KINGFISHER MINING LTD — Capital/Financing Update 2022

Jul 26, 2022

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ASX Announcement: 27 July 2022

ASX CODE: KFM

Shares on issue: 42,250,001 Cash: $2.9M (31 March 2022) Market Cap: $10.1M* Debt: Nil

PROJECTS

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

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

Broad Zones of Anomalous REEs Discovered in Mick Well Clays

New Style of REE Mineralisation Identified

• Preliminary RC drilling has returned broad intervals of rare earth elements (REE) associated with a new style of mineralisation at the Mick Well project which includes kaolinite clays and weathered bedrock. Significant results include:

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

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

• Acid leach sighter testwork is underway to assess the metallurgy of the newly identified style of mineralisation.

• Anomalous REE mineralisation has also been intersected in the bedrock at all targets drilled in the Mick Well area including:

• Mick Well: 68m at 631 ppm TREO from 36m (MWRC022).

• MW1: 44m at 754 ppm TREO from 152m (MWRC006).

• MW3: 4m at 1704 ppm TREO from 48m (MWRC017).

• Anomalous REE mineralisation was also intersected at the Kingfisher Prospect which is located 15km east of Mick Well, with results that included 4m at 1924 ppm TREO from 172m (KFRC004).

• All of the REE mineralisation intersected in drilling is associated with structures that lie within the 54km target corridor; confirming the exploration model that structurally controls the REE mineralisation.

• Geological mapping and sampling is on-going ahead of the next drill program which is scheduled for later in the year and will include among other targets the drilling of the recently identified 800m of outcropping mineralisation that returned rock chips of 21.13% TREO and 14.29% TREO (see ASX:KFM announcement 20 June 2022).

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

Kingfisher’s Executive Director and CEO James Farrell commented: “This is another great result for the Company with all of the targets drilled in the recent drilling program returning anomalous REE mineralisation, and significantly, all of the targets lie on structures within the Company’s 54km target corridor. In addition to the recent hard rock discoveries, we have also identified anomalous REE in the clays at the Mick Well Prospect. This now presents a new opportunity that will be followed-up with metallurgy testwork and additional drilling.

GPO Box 2517 Perth WA 6831 AUSTRALIA

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* Based on a share price of $0.24 as of 26 July 2022.

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We are continuing with our surface mapping and sampling programs to improve our understanding of the region, identifying additional drill targets ahead of the next drill program which is scheduled for later this year.”

Mick Well Drilling Results

Broad zones of REE mineralisation have been returned from reverse circulation (RC) drilling at the Mick Well Prospect (Figure 1 and Figure 2). The mineralisation is associated with kaolinite clays and weathered bedrock; a new style of mineralisation for the project. The most significant REE include:

• MWRC020: 48m at 1265 ppm TREO with 257 ppm Nd2O3 + Pr6O11 from 4m, including 40m at 1367 ppm TREO with 278 ppm Nd2O3 + Pr6O11 from 8m.

• MWRC021: 16m at 1156 ppm TREO with 228 ppm Nd2O3 + Pr6O11 from 8m, including 12m at 1301 ppm TREO with 259 ppm Nd2O3 + Pr6O11 from 8m.

The drilling also returned anomalous REE results from fresh bedrock from all three drill holes completed at Mick Well:

• MWRC020: 12m at 808 ppm TREO with 163 ppm Nd2O3 + Pr6O11 from 116m.

• MWRC021: 4m at 598 ppm TREO with 122 ppm Nd2O3 + Pr6O11 from 44m.

• MWRC021: 4m at 1003 ppm TREO with 201 ppm Nd2O3 + Pr6O11 from 64m.

• MWRC022: 68m at 631 ppm TREO with 132 ppm Nd2O3 + Pr6O11 from 36m (Figure 2).

The potential for REEs at the Mick Well prospect was first identified by the Company earlier this year, when anomalous and highly encouraging results were returned from sampling of historical diamond drill hole MWDD002 (see ASX:KFM announcements 11 April 2022). The new anomalous REE results from the clays and weathered bedrock are reported above 500 ppm TREO which has been selected based on geostatistical analysis of the assay results. Other anomalous REE results from Mick Well are included in Annexure 1.

