KINGFISHER MINING LTD — Capital/Financing Update 2022

Jan 9, 2022

ASX Announcement: 10 January 2022

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ASX CODE: KFM

Shares on issue: 42,250,001 Cash: $4.0M (30 September 2021) Debt: Nil

PROJECTS

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

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

Significant Rare Earths Discovery: 12m at 1.12% TREO

• Mick Well Prospect drill program delivers an impressive 12m at 1.12% total rare earth oxides (TREO), including 4m at 1.73% TREO – high-grade TREO establishes significant potential for a rare earths project.

• The Mick Well interval recorded 12m at 0.21% Nd2O3 and Pr6O11, including 4m at 0.31% Nd2O3 and Pr6O11.

• Further anomalous results of 4m at 0.27% TREO and 4m at 0.18% TREO were returned from the same target and a second target at Mick Well also returned 4m at 0.17% TREO.

• Follow-up mapping indicates significant rare earths exploration potential for the Company’s expansive Gascoyne tenure which now covers 969km[2] . Mapping and first-pass interpretation has identified 12 more potential areas of carbonatite intrusions with associated alternation which have the potential to host rare earth elements (REEs).

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

The Company has received results from the reverse circulation (RC) drilling of three targets at its Mick Well Prospect and one target at its Kingfisher Prospect. Significant new drill results associated with a discovery of rare earths mineralisation include:

• MWRC004: 12m at 1.12% TREO with 0.21% Nd2O3 and Pr6O11 from 40m, including 4m at 1.73% TREO with 0.31% Nd2O3 and Pr6O11 from 40m.

The results compare favourably with the world-class Yangibana Project which includes Mineral Resources of 27.42Mt @ 0.97% TREO with 0.33% Nd2O3 and Pr6O11[#] . Yangibana is located 105 km north of the Company’s Mick Well Project and is also associated with Durlacher Suite rocks; the same Durlacher Suite rocks outcrop and are associated with the recently discovered mineralisation at Mick Well.

Neodymium and Praseodymium (NdPr) are highly sought-after elements. Their primary use is in permanent magnets which are used in electric vehicles and wind turbines. The NdPr market is in deficit and future demand for NdPr is expected to remain strong due to the clean energy economy.

The drilling at Mick Well also returned other anomalous analytical results which are still being evaluated and will form the basis of on-going targeting and exploration (Figure 1). The anomalous results from Mick Well include:

• MWRC005: 4m at 0.27% TREO with 506 ppm Nd2O3 and Pr6O11 from 16m and 4m at 0.12% TREO with 222 ppm Nd2O3 and Pr6O11 from 76m.

• MWRC003: 4m at 0.18% TREO with 388 ppm Nd2O3 and Pr6O11 from 88m.

• MWRC002: 4m at 0.17% TREO with 247 ppm Nd2O3 and Pr6O11 from 12m

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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 drilling program at Mick Well and Kingfisher was designed to test targets that were initially identified from the Versatile Time Domain Electromagnetic (VTEM[TM] Max) airborne survey completed by the Company in July 2021 (see ASX:KFM announcement 27 July 2021). The survey produced several highquality conductor targets and the drill holes were designed to test three of the VTEM[TM] conductors at Mick Well (MW1, MW2 and MW3) and a conductor on the interpreted structure strike extensions at the historic Kingfisher prospect (KF1).

Targets MW2 and MW3 were selected for priority drilling due to the discrete magnetic lows which were spatially associated with VTEM[TM] conductors (Figure 2). The potential for rare earth elements associated with the targets was recognised from anomalous rock chip samples that were collected during the drilling program (see ASX:KFM announcement 21 December 2021).

Three-dimensional modelling of the magnetics data for targets MW2 and MW3 has been completed and has revealed the discrete magnetic lows are pipe-like features that have significant vertical extents, with the MW2 pipe extending to a depth of 1000m. The pipe-like features have now been interpreted to be associated with the intrusion of the carbonatites and potentially other ultramafic rocks which outcrop close to the MWRC004 drill site (Figure 3).

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Figure 2: Total magnetic intensity (first vertical derivative) showing the discrete magnetic lows at the MW2 and MW3 targets as well as the drill hole locations and analytical results for Mick Well. The extents of the interpreted carbonatite complexes are also shown.

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Figure 3: Carbonatite dyke outcrop and a sample of ultramafic intrusive from Mick Well.

