KINGFISHER MINING LTD — Capital/Financing Update 2022

Mar 23, 2022

ASX Announcement: 24 March 2022

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ASX CODE: KFM

Shares on issue: 42,250,001 Cash: $3.2M (31 December 2021) 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

High Grade Rare Earths Returned from Discovery Drill Hole: 4m at 1.84% TREO, including 1m at 3.87% TREO

• Analysis of the 1m samples from the Mick Well discovery drill hole MWRC004 has returned 4m at 1.84% total rare earth oxides (TREO), including 1m at 3.87% TREO within the previously reported broader interval of 12m at 1.12% TREO.

• The respective Nd and Pr values were 4m at 0.34% Nd2O3 and Pr6O11, including 1m at 0.7% Nd2O3 and Pr6O11 in fresh rock.

• Mineralogy studies indicate the rare earth elements at Mick Well occur as allanite and monazite.

• Follow-up drilling of the initial high-grade interval and other high-priority targets is scheduled for mid-April 2022.

• Highly encouraging anomalous rare earth elements identified in historical diamond drilling in the west of the Company’s tenure, including 3.4m at 0.14% TREO.

• The historical diamond drill hole is located approximately 25km along strike from Mick Well and highlights the potential of the 54km of strike of the target shear zones within the Company’s extensive tenure.

• Field work currently underway, with mapping, rock chip sampling and ground-based radiometric surveys.

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

Drill Sample Analysis

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

The Company has received results from the 1m samples from the reverse circulation (RC) drilling completed at Mick Well last year. The 1m samples were selected from the interval from drill hole MWRC004 where rare earth elements (REE) mineralisation was previously reported from the 4m composite samples (see ASX:KFM announcement 10 January 2022). The results from analysis of the individual 1m samples include:

• MWRC004: 4m at 1.84% TREO with 0.34% Nd2O3 and Pr6O11 from 41m, including 1m at 3.87% TREO with 0.70% Nd2O3 and Pr6O11 from 41m.

• MWRC004: 1m at 2.39% TREO with 0.47% Nd2O3 and Pr6O11 from 49m (Figure 1).

The drilling program at Mick Well was designed to test targets that were identified from the Versatile Time Domain Electromagnetic (VTEM[TM] Max) airborne survey (see ASX:KFM announcement 10 January 2022). The MW2 target was also associated with a magnetic anomaly, with three-dimensional modelling of the magnetics data revealing the discrete magnetic low was a pipe-like feature with a significant vertical extent of 1000m. The pipe-like feature has now been interpreted to be associated with

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the intrusion of the carbonatite, with seven clusters of carbonatite intrusions now confirmed from field work in the Mick Well and Kingfisher areas.

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MWRC005: 4m at 0.27% TREO
MWRC003: 4m at 0.18% TREO and 4m at 0.12% TREO
Figure 2
MWRC004: 12m at 1.12% TREO from
40m. Interval includes:
• 4m at 1.84% TREO from 41m, with MW2
1m at 3.87% TREO from 41m.
• 1m at 2.39% TREO from 49m.
MWRC002: 4m at 0.17% TREO
MW3
Legend
Geology
Carbonatite complex
Intrusion pipe
200 m Drilling
RC drill hole
----- End of picture text -----

Figure 1: Drill hole locations and analytical results for Mick Well targets MW2 and MW3. The extents of the interpreted carbonatite complexes are also shown. The cross-section is shown in Figure 2.

The mineralisation at Mick Well is associated with carbonate complexes which consists of the carbonatite intrusions and dykes, amphibolite, gneiss and ultramafic rocks as well as alteration and veins related to the intrusions. The orientation of the mineralisation within this complex geological setting is not yet known, all reported intervals in this announcement are down hole lengths.

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SW NE
300 mRL 300 mRL
32m at 0.16% Cu
8m at 0.08 g/t Au
250 mRL 250 mRL
Carbonate veins/carbonatite
4m at 1.84% TREO, including
1m at 3.87% TREO
12m at 1.12% TREO
1m at 2.39% TREO
200 mRL 200 mRL
Drill hole log
Amphibolite
Gneiss
Carbonate veins
20 m
Quartz veins
7,249,450 mN 402,150 mE 7,249,500 mN 402,200 mE 7,249,550 mN
----- End of picture text -----

Figure 2: Cross-section showing MWRC004 geology and mineralisation. The section location is shown on Figure 1. The interval containing 12m at 1.12% TREO was previously reported, see ASX:KFM announcement 10 January 2022.

Kingfisher’s Executive Director and CEO James Farrell commented: “The analysis of the one metre samples from the rare earth discovery drill hole at Mick Well has revealed high-grade light rare earth elements within the previously reported interval. The Company has commenced mineralogy studies on the mineralisation which is now known to consist of the REE bearing minerals allanite and monazite.

