KINGFISHER MINING LTD — Capital/Financing Update 2022

Sep 5, 2022

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ASX Announcement:

6 September 2022

CORPORATE PROFILE

Shares on issue: 42,250,001 Unlisted options: 10,500,000 Cash: $2.2M (30 June 2022) Market Capitalisation: $22.4M* 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

Significant Clay REE Mineralisation Confirmed at Mick Well

24m at 2345ppm TREO from surface

• In addition to the recent exceptional high grade hard rock Rare Earth Elements (REE) results, follow-up RC drilling of the mineralised clays at Mick Well has confirmed significant high grade clay hosted REE, with new drill hole results including:

• 24m at 2345 ppm TREO from surface (MWRC030). The drill hole also included 8m at 3011 ppm TREO from surface.

• 48m at 1076 ppm TREO, including 16m at 1580 ppm TREO from surface (MWRC028). The drill hole also included 4m at 2379 ppm TREO from surface.

  • 36m at 779 ppm TREO from 4m (MWRC027).

• 20m at 734 ppm TREO from 32m, including 4m at 1020 ppm TREO from 48m (MWRC029).

• The new results build upon the previously reported clay REE results from Mick Well (see ASX:KFM 27 July 2022):

• 48m at 1265 ppm TREO, including 40m at 1367 ppm TREO from 8m (MWRC020).

CORPORATE DIRECTORY

WARREN HALLAM Non-Executive Chairman

JAMES FARRELL Executive Director and CEO

ADAM SCHOFIELD Non-Executive Director

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

• 16m at 1156 ppm TREO, including 12m at 1301 ppm TREO from 8m (MWRC021).

• The clay and high-grade hard rock mineralisation at Mick Well are now recognised to be part of the same large scale mineral system within the Company’s 54km REE target corridor.

• The latest clay mineralisation intersections are thick, high grade and confirm the continuity of mineralisation downhole and along strike.

• Early-stage interpretation of the clay mineralisation highlights a potential strike length of more than 6.5km, with demonstrated widths of 100m and vertical depths from surface to greater than 40m.

• Metallurgical sighter testwork is underway to assess the extraction of the REE from the clay mineralisation.

• Additional assay results from further surface sampling around the high grade hard rock mineralisation at MW2 (see ASX:KFM 30 August 2022) are expected in September ahead of drilling planned for October.

Kingfisher Mining Limited ( ASX:KFM ) (“ Kingfisher ” or the “ Company” ) is pleased to provide the results from the Mick Well drilling at its 100% owned projects in the Gascoyne Mineral Field in Western Australia.

Kingfisher’s Executive Director and CEO James Farrell commented: “We continue to be amazed by the underlying potential of our Gascoyne projects. In addition to the very high grade hard rock assays recently reported, these latest drill results have confirmed broad zones of clays containing a second style of REE mineralisation at Mick Well. We now recognise that the clay and hard rock mineralisation are part of the same large-scale system, with the clay mineralisation hosted in broad structures within our 54km target corridor indicating the potential for larger mineralised carbonatite intrusions at depth.

Our fieldwork which is targeting the exceptionally high-grade hard rock monazite mineralisation in the MW2 area is continuing. This work remains a priority as we seek to discover new areas of outcropping mineralisation and extend the recently discovered REE lodes that remain open in all directions.”

* Based on a share price of $0.53 as of 5 September 2022

www.kingfishermining.com.au

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ASX Announcement: 6 September 2022

Mick Well Drilling Results

Follow-up reverse circulation (RC) drilling at Mick Well has confirmed the broad zones of clay hosted REE mineralisation at Mick Well (Figure 1, Figure 2). The mineralisation is associated with kaolinite clays and weathered bedrock within the shear zones which are part of the Company’s 54km REE target corridor. Significant new results from the clay mineralisation include:

• MWRC030: 24m at 2345 ppm TREO with 470 ppm Nd2O3 + Pr6O11 from surface.

• MWRC028: 48m at 1076 ppm TREO with 204 ppm Nd2O3 + Pr6O11, including 16m at 1580 ppm TREO with 325 ppm Nd2O3 + Pr6O11 from surface.

• MWRC027: 36m at 779 ppm TREO with 164 ppm Nd2O3 + Pr6O11 from 4m.

• 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.

