KINGFISHER MINING LTD — Capital/Financing Update 2023

Apr 2, 2023

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ASX Announcement: 3 April 2023

CORPORATE PROFILE

Shares on issue: 53,715,001 Listed options: 14,850,001 Unlisted options: 11,885,000 Cash: $4.5M (31 December 2022) Market Capitalisation: $13.4M* Debt: Nil

PROJECTS

MICK WELL AND KINGFISHER

Breakthrough high grade rare earth elements discovery in the Gascoyne region of Western Australia

BOOLALOO

Exciting copper and gold potential in the Ashburton region of Western Australia

CORPORATE DIRECTORY

WARREN HALLAM

Non-Executive Chairman

JAMES FARRELL

Significant Exploration Program Targets Large-Scale Carbonatites

Carbonatite Mapping Underway

• Exploration program is underway targeting large-scale rare earth element (REE) bearing carbonatite intrusions along the 54km Chalba and 30km long Lockier target corridors.

• The program builds on the recently confirmed high grade REE mineralisation at the MW2 discovery that included drill results of 5m at 2.63% TREO with 0.54% Nd2O3 + Pr6O11 and 5m at 3.45% TREO with 0.65% Nd2O3 + Pr6O11; results similar to those reported from Hastings’ Yangibana Project[#] .

• The exploration program includes significant on-ground mapping to advance the existing high quality carbonatite targets defined from the recent geophysical surveys, including the very large LK1 target which is more than 9km long and more than 6.5km wide.

• Maiden drilling at the MW7 and MW8 REE discoveries as well as infill and extensional drilling at MW2 will be deferred until midyear as the Company focuses on evaluating and advancing high priority carbonatite targets ahead of anticipated drilling of those targets.

Kingfisher Mining Limited ( ASX:KFM ) (“ Kingfisher ” or the “ Company” ) is pleased to announce its exploration program for the 2023 field season. The cost-effective program is designed to build value through methodical discovery-focused exploration for large scale carbonatite targets interpreted to be associated with Company’s high grade REE discoveries.

Kingfisher’s Executive Director and CEO James Farrell commented: “We are pleased to announce our 2023 field program is now underway. The program brings together the geological understanding we have gained from our recent high grade carbonatite REE discoveries along with all of the results obtained from our exploration work we completed in 2022 and the substantial target generation work completed this year from our new geophysical surveys.

Executive Director and CEO

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

Unit 2, 106 Robinson Avenue Belmont WA 6104 AUSTRALIA

* Based on a share price of $0.25 as of 31 March 2023

Having confirmed the high grade REEs associated with carbonatites on the 54km long Chalba zone, our value building exploration activities are now strongly geared towards the discovery of large-scale “Mt Weld style” carbonatite intrusions which we interpret to be the source of mineralisation in our discoveries and our exciting high priority REE targets.”

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Kingfisher’s Matt Roach mapping at Arthur River
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www.kingfishermining.com.au

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ASX KFM

ASX Announcement: 3 April 2023

2023 Exploration Program

Kingfisher has planned a high impact and value building exploration program targeting large-scale carbonatite targets along its 54km Chalba target corridor and its 30km long Lockier target corridor for the 2023 Gascoyne field season. The program will test high priority carbonatite targets across the Company’s belt-scale tenement holding, building upon the significant carbonatite discoveries in 2022, which confirmed the presence of high grade REE mineralisation along the Chala target corridor.

The exploration work planned for the 2023 field season will include:

• Significant on-ground mapping and sampling targeting interpreted “Mt Weld style” carbonatite plugs as well as dyke mineralisation and alteration which can be used to vector towards the large-scale source of intrusions. The results will be used for drill planning of the high priority targets.

• RC drilling at Mick Well, Kingfisher and Arthur River. The maiden drilling planned for MW7 and MW8 as well as infill and extensional drilling at MW2 will be deferred until midyear to allow the Company to focus on high priority, large scale and high value targets identified from the recent geophysical surveys reported in January this year.

