1345	401239	7250317	3891	84.4	27.0	55.5	136.4	12.7	2333	1.48	1242	384	190.06	17.61	2.86	340.6	13.32	8732
MWGS1346	401239	7250324	62912	267.3	59.2	368.6	793.7	33.3	42766	2.96	16255	5502	1645.25	72.63	5.71	832.9	26.65	131543
MWGS1347	401252	7250325	96566	384.9	61.4	637.7	1352.8	41.1	64128	2.05	25518	8519	2780.62	116.71	4.80	986.2	19.36	201119
MWGS1348	401269	7250336	39925	157.3	34.3	238.3	496.7	19.5	27265	1.71	10628	3590	1066.03	44.54	3.20	505.1	14.80	83991
MWGS1349	401270	7250334	2422	14.9	4.9	14.8	33.0	2.3	1236	0.45	593	201	65.40	3.45	0.57	51.2	3.42	4647
MWGS1350	401276	7250336	72524	239.1	43.8	341.8	712.2	27.5	51927	1.48	16791	6110	1553.53	66.76	3.54	663.5	14.69	151019
MWGS1352	401296	7250358	3296	18.9	5.6	23.4	47.9	2.6	2036	0.57	910	310	101.70	4.60	0.69	66.7	4.21	6828
MWGS1353	401300	7250374	14206	95.3	27.4	102.1	224.3	13.6	8547	2.39	3897	1270	444.36	22.90	3.31	330.3	18.67	29205
MWGS1354	401328	7250406	4660	150.9	44.0	124.2	316.4	21.8	2054	3.07	2295	580	461.29	35.22	4.91	590.8	25.16	11366
MWGS1355	401363	7250423	73849	318.7	105.1	451.7	880.5	45.7	47931	10.69	20420	6655	2057.37	81.03	13.02	1346.1	81.64	154246
MWGS1356	401362	7250423	33698	154.5	35.9	224.3	491.1	19.5	21182	2.73	9509	3101	1020.69	42.24	4.00	500.2	20.72	70006
MWGS1357	401365	7250421	6142	108.6	48.8	76.1	185.6	19.0	3661	7.28	1954	596	277.49	21.75	7.19	570.2	49.08	13725
MWGS1358	401365	7250429	53682	330.5	86.1	404.5	956.9	44.6	33287	6.25	15789	5021	1841.11	85.75	9.71	1165.9	49.87	112761
MWGS1359	401145	7250205	4200	68.5	21.6	45.9	118.1	10.2	2714	1.59	1311	412	176.84	14.73	2.51	292.3	12.41	9401
MWGS1360	401174	7250233	73613	258.0	68.7	319.9	672.1	34.4	52235	3.87	16978	6162	1485.22	64.80	6.85	917.1	34.16	152853
MWGS1361	401216	7250288	72576	216.3	41.4	409.6	824.9	24.6	48696	2.05	19255	6456	1929.82	65.61	3.88	596.5	17.19	151115
MWGS1364	401336	7250401	63484	160.1	31.2	313.0	614.6	18.7	41113	1.59	17000	5698	1581.12	48.00	2.86	447.3	14.23	130527
MWGS1365	401431	7250458	37	1.8	1.1	0.5	1.7	0.3	23	0.23	12	4	2.09	0.23	0.23	9.4	1.14	95
MWGS1366	401484	7250489	34107	110.3	26.4	189.0	392.7	14.1	21660	1.82	9424	3087	919.45	31.19	2.97	358.8	15.26	70340
MWGS1367	401488	7250499	39335	167.0	40.6	259.6	560.1	21.0	24759	2.50	11568	3693	1256.20	47.88	4.23	528.4	21.29	82263
MWGS1368	401487	7250493	52757	108.7	24.2	241.8	428.1	13.3	35253	1.71	13678	4661	1186.51	32.80	2.51	334.9	13.21	108736
MWGS1369	401487	7250491	20819	92.0	21.7	135.9	295.1	11.8	13045	1.48	5849	1911	625.72	25.21	2.40	299.3	11.96	43146
MWGS1371	401505	7250503	58881	136.9	31.4	245.2	463.5	17.1	40830	1.71	14118	5000	1199.50	38.33	2.97	438.1	15.03	121419
MWGS1373	401672	7250625	2122	99.6	37.8	53.0	162.6	16.8	992	3.18	1010	264	196.90	19.80	4.68	454.6	25.51	5462

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Sample ID	Easting	Northing	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	Nd2O3	Pr6O11	Sm2O3	Tb2O3	Tm2O3	Y2O3	Yb2O3	TREO
MWGS1374	401684	7250639	12217	74.0	21.0	92.7	206.3	10.5	7539	1.71	3469	1115	404.12	18.65	2.51	293.7	13.32	25479
MWGS1376	401180	7250344	64966	492.4	107.7	614.0	1456.4	61.6	40595	5.57	19400	6107	2495.71	132.37	10.51	1576.5	47.14	138068