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MWRC027: 36m at 779 ppm TREO
MWRC028: 48m at 1076 ppm TREO,
including 16m at 1580 ppm TREO
MWRC030: 24m at 2345 ppm TREO
MWRC029: 20m at 734 ppm TREO,
including 4m at 1020 ppm TREO
MWRC020: 48m at 1265 ppm TREO,
including 40m at 1367 ppm TREO
MWRC021: 32m at 783 ppm TREO,
Legend
including 12m at 1301 ppm TREO
Geology
Carbonatite complex
Clay mineralisation target
Drilling
KFM RC drill hole
Historical drill hole 100 m
----- End of picture text -----

Figure 1: Mick Well Prospect showing TREO results and the clay REE mineralisation target. A long section is shown in Figure 2. Results from drill holes MWRC020 and MWRC021 were previously reported (see ASX:KFM 27 July 2022).

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ASX Announcement: 6 September 2022

The new drill hole results add significantly to the previously reported Mick Well results which included (see ASX:KFM 27 July 2022):

• 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.

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----- Start of picture text -----

400 mRL 400 mRL
20m at 734 ppm TREO, including
4m at 1020 ppm TREO
36m at 779 ppm TREO
Open
Open
24m at 2345 ppm TREO
200 mRL 200 mRL
48m at 1076 ppm TREO, including 32m at 783 ppm TREO, including
16m at 1580 ppm TREO 48m at 1265 ppm TREO, including 12m at 1301 ppm TREO
40m at 1367 ppm TREO
Geology
Bedrock
0 mRL Clay mineralisation 0 mRL
Drill hole log
100 m
Kaolinite clays
7,247,600 mE 402,100 mE 403,000 mE 7,247,400 mE 403,200 mE 403,400 mE
----- End of picture text -----

Figure 2: Mick Well Prospect schematic long section showing TREO results and the clay REE mineralisation. The location of the long section is shown on Figure 1. Results from drill holes MWRC020 and MWRC021 were previously reported (see ASX:KFM 27 July 2022).

The interpretation of the shear zone and associated clay mineralisation has highlighted a potential strike length of 6.5km at Mick Well (Figure 3) 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.

The current program 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 now 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 54km 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.

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ASX Announcement: 6 September 2022

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MWGS0705: 11.76% TREO and 1.98% NdPr
MWGS0708: 40.02% TREO and 6.40% NdPr
MWGS0709: 5.29% TREO and 0.82% NdPr
MWGS0710: 3.14% TREO and 0.49% NdPr
MWGS0769: 21.55% TREO and 3.74% NdPr
MWGS0465: 14.29% TREO and 2.23% NdPr MWGS0770: 15.19% TREO and 2.56% 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
MWGS0500: 8.30% TREO and 1.32% NdPr MWGS0477: 4.33% TREO and 0.73% NdPr
MW2 MWGS0478: 4.85% TREO and 0.80% NdPr
MWGS0484: 21.13% TREO and 3.59% NdPr
MWGS0488: 17.95% TREO and 3.01% NdPr
MWGS0490: 19.60% TREO and 3.09% NdPr
Drill Holes:
MWRC004: 12m at 1.12% TREO
MWRC011: 4m at 1.03% TREO
MW3 MWRC011: MWRC013: 8m at 1.05% TREO5m at 3.45% TREO
MWRC028: 48m at 1076 ppm TREO,
including 16m at 1580 ppm TREO
Mick Well
MWRC027: 36m at 779 ppm TREO
MWRC029: 20m at 734 ppm TREO,
MWRC030: 24m at 2345 ppm TREO
including 4m at 1020 ppm TREO
Legend
Geology
Mineralised carbonatite dyke
Carbonatite complex
Clay mineralisation target
Drilling
KFM RC drill hole
Historical drill hole 1 km
----- End of picture text -----

Figure 3: Mick Well Project area showing the clay target corridor and its relationship with the mineralised carbonatite dykes at MW2. Previously reported drill holes at MW2 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) as well are previously reported rock chips (see ASX:KFM 30 August 2022 and 20 June 2022). Rock chip results are stated as Total Rare Earth Oxides (TREO%) and total Nd2O3 + Pr6O11 (%) content.

The RC drilling at MW2 intersected areas of alteration and anomalous REE mineralisation in the positions of the interpreted strike extents of the mineralisation intersected in MWRC011 (see ASX:KFM 5 July 2022), with 4m at 0.1% TREO returned from MWRC026 and 1m at 0.1% TREO returned from MWRC025 (see Annexure 1). The upcoming Q4 drilling at MW2 will now focus on the 2.2km of strike of outcropping high grade hard rock mineralisation (see ASX:KFM 30 August 2022) which is located 500m northwest of the previous MW2 drilling, along with the targeting of anticipated additional outcrop discoveries from our ongoing fieldwork.

