KINGFISHER MINING LTD — Capital/Financing Update 2022

Aug 29, 2022

0

ASX Announcement: 30 August 2022

40% REE Returned from Mick Well

ASX CODE: KFM

Shares on issue: 42,250,001 Cash: $2.2M (30 June 2022) Market Cap: $11.4M* Debt: Nil

Gascoyne REE outcrop expanded to over 2.2km of strike within the Company’s 54km targeted REE corridor

• Exceptional rock chip assay results returned from Mick Well including 40.02% Total Rare Earth Oxides (TREO) and 6.40% Nd2O3 + Pr6O11 (MWGS0708).

• Other outstanding high grade results from outcropping mineralisation include:

• 21.55% TREO with 3.74% Nd2O3 + Pr6O11 (MWGS0769)

PROJECTS

Mick Well: Rare Earth Elements Kingfisher: Rare Earth Elements Arthur River: Copper Boolaloo: Copper-Gold

• 19.60% TREO with 3.09% Nd2O3 + Pr6O11 (MWGS0490)

• 17.95% TREO with 3.01% Nd2O3 + Pr6O11 (MWGS0488)

• 15.19% TREO with 2.56% Nd2O3 + Pr6O11 (MWGS0770)

• 11.76% TREO with 1.98% Nd2O3 + Pr6O11 (MWGS0705)

• 8.30% TREO with 1.32% Nd2O3 + Pr6O11 (MWGS0500)

• 5.29% TREO with 0.82% Nd2O3 + Pr6O11 (MWGS0709)

• 4.28% TREO with 0.77% Nd2O3 + Pr6O11 (MWGS0644)

• 3.44% TREO with 0.50% Nd2O3 + Pr6O11 (MWGS0664)

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 W: www.kingfishermining.com.au

Unit 2, 106 Robinson Avenue Belmont WA 6104 AUSTRALIA

GPO Box 2517 Perth WA 6831 AUSTRALIA

• 3.14% TREO with 0.49% Nd2O3 + Pr6O11 (MWGS0710)

• 2.41% TREO with 0.40% Nd2O3 + Pr6O11 (MWGS0766)

• Outcropping strike of high grade Rare Earth Elements (REE) mineralisation is now more than 2.2 km long with multiple parallel mineralised lodes identified within a 300m wide corridor.

• Ground proofing is on-going leading up to the Q4 2022 drilling program at MW2, with work expected to identify further outcrops of mineralisation within the 54km of the REE hosting Chalba Shear.

• Results from the recent drill program at Mick Well as well as additional assays from the ongoing surface mapping are expected in September.

Kingfisher Mining Limited ( ASX:KFM ) (“ Kingfisher ” or the “ Company” ) is delighted to provide an update on the ongoing mapping and rock chip sampling at its 100% owned projects in the Gascoyne Mineral Field in Western Australia.

==> picture [175 x 234] intentionally omitted <==

Kingfisher’s Executive Director and CEO James Farrell commented: “The ongoing field work from our team continues to identify high grade zones of outcropping REE mineralisation as we build our knowledge and demonstrate the potential scale of the REE system. We are ecstatic with the identification of this new mineralisation, including the 40.02% TREO sample from an outcrop which consists almost entirely of massive monazite.

The outcropping mineralisation has now been mapped over a strike length of more than 2.2km within our 54km REE target corridor. In the lead up to our drilling campaign in Q4 2022, our onground exploration will continue to focus on the large pipeline of high resolution geophysical targets and in particular those within the 10km vicinity immediately west of MW2.”

Massive monazite outcrop at MW2.

1

* Based on a share price of $0.27 as of 29 August 2022.

==> picture [596 x 109] intentionally omitted <==

MW2 REE Mineralisation

Ongoing fieldwork at the Company’s Gascoyne projects has significantly increased the scale of the outcropping high grade REE discovery at MW2. The mapped mineralisation is in a zone which extends for more than 1,000m in length and 300m in width, with the cumulative strike length of the first four identified outcropping mineralised lodes within the zone now exceeding 2.2km. All four mineralised lodes remain open in all directions (Figure 1).