MWGS1377	400953	7250087	67724	334.4	52.1	532.8	1161.5	36.5	43708	1.82	18800	6116	2251.49	98.64	4.45	864.3	17.88	141704
MWGS1378	401024	7250146	150893	509.9	67.6	1208.8	2418.3	48.5	96276	2.27	45619	14311	5530.51	176.68	5.14	1135.3	20.72	318222
MWGS1379	401024	7250149	39184	192.4	45.6	256.2	557.5	25.1	26163	2.50	10490	3469	1136.18	50.76	4.68	644.0	21.86	82242
MWGS1386	401701	7250640	22507	179.0	39.7	236.9	550.1	22.5	13374	2.39	7506	2205	1009.90	49.15	3.88	552.8	18.56	48256
MWGS1387	401729	7250665	4186	80.9	25.0	65.8	168.5	12.0	1733	2.05	1802	488	282.60	18.42	2.97	325.4	16.17	9208
MWGS1391	401768	7250044	18795	86.2	23.4	117.0	251.7	11.6	12731	1.59	5062	1685	534.69	22.90	2.51	307.8	12.98	39645
MWGS1392	401767	7250044	3207	105.8	26.1	73.9	201.9	14.2	2074	1.36	1240	346	250.24	24.06	2.51	372.7	11.50	7951
MWGS1393	401858	7250063	25475	141.6	35.0	179.9	433.7	18.3	16612	2.27	7133	2297	792.59	37.06	3.77	446.8	18.22	53627
MWGS1394	401859	7250062	2601	94.8	20.5	71.8	207.7	12.5	1396	0.91	1150	295	244.91	22.79	1.83	279.8	7.97	6407
MWGS1398	401945	7250133	29959	96.9	22.8	152.0	304.6	12.5	20428	1.59	7586	2600	725.57	26.59	2.51	324.2	12.75	62254
MWGS1399	401941	7250130	98353	255.6	44.5	527.8	1003.8	28.2	71275	1.82	24690	8458	2407.58	79.65	3.88	686.5	16.97	207832
MWGS1400	401946	7250133	48797	91.4	12.1	238.5	460.5	9.2	32019	0.45	12358	4228	1185.12	31.19	1.03	213.5	3.87	99649
MWGS1401	401872	7250069	520	9.8	3.8	6.8	17.5	1.5	260	0.45	195	56	29.57	2.07	0.57	46.1	2.85	1153
MWGS1402	401881	7250057	84445	147.5	31.0	280.6	560.9	17.2	63559	1.71	18571	6868	1467.37	43.51	2.97	442.1	14.23	176452
MWGS1414	401766	7249931	40455	227.0	66.9	232.4	552.2	31.8	28024	3.64	10529	3530	1113.22	54.33	6.97	837.6	34.50	85700
MWGS1415	401940	7250124	934	7.2	2.9	4.6	14.1	1.1	592	0.34	245	85	25.51	1.61	0.46	34.7	2.51	1951
MWGS1417	401847	7249776	85267	106.4	27.3	217.7	378.1	14.2	62131	1.71	18710	6953	1262.46	29.93	2.86	374.1	14.01	175490
MWGS1418	401845	7249780	23837	104.6	30.3	138.8	303.4	14.5	15038	2.50	6694	2161	654.48	26.47	3.65	392.4	18.79	49421

All sample information is parts per million (ppm). 100,000 ppm is equal to 10%.

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Attachment 1: JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels, random chips, or specific	•	Rock chip samples were taken as individual rocks representing an outcrop
techniques		specialised industry standard measurement tools appropriate to the minerals		to give an indication of possible grades and widths that can be expected
		under investigation, such as down hole gamma sondes, or handheld XRF		from drilling. Individual rock samples can be biased towards higher grade
		instruments, etc). These examples should not be taken as limiting the broad		mineralisation.
		meaning of sampling.	•	Rock chip samples were typically between 1 and 2 kg. The entire sample
	•	Include reference to measures taken to ensure sample representivity and the		received by the laboratory was crushed and pulverised to 85% passing 75
		appropriate calibration of any measurement tools or systems used.		micron.
