KINGFISHER MINING LTD — Capital/Financing Update 2022

Jul 4, 2022

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ASX Announcement: 5 July 2022

ASX CODE: KFM

Shares on issue: 42,250,001 Cash: $2.9M (31 March 2022) Market Cap: $12.3M* 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

GPO Box 2517 Perth WA 6831 AUSTRALIA

Latest Drilling Returns High Grade REEs with 5m at 3.45% TREO, including 3m at 5.21% TREO

• The latest drilling at MW2 has returned high grade rare earth elements (REE), confirming multiple lodes, with significant results that include:

• 5m at 3.45% total rare earth oxides (TREO) with 0.65% Nd2O3 + Pr6O11, including 3m at 5.21% TREO with 0.98% Nd2O3 + Pr6O11. The interval also included 1m at 7.13% TREO with 1.33% Nd2O3 + Pr6O11 (MWRC011).

• 8m at 1.05% TREO with 0.19% Nd2O3 + Pr6O11 (MWRC013).

• 4m at 1.03% TREO with 0.17% Nd2O3 + Pr6O11, including 1m at 2.78% TREO with 0.46% Nd2O3 + Pr6O11 (MWRC011).

• The results confirm a second zone of mineralisation, which is high grade and predominantly consists of fresh monazite.

• The newly identified monazite-dominant mineralisation has the same geology as the recently reported and yet to be drilled 800m of outcropping mineralisation 500m northwest of MW2 which returned rock chips up to 21.13% TREO.

• Additional drill results from other targets in the Mick Well area as well as the Kingfisher project are expected in the coming weeks.

Kingfisher Mining Limited ( ASX:KFM ) (“ Kingfisher ” or the “ Company” ) is pleased to provide the results from the MW2 drilling at its 100% owned projects in the Gascoyne Mineral Field in Western Australia.

Kingfisher’s Executive Director and CEO James Farrell commented: “The results from MW2 continue to point to the emergence of an exciting and previously unrecognised REE region. The grade of the mineralisation intersected in MWRC011 has significantly exceeded our expectations, especially with over seven percent TREO intersected over a one metre interval. The identification of a second mineralised zone which has the same geology as the recently announced discovery of a new 800m zone of outcropping REE mineralisation is an extremely positive sign for the potential of the MW2 Prospect.”

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Potassium Fenite Epidote
5.00% 7.13% 3.52% 0.95% 0.64%
5m at 3.45% TREO
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Figure 1: Sample tray from drill hole MWRC011 at MW2 showing TREO results.

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* Based on a share price of $0.29 as of 4 July 2022.

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“We have already planned follow-up drilling at MW2 and we are looking forward to receiving the results from the recent drilling of other targets in the Mick Well and Kingfisher areas in the coming weeks.”

MW2 Drilling Results

The current drill program was designed to confirm the dip and strike of the mineralisation at MW2 and follow-up the results from the Company’s recent REE discovery, which included 12m at 1.12% TREO, including 4m 1.84% TREO (see ASX:KFM 10 January 2022 and 24 March 2022). These objectives have successfully been achieved and the Company is pleased to announce the new drilling results:

• MWRC011: 4m at 1.03% TREO with 0.17% Nd2O3 + Pr6O11 from 29m, including 1m at 2.78% TREO with 0.46% Nd2O3 + Pr6O11 from 32m.

• MWRC011: 5m at 3.45% TREO with 0.65% Nd2O3 + Pr6O11, including 3m at 5.21% TREO with 0.98% Nd2O3 + Pr6O11 from 102m. The interval also returned 1m at 7.13% TREO with 1.33% Nd2O3 + Pr6O11.

• MWRC013: 8m at 1.05% TREO with 0.19% Nd2O3 + Pr6O11 from 72m (Figure 1).

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Figure 2: MW2 geology and drilling results.

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The results from the recent drilling has led to the identification of a new mineralised zone, with MW2 now recognised to include a WNW-striking zone of allanite and monazite and a much higher grade NW-striking mineralised zone which has monazite as the dominant REE mineral (Figure 3). The monazite dominant mineralisation is geologically very similar to the 800m of outcropping of high grade mineralisation which was recently discovered 500m northwest of MW2 (see ASX:KFM 20 June 2022).

The revised geological interpretation for MW2 now significantly recognises two different mineralised structures instead of one zone (see ASX:KFM 16 May 2022). The updated interpretation is based on relogging of all of the RC drill chips together with the sample results as well as structural information collected from wireline logging of the drill holes.

Drill holes MWRC015 and MWRC016 both ended in potassium fenite (Figure 4) which is very similar to the potassium fenite intersected immediately before the monazite mineralisation in MWRC011. This, together with the revised geological interpretation for MW2, is indicating that the monazite zone may be immediately below the current depth of these drill holes. The Company is now planning to extend MWRC015 and MWRC016 as well as undertake additional high priority drilling on the southwest end of this section.

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Figure 3: MW2 cross section showing interpreted geology, mineralisation and fenite alteration. The results from MWRC004 were previously reported, see ASX:KFM announcements 10 January 2022 and 24 March 2022. The location of the cross section is shown on Figure 2.

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Figure 4: MW2 cross section showing interpreted geology, mineralisation and fenite alteration. The location of the cross section is shown on Figure 2.

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Kingfisher 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.

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Upcoming News

• July 2022: Results from drilling of targets in the Mick Well area.

• July 2022: Results from drilling at Kingfisher.

• July 2022: Results from on-going surface mapping and rock chip sampling.