• Surface geochemical survey over the large-scale high priority LK1 target at Arthur River, where mapping is restricted by deep weathering associated with the highly altered rocks and cover.

• Ground-based gravity at LK1. The gravity survey will be used to model higher density rocks (potential mineralised carbonatites) at depth.

• Further airborne geophysics to incorporate Mooloo and North Chalba Projects to our early-stage target generation. Magnetics and radiometrics are highly effective for identifying carbonatite mineralisation.

• Airborne hyperspectral across the Chalba shear zone from MW8 to KF3. The hyperspectral technique can directly detect neodymium and is highly effective for identifying alteration associated with mineralisation.

The exploration plan enables rapid and cost-effective target progression, with significant effort being directed towards the discovery of new mineralisation at Arthur River.

The timeline for the planned and completed activities for 2023 for Kingfisher’s projects are shown below.

	Q1 2023	Q2 2023	Q3 2023	Q4 2023
Mick Well – Kingfisher
Targetgeneration
Fieldwork,mappingand targetprogression
RC Drilling
Airborne hyperspectral survey
Arthur River
Targetgeneration
Fieldwork,mappingand targetprogression
Geochemicalprogram
RC Drilling
Ground-basedgravity
Mooloo
Airborne magnetics and radiometrics
Fieldwork,mappingand targetprogression
Chalba
Airborne magnetics and radiometrics
Boolaloo
Fieldwork,mappingand targetprogression

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3 April 2023

ASX Announcement:

Technical Background - Gascoyne REE Projects

The Mick Well, Kingfisher and Arthur River REE Projects are located approximately 200km east of Carnarvon, in the Gascoyne region of Western Australia, where the Company holds exploration licences covering 969km[2] (Figure 1). The geological setting of the tenure is similar to Hastings Technology Metals’ world-class Yangibana Deposit which includes 29.93Mt at 0.93% TREO[# ] as well as the recent Yin discovery of Dreadnought Resources which includes maiden mineral resources of 14.36Mt @at 1.13% TREO[^] .

Kingfisher announced a REE discovery at Mick Well in January 2022 and has subsequently made additional discoveries of hard rock and clay REE mineralisation at the Mick Well and Kingfisher Projects. Both styles of mineralisation are associated with carbonatites and other igneous rocks that intruded along a crustal-scale structural corridor, the Chalba Shear, which extends over a strike length of 54km within the Company’s tenure. The Company has also identified a second structural corridor along the Lockier Shear which extends for 12km across the Arthur River Project as well as 18km across the Company’s early-stage Mooloo Project, together increasing the Company’s target corridor strike length to 84km. On-ground exploration to date has covered less than 10% of these extensive target corridors.

Drilling at the MW2 prospect has intersected five parallel ferrocarbonatite lodes and associated monazite mineralisation within a 300m wide zone and has returned high grade REE results with 5m at 2.63% TREO with 0.54% Nd2O3 + Pr6O11, 4m at 3.24% TREO with 0.54% Nd2O3 + Pr6O11, 5m at 1.54% TREO with 0.30% Nd2O3 + Pr6O11, 4m at 1.90% TREO with 0.34% Nd2O3 + Pr6O11 and 3m at 2.52% TREO with 0.41% Nd2O3 + Pr6O11. The results from the ferrocarbonatite mineralisation is 500m northwest of Kingfisher’s breakthrough REE discovery where maiden drilling returned 5m at 3.45% TREO with 0.65% Nd2O3 + Pr6O11 as well as 12m at 1.12% TREO with 0.21% Nd2O3 + Pr6O11 from a separate mineralised lode.

During 2022 Kingfisher carried out an extensive exploration program across its Gascoyne projects. The exploration work has successfully developed and tested drill targets from ground-based mapping and rock sampling whilst simultaneously developing a value building pipeline of carbonatite exploration opportunities through integrating tenement-scale airborne geophysical surveys with the geological knowledge obtained from the Company’s breakthrough REE discovery at Mick Well. The results from the airborne geophysical surveys in conjunction with the carbonatite exploration model have been used to generate numerous high quality and high priority exploration targets across Kingfisher’s extensive tenement holdings.