The Company is targeting REE mineralisation along a 54km corridor associated with the Chalba Shear Zone (Figure 4). The Chalba Shear 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 intrusion-related REE exploration model is shown in Figure 5.

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ASX Announcement:

6 September 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:

6 September 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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ASX Announcement:

6 September 2022

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

• September 2022: Results from ongoing surface mapping, rock chip sampling and drill target definition.

• October 2022: Results from airborne geophysics surveys.

• November 2022: Drilling and results from MW2.

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 27.42Mt @ 0.97% 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: 6 September 2022

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Figure 6: 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 and Lyons Projects 100km north of Kingfisher’s projects are also shown.

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ASX Announcement: 6 September 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 break through 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: 40% REE Returned from Mick Well 30 August 2022.

ASX:KFM: Broad Zones of Anomalous REEs Discovered in Mick Well Clays 27 July 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 ‘Yangibana Project updated Measured and Indicated Mineral Resources tonnes up by 54%, TREO oxides up by 32% Australia’. Hastings Technology Metals Limited (ASX:HAS), 5 May 2021.

• ^ Kingfisher Mining Limited Prospectus, 9 November 2020.

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6 September 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: Drill Hole Information

Collar and Survey

Target	Hole ID	Easting	Northing	Elevation	Depth	Azimuth	Dip
Mick Well	MWRC027 MWRC028 MWRC029 MWRC030	402769	7247619	305	77	225	-60
		402951	7247525	305	77	35	-60
		402981	7247398	305	75	35	-60
		403344	7247339	305	64	0	-60
MW2	MWRC025 MWRC026 MWRC031	402066	7249542	305	154	225	-60
		402137	7249529	305	221	220	-60
		402154	7249430	305	205	230	-60

• Drill hole lengthened by 50m during current program.

Analytical Data (all values are ppm)

DHID	From	To	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	Nd2O3	Pr6O11	Sm2O3	Tb2O3	Tm2O3	Y2O3	Yb2O3	TREO
MWRC025	140	144	266	6.5	2.1	3.2	12.3	1.0	126	0.23	114	31	19.7	1.5	0.23	28.6	1.5	614
	144	148	252	7.6	3.2	3.5	13.0	1.3	118	0.34	109	30	20.1	1.6	0.34	37.3	2.3	599
	148	149	367	9.1	2.6	3.6	17.9	1.3	177	0.23	152	43	27.0	2.1	0.23	36.8	1.3	840
	149	150	297	6.1	1.9	2.7	13.1	0.9	143	0.11	120	34	19.5	1.4	0.23	27.7	1.0	669
	150	151	310	9.2	3.2	3.4	18.2	1.4	146	0.23	132	37	24.5	2.1	0.34	40.1	1.8	729
	151	152	519	7.1	2.4	3.7	15.8	1.0	262	0.23	181	56	26.4	1.7	0.23	32.5	1.7	1110
MWRC026	148	152	258	4.0	1.3	2.1	10.4	0.6	127	0.23	97	29	16.9	1.0	0.11	16.9	1.1	566
	152	156	224	3.1	0.9	2.3	8.6	0.5	111	0.00	86	25	13.6	0.8	0.11	13.0	0.7	489
	156	160	254	8.4	3.9	3.0	12.1	1.5	122	0.45	106	30	18.2	1.7	0.57	47.9	3.5	613
	160	164	464	8.4	3.3	5.3	17.9	1.4	219	0.34	189	54	29.9	2.0	0.46	40.6	2.4	1037
	164	168	270	6.7	2.2	3.2	13.7	1.0	131	0.23	115	32	20.1	1.6	0.23	30.1	1.3	629
MWRC027	4	8	399	8.4	3.1	2.5	13.8	1.3	217	0.34	138	43	21.6	1.7	0.46	37.2	2.2	890
	8	12	423	11.2	5.0	2.9	16.9	1.9	231	0.45	145	46	23.3	2.3	0.57	61.8	3.6	975
	12	16	284	9.0	3.9	2.5	12.3	1.5	146	0.45	110	32	18.2	1.8	0.46	48.1	2.7	673
	16	20	301	8.3	3.5	2.4	12.1	1.4	159	0.34	117	35	18.7	1.6	0.46	42.7	2.5	706
	20	24	351	7.9	3.5	2.5	13.1	1.4	180	0.34	132	39	20.8	1.6	0.46	41.5	2.5	798
	24	28	394	7.9	3.3	2.8	13.8	1.4	203	0.34	153	44	22.6	1.7	0.46	44.1	2.5	895
	28	32	376	11.1	5.1	3.1	17.6	1.9	192	0.45	155	43	24.7	2.2	0.69	66.0	4.1	904
	32	36	213	8.4	5.0	2.2	11.5	1.7	114	0.57	89	25	15.3	1.5	0.69	62.9	3.9	554
	36	40	254	7.8	4.1	2.2	12.1	1.5	133	0.34	102	29	16.6	1.6	0.46	51.2	2.8	619
MWRC028	0	4	1072	16.2	8.1	8.3	29.9	3.0	602	0.80	370	113	49.9	3.5	1.03	95.1	6.1	2379
	4	8	662	10.6	5.3	4.1	17.5	1.8	326	0.57	216	68	29.8	2.2	0.69	60.2	4.0	1409
	8	12	674	8.8	3.7	3.8	15.4	1.5	319	0.34	222	71	29.7	2.0	0.46	45.0	2.6	1399
	12	16	542	7.0	3.2	3.7	13.8	1.3	257	0.34	182	58	25.0	1.6	0.34	35.2	2.4	1133
	16	20	458	6.4	2.4	3.6	12.0	0.9	221	0.23	158	49	22.4	1.3	0.34	28.1	1.8	965
	20	24	438	5.7	2.3	3.6	11.5	0.9	215	0.23	151	48	21.1	1.4	0.34	26.9	1.9	928
	24	28	240	5.9	3.1	1.7	10.0	1.0	124	0.45	84	26	14.1	1.2	0.46	29.6	3.2	545