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Kaolinite
Kaolinite
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Figure 1: Drill chips from Mick Well drill hole MWRC020 showing weathered bedrock with areas of significant development of kaolinite clays.

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MWRC022: 68m at 631 ppm TREO from 36m
MWRC020: 48m at 1265 ppm TREO from 4m,
including 40m at 1367 ppm TREO from 8m
MWRC021: 16m at 1156 ppm TREO,
including 12m at 1301 ppm TREO from 8m
Legend
Geology
Carbonatite outcrop
Target corridor
Drilling
KFM RC drill hole
Historical drill hole 200 m
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Figure 2: Mick Well Prospect showing TREO results from drill holes MWRC020 and MWRC021 which are associated with kaolinite and weathered bedrock as well as the location of target corridor and carbonatite outcrops.

Mick Well Area and Kingfisher Drilling Results

RC drilling at the Kingfisher Prospect and all targets drilled in the Mick Well area, including MW1, MW3, M4 and MW6 has also returned anomalous REE results. The targets all lie within the Company’s target 54km corridor which is associated with the Chalba Shear Zone; a crustal-scale fault zone and control of the carbonatite intrusions and associated REE mineralisation in the region. Drilling has now confirmed the presence of anomalous REE mineralisation at the Kingfisher Prospect in the east and from historical drill hole GAD-0003 at the western end of the Company’s tenure (see ASX:KFM 24 March 2022). Highlights from the new drilling results are listed below and the full results are included in Annexure 1.

Kingfisher:

• KFRC004: 4m at 1924 ppm TREO with 391 ppm Nd2O3 + Pr6O11 from 172m.

• KFRC005: 16m at 859 ppm TREO with 168 ppm Nd2O3 + Pr6O11 from 64m, including 4m at 1031 ppm TREO with 201 ppm Nd2O3 + Pr6O11 from 72m.

• KFRC005: 8m at 659 ppm TREO with 132 ppm Nd2O3 + Pr6O11 from 108m (Figure 3).

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5 km
Legend
Geology
E09/2481 Carbonatite complex
MW1 Interpreted fault
KFM Drilling
RC drill hole (previously reported)
MW2 RC drill hole (current report)
Tenements
MW6 Granted
MW4 Grant Pending
MW3
Figure 4 Mick Well
KFRC004: 4m at 1924 ppm TREO E09/2242
from 172m
KF1
E09/2349
KFRC005:
E09/2320 16m at 859 ppm TREO from 64m and
8m at 659 ppm TREO from 108m Kingfisher
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Figure 3: RC drilling results from the Kingfisher Prospect and the location of the Mick Well targets.

MW1:

• MWRC006: 44m at 754 ppm TREO with 152 ppm Nd2O3 + Pr6O11 from 152m (Figure 4).

MW3:

• MWRC017: 4m at 1704 ppm TREO with 270 ppm Nd2O3 + Pr6O11 from 48m.

MW4:

• MWRC019: 4m at 747 ppm TREO with 150 ppm Nd2O3 + Pr6O11 from 24m.

• MWRC019: 4m at 561 ppm TREO with 107 ppm Nd2O3 + Pr6O11 from 40m.

• MWRC019: 8m at 810 ppm TREO with 183 ppm Nd2O3 + Pr6O11 from 60m.

• MWRC019: 4m at 873 ppm TREO with 197 ppm Nd2O3 + Pr6O11 from 84m.

MW6:

• MWRC018: 4m at 507 ppm TREO with 104 ppm Nd2O3 + Pr6O11 from 8m.

• MWRC018: 4m at 547 ppm TREO with 104 ppm Nd2O3 + Pr6O11 from 36m.

• MWRC018: 4m at 639 ppm TREO with 124 ppm Nd2O3 + Pr6O11 from 80m.