The discovery timeline for Kingfisher’s Gascoyne REE discoveries is shown below.

	2021	2021			2022	2022			2023	2023
REE Discovery Timeline	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Tenements consolidated over 54km Chalba target corridor
MW2 target identified from airborne electromagnetic survey
Carbonatites identified in Chalba target corridor
Breakthrough REE discovery in drilling at MW2
High grade outcropping REE mineralisation identified at MW2
High grade REE mineralisation discovered MW7 and MW8
Lockier corridor tenements granted, 18km of target strike added
New carbonatite targets identified from airborne geophysics along
54km Corridor
Large scale REE targets identified at Arthur River, Lockier target
corridor strike length increased to 30km for a total of 84km
High grade REEs discovered at KF3, 15km east of MW2
Drilling confirms Chalba as significant carbonatite-related REE system
2023 Exploration Plan – building on the discoveries

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ASX Announcement: 3 April 2023

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Figure 1: Location of the Mick Well Project in the Gascoyne Mineral Field showing the extents of the Durlacher Suite and Halfway Gneiss. The location of the Yangibana Deposit and Yin and Lyons Projects 100km north of Kingfisher’s projects are also shown

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ASX Announcement: 3 April 2023

The Carbonatite Exploration Model

The carbonatite intrusion model has a central carbonatite pipe which is comprised of multiple phases of carbonatite intrusion that is surrounded by ring dykes which form around and radial dykes which radiate out from the central intrusion (Figure 1). The carbonatite exploration model envisages alteration of the host country rock into which the carbonatites intrude, with development of sodic (Na) and potassic (K) fenites around the intrusions which often hosts the REE mineralisation (Figure 2). Figure 1: 3D schematic of a carbonatite intrusion[+] Each part of the carbonatite system has characteristics which can be detected by modern exploration techniques, for example:

• Thorium associated with the REE mineralisation is apparent in the radiometrics.

• Potassium fenites, the alteration which forms around carbonatites intrusions, is also apparent in the radiometrics.

• Ferrocarbonatites have high iron content and can appear as magnetic highs in the geophysics.

• ASTER (Advanced Spaceborne Thermal Emission and Reflection Radiometer) remote sensing can detect various minerals and elements, including carbonates, ferrous and ferric iron as well as alumina and magnesium and can assist with of carbonatites and associated alteration.

The combination of these geophysical responses to the carbonatite geology provide a very powerful combination of exploration tools for early stage targeting and project generation.

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Figure 2: Carbonatite associated rare earth element mineralisation model*. The model shows carbonatite intrusions and dykes, areas of potassic fenitisation as well as the late stage REE-bearing dykes and veins – which have been discovered by the Company.

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ASX Announcement: 3 April 2023

Mick Well and Kingfisher Exploration Targets

The carbonatite exploration model together with the results obtained from the Company’s recent airborne geophysical surveys and other exploration data has been used to generate high quality. high priority, exploration targets across the entire 54km strike length of the Chalba target corridor. Ten high priority target areas have been identified at the Mick Well and Kingfisher Projects from a combination of magnetic, potassium and thorium features (Figure 2 and Figure 3). The target areas are very large scale, ranging in size from 0.7km[2] to 18km[2] .

Of significance is a large-scale target delineated at Kingfisher South (CH10), where geological mapping has already confirmed the presence of ferrocarbonatite intrusions (see ASX:KFM 21 December 2021). The target includes a central area defined by a distinct circular magnetic feature with a diameter of approximately 2km which is surrounded by an area of high thorium and potassium which extends over a length of more than 6km along the Chalba target corridor; features that are associated with mineralisation in the carbonatite exploration model.

High priority targets CH2 and CH5 have already been scheduled for immediate surface mapping and sampling due to the presence of interpreted carbonates and circular or oval-shaped features which are indicative of intrusion pipes. The identification of the targets from geophysics is an important early part of the discovery process, with all of the targets to be progressively advanced in line with the Company’s exploration target ranking system.