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DHID	From	To	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	Nd2O3	Pr6O11	Sm2O3	Tb2O3	Tm2O3	Y2O3	Yb2O3	TREO
MWRC028	28	32	392	7.5	3.2	2.7	14.1	1.3	202	0.45	141	43	21.6	1.7	0.46	34.9	3.0	868
	32	36	238	5.9	2.9	1.9	9.3	1.1	125	0.45	85	26	13.3	1.2	0.46	29.3	3.1	543
	36	40	309	8.1	5.5	2.1	12.0	1.7	156	0.91	110	33	16.2	1.4	0.80	54.4	5.7	717
	40	44	286	8.6	4.8	2.1	11.9	1.6	145	0.57	102	32	16.8	1.6	0.57	55.2	4.1	673
	44	48	623	10.6	5.3	4.2	16.8	1.9	324	0.57	206	65	28.1	2.1	0.69	62.9	4.3	1355
	48	52	178	2.2	1.1	1.6	4.1	0.5	95	0.11	56	18	7.4	0.5	0.11	15.0	0.9	381
	52	56	296	4.5	2.2	2.5	8.0	0.8	156	0.23	98	31	13.0	0.9	0.34	24.8	1.7	640
MWRC029	0	4	384	6.4	2.6	2.7	12.1	1.1	184	0.23	141	43	21.2	1.5	0.34	31.0	1.8	833
	4	8	318	7.8	3.7	3.1	12.8	1.4	144	0.45	131	37	20.2	1.6	0.46	41.8	3.1	726
	8	12	247	6.4	3.8	2.1	8.5	1.4	122	0.57	86	26	13.7	1.2	0.57	35.2	3.8	558
	12	16	288	5.9	2.4	2.0	9.8	0.9	148	0.34	97	31	14.4	1.2	0.34	28.1	2.2	631
	16	20	468	12.7	6.4	4.3	19.4	2.3	238	0.91	186	53	29.9	2.4	0.91	60.1	6.5	1091
	20	24	496	11.2	4.7	3.7	17.6	1.8	260	0.68	181	55	27.6	2.3	0.69	51.2	4.8	1117
	24	28	285	6.7	2.9	2.4	11.1	1.1	142	0.45	106	32	17.5	1.4	0.34	30.1	2.8	642
	28	32	182	5.4	2.4	1.6	8.1	0.9	93	0.45	67	20	11.8	1.0	0.34	24.3	2.7	422
	32	36	322	6.1	2.5	3.1	11.9	1.0	168	0.34	117	34	19.1	1.4	0.34	23.4	2.0	713
	36	40	311	5.0	2.3	2.2	8.9	0.8	163	0.34	102	32	15.1	1.0	0.34	23.6	1.9	670
	40	44	314	6.8	3.1	2.1	11.1	1.0	163	0.34	108	32	16.6	1.4	0.46	31.2	2.6	694
	44	48	237	8.6	4.7	2.0	11.1	1.6	125	0.68	85	25	13.6	1.5	0.69	50.8	4.6	573
