KINGFISHER MINING LTD — Capital/Financing Update 2023

Jan 22, 2023

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ASX Announcement: 23 January 2023

CORPORATE PROFILE

Shares on issue: 52,650,001 Listed options: 10,450,000 Unlisted options: 10,500,000 Cash: $5.4M (30 September 2022) Market Capitalisation: $26.6M* 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

MW2 and MW7 Continue to Expand on Latest Surface Sample Results

32% TREO Returned from KF3 at Kingfisher Prospect

• Mapping and sampling of high grade Rare Earth Elements (REE) mineralisation continues to expand Mick Well. Results from both MW2 and MW7 have significantly extended the strike, with the mineralisation remaining open in all directions.

• Sampling at the Kingfisher Prospect has also identified another area of high grade REE mineralisation at the KF3 target, with a surface sample returning 32.16% TREO (Total Rare Earth Oxides) with 5.25% Nd2O3 + Pr6O11 (MWGS1577).

• The high grade REE discovery at KF3 occurs within Kingfisher's 54km Chalba target corridor and is 15km east of the Company's breakthrough Mick Well REE discoveries; the results continue to confirm additional high grade zones as exploration advances along the Chalba corridor.

• Mapping at MW2 has extended the mineralised zone to a strike length of 2km. The MW2 mineralised zone is 300m wide and is comprised of multiple lodes; with results from the newly identified extensions to MW2 including:

• 30.83% TREO with 5.10% Nd2O3 + Pr6O11 (MWGS1491)

• 15.25% TREO with 2.49% Nd2O3 + Pr6O11 (MWGS1499)

CORPORATE DIRECTORY

• 14.59% TREO with 2.44% Nd2O3 + Pr6O11 (MWGS1498)

• 10.12% TREO with 1.62% Nd2O3 + Pr6O11 (MWGS1490)

WARREN HALLAM

Non-Executive Chairman

JAMES FARRELL 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 $0.505 as of 20 January 2023

• 9.15% TREO with 1.50% Nd2O3 + Pr6O11 (MWGS1500)

• New high grade rock chip assays from MW7 extend the strike length of the mineralisation by 500m to over 1.5km, with two new lodes identified at the prospect. New assays from MW7 include:

• 14.60% TREO with 2.41% Nd2O3 + Pr6O11 (MWGS1443)

• 12.10% TREO with 2.04% Nd2O3 + Pr6O11 (MWGS1445)

• 11.68% TREO with 1.83% Nd2O3 + Pr6O11 (MWGS1587)

• 9.59% TREO with 1.62% Nd2O3 + Pr6O11 (MWGS1448)

• The mineralisation at MW2, MW7 and KF3 remains open in every direction and is part of the rapidly growing list of discoveries across the Company’s extensive Gascoyne tenure that consists of a combined mineralised corridor along the Chalba and Lockier shears of more than 80km.

• The first results from the resent 37 hole, 4,200m drilling program at MW2 are imminent and will be announced by the Company as soon as they are received.

Kingfisher Mining Limited ( ASX:KFM ) (“ Kingfisher ” or the “ Company” ) is pleased to announce that it has received new rock chip results from the high grade REE mineralisation discoveries at its 100% owned projects in the Gascoyne Mineral Field in Western Australia, further expanding the mineralisation strike at MW2 and MW7 and discovering further high grade mineralisation at the Kingfisher Prospect approximately 15km east of MW2.

Kingfisher’s Executive Director and CEO James Farrell commented: “We are excited to announce another high grade REE discovery at the KF3 target at our Kingfisher Project. The discovery confirms the potential for additional high grade mineralisation discoveries as we advance along our 54km Chalba REE corridor east of Mick Well.

Our Mick Well discoveries are continuing to grow. So far a mineralisation strike length of 1.5km has been identified at MW7 and it is still open. First pass drilling is now planned for April this year, together with infill and extensional drilling at our first discovery, MW2.

www.kingfishermining.com.au

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ASX Announcement: 23 January 2023

Our field work is set to recommence shortly and we are very excited to continue with the delineation and potential further discoveries as we work along our combined 80km target corridor on the Chalba and Locker shears.”

Kingfisher: KF3

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 1). 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 when fieldwork recommences this Quarter.

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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 1: 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.

MW2

On-going mapping at MW2 has led to the discovery of additional high grade outcropping monazite-rich mineralisation. The newly identified mineralisation lies along strike from the mineralisation in a 300m wide zone targeted by recent drilling (see ASX:KFM 20 December 2022), with the latest mapping extending the strike of the zone by 500m to be more than 2km (Figure 2). New high grade results from the strike extensions to MW2 include:

• 30.83% TREO with 5.10% Nd2O3 + Pr6O11 (MWGS1491)

• 15.25% TREO with 2.49% Nd2O3 + Pr6O11 (MWGS1499)

• 14.59% TREO with 2.44% Nd2O3 + Pr6O11 (MWGS1498)

• 10.12% TREO with 1.62% Nd2O3 + Pr6O11 (MWGS1490)

• 9.15% TREO with 1.50% Nd2O3 + Pr6O11 (MWGS1500)

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ASX Announcement:

23 January 2023

• 8.40% TREO with 1.22% Nd2O3 + Pr6O11 (MWGS1497)

• 6.44% TREO with 1.06% Nd2O3 + Pr6O11 (MWGS1495)

• 6.18% TREO with 0.97% Nd2O3 + Pr6O11 (MWGS1492)