A new style of mineralisation, massive monazite, has also been identified at the project. The massive monazite mineralisation has few gangue minerals and is exceptionally high grade, with assays of 40.02% TREO containing 6.40% Nd2O3 + Pr6O11 (MWGS0708, Figure 2). Other outstanding grades were also returned from carbonatite dyke samples which contain masses of monazite, including 21.55% TREO with 3.74% Nd2O3 + Pr6O11 (MWGS0769) and 15.19% TREO with 2.56% Nd2O3 + Pr6O11 (MWGS0770, Figure 3).

==> picture [470 x 393] intentionally omitted <==

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

MWGS0708: 40.02% TREO and 6.40% NdPr
Open
MWGS0705: 11.76% TREO and 1.98% NdPr MWGS0709: 5.29% TREO and 0.82% NdPr
MWGS0710: 3.14% TREO and 0.49% NdPr
MWGS0592: 0.31% TREO and 0.05% NdPr Open
MWGS0696: 0.27% TREO and 0.05% NdPr
MWGS0701: 0.50% TREO and 0.08% NdPr MWGS0769: 21.55% TREO and 3.74% NdPr
MWGS0770: 15.19% TREO and 2.56% NdPr
MWGS0465: 14.29% TREO and 2.23% NdPr Open Open
MWGS0474: 4.92% TREO and 0.87% NdPr
MWGS0475: 5.01% TREO and 0.85% NdPr MWGS0766: 2.41% TREO and 0.40% NdPr
MWGS0500: 8.30% TREO and 1.32% NdPr
MWGS0347: 2.11% TREO and 0.33% NdPr
MWGS0484: 21.13% TREO and 3.59% NdPr MWGS0468: 1.41% TREO and 0.25% NdPr
MWGS0488: 17.95% TREO and 3.01% NdPr
MWGS0490: 19.60% TREO and 3.09% NdPr Open MWGS0642: 0.62% TREO and 0.11% NdPr
Open
Open
MW2
MWRC013: 8m at 1.05% TREO
MWRC011: 4m at 1.03% TREO,
including 1m at 2.78% TREO
MWRC004: 12m at 1.12% TREO,
Legend including 4m at 1.84% TREO
Geology MWRC011: 5m at 3.45% TREO,
Carbonatite complex Open including 3m at 5.21% TREO
Mineralised carbonatite dyke Open
Drilling
RC drill hole
MWRC017: 4m at 0.17% TREO
Rock Chips: TREO
>5%
1-5% MW3 MWRC002: 4m at 0.17% TREO
0.5-1%
0.2-0.5%
0.1-0.2% Open 250 m
0.0-0.1%
----- End of picture text -----

Figure 1: MW2 rock chip samples and mineralisation. Previously reported rock chips are shown in italics (see ASX:KFM 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.

2

==> picture [596 x 109] intentionally omitted <==

The outcropping mineralisation is located 500m northwest of Kingfisher’s MW2 discovery drill hole (Figure 1). The drilling also includes high grade results, with 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). The mineralisation consists of high grade monazite and allanite – both being important global sources for the production of the critical metals, neodymium and praseodymium.

==> picture [211 x 232] intentionally omitted <==

==> picture [211 x 232] intentionally omitted <==

Figure 2: Monazite sample MWGS0708 which assayed 40.02% TREO with 6.40% Nd2O3 + Pr6O11 .

==> picture [211 x 281] intentionally omitted <==

==> picture [211 x 281] intentionally omitted <==

Figure 3: Monazite (pale red) rich carbonatite samples MWGS0769 (left) and MWGS0770 (right) which assayed 21.55% TREO with 3.74% Nd2O3 + Pr6O11 and 15.19% TREO with 2.56% Nd2O3 + Pr6O11.

3

==> picture [596 x 109] intentionally omitted <==

The current exploration work has also led to the identification of a large number of laterally-extensive high priority targets in a broad area that extends 10km west-northwest from MW2 (Figure 4). 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 5).

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 intrusion-related exploration and mineralisation model is shown in Figure 6.

==> picture [470 x 356] intentionally omitted <==

Figure 4: 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.