	48	52	450	10.6	5.8	2.9	15.1	1.9	233	0.80	149	47	21.9	2.0	0.80	73.8	5.2	1020
MWRC030	0	4	1310	23.0	10.1	10.3	39.2	4.0	679	1.02	456	140	63.8	4.8	1.26	102.7	8.5	2854
	4	8	1427	26.9	12.3	11.5	43.0	4.7	780	1.36	492	152	68.6	5.3	1.48	132.5	9.7	3168
	8	12	1211	26.3	12.6	9.1	38.3	4.7	655	1.48	411	128	55.9	4.9	1.71	128.1	10.7	2698
	12	16	1089	25.7	13.8	9.6	36.8	5.0	567	1.71	384	115	53.2	4.7	1.83	146.6	11.4	2466
	16	20	667	20.7	14.2	4.4	25.5	4.8	334	2.16	217	69	32.9	3.5	2.06	165.3	14.6	1577
	20	24	589	10.8	6.5	3.4	16.0	2.3	302	0.91	193	61	27.4	2.1	0.91	84.6	5.5	1305
	24	28	337	5.7	2.6	2.0	9.6	1.0	178	0.34	110	35	15.4	1.2	0.34	32.4	2.0	733
	28	32	406	5.3	2.1	2.8	9.8	0.9	208	0.23	133	43	18.6	1.2	0.34	27.3	1.6	860
	32	36	344	5.3	2.3	2.5	9.9	0.9	176	0.23	117	37	16.8	1.2	0.23	27.6	1.8	743
MWRC031	144	148	333	6.0	2.3	1.9	11.2	0.9	167	0.34	117	36	18.7	1.3	0.34	27.7	1.9	726
	148	152	117	2.3	0.8	1.0	5.4	0.3	57	0.00	42	13	7.1	0.6	0.00	9.3	0.6	255
	152	156	322	5.4	2.3	2.5	9.5	0.9	163	0.23	114	34	16.2	1.2	0.34	26.4	2.0	700
	176	180	293	5.2	1.9	3.4	11.2	0.8	139	0.23	119	34	18.8	1.3	0.23	24.0	1.4	654
	180	184	438	7.7	2.9	4.9	15.2	1.3	211	0.34	180	51	27.7	1.8	0.34	36.2	2.2	980
	184	188	174	3.4	1.3	2.0	7.0	0.5	85	0.11	66	19	11.0	0.8	0.11	15.9	1.0	387
	188	192	110	3.1	1.6	1.3	5.6	0.6	53	0.23	44	12	8.0	0.6	0.23	16.4	1.4	258
	192	196	69	3.4	1.8	1.0	4.3	0.6	34	0.34	27	8	5.2	0.6	0.23	19.2	1.8	177
	196	200	300	5.5	2.4	2.1	10.1	0.9	152	0.23	106	32	16.4	1.2	0.23	26.8	1.9	658
MWRC031	200	204	175	4.6	2.2	1.4	7.3	0.9	88	0.34	62	19	10.8	0.9	0.34	24.5	1.9	399
	204	205	272	5.2	1.9	1.5	9.6	0.9	138	0.23	94	29	15.0	1.2	0.23	25.1	1.9	595