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MW1
MWRC006: 44m at 754 ppm TREO from 152m
MW6
MW2
MWRC018: 4m at 639 ppm TREO from 80m MWRC004: 12m at 1.12% TREO from 40m
MWRC011: 4m at 1.03% TREO from 32m
MWRC011: 5m at 3.45% TREO from 102m
MWRC013: 8m at 1.05% TREO from 72m
MWRC017: 4m at 1704 ppm TREO from 48m MW3
MWRC002: 4m at 1741 ppm TREO from 12m
MW4 MWRC019: 8m at 810 ppm TREO from 60m
Legend
Geology
Carbonatite complex
Interpreted fault Mick Well
KFM Drilling Figure 1
RC drill hole (previously reported) 1 km
RC drill hole (current report)
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Figure 4: Mick Well area geology and new drill results from the MW1, MW3 and MW6 targets. MW2 and some MW3 results were previously reported, see ASX:KFM announcements 10 January 2022 and 5 July 2022.

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The Company is targeting REE mineralisation along a 54km corridor associated with the Chalba Shear Zone (Figure 5). 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 6.

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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.

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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 groundbased mapping and rock sampling. The Company also plans to simultaneously develop a pipeline of exploration opportunities through integrating current and planned tenement-scale airborne geophysical surveys with geological knowledge from the Company’s breakthrough REE discovery at Mick Well.

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Planned and completed activities for 2022 for Kingfisher’s Gascoyne projects are shown below. The contract for the airborne magnetic and radiometric surveys for Mick Well, Kingfisher and Arthur River have been awarded and the surveys have been scheduled to commence in September 2022. Fieldwork is ongoing as the Company prepares additional drill targets in the Mick Well area ahead of the third RC drilling program for the area scheduled for later in the year.

	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
RC Drilling
Magnetic and radiometric survey

Upcoming News

• July 2022: Quarterly Activity Statement.

• August 2022: Results from on-going surface mapping, rock chip sampling and drill target definition.

• September 2022: Results from on-going drilling at 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[^] .