Follow-up drilling has been scheduled to commence mid-April and will target the high-grade rare earth element mineralisation intersected in MWRC004 as well as a number of other high-priority targets in the immediate Mick Well Area”.

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Mineralogy

Mineralogy and petrography studies by Richard England and Diamantina Laboratories on samples from the REE discovery at Mick Well are underway. Initial results from sample MWRC0312 (MWRC004, 41 to 42m, 3.87% TREO) which is located in fresh rock show the REE mineralisation occurs as allanite and monazite in rocks that dominantly consist of apatite, potassium feldspar, quartz and calcite (Figure 3).

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Figure 3: Thin section showing >80% Allanite and monazite mineralisation from Mick Well drill hole MWRC004 (1m at 3.87% TREO).

Laboratory analysis for total rare earth content has been completed using Laser Ablation Inductively Coupled Plasma Mass Spectrometry and also by Inductively Coupled Plasma (ICP) Mass Spectrometry for all of the raw 1m drill samples that have been analysed. The laser ablation method used a lithium nitrate flux to form a fused bead in a furnace and is considered to have completely liberate all rare earth elements. The ICP method uses a four acid digest which may result in refractory minerals not being completely liberated. The results from both analytical methods are remarkably similar, highlighting that all rare earthbearing minerals have been completely liberated by the acid digest. The Company considers this to be an encouraging result as it highlights the potential for high recoveries of the Neodymium and Praseodymium.

Exploration Data Review – Application Tenements

Kingfisher has completed reviews of past exploration work completed on its new application tenements. During 1999 and 2000, Cameco Australia Pty Ltd (Cameco) explored an area which partially covers the western extents of the Company’s current tenure for unconformity-related uranium mineralisation. A diamond drill hole (GAD-0003) completed by Cameco intersected anomalous REEs, with 3.4m at 0.14% TREO from 2.6m downhole (WAMEX Report a61566). The drill hole is approximately 25km west of Mick Well and is in Kingfisher’s target shear zone for REE mineralisation – a shear zone which extends for 54km in the Company’s extensive exploration tenure (Figure 4). The anomalous REEs are associated with carbonates which were logged in the drill holes by Cameco. The Company considers the results to be extremely encouraging for the exploration potential of the entire structural corridor.

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GAD-0003: 3.4m @ 0.14% TREO
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Figure 4: Total Magnetic Intensity for the Kingfisher, Mick Well and Arthur River Projects. Kingfisher is targeting REE mineralisation associated with faults and shear zones which extend for 54km within the Company’s tenure. The location of anomalous REE results from historic drill hole GAD-0003 is also shown.

2022 Gascoyne Exploration Program

Kingfisher has planned extensive and targeted exploration programs for its Gascoyne projects for 2022. The planned exploration is designed to be cost-effective and aims to develop and test drill targets from ground-based work which will include mapping, rock sampling and radiometrics. 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.

Activities completed Q1 2022 and planned activities for Q2 to Q4 2022 are shown below.

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The Company has commenced fieldwork and has already completed sighter ground radiometric surveys and is continuing with geological mapping and rock chip sampling. The results from the on-going rock chip sampling were received by the Company with the 1m drill results and are yet to return significant rare earth element results. The field-based work is on-going and is currently targeting thorium and magnetic highs which are interpreted to be associated with the monazite mineralisation.

Drill programs have been planned for Mick Well, Kingfisher and Arthur River, with an initial follow-up program at Mick Well to commence early in Q2 and a larger program planned for Q3. The upcoming drill program will test five targets, including follow-up drilling at the MW2 and MW3 targets as well as another target which has a similar geophysical response as MW2, with a conductor identified from the VTEM Max[TM] survey and a coincident magnetic low (see ASX:KFM announcement 27 July 2021).

Upcoming News

• April 2022: Mick Well follow-up drilling program.

• April 2022: Results from the ground-based radiometric surveys.

• May 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 5). 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.

Historic exploration at Mick Well was also focused on base metals associated with quartz reefs and gossanous ironstones which are up to 10m in width. Previous rock chip sampling in the area has shown results up to 10.6% Cu over a strike length of 1km within a laterally extensive geological horizon. Only four drill historical holes have been completed at Mick Well, with the best result being 11m @ 0.25% Cu from 118 m (MWDD001)[^] .

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Figure 5: 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 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.

ASX:KFM: Conductors Identified from Airborne Electromagnetic Survey at Kingfisher and Mick Well 27 July 2021.

ASX:KFM: Significant Rare Earths Discovery: 12m at 1.12% TREO 10 January 2022.