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CH5
CH9
CH7
CH3 MW2
CH2
Mick Well CH1
Kingfisher
CH4 CH8
Legend
Geology
CH6
Carbonatite complex
CH10
Fault 5 km
Carbonatite targets
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Figure 2: Total magnetic intensity for the 54km Chalba target corridor showing priority carbonatite targets and interpreted faults. Targets are labelled CH1 to CH10 and were selected based on the magnetic, thorium and potassium responses from the airborne geophysics surveys.

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ASX Announcement: 3 April 2023

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CH5
CH9
CH7
CH3 MW2
CH2
Mick Well CH1
Kingfisher
CH4 CH8
Legend
Geology
CH6
Carbonatite complex
CH10
Fault 5 km
Carbonatite targets
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Figure 3: Thorium response from the airborne geophysics survey showing priority carbonatite targets and interpreted faults. High thorium responses are typically associated with carbonatite-related REE mineralisation.

Mick Well: MW2, MW7 and MW8 Discoveries

Drilling and rock chip sampling has delineated cumulative strike lengths of more than 6.5km of high grade monazite mineralisation in northeast trending lodes at MW2, MW7 and MW8. The main area of mineralisation at MW2 is in five parallel lodes that occur within a 300m wide zone that extends for over 2.4km (Figure 4).