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

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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 50km of strike across the target geological unit 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: Historical Mick Well Diamond Drill Hole Reveals Further REE Mineralisation 11 April 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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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
MW1	MWRC006+	398954	7251286	316	226+	205	-60
MW3	MWRC017	401656	7249209	286	100	225	-60
MW6	MWRC018	400878	7250123	276	100	225	-60
MW4	MWRC019	402672	7248657	276	100	225	-60
Mick Well	MWRC020 MWRC021 MWRC022	403144	7247364	273	150	10	-60
		403237	7247338	273	196	10	-60
		403475	7247406	269	106	190	-60
Kingfisher	KFRC004 KFRC005 KFRC006	416580	7244010	299	202	20	-60
		416545	7243915	300	196	20	-60
		416745	7243485	306	225	20	-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
MWRC017	32	36	334	6.1	2.4	2.3	11.8	0.9	177	0.23	114	36	18	1.38	0.23	28.7	1.8	736
	48	52	808	6.0	2.2	3.5	12.8	0.9	547	0.23	197	73	24	1.27	0.34	26.5	1.7	1704
MWRC018	8	12	233	4.5	1.8	1.9	8.1	0.7	117	0.23	79	25	12	0.92	0.23	21.5	1.3	507
	36	40	243	5.5	3.1	2.0	8.5	1.0	130	0.45	79	25	12	1.04	0.46	32.5	2.6	547
	80	84	299	3.8	1.6	1.6	7.7	0.7	164	0.23	92	31	14	0.81	0.23	21.3	1.3	639
MWRC019	24	28	361	3.6	1.1	3.1	8.4	0.6	188	0.00	113	37	16	0.92	0.00	14.1	0.6	747
	40	44	253	4.9	2.3	2.2	9.1	0.7	140	0.23	81	26	13	1.04	0.34	25.0	1.4	561
	60	64	417	10.0	4.3	4.7	17.4	1.7	202	0.57	169	48	28	1.96	0.57	53.5	3.4	962
	64	68	283	6.9	3.2	3.4	12.9	1.1	136	0.34	117	32	20	1.38	0.46	37.5	2.5	658
	84	88	387	8.1	3.2	3.5	16.1	1.3	186	0.23	154	43	26	1.84	0.46	39.6	2.0	873
MWRC020	4	8	345	11.1	5.9	3.1	14.1	1.9	164	0.80	125	38	21	1.84	0.80	63.9	5.6	801
	8	12	829	20.8	10.7	6.8	31.2	3.8	381	1.14	277	84	47	3.91	1.37	123.6	8.9	1829
	12	16	806	23.5	13.7	7.9	32.7	4.6	393	1.71	280	84	46	4.14	1.71	158.0	10.6	1867
	16	20	232	6.1	3.5	2.0	8.5	1.4	119	0.57	80	24	13	1.15	0.46	43.9	3.0	539
	20	24	461	7.6	3.7	3.4	13.8	1.4	238	0.34	152	49	21	1.61	0.46	49.0	2.6	1003
	24	28	632	7.9	2.7	3.7	17.5	1.1	337	0.23	222	67	31	1.84	0.34	37.3	1.7	1363
	28	32	500	7.1	3.0	3.2	14.8	1.1	253	0.34	169	53	26	1.61	0.46	41.4	2.4	1077
	32	36	904	12.7	5.9	7.1	24.3	2.1	469	0.68	314	96	43	2.76	0.80	81.5	3.9	1967
	36	40	704	15.8	8.1	6.4	25.9	3.1	358	0.91	248	76	37	3.22	1.14	109.5	6.4	1604