• ^ Kingfisher Mining Limited Prospectus, 9 November 2020.

Cameco Australia Pty Ltd Exploration Licences EL09/567 & EL09/916, Gascoyne Project – Western Australia, 1999 – 2000 Annual Report, WAMEX Report a61566.

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	Hole ID	Easting	Easting	Northing	Northing	Elevation	Elevation		Depth	Depth	Azimuth	Azimuth	Dip
MW2	MWRC004		402170		7249495			289		100			0		-90
Analytical Data (all values are ppm)
DHID	From	To		Ce2O3		Dy2O3		Er2O3		Eu2O3	Gd2O3		Ho2O3	La2O3	Lu2O3	Nd2O3	Pr6O11	Sm2O3	Tb2O3	Tm2O3	Y2O3	Yb2O3	TREO
MWRC004	40	41		84		3.8		2.4		1.3	3.5		0.8	52	0.30	30	9	5	0.61	0.35	25.9	2.2	222
	41	42		18155		77.9		21.6		106.3	212.1		10.9	12314	1.31	5202	1776	511	20.03	2.43	285.7	11.4	38708
	42	43		4884		27.2		8.9		29.3	61.7		4.1	3424	0.74	1376	468	137	6.19	1.08	109.5	5.5	10543
	43	44		4755		32.5		10.5		31.7	71.6		4.9	3213	0.68	1400	464	148	7.62	1.21	130.8	5.8	10278
	44	45		6161		95.4		33.5		66.8	163.7		15.0	3894	2.08	2088	640	279	20.14	3.86	414.0	18.6	13895
	45	46		2928		35.7		11.9		26.6	64.7		5.6	1888	0.75	928	291	117	7.96	1.38	152.4	6.7	6467
	46	47		1265		13.4		5.0		10.6	24.1		2.2	793	0.40	400	128	47	2.84	0.62	59.4	3.2	2754
	47	48		401		10.0		4.7		5.1	13.0		1.9	242	0.48	143	43	20	1.81	0.67	50.4	4.0	941
	48	49		712		12.7		5.5		8.3	20.3		2.3	446	0.51	245	75	34	2.67	0.73	60.8	4.0	1629
	49	50		11010		89.4		26.6		87.3	194.8		13.1	7025	1.60	3534	1130	402	20.95	3.03	344.2	14.3	23896

Only selected intervals were analysed; these intervals are included in the table above. The results were reported using a cut-off grade of 0.75% TREO, with included higher grade results reported using a cut-off grade of 1.5% TREO.

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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.	• Rock chip samples were taken as individual rocks representing
	• Include reference to measures taken to ensure sample representivity and the	an outcrop to give an indication of possible grades and widths
	appropriate calibration of any measurement tools or systems used.	that can be expected from drilling. Individual rock samples can
	• Aspects of the determination of mineralisation that are Material to the Public	be biased towards higher grade mineralisation.
	Report.	• Historical diamond drilling by Cameco was sampled on 1m
	• In cases where ‘industry standard’ work has been done this would be relatively	intervals. The core was sawn in half with half of the core
	simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from	submitted for chemical analysis.
	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).	• Cameco used Wallis Drilling to undertake diamond drilling
		using a UDR-1000 drill rig. The drilling was completed using HQ
		(63.5mm) & NQ (47.6mm) from surface for the collection of
		drill core samples.
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 2021 RC drill program.
	• Whether a relationship exists between sample recovery and grade and	• Cameco reported drill recoveries as being close to 100% for the
	whether sample bias may have occurred due to preferential loss/gain of	historical drilling.
	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 at the drill rig by the Company’s geological
	mining studies and metallurgical studies.	personnel.
	• Whether logging isqualitative orquantitative in nature. Core(or costean,	• Drill logs were verified bythe Company’sgeologists on
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Criteria	JORC Code explanation	Commentary	Commentary
	channel, etc) photography.	submission of the samples for laboratory analysis and were
	• The total length and percentage of the relevant intersections logged.	checked following receipt of the analytical data.
		• Cameco logged drill holes for geology, mineralisation,
		structure, and alteration. The geological and geotechnical
		logging is consistent with industry standards.
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.	• The entire rock chip sample was submitted for analysis. The
	• Whether sample sizes are appropriate to the grain size of the material being	samples were crushed and pulverised to -105 micron.
	sampled.	• Historical sampling by Cameco consisted of routine 5cm half
		core samples collected at approximately 1m intervals. Sampling
		measured spectral parameters using the PIMA II spectrometer
		and also assayed as lithology based composites.
Quality of	• The nature, quality and appropriateness of the assaying and laboratory	• Samples were analysed by Bureau		Veritas Minerals Pty Ltd in
assay data and	procedures used and whether the technique is considered partial or total.	Perth using Laser Ablation Inductively Coupled Plasma Mass
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the	Spectrometry and Inductively Coupled Plasma (ICP) Optical
tests	parameters used in determining the analysis including instrument make and	Emission Spectrometry. Laboratory repeats were completed at
	model, reading times, calibrations factors applied and their derivation, etc.	a rate of 1:25 and laboratory standards were analysed at a rate
	• Nature of quality control procedures adopted (eg standards, blanks,	of 1:20 for QAQC.
	duplicates, external laboratory checks) and whether acceptable levels of	• Cameco drill core samples were analysed by Chemnorth
	accuracy (ie lack of bias) and precision have been established.	using	four assay methods, ICP-OES, ICP-MS, AAS and gravity to
		analyse 32-53 elements.
Verification of	• The verification of significant intersections by either independent or	• Independent checks or field duplicates were not conducted for
sampling and	alternative company personnel.	and were not considered necessary for this early stage of
assaying	• The use of twinned holes.	exploration.
	• Documentation of primary data, data entry procedures, data verification, data	• 1m samples were submitted for analysis to confirm the results
	storage (physical and electronic) protocols.	from	4m composite samples and are included in Annexure 1 of
	• Discuss any adjustment to assay data.	this report.