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MWGS1617: 18.45% TREO with 3.16% NdPr
MWGS1618: 14.81% TREO with 2.13% NdPr
MWGS1622: 1.99% TREO and 0.46% NdPr MWGS1619: 0.59% TREO with 0.11% NdPr
MWGS1488: 0.66% TREO and 0.11% NdPr
MWGS1373: 0.55% TREO and 0.13% NdPr MWGS1489: 5.83% TREO and 0.95% NdPr
MWGS1010: MWGS1011: MWGS1079: 0.33% TREO and 0.05% NdPr0.88% TREO and 0.14% NdPr0.60% TREO and 0.10% NdPr MWGS1374: MWGS1386: MWGS1387: 2.55% TREO and 0.46% NdPr4.83% TREO and 0.97% NdPr0.92% TREO and 0.23% NdPr MWGS1490: MWGS1491: 10.12% TREO and 1.62% NdPr30.83% TREO and 5.10% NdPr MWGS1610: MWGS1611: 30.54% TREO with 5.08% NdPr16.00% TREO with 2.62% NdPr
MWGS1186: MWGS1187: 0.99% TREO and 0.16% NdPr1.08% TREO and 0.18% NdPr MWGS1493: MWGS1494: MWGS1495: MWGS1496: 0.87% TREO and 0.16% NdPr2.57% TREO and 0.63% NdPr6.44% TREO and 1.06% NdPr5.86% TREO and 0.84% NdPr MWGS1612: MWGS1613: MWGS1614: MWGS1615: 24.04% TREO with 4.06% NdPr11.43% TREO with 1.77% NdPr21.02% TREO with 3.58% NdPr20.86% TREO with 3.59% NdPr
MWGS1585: MWGS1586: 5.66% TREO and 0.95% NdPr2.81% TREO and 0.45% NdPr MWGS1497: MWGS1498 : 14.59% TREO and 2.44% NdPr8.40% TREO and 1.22% NdPr
MWGS1526: 6.79% TREO and 1.14% NdPr MW7 MWGS1366: MWGS1367: 7.03% TREO and 1.25% NdPr8.23% TREO and 1.53% NdPr
MWGS1587: 11.68% TREO and 1.83% NdPr MWGS1368: MWGS1369: 10.87% TREO and 1.83% NdPr4.31% TREO and 0.78% NdPr Open
MWGS1371: 12.14% TREO and 1.91% NdPr
Open MW8 MWGS1279: MWGS1321: MWGS1378: MWGS1379: 5.06% TREO and 0.93% NdPr6.71% TREO and 1.24% NdPr31.82% TREO and 5.99% NdPr8.22% TREO and 1.40% NdPr Open MWGS1355: MWGS1356: MWGS1357: 15.42% TREO and 2.71% NdPr7.00% TREO and 1.26% NdPr1.37% TREO and 0.26% NdPr
MWGS1358: 11.28% TREO and 2.08% NdPr MW2
Open
MWGS1338: 4.84% TREO and 0.80% NdPr
MWGS1339: MWGS1341: 6.17% TREO and 0.89% NdPr0.24% TREO and 0.05% NdPr MWRC033: 3m at 2.52% TREO with 0.41% NdPr
MWGS1359: 0.94% TREO and 0.17% NdPr MWRC035: 4m at 3.24% TREO with 0.54% NdPr
MWRC041: 4m at 1.07% TREO with 0.17% NdPr
MWGS1163: 2.62% TREO and 0.58% NdPr
MWGS1223: 2.01% TREO and 0.45% NdPr MWGS1023: 3.85% TREO and 0.65% NdPr
MWGS1291: 4.88% TREO and 0.97% NdPr MWRC048: 5m at 0.83% TREO with 0.14% NdPr
Open MWGS1308: 4.49% TREO and 1.02% NdPr MWGS1276: MWGS1278: 5.83% TREO and 1.05% NdPr0.04% TREO and 0.01% NdPr Open MWRC049: 9m at 0.66% TREO with 0.11% NdPr
MWGS1152: 10.62% TREO and 2.34% NdPr MWGS1377: 14.17% TREO and 2.49% NdPr
MWGS1224: 17.64% TREO and 3.82% NdPr MWRC067: 6m at 0.98% TREO with 0.17% NdPr
MWGS1231: 2.39% TREO and 0.58% NdPr MWRC067: 5m at 2.63% TREO with 0.54% NdPr
MWGS1232: MWGS1301: 16.75% TREO and 3.66% NdPr13.8% TREO and 3.02% NdPr MWRC068: 5m at 1.54% TREO with 0.30% NdPr
MWGS1117: 4.86% TREO and 1.01% NdPr
Open
MWRC004: 12m at 1.12% TREO with 0.21% NdPr
MWRC059: 4m at 1.90% TREO with 0.34% NdPr MWRC011: 5m at 3.45% TREO with 0.65% NdPr
MWRC060: 2m at 1.51% TREO with 0.30% NdPr MWRC011: 4m at 1.03% TREO with 0.17% NdPr
MWRC013: 8m at 1.05% TREO with 0.19% NdPr
Legend
Geology Rock Chips: TREO MW3
Carbonatite complex >5%
Mineralised dyke 1-5%
Mineralised dyke 0.5-1%
(newly discovered) 0.2-0.5%
Mineralisation target 0.1-0.2%
Drilling 0.0-0.1% 250 m
RC drill hole
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Figure 4: MW2, MW7 and MW8 rock chip samples and mineralisation. Drill results are shown in grey boxes (see ASX:KFM 7 February 2023, 5 July 2022 and 24 March 2022) and rock chips are shown in orange (see ASX:KFM 29 November 2022, 24 October 2022, 4 October 2022, 30 August 2022 and 20 June 2022). Results are stated as TREO% and total Nd2O3 + Pr6O11 (%) content.

Results from drilling of the MW2 lodes have recently been reported by the Company, with high grade REE mineralisation intercepts that include (see ASX:KFM 7 February 2023 and ASX:KFM 5 July 2022):

• 5m at 2.63% TREO with 0.54% Nd2O3 + Pr6O11, including 3m at 4.11% TREO with 0.85% Nd2O3 + Pr6O11 from 124m (MWRC067)

• 4m at 3.24% TREO with 0.54% Nd2O3 + Pr6O11 from 46m (MWRC035)

• 5m at 1.54% TREO with 0.30% Nd2O3 + Pr6O11 from 75m (MWRC068)

• 4m at 1.90% TREO with 0.34% Nd2O3 + Pr6O11, including 3m at 2.42% TREO with 0.43% Nd2O3 + Pr6O11 from 65m (MWRC059)

• 3m at 2.52% TREO with 0.41% Nd2O3 + Pr6O11 from 46m (MWRC033)

• 5m at 3.45% TREO with 0.65% Nd2O3 + Pr6O11, including 3m at 5.21% TREO with 0.98% Nd2O3 + Pr6O11 (MWRC011).