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DHID	From	To	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	Nd2O3	Pr6O11	Sm2O3	Tb2O3	Tm2O3	Y2O3	Yb2O3	TREO
MWRC020	40	44	471	6.7	3.1	2.9	11.3	1.3	242	0.34	160	50	20	1.38	0.34	40.1	2.2	1013
	44	48	639	11.2	4.7	6.4	21.1	1.7	331	0.45	229	67	35	2.30	0.57	59.2	3.3	1411
	48	52	319	5.4	2.6	2.3	9.1	0.9	170	0.23	109	33	15	1.15	0.34	35.2	1.7	706
	88	92	230	3.8	1.9	1.4	5.8	0.7	120	0.23	78	24	11	0.81	0.23	22.1	1.7	501
	116	120	322	6.0	2.7	2.1	10.8	1.0	155	0.34	109	34	18	1.27	0.34	31.0	2.0	696
	120	124	368	6.4	3.1	2.3	11.9	1.1	187	0.34	122	38	19	1.38	0.34	32.0	2.5	796
	124	128	443	5.9	2.5	2.2	11.6	1.0	227	0.34	143	45	19	1.27	0.23	29.0	2.2	933
	140	144	343	4.5	1.7	1.5	9.0	0.8	156	0.23	120	36	17	0.92	0.23	22.0	1.4	714
	152	154	387	4.7	2.1	1.5	9.3	0.7	192	0.23	129	41	17	1.04	0.23	22.6	1.4	810
MWRC021	8	12	520	6.5	3.3	3.9	12.3	1.1	267	0.45	169	52	22	1.27	0.46	40.3	2.6	1103
	12	16	666	8.4	3.8	4.9	15.8	1.4	346	0.45	216	67	29	1.61	0.57	46.7	3.0	1411
	16	20	648	9.9	5.4	3.9	15.3	1.7	334	0.57	207	66	28	1.96	0.69	63.8	3.6	1389
	20	24	327	7.8	3.9	1.5	9.5	1.3	165	0.45	104	33	16	1.27	0.46	47.4	2.7	720
	44	48	279	5.0	1.8	1.6	8.5	0.7	139	0.23	93	29	14	0.92	0.23	23.2	1.3	598
	64	68	493	4.2	1.5	2.5	9.1	0.7	250	0.23	151	49	19	0.81	0.23	20.2	1.1	1003
	116	120	255	3.0	1.4	1.3	6.7	0.6	130	0.11	83	26	12	0.69	0.23	15.9	1.0	537
	144	148	328	3.8	1.3	1.2	7.1	0.7	152	0.23	114	34	14	0.69	0.23	18.9	1.1	679
	160	164	234	5.6	2.4	1.5	7.8	0.9	115	0.34	77	25	13	0.92	0.34	28.4	2.2	514
MWRC022	8	12	282	6.7	3.3	1.7	8.0	1.1	148	0.45	94	30	14	1.04	0.46	34.8	3.2	628
	36	40	261	5.5	3.2	2.0	7.8	1.1	134	0.57	85	27	14	1.04	0.46	34.2	3.5	580
	40	44	253	3.7	1.6	2.1	7.8	0.6	132	0.23	87	27	13	0.81	0.23	18.0	1.4	548
	44	48	125	4.8	3.8	1.6	5.4	1.0	64	0.57	42	13	7	0.81	0.57	33.9	4.1	307
	48	52	237	5.3	3.1	1.6	7.3	0.9	121	0.45	80	25	12	0.92	0.46	29.1	2.8	527
	52	56	310	4.0	1.8	1.5	8.5	0.7	153	0.23	110	33	15	0.92	0.23	21.0	1.5	662
	56	60	245	5.3	2.5	1.5	8.3	0.9	116	0.23	89	27	13	0.92	0.34	27.4	1.7	539
	60	64	398	6.3	3.1	1.9	11.5	1.1	199	0.34	138	42	19	1.38	0.34	32.5	2.0	857
	64	68	125	2.3	1.4	1.5	3.7	0.3	63	0.23	45	14	6	0.35	0.23	12.7	1.3	277
	68	72	321	4.8	2.1	1.7	9.2	0.7	159	0.23	111	35	17	0.92	0.23	24.0	1.6	688
	72	76	250	3.9	1.6	1.7	7.0	0.7	125	0.23	86	27	13	0.81	0.23	18.9	1.5	538
	76	80	442	5.7	2.6	1.5	11.1	0.9	209	0.23	151	48	19	1.27	0.34	30.1	1.9	925
	80	84	441	6.8	3.3	1.6	12.2	1.1	210	0.34	156	48	22	1.38	0.46	37.3	2.4	945
	84	88	382	5.0	2.3	1.5	9.6	0.9	185	0.34	132	41	17	1.04	0.34	24.3	1.7	805
	88	92	317	5.0	2.2	1.7	8.9	0.8	158	0.23	108	34	16	1.04	0.34	25.1	1.7	679
	92	96	373	5.5	2.4	2.5	10.1	0.9	189	0.23	125	40	18	1.27	0.34	28.7	1.7	800
	96	100	320	4.1	1.6	2.3	8.3	0.7	163	0.23	108	34	14	0.92	0.23	20.4	1.3	680
KFRC004	172	176	729	45.7	24.2	7.2	8.3	8.5	341	3.07	304	86	59	7.60	3.31	232.5	20.6	1924
KFRC005	64	68	308	14.0	7.9	3.0	14.4	2.9	142	1.02	118	34	19	2.65	1.03	83.7	7.6	760

