KINGFISHER MINING LTD — Capital/Financing Update 2022

Nov 13, 2022

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ASX Announcement: 14 November 2022

CORPORATE PROFILE

Shares on issue: 52,250,001 Unlisted options: 10,500,000 Cash: $5.4M (30 September 2022) Market Capitalisation: $28.2M* Debt: Nil

PROJECTS

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

CORPORATE DIRECTORY

WARREN HALLAM Non-Executive Chairman

JAMES FARRELL

Executive Director and CEO

ADAM SCHOFIELD

Non-Executive Director

SCOTT HUFFADINE Non-Executive Director

Drilling Underway at Mick Well

Drill Holes Targeting REE Dykes with 40% TREO at MW2

• Drilling is underway at MW2 as part of a 4,000m drill program designed to target the mineralised lodes which have been delineated by high grade rock chips that exceed 40% TREO (total rare earth oxides).

• The MW2 mineralisation includes five separate lodes over a 300m wide zone with a cumulative strike length of over 3,000m. The mineralisation dominantly consists of monazite, which includes the high-value magnet rare earth elements (REEs), neodymium and praseodymium.

• The current mineralised targets are 500m northwest of the Company’s discovery drill hole where previously reported high grade results included 5m at 3.45% TREO, including 3m at 5.21% TREO (see ASX:KFM 5 July 2022).

• The drill program is expected to take a month to complete, with the first assay results anticipated in approximately eight weeks.

• Fieldwork to delineate additional high grade targets across the Company’s highly prospective Gascoyne tenure is on-going and will continue during the drilling program. The Company aims to build a pipeline of exploration targets that will be progressively evaluated over the years to come.

Kingfisher Mining Limited ( ASX:KFM ) (“ Kingfisher ” or the “ Company” ) is pleased to announce that drilling is underway at its Mick Well REE project in the Gascoyne region of Western Australia.

Kingfisher’s Executive Director and CEO James Farrell commented: “We are thrilled to have the drill program at MW2 underway. The program brings together several months of work in mapping, sampling and delineating the surface outcrops of mineralisation at MW2.

Our previous drilling at Mick Well which led to the discovery of the rare earths mineralisation in the area returned high grade mineralisation over 5m at 3.5% TREO. We hope to see similar results from this program, particularly as we are drilling a target where we have identified an area of well-developed mineralisation at surface.

STEPHEN BROCKHURST Company Secretary

MEDIA & INVESTOR ENQUIRIES

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

Our surface exploration programs are on-going and will continue during the drilling program. This work aims to develop a pipeline of exploration targets in this exciting and emerging rare earths region.“

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 $0.54 as of 11 November 2022

Kingfisher’s team with Strike Drilling’s crew at Mick Well

www.kingfishermining.com.au

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ASX Announcement: 14 November 2022

MW2 Drill Program

Drilling is underway at MW2, with the current program including 39 drill holes for approximately 4,000m.

The drilling has been designed to target the high grade REE mineralisation at MW2, where rock chip results over 40% TREO have been returned (see ASX:KFM 30 August 2022 and 4 October 2022) and where mapping and sampling has delineated five parallel lodes of outcropping mineralisation within a 300m wide mineralised zone. The cumulative strike length of the five mineralised lodes within the MW2 mineralised zone is 3km, with all of the lodes remaining open in all directions (Figure 1).

The mineralisation targeted in the current program is located 500m northwest of Kingfisher’s discovery drilling in the MW2 area, where previously reported high grade results have included 5m at 3.45% TREO, including 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).

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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
MWGS1108: 28.07% TREO and 4.63% NdPr
MWGS0844: 13.87% TREO and 2.22% NdPr
MWGS1023: 3.85% MWGS0845: 1.02% TREO and 0.17% NdPr Open MWGS0814: 9.58% TREO and 1.59% NdPr
TREO and 0.65% 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
Open
MWGS1128: 4.92% TREO and 0.84% NdPr MW2
MW7
MWGS0898: 0.26% TREO and 0.04% NdPr
MWGS1103: 15.22% TREO and 2.2% NdPr
MWGS1104: 3.93% TREO and 0.78% NdPr Open Open Open MWGS0899: MWGS0900: 9.06% TREO and 1.39% NdPr3.28% TREO and 0.52% NdPr
MWGS0789: 16.37% TREO and 2.69% NdPr MWGS0465: 14.29% TREO and 2.23% NdPr
MWGS0790: 9.28% TREO and 1.74% NdPr MWGS0474: 4.92% TREO and 0.87% NdPr
MWGS0475: 5.01% TREO and 0.85% NdPr
MWGS0476: 4.43% TREO and 0.72% NdPr
MWGS1190: 1.34% TREO and 0.27% NdPr
MWGS1191: MWGS1193: 3.91% TREO and 0.78% NdPr7.34% TREO and 1.68% NdPr Open Open MWGS0796: MWGS0797: 4.52% TREO and 0.80% NdPr8.95% TREO and 1.41% NdPr
MWGS1205: 2.66% TREO and 0.56% NdPr Open Open MWGS0798: 6.33% TREO and 1.06% NdPr
MWGS0799: 9.93% TREO and 1.77% NdPr
MWGS0484: 21.13% TREO and 3.59% NdPr
MWGS0488: 17.95% TREO and 3.01% NdPr
Open MWGS0490: 19.60% TREO and 3.09% NdPr
Legend
Geology MWGS1172: 0.65% TREO and 0.14% NdPr MW2 DRILL HOLE RESULTS:
Carbonatite complex MWGS1176: 0.11% TREO and 0.02% NdPr MWRC004: 12m at 1.12% TREO,
Mineralised dyke MWGS1177: MWGS1200: 5.06% TREO and 1.13% NdPr1.77% TREO and 0.36% NdPr including 4m at 1.84% TREO
Mineralisation target Open MWRC011: 5m at 3.45% TREO,
including 3m at 5.21% TREO
Drilling
RC drill hole DRILL HOLE RESULTS: MWRC011: 4m at 1.03% TREO,
RC drill hole (planned) MWRC017: 4m at 0.17% TREO including 1m at 2.78% TREO
MWRC013: 8m at 1.05% TREO
Rock Chips: TREO
MW3 DRILL HOLE RESULTS:
>5% MWRC002: 4m at 0.17% TREO
1-5%
0.5-1%
0.2-0.5% Open
250 m
0.1-0.2%
0.0-0.1%
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Figure 1: MW2 planned RC drill holes, mineralisation and rock chip samples (see ASX:KFM 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: 14 November 2022

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NE
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Figure 2: Aerial photograph of the MW2 area showing the drill lines and the location of the NE-trending mineralised dykes.

On-going Fieldwork

The current mapping and rock chipping work will continue during the drilling campaign and 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).

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ASX Announcement: 14 November 2022

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
Open
Open
MW8
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: 14 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: 14 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

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.

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

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14 November 2022

ASX Announcement:

	Q1 2022	Q2 2022	Q3 2022	Q4 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

• November 2022: Additional results from MW2.

• November 2022: Annual general meeting.

• November 2022: Additional results from MW7.

• December 2022: Results from airborne geophysics surveys.

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

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: 14 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: 14 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: Airborne Geophysical Surveys Underway 27 September 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.

• 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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14 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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