KINGFISHER MINING LTD — Capital/Financing Update 2022

May 15, 2022

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ASX Announcement: 16 May 2022

ASX CODE: KFM

Shares on issue: 42,250,001 Cash: $2.9M (31 March 2022) Market Cap: $9.3M* 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

Drilling Completed at Gascoyne REE Projects

• Drilling at Mick Well and Kingfisher has been completed. The program included 18 RC drill holes for 2330m across eight targets.

• Seven of the drill holes were completed at the MW2 target, where the Company recently reported a rare earth elements (REE) discovery in drill hole MWRC004, with 12m at 1.12% total rare earth elements (TREO).

• The orientation of the REE-bearing calcite-magnetite-apatite veins at MW2 have now been defined.

• Potassium fenite, a key type of alteration which develops immediately around carbonatite intrusions and is also a host of the for REE-bearing veins, has been recorded in drill holes from the MW2, MW3 and MW4 targets.

• The drill samples have been submitted to the laboratory in multiple batches, with the first results from MW2 expected in June, with the remaining batches to follow throughout July.

Kingfisher Mining Limited ( ASX:KFM ) (“ Kingfisher ” or the “ Company” ) is pleased to provide an update on the completion of drilling at its 100% owned projects in the Gascoyne Mineral Field in Western Australia.

Kingfisher’s Executive Director and CEO James Farrell commented: “We’re very pleased to have completed follow-up drilling at MW2, together with maiden drilling for REEs at several other targets, just four months after we announced the discovery of REEs at Mick Well. The samples are already in the laboratory, with the first batches of results expected in June.

Our team is back at Mick Well this week mapping and sampling; work which will be greatly assisted by the geological knowledge we have gained from the new drilling”.

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

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Figure 1: Sample trays from drill hole MWRC011 at MW2 showing potassic fenitisation and epidote alteration. The area of alteration hosts magnetite, calcite and apatite veins.

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* Based on a share price of $0.22 as of 13 May 2022.

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Mick Well and Kingfisher Drilling Program

The current drilling program at the Mick Well and Kingfisher Prospects has been completed. The program included 18 reverse circulation (RC) drill holes for 2330m and tested eight targets along 20km of strike of the interpreted 54km target corridor (Figure 2). The majority of the drilling was completed at MW2 (Figure 3), where the Company recently made a REE discovery in drilling, which included 12m at 1.12% TREO, including 4m 1.84% TREO (see ASX:KFM 10 January 2022 and 24 March 2022).

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Figure 2: 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 3: New drill holes at the MW1, MW2, MW3, MW4 and MW6 targets and recently reported TREO results. Inset image shows the target structural positions highlighted by the Total Magnetic Intensity First Vertical Derivative.

The drilling at MW2 was designed to define the dip and strike of the calcite-magnetite-apatite veins and associated REE-bearing minerals, monazite and allanite, which were intersected in MWRC004. Geological logging of the drill holes indicates the target alteration and veins were intersected in drilling at MW2 and the previously reported mineralisation is now interpreted to have a WNW strike and dip moderately to the SSW (Figure 4 and Figure 5).

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Figure 4: MW2 and MW3 drill hole locations showing previously reported analytical data (see ASX:KFM announcements 10 January 2022 and 24 March 2022). The extents of the interpreted carbonatite complexes and intrusion pipes are also shown. The cross section is shown in Figure 5.

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Figure 5: MW2 cross section showing logged geology and alteration as well as interpreted REE mineralisation associated with calcite-magnetite-apatite veins. The results from MWRC004 were previously reported, see ASX:KFM announcements 10 January 2022 and 24 March 2022. Results from new drill holes MWRC010 to MWRC013 are awaited. The location of the cross section is shown on Figure 4.

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The drilling at the MW2, MW3 and MW4 targets intersected areas of potassic fenitisation as well as epidote alteration (Figure 1). The potassic fenitisation is an important component of the carbonatite intrusion-related mineral system, with potassium fenites occurring immediately around the carbonatite intrusions. The potassium fenites are also an important host of the REE-bearing veins. The carbonatite intrusion-related exploration and mineralisation model is shown in Figure 6.

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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 veins – which have been discovered by the Company at the Mick Well project.

Ground-Based Radiometrics Surveys

Five trial ground-based radiometrics surveys were completed at MW2, MW3, MW4 and two other targets close to the Mick Well carbonatite complex. The trial grids were typically 150m by 100m, with survey lines spaced at 20m in each grid (Figure 7).

The results from the ground-based surveys were compared with the results from the airborne magnetics and radiometrics survey that was flown by UTS Geophysics in 2012[^] . The ground-based surveys showed a good correlation with the airborne survey, but did not offer significantly better geological information.

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Figure 7: Location of the ground-based radiometrics surveys in the Mick Well area. The potassium response from the airborne radiometrics survey is also shown. High potassium (pink colour) is interpreted to be associated with fenitisation associated with the intrusion of the carbonatites.

2022 Gascoyne Exploration Program

Kingfisher is carrying out extensive and targeted exploration programs for its Gascoyne projects during 2022. The planned exploration is designed to be cost-effective and aims to develop and test drill targets from ground-based work which includes mapping and rock sampling. The Company also plans to simultaneously develop a pipeline of exploration opportunities through integrating regional and 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

• June 2022 (previously May 2022): Results from on-going surface mapping and rock chip sampling.

• June 2022: Results from follow-up drilling at MW2.

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

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

• July 2022: Results from drilling at Kingfisher.

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 8). 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 8: 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.

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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: 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.

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).