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DHID	From	To	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	Nd2O3	Pr6O11	Sm2O3	Tb2O3	Tm2O3	Y2O3	Yb2O3	TREO
KFRC005	68	72	337	13.2	7.5	3.1	15.0	2.6	161	1.02	119	37	18	2.30	1.03	76.8	7.3	802
	72	76	440	15.6	8.2	3.0	17.9	3.0	216	0.91	153	48	23	2.88	1.14	90.4	8.0	1031
	76	80	349	14.5	7.8	3.0	16.0	2.6	170	1.02	125	39	20	2.53	1.14	83.9	7.4	843
	108	112	235	19.3	11.2	2.9	20.6	3.8	106	1.36	105	29	23	3.34	1.48	109.6	9.5	681
	112	116	224	18.5	9.6	2.4	19.4	3.4	101	1.25	103	27	21	3.45	1.26	92.6	9.2	637
MWRC006	152	156	344	4.4	1.3	1.7	24.3	0.7	191	0.13	118	37	16	1.10	0.16	18.8	0.9	760
	156	160	418	5.8	2.0	1.8	24.9	0.9	233	0.20	141	45	18	1.27	0.24	27.4	1.6	921
	160	164	377	5.2	1.9	1.8	24.6	0.8	209	0.18	125	40	16	1.10	0.22	24.3	1.4	828
	164	168	409	4.7	2.3	1.9	24.4	0.8	228	0.26	139	44	17	0.98	0.27	24.5	1.8	898
	168	169	305	7.6	4.4	1.5	24.4	1.5	158	0.60	101	31	14	1.30	0.67	46.9	4.3	702
	169	170	367	8.6	4.9	1.7	24.1	1.7	192	0.55	125	39	18	1.54	0.71	50.4	4.3	839
	170	171	308	5.8	3.3	1.7	24.4	1.1	162	0.45	103	32	13	1.04	0.51	35.4	3.2	696
	171	172	453	5.2	2.3	2.3	26.4	0.9	238	0.26	147	47	18	1.08	0.32	26.0	1.9	970
	172	173	420	4.1	1.5	2.1	26.6	0.7	222	0.15	139	43	16	0.87	0.21	19.6	1.2	897
	173	174	300	5.3	2.5	2.0	25.9	0.9	155	0.22	105	32	14	1.02	0.31	27.0	1.7	672
	174	175	469	5.2	1.9	2.2	26.9	0.9	244	0.19	159	49	20	1.13	0.25	24.0	1.4	1005
	175	176	372	4.1	1.8	2.1	23.6	0.7	196	0.19	127	39	16	0.97	0.23	20.2	1.2	805
	176	180	176	4.5	1.9	1.6	7.0	0.8	86	0.23	60	18	10	0.81	0.34	23.4	1.6	392
	180	184	100	2.8	1.3	1.4	4.4	0.5	51	0.23	37	11	6	0.58	0.11	15.0	1.1	231
	184	188	335	4.1	1.6	2.0	8.1	0.7	167	0.23	105	34	14	0.92	0.23	19.7	1.7	695
	188	192	446	4.4	1.7	2.1	8.5	0.7	225	0.23	141	45	17	0.92	0.23	21.2	1.5	916
	192	196	487	5.0	1.8	2.2	10.1	0.8	247	0.23	151	49	19	1.04	0.23	23.7	1.7	1000