The RC drilling completed at Mick Well and Kingfisher included 12 holes for 1,552 metres. Drill holes MWRC003, MWRC004 and MWRC005 were completed at the MW2 target, with drill holes MWRC001 and MWRC002 completed at the MW3 target.

Each of drill holes at the MW2 target returned anomalous results, with an impressive 12m at 1.12% total TREO from 40m downhole, including 4m at 1.73% TREO intersected in MWRC004. Significantly, the mineralisation intersected in MWRC004 is in fresh (unoxidised) rock and appears to be zoned, with an outer zone of anomalous copper mineralisation which includes 32m at 0.16% Cu from surface, 8m at 0.08 g/t Au from 24m and the 12m wide zone of rare earth mineralisation from 40m (Figure 4). The Company considers this zonation of mineralisation to be highly encouraging for the potential for larger scale mineralisation systems to be present within the area.

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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Figure 4: Cross-section showing MWRC004 geology and mineralisation. The section location is shown on Figure 2.

The Mick Well drilling and recent field mapping programs have contributed important information to the on-going regional exploration. Field mapping has resulted in the identification of outcropping carbonatites and associated alteration at more than 20 field sites (Figure 4 and Figure 5, see ASX:KFM announcement 21 December 2021). The information from mapping has already been combined with the airborne magnetic and electromagnetic surveys and will greatly assist with on-going exploration. A high-level reinterpretation of the magnetics data following integration of the new mapping has potentially identified an additional 14 pipe-like features at Mick Well and Kingfisher and re-assessment of the lower conductivity responses from the VTEM[TM] survey has produced another 15 priority areas for follow-up fieldwork. All newly identified magnetic and electromagnetic targets are associated with interpreted carbonatite intrusions (Figure 6).

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Figure 4: Kingfisher’s Matt Roach mapping carbonatite intrusions at the Kingfisher Prospect.

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Figure 5: Carbonatite samples from Kingfisher and Kingfisher South.

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Figure 6: Kingfisher and Mick Well drill targets showing the mapped carbonatite locations and the interpreted extents of the carbonatite intrusions. The inset image shows VTEM[TM] survey (channel 40), interpreted carbonatites and priority EM conductors for follow-up exploration.

Kingfisher’s Executive Director and CEO James Farrell commented: “The discovery of rare earths mineralisation at our Gascoyne projects is an outstanding result for the Company and its shareholders.

The discovery of the mineralisation and numerous outcropping carbonatites has highlighted the significant exploration potential of the area. Kingfisher has recently expanded its land holding in the region with targeted pegging of tenements considered prospective for rare earth elements. The Company is developing a full exploration strategy for this extensive exploration tenure as it continues to increase its efforts in the search for highly sought after rare earth elements.

During the first year since listing, the Company has completed two large airborne electromatic surveys at its Ashburton and Gascoyne Mineral Fields’ projects and drilled ten targets, including seven new targets at Mick Well, Kingfisher and Boolaloo. The return of anomalous results from two of the four targets tested at Mick Well and Kingfisher is highly encouraging and we look forward to receiving the results from the three copper-gold targets at Boolaloo which are still pending and are expected later this month.

Kingfisher’s board and management would like to extend thanks to its shareholders for their patience over the last year as it has established itself and become a successful ASX-listed explorer”.

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

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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.

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Figure 7: Location of the Kingfisher and Mick Well Projects in the Gascoyne Mineral Field showing the extents of the Proterozoic Durlacher Suite and the Archean Halfway Gneiss.

Upcoming News

• January 2022: Boolaloo drilling results; Erny Bore, Green Hills and EM1 copper-gold targets.

• February 2022: Rock chips results from sighter and follow-up programs targeting carbonatites and rare earth elements.

• February 2022: Updated exploration strategy and program for 2022, building on the rare earths focus for the Gascoyne Mineral Field.

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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 area is prospective for rare earth elements associated carbonatite intrusions and dykes.

Historic exploration in the area has focused on base metals, with copper mineralisation at the Kingfisher Project exposed in a series of shallow historical mining pits over a strike length of 2km. Previous exploration at the project has also included geophysical surveys, surface geochemical sampling and limited reverse circulation drilling, with significant 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[^] .

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)[^] .

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

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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: Kingfisher Confirms Rare Earths Potential at Gascoyne Projects 21 December 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).