	•	Aspects of the determination of mineralisation that are Material to the Public	•	A duplicate sample of between 0.1 and 0.2 kg was retained by the
		Report.		Company for some of samples reported.
	•	In cases where ‘industry standard’ work has been done this would be relatively
		simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from
		which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other
		cases more explanation may be required, such as where there is coarse gold
		that has inherent sampling problems. Unusual commodities or mineralisation
		types(eg submarine nodules) may warrant disclosure of detailed information.
Drilling	•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,	•	No new drilling results are included in this report.
techniques		auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard
		tube, depth of diamond tails, face-sampling bit or other type, whether core is
		_oriented and if so, by what method, etc). _
Drill sample	•	Method of recording and assessing core and chip sample recoveries and	•	No new drilling results are included in this report.
recovery		results assessed.
	•	Measures taken to maximise sample recovery and ensure representative
		nature of the samples.
	•	Whether a relationship exists between sample recovery and grade and
		whether sample bias may have occurred due to preferential loss/gain of
		fine/coarse material.
Logging	•	Whether core and chip samples have been geologically and geotechnically	•	No new drilling results are included in this report.
		logged to a level of detail to support appropriate Mineral Resource estimation,
		mining studies and metallurgical studies.
	•	Whether logging is qualitative or quantitative in nature. Core (or costean,
		channel, etc) photography.
	•	The total length andpercentage of the relevant intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all core taken.	•	The entire sample received by the laboratory was crushed and pulverised
techniques	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether		to 85% passing 75 micron.
and sample		sampled wet or dry.
preparation	•	For all sample types, the nature, quality and appropriateness of the sample preparation technique.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	•	Quality control procedures adopted for all sub-sampling stages to maximise
		representivity of samples.
	•	Measures taken to ensure that the sampling is representative of the in situ
		material collected, including for instance results for field duplicate/second-half
		sampling.
	•	Whether sample sizes are appropriate to the grain size of the material being
		sampled.
Quality of	•	The nature, quality and appropriateness of the assaying and laboratory	•	Samples were analysed by Intertek Genalysis in Perth. The sample analysis
assay data		procedures used and whether the technique is considered partial or total.		uses a sodium peroxide fusion with an Inductively Coupled Plasma Mass
and laboratory tests	•	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and		Spectrometry and Inductively Coupled Plasma (ICP) Mass Spectrometry (MS) and Optical Emission Spectrometry (OES) finish.
		model, reading times, calibrations factors applied and their derivation, etc.
	•	Nature of quality control procedures adopted (eg standards, blanks,
		duplicates, external laboratory checks) and whether acceptable levels of
		accuracy (ie lack of bias) andprecision have been established.
Verification of	•	The verification of significant intersections by either independent or alternative	•	Independent checks or field duplicates were not conducted for rock chips
sampling and		company personnel.		and are not considered necessary for that type of sample.
assaying	•	The use of twinned holes.
	•	Documentation of primary data, data entry procedures, data verification, data
		storage (physical and electronic) protocols.
	•	Discuss any adjustment to assay data.
Location of	•	Accuracy and quality of surveys used to locate drill holes (collar and down-	•	Rock chip sample locations were surveyed using a handheld GPS using
data points		hole surveys), trenches, mine workings and other locations used in Mineral		the UTM coordinate system, with an accuracy of +/-5m.
		Resource estimation.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data spacing	•	Data spacing for reporting of Exploration Results.	•	No new drilling results are included in this report.
and	•	Whether the data spacing and distribution is sufficient to establish the degree
distribution		of geological and grade continuity appropriate for the Mineral Resource and
		Ore Reserve estimation procedure(s) and classifications applied.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling of possible	•	The nature of the surface outcrops of mineralisation appears to be similar
data in		structures and the extent to which this is known, considering the deposit type.		to the mineralisation intersected in drilling, where the interpreted
relation to	•	If the relationship between the drilling orientation and the orientation of key		orientation indicates a true width for the mineralised zone of between 6
geological structure		mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.		and 7m (MWRC004).
Sample	•	The measures taken to ensure sample security.	•	Samples were given individual samples numbers for tracking.
security			•	The sample chain of custody was overseen by the Company’s geologists.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				Samples were transported to the laboratory in Perth sealed bulka bags.
Audits or	•	The results of any audits or reviews of sampling techniques and data.	•	The sampling techniques and analytical data are monitored by the
reviews				Company’s geologists.