The drilling results confirm the significance of the NE-trending magnetic features to be associated with the high-grade mineralisation and the late-stage intrusion of ferrocarbonatite dykes (Figure 5).

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ASX Announcement: 3 April 2023

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MW7
MW8
MW2
MW3
Legend
Geology
Carbonatite complex
Mineralisation
Confirmed with drill and
surface samples
Target from magnetics
Drilling
RC drill hole 500 m
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Figure 5: Total magnetic intensity for the Mick Well area showing drilling, mineralisation defined by drilling and surface samples and mineralisation targets from interpretation of the magnetics data.

Kingfisher: KF3 Discovery

High grade REE mineralisation has been discovered at the new KF3 target, with a single sample consisting dominantly of monazite returning 32.16% TREO with 5.25% Nd2O3 + Pr6O11 (Figure 6). The sample was collected as part of the Company’s regional geological mapping and is associated with a distinct magnetic feature and a broad area of fenite alteration (the alteration associated with the intrusion of carbonatites) that extends over a strike of 5km and is more than 500m in width. Follow-up mapping focused on delineating the mineralisation will be completed as a high priority in the 2023 field program.

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Legend
Geology
Carbonatite complex
Mineralisation
Fenite
MW7
MW8
MW2
MW3
Mick Well MWGS1577: 32.16% TREO and 5.25% NdPr
KF3
Kingfisher
2 km
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Figure 6: Total magnetic intensity showing the location of KF3, 15km to the east of MW2. The results are stated as Total Rare Earth Oxides (TREO%) and total Nd2O3 + Pr6O11 (%) content.

Arthur River Exploration Targets

Seven large-scale target areas have been identified in the Arthur River targets from the interpretation of the Company’s recent geophysical surveys (see ASX:KFM 18 January 2023), with each target selected from a combination of magnetic, potassium and thorium features (Figure 7 and Figure 8). The targets include circular magnetic high features which range in diameter from 500m to 1000m and have a similar appearance to the magnetic high at the giant Mt Weld deposit, which has a diameter of 4km. Tens of other smaller circular features have also been identified in the magnetic data; each of these high magnetic features, particularly where these are clustered or where they are co-located with high thorium responses, are of interest to the Company for future project generation work.

All of the prioritised targets cover a substantial area, with the smallest LK3 being more than 2.2km long and 1km wide. The largest target, LK1, is particularly significant, and is more than 9km long and more than 6.5km wide. LK1 is also comprised of multiple circular features which are defined by the magnetics and thorium, with the ring-shaped thorium feature (Figure 7 and Figure 8) having a diameter of 1.7km.

Surface mapping and sampling is already underway at the high priority targets LK1, LK2 and LK3, where interpreted carbonates and circular or oval-shaped features in the geophysical data are indicative of intrusion pipes.

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ASX Announcement:
3 April 2023
Legend
Geology
Carbonatite complex
Fault
LK1 Carbonatite targets
Booree Creek
LK2
LK3
LK6
LK4 Arthur River
LK5
LK7
2 km
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Figure 7: Total magnetic intensity for the Arthur River priority carbonatite targets and interpreted faults. Targets are labelled LK1 to LK7 and were selected based on the magnetic, thorium and potassium responses from the airborne geophysics surveys. The location of the Arthur River tenements along with the Company’s other tenements in the Gascoyne region is shown in the inset.