4

==> picture [596 x 109] intentionally omitted <==

==> picture [470 x 389] intentionally omitted <==

Figure 5: 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.

5

==> picture [596 x 109] intentionally omitted <==

==> picture [299 x 339] intentionally omitted <==

Figure 6: 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.

6

==> picture [596 x 109] intentionally omitted <==

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 drilling at Mick Well and MW2.

• 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 7). 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[^] .

7

==> picture [596 x 109] intentionally omitted <==

==> picture [470 x 568] intentionally omitted <==

Figure 7: 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 Project 100km north of Kingfisher’s projects are also shown.

8

==> picture [596 x 109] intentionally omitted <==

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 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 in the Ashburton Basin and more than 54km of strike across the target geological corridor that covers the Kingfisher and Mick Well Projects in the Gascoyne region.

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

Previous ASX Announcements

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.

9

==> picture [596 x 109] intentionally omitted <==

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.

10

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
MWGS0347	401954	7249885	10622	32.0	6.3	50.5	105.6	3.9	6628	0.34	2442	871	236.9	9.3	0.69	91.6	3.07	21102
MWGS0348	401881	7249940	24714	74.4	18.1	127.4	263.0	9.4	16600	1.14	6342	2190	633.0	22.0	1.83	239.5	10.02	51246
MWGS0349	401875	7249955	2986	17.1	6.9	14.9	33.7	2.9	1909	0.68	729	271	70.0	3.7	0.80	81.3	5.24	6133
MWGS0488	401494	7249695	91749	92.8	19.4	235.9	422.3	11.7	55082	1.02	21872	8187	1492.5	27.6	2.06	288.1	9.22	179493
MWGS0490	401498	7249696	100289	70.4	17.4	205.1	337.5	8.9	62490	1.25	22477	8465	1345.5	20.1	2.06	241.5	10.48	195981
MWGS0491	401499	7249698	1772	2.1	0.6	4.3	7.1	0.2	1108	0.00	405	154	24.8	0.5	0.00	8.8	0.57	3488
MWGS0492	401421	7249698	1027	2.1	0.8	3.2	5.8	0.3	687	0.00	269	99	20.3	0.6	0.00	10.5	0.57	2127
MWGS0495	401497	7249718	765	4.8	1.8	4.3	10.4	0.9	445	0.23	210	71	21.8	1.0	0.34	24.1	1.82	1562
MWGS0500	401808	7249911	39972	153.6	36.8	208.3	460.2	19.9	27290	2.39	9776	3446	1014.7	39.0	3.77	509.1	19.70	82951
MWGS0506	402171	7250105	712	8.6	3.8	7.5	17.1	1.5	433	0.34	196	65	28.1	1.7	0.46	41.3	2.73	1519
MWGS0508	402199	7250090	888	22.5	7.3	14.2	41.5	3.4	488	0.68	300	93	50.2	4.5	0.80	93.6	4.67	2013
MWGS0511	401470	7249667	1971	41.4	13.4	33.2	86.3	6.0	789	0.91	995	254	152.0	9.2	1.37	167.0	7.40	4528
MWGS0512	401443	7249650	57	1.0	0.2	1.0	1.8	0.1	29	0.00	19	6	3.1	0.2	0.00	5.0	0.34	124
MWGS0516	401386	7249615	3449	18.8	6.2	19.0	43.1	2.7	2261	0.45	1029	348	98.0	4.3	0.69	76.2	3.53	7360
MWGS0591	401752	7250092	353	6.2	2.7	1.5	9.2	1.0	166	0.23	115	37	16.6	1.3	0.34	31.4	2.16	744
MWGS0592	401726	7250062	1421	16.1	4.6	14.1	32.6	2.2	955	0.23	402	136	53.3	3.7	0.46	57.1	2.05	3101
MWGS0593	401678	7250010	2129	35.6	10.6	26.1	63.4	4.8	1345	0.57	646	211	97.4	7.8	1.03	137.7	4.55	4720
MWGS0642	401871	7249824	3096	4.9	1.1	13.9	25.2	0.7	1857	0.00	847	279	74.7	1.7	0.11	14.4	0.46	6216