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Criteria	JORC Code explanation	Commentary
		• The procedures for verification of historical Cameco sampling
		and assaying are not known.
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.	• Rock chip sample locations were surveyed using a handheld
		GPS using the UTM coordinate system, with an accuracy of +/-
		5m.
		• The Cameco holes were surveyed using the UTM coordinate
		system. The survey method and accuracy were not reported.
		Downhole surveys were completed using an Eastman
		downhole survey tool.
Data spacing	• Data spacing for reporting of Exploration Results.	• The first-pass exploration drilling was completed to test
and	• Whether the data spacing and distribution is sufficient to establish the degree	exploration targets and has not been completed on grids.
distribution	of geological and grade continuity appropriate for the Mineral Resource and	Collar spacings are typically 50m to 100m for each target.
	Ore Reserve estimation procedure(s) and classifications applied.	• Intervals have been composited for values above the reporting
	• Whether sample compositing has been applied.	cut-off grades.
		• Cameco early-stage exploration was completed to verify
		previous explorers interpretation and pursue lateral extents of
		uranium mineralisation.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible	• The drilling that has been completed to date is insufficient to
data in	structures and the extent to which this is known, considering the deposit type.	establish the orientation of the mineralisation which may be
relation to	• If the relationship between the drilling orientation and the orientation of key	disseminated or occur within veins or stockworks. It is
geological structure	mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	therefore unknown whether the sampling is an unbiased representation of the mineralisation. • Rock chip samples were selected to target specific geology,
		alteration and mineralisation. The samples were collected to
		assist the Company in developing its understanding of the
		geology and exploration potential of its tenure.
Sample	• The measures taken to ensure sample security.	• Samples were given individual samples numbers for tracking.
security		• The sample chain of custody was overseen by the Company’s
		geologists. Samples were transported to Perth in a sealed bulka
		bagand subsequentlyto the laboratory.

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Criteria	JORC Code explanation	Commentary
		• Sample security was not reported by Cameco. Samples were
		given individual samples numbers for tracking.
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 235km 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 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

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Criteria	JORC Code explanation	Commentary
		carbonatite intrusions and associated fenitic alteration.
Drill hole	• A summary of all information material to the understanding of the	• Location, orientation, depth and sample data were tabulated
Information	exploration results including a tabulation of the following information for all	and were included in this announcement for all new drill hole
	Material drill holes:	information received at the date of the report.
	o easting and northing of the drill hole collar	• No information has been excluded.
	o elevation or RL (Reduced Level – elevation above sea level in metres) of	• Historic drill holes were previously reported by Cameco and are
	the drill hole collar	available in open file WAMEX reports a61566.
	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 0.75% 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 grade were reported using a cut-off grade of 1.5%
	• The assumptions used for any reporting of metal equivalent values should	TREO.
	be clearly stated.	• Anomalous drill results were reported using a cut-off grade of
		0.15% TREO.
		• Metal equivalents have not been used in this report.
Relationship	• These relationships are particularly important in the reporting of	• The orientation of the mineralisation is not known and all
between	Exploration Results.	reported intervals are down hole lengths.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole angle is
widths and	known, its nature should be reported.
intercept lengths	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not
	_known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts	• A map 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.
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Criteria	JORC Code explanation	Commentary
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 is likely 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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