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ASX Announcement:
3 April 2023
Legend
Geology
Carbonatite complex
Fault
LK1 Carbonatite targets
Booree Creek
LK2
LK3
LK6
LK4 Arthur River
LK5
LK7
2 km
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Figure 8: Thorium response from the airborne geophysics survey showing priority carbonatite targets and interpreted faults. High thorium responses are typically associated with carbonatite-related REE mineralisation.

LK1 Exploration Target

The large-scale LK1 target is more than 9km long and more than 6.5km wide and is comprised of multiple circular features which are defined by the magnetics and thorium, with a ring-shaped thorium feature having a diameter of 1.7km (see ASX:KFM 18 January 2023). The combination of magnetic, thorium and potassium responses of the target appear similar to the architecture of the carbonatite intrusion model, with potential for carbonatite plugs and the associated vein and dyke mineralisation (Figure 9).

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ASX Announcement: 3 April 2023

Past exploration in the Arthur River area has established the potential for carbonatite intrusion-related REE mineralisation at the LK1 target, with previous drilling and surface sampling establishing the presence of siderite and potassic alteration, numerous anomalous REEs as well as pathfinder elements. Previous exploration results include:

• Broad zones of ironstone and siderite intersected in multiple drill holes completed by Barranco Resources (Wamex report A78338). Siderite-rich ironstones host the REE mineralisation within the Gifford Creek Carbonatite complex, including at Dreadnought Resources’ Yin discovery[^] .

• Significant areas of ironstone have been mapped at surface, with limited surface sample results confirming the presence of highly anomalous rare earth elements, including 1170 ppm La and 166 ppm Y (Figure 9, Wamex report A57341) as well as other samples with 700 ppm Ce and 600 ppm Ce (Wamex report A65851). Results from samples similar La and Ce values with analysis of the full suite of REE element from Kingfisher’s Mick Well are typically in the order of 0.5% and 0.3% TREO (see ASX:KFM 30 August 2022).

• Kingfisher’s work in the Mick Well area has established a relationship between REEs and various pathfinder elements, including Ba, Sr, P, Co, Ni and Zn. Drilling in the LK1 area completed by Rio Tinto Exploration (four holes) was only analysed for Ce, La and Y as well as a number of pathfinder elements. Assays from the Rio Tinto Exploration drilling returned anomalous REEs and key pathfinder elements, including 340 ppm Ce, 195 ppm La, 125 ppm Y, 1100 ppm Ba and 8900 ppm P (Table 1, Wamex report A65851) supporting the potential for carbonatite-related REE mineralisation.

• Drilling by Barranco Resources targeted base metal-bearing ironstones and the 25 RC holes drilled by Baranco were not analysed for REEs. However, the drilling did return highly anomalous results for the pathfinder element Zn (Table 1), with results from ironstones which included 25m at 0.29% Zn from surface (RC5, Wamex report A78338) and 22m at 0.29% Zn from 1m (RC25, Wamex report A82640).

• Fenite alteration has been intersected in drilling and has been recorded from petrographic analysis of surface samples close to the ironstone outcrops (Wamex report A65851).

• Moderate to weak conductors coincident with the ironstones have been identified from ground-based Transient Electromagnetic (TEM) surveys in the LK1 area (Wamex report A75273). The REE mineralisation at Mick Well is also conductive, with the high grade REE mineralisation at MW2 identified from drilling a conductor target from Kingfisher’s airborne electromagnetic survey (see ASX:KFM 10 January 2022).

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==> picture [522 x 318] intentionally omitted <==

----- Start of picture text -----

A B
6080623: 700 ppm Ce
RC01AR01
5533377: Potassium fenite
6074342: 600 ppm Ce
RC5
RC01AR02
RC8
RC01AR04
Inset B
Legend
Geology
RC24 Carbonatite complex
110: 1170 ppm La, 166 ppm Y Fault
Carbonatite targets
RC1
RC01AR03
Drilling
RC18
Rio Tinto Exploration
Barranco Resources
Rock Chips
RC025
1 km RC01AR04 Anomalous REE results
Historical sample location
----- End of picture text -----

Figure 9: Total magnetic intensity (A) and thorium responses (B) showing compelling carbonatite targets. Drill hole locations (grey boxes) described in Table 1 and surface sample (blue boxes) are also shown.