			•	External audits of the data have not been completed.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement	•	Type, reference name/number, location and ownership including	•	The project area is located 80km northeast of the Gascoyne Junction and
and land tenure		agreements or material issues with third parties such as joint ventures,		230km east of Carnarvon.
status		partnerships, overriding royalties, native title interests, historical sites,	•	The project includes 12 granted Exploration Licences, E09/2242, E09/2349,
		wilderness or national park and environmental settings.		E09/2319, E09/2320, E09/2481, E09/2494, E09/2495, E09/2653, E09/2654,
	•	The security of the tenure held at the time of reporting along with any		E09/2655, E09/2660 and E09/2661.
		known impediments to obtaining a licence to operate in the area.	•	The tenements are held by Kingfisher Mining Ltd.
			•	The tenements lie within Native Title Determined Areas of the Wajarri
				Yamatji People and Gnulli People.
			•	All the tenements are in good standing with no known impediments.
Exploration done	•	Acknowledgment and appraisal of exploration by other parties.	•	No previous systematic exploration for carbonatite-associated
by other parties				mineralisation had been previously completed.
			•	Exploration for base metals at Kingfisher undertaken was by Pasminco Ltd
				in 1994, Mt Phillips Exploration Pty Ltd in 2006 and WCP Resources in 2007.
			•	Exploration for base metals at Mick Well was completed by Helix
				Resources Ltd in 1994, WA Exploration Services Pty Ltd in 1996, Mt Phillips
				Exploration Pty Ltd in 2006 and WCP Resources in 2007.
Geology	•	Deposit type, geological setting and style of mineralisation.	•	The Company’s tenements in the Gascoyne Mineral Field are prospective
				for rare earth mineralisation associated with carbonatite intrusions and
				associated fenitic alteration.
Drill hole	•	A summary of all information material to the understanding of the	•	No new drilling results are included in this report.
Information		exploration results including a tabulation of the following information for all
		Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above sea level in metres) of
		the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information isjustified on the basis that the

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		information is not Material and this exclusion does not detract from the
		understanding of the report, the Competent Person should clearly explain
		why this is the case.
Data aggregation	•	In reporting Exploration Results, weighting averaging techniques, maximum	•	No new drilling results are included in this report and no data aggregation
methods		and/or minimum grade truncations (eg cutting of high grades) and cut-off		has been applied.
		grades are usually Material and should be stated.
	•	Where aggregate intercepts incorporate short lengths of high grade results
		and longer lengths of low grade results, the procedure used for such
		aggregation should be stated and some typical examples of such
		aggregations should be shown in detail.
	•	The assumptions used for any reporting of metal equivalent values should
		be clearly stated.
Relationship	•	These relationships are particularly important in the reporting of Exploration	•	No new drilling results are included in this report.
between		Results.	•	True width is obscured by thin cover and appears to be similar to intervals
mineralisation	•	If the geometry of the mineralisation with respect to the drill hole angle is		intersected in drilling, 6 to 7m.
widths and		known, its nature should be reported.
intercept lengths	•	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not
		_known’). _
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of intercepts	•	A map showing relevant data has been included in the report.
		should be included for any significant discovery being reported These
		should include, but not be limited to a plan view of drill hole collar locations
		and appropriate sectional views.
Balanced	•	Where comprehensive reporting of all Exploration Results is not practicable,	•	All rock chip samples of REE mineralisation have been reported. The
reporting		representative reporting of both low and high grades and/or widths should		reported sample batches also included some samples collected as part
		be practiced to avoid misleading reporting of Exploration Results.		of ongoing evaluation of the geology of the area.
Other	•	Other exploration data, if meaningful and material, should be reported	•	All of the relevant historical exploration data has been included in this
substantive		including (but not limited to): geological observations; geophysical survey		report.
exploration data		results; geochemical survey results; bulk samples – size and method of	•	All historical exploration information is available via WAMEX.
		treatment; metallurgical test results; bulk density, groundwater,
		geotechnical and rock characteristics; potential deleterious or
		contaminating substances.
Further work	•	The nature and scale of planned further work (eg tests for lateral extensions	•	On-going exploration in the area is a high priority for the Company.
		or depth extensions or large-scale step-out drilling).	•	Exploration to include tenement-scale acquisition of geophysics data to
	•	Diagrams clearly highlighting the areas of possible extensions, including the		define the extents of carbonatites, mapping and rock chip sampling as
		main geological interpretations and future drilling areas, provided this		well as additional RC drilling.
		information is not commercially sensitive.

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