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
KF1	KFRC001	418255	7243546	305	106	40	-60
	KFRC002	418110	7243610	305	132	40	-60
	KFRC003	418144	7243647	305	99	40	-60
MW3	MWRC001	401758	7249053	291	135	230	-60
	MWRC002	401826	7249006	288	130	0	-90
MW2	MWRC003	402077	7249526	288	150	50	-60
	MWRC004	402170	7249495	289	100	0	-90
	MWRC005	402167	7249545	290	145	0	-90
MW1	MWRC006	398954	7251286	316	175	205	-60
	MWRC007	399114	7251199	312	180	205	-60
	MWRC008	399062	7251167	315	100	200	-63
	MWRC009	398935	7251235	316	100	200	-63

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
MWRC002	12	16	795	6.9	3.4	4.0	9.6	1.3	563	0.49	180	67	16	1.25	0.49	40.1	3.4	1692
MWRC003	88	92	757	16.5	6.5	11.5	28.4	2.7	503	0.58	300	88	45	3.51	0.79	76.3	4.8	1844
MWRC004	40	44	8035	39.0	11.5	49.2	99.4	5.8	5571	0.80	2309	788	233	9.86	1.26	153.7	6.5	17313
	44	48	3865	51.0	17.3	38.9	94.2	8.1	2521	1.07	1295	410	167	11.31	1.83	217.2	9.3	8708
	48	52	3444	30.3	10.2	28.5	65.5	4.6	2181	0.76	1103	355	131	7.22	1.13	125.6	6.3	7495
MWRC005	16	20	1230	6.7	2.9	7.2	15.1	1.1	883	0.39	378	128	36	1.53	0.38	32.5	2.7	2725
	20	24	418	3.7	1.8	3.0	6.5	0.7	297	0.27	133	44	13	0.73	0.24	19.3	1.8	943
	76	80	535	6.5	3.4	3.6	9.9	1.2	393	0.48	167	55	18	1.28	0.47	37.5	3.4	1236
MWRC006	152	156	328	4.4	1.3	1.7	9.4	0.7	191	0.13	118	37	16	1.10	0.16	18.8	0.9	729
	156	160	398	5.8	2.0	1.8	10.0	0.9	233	0.20	141	45	18	1.27	0.24	27.4	1.6	887
	160	164	360	5.2	1.9	1.8	9.0	0.8	209	0.18	125	40	16	1.10	0.22	24.3	1.4	795
	164	168	390	4.7	2.3	1.9	8.4	0.8	228	0.26	139	44	17	0.98	0.27	24.5	1.8	863
	168	172	312	6.5	3.6	1.7	8.7	1.3	179	0.49	111	35	15	1.20	0.54	40.1	3.7	720
	172	175	347	4.5	2.0	2.1	8.8	0.8	198	0.22	126	39	16	1.01	0.24	23.6	1.5	771

Only selected intervals were analysed for the full suite of rare earth elements; 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. Anomalous results were reported using a cut-off grade of 0.15% TREO. Drill holes and drill intervals that were not reported did not return results above the reporting cut-off grades.

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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.
	• 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 2021 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 at the drill rig by the Company’s geological
	mining studies and metallurgical studies.	personnel.
	• Whether logging is qualitative or quantitative in nature. Core (or costean,	• Drill logs were verified by the Company’s geologists on
	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.

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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.	• 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.
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 1:25 for QAQC.
	duplicates, external laboratory checks) and whether acceptable levels of
	accuracy (ie lack of bias) andprecision have been established.
Verification of	• The verification of significant intersections by either independent or	• Independent checks or field duplicates were not conducted for
sampling and	alternative company personnel.	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	• The original 1m samples have been submitted for analysis to
	storage (physical and electronic) protocols.	confirm the results from 4m composite samples. The results
	• Discuss any adjustment to assay data.	from the 1m samples are pending.
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.

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Criteria	JORC Code explanation	Commentary
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.
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
		bag and subsequently to the laboratory.
Audits or	• The results of any audits or reviews of sampling techniques and data.	• The sampling techniques and analytical data are monitored by
reviews		the Company’s geologists.
		• External audits of the data have not been completed.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	• The project area is located 80km northeast of the Gascoyne
tenement and	agreements or material issues with third parties such as joint ventures,	Junction and 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
		MiningLtd and one otherparty.

Criteria	JORC Code explanation	Commentary
		• 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
		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
	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 0.75% TREO has been used for the reported
	and longer lengths of lowgrade results, theprocedure usedfor such	intervals.

Criteria	JORC Code explanation	Commentary
	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.
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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