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

ASX:KFM: Drilling Completed at Gascoyne REE Projects 16 May 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	Hole ID	Easting	Easting	Northing	Northing	Elevation	Elevation		Depth	Depth	Azimuth	Azimuth	Dip
MW2	MWRC010 MWRC011 MWRC012 MWRC013 MWRC014 MWRC015 MWRC016		402137		7249469			281		152			50		-60
			402163		7249499			281		130			225		-60
			402182		7249518			279		101			225		-60
			402196		7249532			281		100			225		-60
			402141		7249533			285		148			45		-60
			402177		7249439			283			94		225		-60
			402204		7249458			281			99		225		-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
MWRC011	29	30		4315		18.8		6.4		18.4	40.0		2.9	3180	0.45	1022	378	86	4.03	0.69	77.8	4.2	9156
	30	31		1522		13.4		5.3		10.0	24.4		2.2	987	0.45	383	130	42	2.88	0.57	58.8	3.9	3185
	31	32		546		6.9		3.4		3.2	10.9		1.3	342	0.34	141	48	17	1.27	0.34	36.6	2.7	1161
	32	33		13402		63.9		19.3		74.9	147.4		9.7	8811	1.25	3443	1188	318	14.62	2.17	258.3	10.9	27766
	102	103		24845		22.6		4.6		77.5	126.1		2.5	15206	0.45	6796	2369	478	7.83	0.57	67.9	3.3	50008
	103	104		35789		41.1		9.0		123.0	209.1		5.0	20946	0.68	9898	3367	732	12.43	0.91	120.8	5.5	71259
	104	105		16669		41.1		10.5		80.1	151.5		5.4	10712	0.91	5152	1749	447	11.63	1.26	144.5	6.7	35182
	105	106		4623		12.6		4.1		21.0	40.8		1.8	2858	0.34	1334	451	115	3.22	0.46	51.3	2.6	9520
	106	107		3136		10.8		4.0		13.3	28.4		1.7	1906	0.45	893	303	76	2.53	0.46	51.4	3.3	6431
MWRC013	72	76		5801		42.2		13.3		38.7	87.6		6.2	3580	0.91	1627	542	175	9.44	1.37	164.8	7.5	12097
	76	80		4188		28.5		11.7		25.1	57.3		4.9	2671	1.25	1176	395	117	5.99	1.37	126.5	9.0	8819

All reported drill intervals are included in the table above. The intervals were reported using a cut-off grade of 0.5% TREO, with included higher grade results reported using a cut-off grade of 2.0% TREO. All sample information is parts per million (ppm). 10,000 ppm is equal to 1%.

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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 composite or 1m sample (where submitted) were
	instruments, etc). These examples should not be taken as limiting the broad	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
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 geological personnel.
	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. The
	representivity of samples.	results for the 1m samples are pending.
	• Measures taken to ensure that the sampling is representative of the in situ	• A sub-fraction was obtained for pulverisation from the crushed
	material collected, including for instance results for field duplicate/second-half	RC samples using a riffle splitter.
	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.	• Drill holes at MW2 have been completed on 50m spaced cross
and	• Whether the data spacing and distribution is sufficient to establish the degree	sections with drill holes at approximately 30m centres on each
distribution	of geological and grade continuity appropriate for the Mineral Resource and	section.
	Ore Reserve estimation procedure(s) and classifications applied.	• The first-pass exploration drilling at other exploration targets
	• Whether sample compositing has been applied.	has not been completed on grids.

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Criteria	JORC Code explanation	Commentary
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible	• The REE-bearing veins and dykes are interpreted to strike NW
data in	structures and the extent to which this is known, considering the deposit type.	and WNW and dip moderately to the NE and NNE.
relation to	• If the relationship between the drilling orientation and the orientation of key	• The relationship between intercept widths and drill hole
geological structure	mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	orientation is reported in the relevant section of this table.
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.
		* E09/2654 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
		Pasminco Ltd in 1994, Mt Phillips Exploration Pty Ltd in 2006
		and WCP Resources in 2007.

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Criteria	JORC Code explanation	Commentary
		• 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	• Intervals that comprise more than one sample have been
methods	and/or minimum grade truncations (eg cutting of high grades) and cut-off	reported using averages. Length-weighting was not necessary
	grades are usually Material and should be stated.	as all reported samples are equal length.
	• Where aggregate intercepts incorporate short lengths of high grade results	• A cut-off grade of 0.5% TREO has been used for the reported
	and longer lengths of low grade results, the procedure used for such	intervals.
	aggregation should be stated and some typical examples of such	• Higher grade intervals with mineralisation above the reporting
	aggregations should be shown in detail.	cut-off were reported using a cut-off grade of 2.0% TREO.
	• The assumptions used for any reporting of metal equivalent values should	• Metal equivalents have not been used in this report.
	be clearly stated.
Relationship	• These relationships are particularly important in the reporting of	• The REE-bearing veins are interpreted to have a WNW-strike
between	Exploration Results.	and dip moderately to the NNE.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole angle is	• The interpreted orientation indicates a true width for the
widths and	known, its nature should be reported.	mineralised zone intersected in MWRC004 to of approximately
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	6m. • The interpreted orientation indicates a true width for the
	_known’). _	second mineralised zone intersected in MWRC011 to of

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Criteria	JORC Code explanation	Commentary
		approximately 4m.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts	• A map and cross-sections showing relevant data has been
	should be included for any significant discovery being reported These should	included in the report 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.
		• Downhole geophysics is also planned for the drill holes that
		were completed at Mick Well and Kingfisher.

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