Table 1: Previous drilling results from the LK1 target area

Rio Tinto Drill Hole	Pathfinder elements: highest from 2m samples1
ARC01AR01	340 ppm Ce, 195 ppm La, 1100 ppm Ba and 1150 ppm P
ARC01AR02	280 ppm Ce, 165 ppm La, 125 ppm Y, 2600 ppm Ba and 3100 ppm P
ARC01AR03	8900 ppm P
ARC01AR04	1250 ppm Ba and 1400 ppm P
Barranco Drill Hole	Geology and elevated metals2
RC1	Ironstone with 7m at 0.25% Zn from 20m
RC5	Ironstone with 25m at 0.29% Zn from surface
RC8	Ironstone with 5m at 0.17% Zn from 20m
RC18	Ironstone with 30m at 0.13% Zn from 10m
RC24	Ironstone with 22m at 0.29% Zn from 1m

1 Pathfinder elements in the reporting range are associated with REE mineralisation at MW2.

2 Zinc is associated with the REE mineralisation at MW2. Drill holes not analysed for REEs.

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ASX Announcement: 3 April 2023

Upcoming News

• April to July 2023: Results from mapping of large-scale carbonatite intrusions.

• May 2023: Commencement of hyperspectral survey on the 54km Chalba REE target corridor.

• May to June 2023: Ground gravity survey at Arthur River.

• June 2023: Airborne magnetics and radiometrics at the Mooloo and Chalba Projects.

• July 2023: RC drilling at MW2, MW7, MW8 and potentially KF3.

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 made a number of breakthrough high grade rare earth elements discoveries in the Gascoyne region where it holds a target strike lengths of more than 54km along the Chalba mineralised corridor and more than 30km along the Lockier mineralised corridor. The Company has also 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.

To learn more please visit: www.kingfishermining.com.au

Previous ASX Announcements

ASX:KFM: Latest MW2 Surface Samples Extend Ferrocarbonatite Mineralised Zone 27 February 2023.

ASX:KFM: Exciting Carbonatite Potential at Arthur River 23 February 2023.

ASX:KFM: High Grade Drilling Results Confirm New MW2 REE Discovery 7 February 2023.

ASX:KFM: MW2 and MW7 Continue to Expand on Latest Surface Sample Results 23 January 2023.

ASX:KFM: Large-Scale Carbonatite REE Targets Identified at Arthur River 18 January 2023.

ASX:KFM: Exciting New Carbonatite REE Targets Identified Along 54km Target Corridor 10 January 2023.

ASX:KFM: Assays from MW7 Confirm Another High Grade REE Discovery 29 November 2022.

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ASX Announcement: 3 April 2023

ASX:KFM: New REE Discoveries along Kingfisher’s 54km Target Corridor - MW7 and MW8 24 October 2022.

ASX:KFM: Further Exceptional REE Results Extends MW2 Strike Length to 3km 4 October 2022.

ASX:KFM: 40% REE Returned from Mick Well 30 August 2022.

ASX:KFM: Latest Drilling Returns High Grade REEs with 5m at 3.45% TREO, including 3m at 5.21% TREO 5 July 2022.

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

ASX:KFM: 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.

• ^ ASX Announcement ‘Initial High-Grade, Independent Resource over 3km at Yin – Mangaroon (100%)’. Dreadnought Resources Limited (ASX:DRE), 28 December 2022.

• ASX Announcement ‘Drilling along 8km long Bald Hill - Fraser's trend Increases Indicated Mineral Resources by 50%’. Hastings Technology Metals Limited (ASX:HAS), 11 October 2022.

Technical Exploration Papers

• • Simandl, G.J. and Paradis, S. 2018. Carbonatites: related ore deposits, resources, footprint, and exploration methods, Applied Earth Science, 127:4, 123-152

• 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.

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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