MWGS0643	401902	7249850	3506	9.6	2.3	18.8	36.2	1.3	2152	0.11	952	316	95.0	2.9	0.23	29.2	1.14	7123
MWGS0644	401754	7249886	20244	116.1	35.0	145.9	323.3	16.8	13065	2.73	5874	1862	657.4	29.5	4.00	433.3	21.29	42831
MWGS0696	401713	7250073	1331	5.7	1.6	8.3	16.8	0.8	812	0.11	374	123	36.4	1.3	0.23	18.4	1.14	2732
MWGS0701	401729	7250080	2308	22.5	5.8	19.3	46.2	3.1	1541	0.34	637	211	79.1	4.9	0.57	69.0	2.96	4951
MWGS0703	401753	7250091	328	6.7	2.6	2.0	10.8	1.0	150	0.34	120	34	18.8	1.3	0.23	28.7	2.05	707
MWGS0704	401776	7250107	996	77.6	25.6	52.9	136.7	11.2	288	1.71	697	155	181.4	16.3	2.86	308.3	15.14	2966
MWGS0705	401782	7250104	56135	349.4	108.9	368.3	793.0	49.5	36818	8.19	14810	5001	1653.0	78.5	12.56	1312.7	67.87	117566
MWGS0708	401831	7250157	195601	366.0	55.0	996.2	1824.2	35.2	131474	2.73	47370	16672	4824.5	123.0	5.03	822.0	22.20	400193
MWGS0709	401888	7250211	25458	105.5	26.2	126.8	280.3	13.4	17689	1.59	6052	2180	585.4	26.4	2.74	327.1	13.55	52887
MWGS0710	401899	7250234	14990	90.7	29.6	82.1	184.6	13.2	10336	2.39	3635	1301	352.2	20.4	3.31	327.4	17.88	31385
MWGS0688	401689	7250045	385	3.4	1.5	2.9	5.9	0.6	251	0.23	98	34	10.8	0.7	0.23	14.2	1.02	809
MWGS0760	401884	7249836	1231	9.3	2.6	10.2	22.1	1.3	768	0.00	345	113	43.8	2.2	0.23	29.3	1.48	2580
MWGS0761	401898	7249847	111	2.9	1.0	1.7	5.1	0.5	57	0.00	42	11	6.4	0.6	0.11	12.8	0.91	254
MWGS0762	401943	7249876	136	3.3	1.0	1.7	5.8	0.6	58	0.11	53	15	9.3	0.7	0.11	13.1	1.14	298
MWGS0766	402036	7249956	11885	39.3	13.5	52.5	104.2	5.7	7598	1.25	2933	1044	258.1	9.6	1.48	153.0	9.00	24107
MWGS0769	402063	7250029	105515	175.1	24.5	481.6	869.1	17.3	68059	0.91	27931	9470	2517.3	59.5	1.94	369.7	9.45	215502
MWGS0770	402062	7250027	73838	149.4	23.9	347.7	654.1	15.7	49198	1.14	19030	6529	1750.8	47.1	2.17	347.2	9.11	151944
MWGS0771	402063	7250035	3749	9.0	1.8	17.0	33.8	1.1	2462	0.00	940	327	85.0	2.6	0.23	25.8	1.02	7655
MWGS0773	402057	7250050	750	4.0	1.1	4.4	9.3	0.6	503	0.00	204	67	19.8	0.9	0.11	14.5	0.80	1579

11

Sample ID	Easting	Northing	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	Nd2O3	Pr6O11	Sm2O3	Tb2O3	Tm2O3	Y2O3	Yb2O3	TREO
MWGS0777	401732	7250081	855	44.4	13.4	29.5	79.4	6.3	371	0.80	454	110	100.0	9.8	1.37	160.0	6.72	2241

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

12

Attachment 1: JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or specific	• Rock chip samples were taken as individual rocks representing
techniques	specialised industry standard measurement tools appropriate to the minerals	an outcrop to give an indication of possible grades and widths
	under investigation, such as down hole gamma sondes, or handheld XRF	that can be expected from drilling. Individual rock samples can
	instruments, etc). These examples should not be taken as limiting the broad	be biased towards higher grade mineralisation.
	meaning of sampling.	• Rock chip samples were typically between 1 and 2 kg. The
	• Include reference to measures taken to ensure sample representivity and the	entire sample received by the laboratory was crushed and
	appropriate calibration of any measurement tools or systems used.	pulverised to 85% passing 75 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
	Report.	the 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.