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	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or specific	• RC drill samples were collected at 1m intervals and composited
techniques	specialised industry standard measurement tools appropriate to the minerals	to 4m lengths for analysis.
	under investigation, such as down hole gamma sondes, or handheld XRF	• The 4m composites, or in some cases 1m samples (where
	instruments, etc). These examples should not be taken as limiting the broad	submitted), were crushed and a sub-fraction obtained for
	meaning of sampling.	pulverisation.
	• 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
techniques	auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard	circulation drill rig.
	tube, depth of diamond tails, face-sampling bit or other type, whether core is	• The reverse circulation drilling used a face-sampling hammer.
	_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
recovery	results assessed.	exploration team during drilling.
	• Measures taken to maximise sample recovery and ensure representative	• Sample recoveries were consistently satisfactory and of a high
	nature of the samples.	standard throughout the 2022 RC drill program.
	• 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
	logged to a level of detail to support appropriate Mineral Resource estimation,	mineralisation by the Company’s geologists.
	mining studies and metallurgical studies.	• Drill logs were verified by the Company’s geologists on
	• Whether logging is qualitative or quantitative in nature. Core (or costean,	submission of the samples for laboratory analysis.
	channel, etc) photography.
	• The total length andpercentage of the relevant intersections logged.

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Criteria	JORC Code explanation	Commentary
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
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and whether	bags. The RC samples were generally dry.
and sample	sampled wet or dry.	• The 1m samples were composited to 4m intervals on site by
preparation	• For all sample types, the nature, quality and appropriateness of the sample preparation technique.	the Company’s geologists. • The original 1m samples were submitted for analysis for
	• Quality control procedures adopted for all sub-sampling stages to maximise	downhole intervals with anomalous analytical results.
	representivity of samples.	• A sub-fraction was obtained for pulverisation from the crushed
	• Measures taken to ensure that the sampling is representative of the in situ	RC 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
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	• Analytical QC is monitored by the laboratory using standards
sampling and	alternative company personnel.	and repeat assays.
assaying	• The use of twinned holes.	• Independent checks or field duplicates were not conducted for
	• Documentation of primary data, data entry procedures, data verification, data	and were not considered necessary for this early stage of
	storage (physical and electronic) protocols.	exploration.
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole	• Drill hole locations were surveyed using a handheld GPS using
data points	surveys), trenches, mine workings and other locations used in Mineral	the UTM coordinate system, with an accuracy of +/-5m.
	Resource estimation.	• Downhole surveys were completed using a north-seeking
	• Specification of the grid system used.	gyroscopic 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
and	• Whether the data spacing and distribution is sufficient to establish the degree	announcement has not 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.

Criteria	JORC Code explanation	Commentary
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible	• The drilling has been designed to be perpendicular to the
data in	structures and the extent to which this is known, considering the deposit type.	target structure and drill hole inclination is likely to result in
relation to	• If the relationship between the drilling orientation and the orientation of key	true widths that are approximately 65% of the reported
geological structure	mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	intercepts. • Mick Well drill holes MWRC020 and MWRC021 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. 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
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 seven 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 and E09/2495 as well as five EL applications,
	known impediments to obtaining a licence to operate in the area.	E09/2653, E09/2654, E09/2655*, E09/2660 and E09/2661.
		* E09/2655 will be awarded by ballot between Kingfisher
		Mining Ltd and one other party.
		• 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

17

Criteria	JORC Code explanation	Commentary
		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
Information	exploration results including a tabulation of the following information for all	geological logs were tabulated and were included in this
	Material drill holes:	announcement for all new drill hole information received at
	o easting and northing of the drill hole collar	the date of the report.
	o elevation or RL (Reduced Level – elevation above sea level in metres) of	• No information has been excluded.
	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	• Values for intervals that comprise samples of different lengths
methods	and/or minimum grade truncations (eg cutting of high grades) and cut-off	have been 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
	• Where aggregate intercepts incorporate short lengths of high grade results	reported intervals.
	and longer lengths of low grade results, the procedure used for such	• Higher grade intervals with mineralisation above the reporting
	aggregation should be stated and some typical examples of such	cut-off were reported using a cut-off grade of 1000 ppm TREO.
	aggregations should be shown in detail.	• Metal equivalents have not been used in this report.
	• The assumptions used for any reporting of metal equivalent values should
	be clearly stated.
Relationship	• These relationships are particularly important in the reporting of	• The drilling has been designed to be perpendicular to the
between	Exploration Results.	target structure and drill hole inclination is likely to result in
mineralisation	• If the geometry of the mineralisation with respect to the drill hole angle is	true widths that are approximately 65% of the reported
	known, its nature should be reported.	intercepts.
	• If it is not known and only the down hole lengths are reported, there should	• Mick Well drill holes MWRC020 and MWRC021 were collared

Criteria	JORC Code explanation	Commentary
widths and	be a clear statement to this effect (eg ‘down hole length, true width not	in mineralisation and the true width of the mineralisation is
intercept lengths	known’).	likely to be greater than the drill intervals.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts	• Maps showing relevant data has been included in the report
	should be included for any significant discovery being reported These should	along with documentation.
	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
reporting	representative reporting of both low and high grades and/or widths should	Annexure 1 and anomalous results are included in the
	be practiced to avoid misleading reporting of Exploration Results.	diagrams in this report.
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	• On-going 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.

19