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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
MW2	MWRC010	402139	7249473	283	152	50	-60
	MWRC011	402166	7249492	283	130	225	-60
	MWRC012	402182	7249508	283	101	225	-60
	MWRC013	402199	7249529	283	100	225	-60
	MWRC014	402141	7249533	285	148	45	-60
	MWRC015	402177	7249439	283	94	225	-60
	MWRC016	402204	7249458	281	99	225	-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	403144	7247364	273	150	10	-60
	MWRC021	403237	7247338	273	196	10	-60
	MWRC022	403475	7247406	269	106	190	-60
Mombo	MWRC023	404578	7246130	260	22	0	-90
	MWRC024	404854	7245912	263	58	0	-90
Kingfisher	KFRC004	416580	7244010	299	202	20	-60
	KFRC005	416545	7243915	300	196	20	-60
	KFRC006	416745	7243485	306	225	20	-60

• Drill hole lengthened by 50m during current program.

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Summary Geological Logs

Hole ID	From	To	Description		Hole ID	From	To	Description
MWRC010	0	1	Partially weathered gneiss, potassic fenitisation		MWRC013	49	61	Amphibolite
	1	15	Gneiss, potassic fenitisation			61	62	Gneiss, epidote alteration
	15	29	Gneiss			62	67	Gneiss, potassic fenitisation
	29	36	Gneiss, potassic fenitisation			67	69	Gneiss, epidote alteration
	36	54	Amphibolite			69	100	Amphibolite
	54	66	Gneiss, potassic fenitisation and veining		MWRC014	0	1	Partially weathered amphibolite
	66	72	Gneiss, epidote alteration			1	14	Amphibolite
	72	91	Amphibolite			14	28	Felsic Gneiss
	91	98	Gneiss, potassic fenitisation			28	29	Amphibolite
	98	112	Amphibolite			29	49	Amphibolite
	112	121	Amphibolite			49	71	Gneiss, potassic fenitisation
	121	136	Amphibolite			71	107	Amphibolite
MWRC011	0	6	Partially weathered gneiss, potassic fenitisation			107	121	Gneiss
	6	10	Amphibolite			121	129	Gneiss, epidote alteration
	10	13	Gneiss, epidote alteration			129	148	Gneiss
	13	30	Amphibolite		MWRC015	0	14	Partially weathered gneiss, potassic fenitisation
	30	40	Gneiss, potassic fenitisation			14	22	Amphibolite
	40	48	Gneiss, epidote alteration			22	37	Felsic gneiss
	48	77	Amphibolite			37	50	Gneiss, epidote alteration
	77	102	Gneiss, potassic fenitisation			50	75	Garnet mafic gniess
	102	106	Gneiss, potassic fenitisation and veining			75	82	Gneiss
	106	107	Gneiss, epidote alteration			82	99	Gneiss, potassic fenitisation
	107	123	Gneiss		MWRC016	0	10	Partially weathered gneiss
	123	130	Gneiss, potassic fenitisation			10	20	Felsic gneiss
MWRC012	0	1	Partially weathered amphibolite			20	42	Gneiss, epidote alteration
	1	12	Amphibolite			42	82	Amphibolite
	12	17	Gneiss, potassic fenitisation			82	94	Gneiss, potassic fenitisation
	17	26	Amphibolite
	26	38	Gneiss, epidote alteration
	38	61	Amphibolite
	61	70	Gneiss, epidote alteration
	70	92	Amphibolite
	92	101	Gneiss, potassic fenitisation
MWRC013	0	12	Partially to moderately weathered amphibolite
	12	43	Amphibolite
	43	49	Gneiss, epidote alteration

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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	• No new sample results have been reported. Sample analysis is
assay data and	procedures used and whether the technique is considered partial or total.	currently in progress.
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the
tests	parameters used in determining the analysis including instrument make and
	model, reading times, calibrations factors applied and their derivation, etc.
	• Nature of quality control procedures adopted (eg standards, blanks,
	duplicates, external laboratory checks) and whether acceptable levels of
	accuracy (ie lack of bias) andprecision have been established.
Verification of	• The verification of significant intersections by either independent or	• No new sample results have been reported. Sample analysis is
sampling and	alternative company personnel.	currently in progress.
assaying	• The use of twinned holes.
	• 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	• 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.

Criteria	JORC Code explanation	Commentary
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible	• The REE-bearing veins are interpreted to have a WNW-strike
data in	structures and the extent to which this is known, considering the deposit type.	and dip moderately (approximately 40 degrees) to the SSW.
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 intersected in MWRC004 to be between 6 and 7m.
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 four granted Exploration Licences,
status	wilderness or national park and environmental settings.	E09/2242, E09/2349, E09/2319 and E09/2320 as well as seven
	• The security of the tenure held at the time of reporting along with any	Exploration Licence applications, E09/2481, E09/2494,
	known impediments to obtaining a licence to operate in the area.	E09/2495, 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 PtyLtd in 2006

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Criteria	JORC Code explanation	Commentary
		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	• No new sample results have been reported. Sample analysis is
methods	and/or minimum grade truncations (eg cutting of high grades) and cut-off	currently in progress.
	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	• The REE-bearing veins are interpreted to have a WNW-strike
between	Exploration Results.	and dip moderately (35-40 degrees) to the SSW.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole angle is	• The interpreted orientation indicates a true width for the
	known, its nature should be reported.	mineralised zone intersected in MWRC004 to be between 6
	• If it is not known and only the down hole lengths are reported, there should	and 7m.
	be a clear statement to this effect(eg ‘down hole length, true width not

Criteria	JORC Code explanation	Commentary
widths and	known’).
intercept lengths
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts	• A map and cross-section 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 has been reported. No new sample
reporting	representative reporting of both low and high grades and/or widths should	results have been reported. Sample analysis is currently in
	be practiced to avoid misleading reporting of Exploration Results.	progress.
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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