13

Criteria	JORC Code explanation	Commentary
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
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and whether	pulverised 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.
	• 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
assay data and	procedures used and whether the technique is considered partial or total.	sample analysis uses a sodium peroxide fusion with an
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the	Inductively Coupled Plasma Mass Spectrometry and Inductively
tests	parameters used in determining the analysis including instrument make and	Coupled Plasma (ICP) Mass Spectrometry (MS) and Optical
	model, reading times, calibrations factors applied and their derivation, etc.	Emission Spectrometry (OES) finish.
	• 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	• Independent checks or field duplicates were not conducted for
sampling and	alternative company personnel.	rock chips and are not considered necessary for that type of
assaying	• The use of twinned holes.	sample.
	• 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-hole	• Rock chip sample locations were surveyed using a handheld
data points	surveys), trenches, mine workings and other locations used in Mineral	GPS using the UTM coordinate system, with an accuracy of +/-
	Resource estimation.	5m.
	• 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.

Criteria	JORC Code explanation	Commentary
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible	• The nature of the surface outcrops of mineralisation appears to
data in	structures and the extent to which this is known, considering the deposit type.	be similar to the mineralisation intersected in drilling, where
relation to	• If the relationship between the drilling orientation and the orientation of key	the interpreted orientation indicates a true width for the
geological structure	mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	mineralised zone of between 6 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. Samples were transported to Perth in a sealed bags
		bag and subsequently to the laboratory.
Audits or	• The results of any audits or reviews of sampling techniques and data.	• The sampling techniques and analytical data are monitored by
reviews		the Company’s geologists.
		• External audits of the data have not been completed.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	• The project area is located 80km northeast of the Gascoyne
tenement and	agreements or material issues with third parties such as joint ventures,	Junction and 230km east of Carnarvon.
land tenure	partnerships, overriding royalties, native title interests, historical sites,	• The project includes nine granted Exploration Licences,
status	wilderness or national park and environmental settings.	E09/2242, E09/2349, E09/2319, E09/2320, E09/2481,
	• The security of the tenure held at the time of reporting along with any	E09/2494, E09/2495, E09/2653 and E09/2655 as well as three
	known impediments to obtaining a licence to operate in the area.	EL applications, E09/2654, E09/2660 and E09/2661.
		• 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 PtyLtd in

15

Criteria	JORC Code explanation	Commentary
		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 is justified on the basis that the
	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
methods	and/or minimum grade truncations (eg cutting of high grades) and cut-off	aggregation 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	• No new drilling results are included in this report.
between	Exploration Results.	• True width is obscured by thin cover and appears to be similar
mineralisation	• If the geometry of the mineralisation with respect to the drill hole angle is	to intervals 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 includedfor any significant discovery being reported These should
			16

Criteria	JORC Code explanation	Commentary
	include, but not be limited to a plan view of drill hole collar locations and	along with documentation.
	appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not practicable,	• All rock chip samples of REE mineralisation have been
reporting	representative reporting of both low and high grades and/or widths should	reported. The reported sample batches also included some
	be practiced to avoid misleading reporting of Exploration Results.	samples collected as part 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
substantive	including (but not limited to): geological observations; geophysical survey	in this 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	• Ongoing exploration in the area is a high priority for the
	or depth extensions or large-scale step-out drilling).	Company.
	• Diagrams clearly highlighting the areas of possible extensions, including the	• Exploration to include tenement-scale acquisition of
	main geological interpretations and future drilling areas, provided this	geophysics data to define the extents of carbonatites, mapping
	information is not commercially sensitive.	and rock chip sampling as well as additional RC drilling.
		• Downhole geophysics has also been contracted for the drill
		holes that were completed at Mick Well.

17