All reported drill intervals are included in the table above. The intervals were reported using a cut-off grade of 500 ppm TREO, with included higher grade results reported using a cut-off grade of 1000 ppm TREO. All sample information is parts per million (ppm).

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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	•	RC drill samples were collected at 1m intervals and composited to 4m
techniques		specialised industry standard measurement tools appropriate to the minerals		lengths for analysis.
		under investigation, such as down hole gamma sondes, or handheld XRF	•	The 4m composites, or in some cases 1m samples (where submitted),
		instruments, etc). These examples should not be taken as limiting the broad		were crushed and a sub-fraction obtained for pulverisation.
		meaning of sampling.
	•	Include reference to measures taken to ensure sample representivity and the
		appropriate calibration of any measurement tools or systems used.
	•	Aspects of the determination of mineralisation that are Material to the Public
		Report.
	•	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,	•	Drilling was completed using a Schramm T450 reverse circulation drill rig.
techniques		auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard	•	The reverse circulation drilling used a face-sampling hammer.
		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	•	Drill sample recovery was monitored by Kingfisher’s exploration team
recovery		results assessed.		during drilling.
	•	Measures taken to maximise sample recovery and ensure representative	•	Sample recoveries were consistently satisfactory and of a high standard
		nature of the samples.		throughout the 2022 RC drill programs.
	•	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	•	Chip samples were logged for geology, alteration and mineralisation by
		logged to a level of detail to support appropriate Mineral Resource estimation,		the Company’s geologists.
		mining studies and metallurgical studies.	•	Drill logs were verified by the Company’s geologists on submission of the
	•	Whether logging is qualitative or quantitative in nature. Core (or costean,		samples for laboratory analysis.
		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.	•	RC samples were collected from the drill rig splitter in calico bags. The RC
techniques	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether		samples were generally dry.
and sample		sampled wet or dry.	•	The 1m samples were composited to 4m intervals on site by the
preparation	•	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	•	Company’s geologists. The original 1m samples were submitted for analysis for downhole

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	•	Quality control procedures adopted for all sub-sampling stages to maximise		intervals with anomalous analytical results.
		representivity of samples.	•	A sub-fraction was obtained for pulverisation from the crushed RC
	•	Measures taken to ensure that the sampling is representative of the in situ		samples using a riffle splitter.
		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	•	Analytical QC is monitored by the laboratory using standards and repeat
sampling and		company personnel.		assays.
assaying	•	The use of twinned holes.	•	Independent checks or field duplicates were not conducted for and were
	•	Documentation of primary data, data entry procedures, data verification, data		not considered necessary for this early stage of exploration.
		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-	•	Drill hole locations were surveyed using a handheld GPS using the UTM
data points		hole surveys), trenches, mine workings and other locations used in Mineral		coordinate system, with an accuracy of +/-5m.
		Resource estimation.	•	Downhole surveys were completed using a north-seeking gyroscopic
	•	Specification of the grid system used.		survey tool and were reported in 30 m intervals.
	•	Quality and adequacy of topographic control.
Data spacing	•	Data spacing for reporting of Exploration Results.	•	The first-pass exploration drilling reported in this announcement has not
and	•	Whether the data spacing and distribution is sufficient to establish the degree		been completed on grids.
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 drilling has been designed to be perpendicular to the target structure
data in		structures and the extent to which this is known, considering the deposit type.		and drill hole inclination is likely to result in true widths that are
relation to	•	If the relationship between the drilling orientation and the orientation of key		approximately 65% of the reported intercepts.
geological structure		mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	•	Mick Well drill holes MWRC027 to MWRC030 were collared in mineralisation and the true width of the mineralisation is likely to be greater than the drill intervals.
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 ten 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 and
	•	The security of the tenure held at the time of reporting along with any		E09/2655 as well as two EL applications, 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	•	Location, orientation and depth data as well as summary geological logs
Information		exploration results including a tabulation of the following information for all		were tabulated and were included in this announcement for all new drill
		Material drill holes:		hole information received at the date of the report.
		o easting and northing of the drill hole collar	•	No information has been excluded.
		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	•	Values for intervals that comprise samples of different lengths have been
methods		and/or minimum grade truncations (eg cutting of high grades) and cut-off		reported using length-weighted averages.
		grades are usually Material and should be stated.	•	A cut-off grade of 500 ppm TREO has been used for the reported intervals.
	•	Where aggregate intercepts incorporate short lengths of high grade results	•	Higher grade intervals with mineralisation above the reporting cut-off
		and longer lengths of low grade results, the procedure used for such		were reported using a cut-off grade of 1000 ppm TREO.
		aggregation should be stated and some typical examples of such	•	Metal equivalents have not been used in this report.
		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	•	The drilling has been designed to be perpendicular to the target structure
between		Results.		and drill hole inclination is likely to result in true widths that are
mineralisation	•	If the geometry of the mineralisation with respect to the drill hole angle is		approximately 65% of the reported intercepts.
widths and		known, its nature should be reported.	•	Mick Well drill holes MWRC027 to MWRC030 were collared in mineralisation
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		and the true width of the mineralisation is likely to be greater than the drill intervals.
		_known’). _
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of intercepts	•	Maps showing relevant data has been included in the report along with
		should be included for any significant discovery being reported These		documentation.
		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 of drilling information with TREO results is included in Annexure 1 and
reporting		representative reporting of both low and high grades and/or widths should		anomalous results are included in the diagrams in this report.
		bepracticed to avoid misleading reporting of Exploration Results.
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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