• 5.86% TREO with 0.84% Nd2O3 + Pr6O11 (MWGS1496)

• 5.83% TREO with 0.95% Nd2O3 + Pr6O11 (MWGS1489)

• 3.35% TREO with 0.55% Nd2O3 + Pr6O11 (MWGS1501)

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MWGS1373: 0.55% TREO and 0.13% NdPr MWGS1488: 0.66% TREO and 0.11% NdPr
MWGS1374: 2.55% TREO and 0.46% NdPr MWGS1489: 5.83% TREO and 0.95% NdPr
MWGS1386: 4.83% TREO and 0.97% NdPr MWGS1490: 10.12% TREO and 1.62% NdPr
MWGS1387: 0.92% TREO and 0.23% NdPr MWGS1491: 30.83% TREO and 5.10% NdPr Open
MWGS1493: 0.87% TREO and 0.16% NdPr
Open MWGS1494: MWGS1495: 2.57% TREO and 0.63% NdPr6.44% TREO and 1.06% NdPr
MWGS1496: 5.86% TREO and 0.84% NdPr
MWGS1585: MWGS1586: 5.66% TREO and 0.95% NdPr2.81% TREO and 0.45% NdPr MW7 MWGS1497: MWGS1498 : 14.59% TREO and 2.44% NdPr8.40% TREO and 1.22% NdPr Open
MWGS1526: 6.79% TREO and 1.14% NdPr MWGS1366: MWGS1367: 7.03% TREO and 1.25% NdPr8.23% TREO and 1.53% NdPr
MW8 MWGS1587: 11.68% TREO and 1.83% NdPr MWGS1368: MWGS1369: MWGS1371: 10.87% TREO and 1.83% NdPr4.31% TREO and 0.78% NdPr12.14% TREO and 1.91% NdPr Open
MWGS1279: 5.06% TREO and 0.93% NdPr
MWGS1321: 6.71% TREO and 1.24% NdPr MWGS1355: 15.42% TREO and 2.71% NdPr
Open MWGS1378: MWGS1379: 31.82% TREO and 5.99% NdPr8.22% TREO and 1.40% NdPr Open MWGS1356: MWGS1357: 7.00% TREO and 1.26% NdPr1.37% TREO and 0.26% NdPr
MWGS1358: 11.28% TREO and 2.08% NdPr
Open
MWGS1338: 4.84% TREO and 0.80% NdPr
MWGS1339: 6.17% TREO and 0.89% NdPr
Open MWGS1341: MWGS1359: 0.24% TREO and 0.05% NdPr0.94% TREO and 0.17% NdPr
MW2 DRILL HOLE RESULTS:
MWGS1023: 3.85% TREO and 0.65% NdPr MWRC004: 12m at 1.12% TREO,
MW2 including 4m at 1.84% TREO
Open MWGS1276: MWGS1278: MWGS1377: 5.83% TREO and 1.05% NdPr0.04% TREO and 0.01% NdPr14.17% TREO and 2.49% NdPr Open MWRC011: including 3m at 5.21% TREO 5m at 3.45% TREO,
MWRC011: 4m at 1.03% TREO,
Open including 1m at 2.78% TREO
MWRC013: 8m at 1.05% TREO
Legend Open
Geology Rock Chips: TREO Open
Carbonatite complex >5% Open
Mineralised dyke 1-5%
Mineralised dyke 0.5-1%
(newly discovered)Mineralisation target 0.2-0.5%0.1-0.2% Open
0.0-0.1% MW3
Drilling
250 m
RC drill hole
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Figure 2: MW2 and MW7 rock chip samples and mineralisation. New results are shown in blue and previously reported 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). The outcropping mineralisation is located 500m northwest of Kingfisher’s MW2 discovery drill holes which included 5m at 3.45% TREO, with 3m at 5.21% TREO (see ASX:KFM 5 July 2022) and 12m at 1.12% TREO, with 4m at 1.84% TREO (see ASX:KFM 24 March 2022). Rock chip results are stated as Total Rare Earth Oxides (TREO%) and total Nd2O3 + Pr6O11 (%) content.

MW7

Geological mapping has identified two additional monazite-bearing lodes at MW7, increasing the cumulative strike length of the outcrop at the target by 500m to more than 1500m (Figure 2). The latest results from rock chip sampling of the high grade mineralisation at MW7 include:

• 14.60% TREO with 2.41% Nd2O3 + Pr6O11 (MWGS1443)

• 12.10% TREO with 2.04% Nd2O3 + Pr6O11 (MWGS1445)

• 11.68% TREO with 1.83% Nd2O3 + Pr6O11 (MWGS1587)

• 9.59% TREO with 1.62% Nd2O3 + Pr6O11 (MWGS1448)

• 6.79% TREO with 1.14% Nd2O3 + Pr6O11 (MWGS1526)

• 5.66% TREO with 0.95% Nd2O3 + Pr6O11 (MWGS1585)

• 5.09% TREO with 0.95% Nd2O3 + Pr6O11 (MWGS1447)

• 2.81% TREO with 0.45% Nd2O3 + Pr6O11 (MWGS1586)

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ASX Announcement: 23 January 2023

MW7 is now drill ready, and design work is already underway for the maiden drilling program at the prospect which is expected to commence in mid-April 2023.

The current mapping and rock chipping work is targeting a large number of laterally-extensive high priority targets in a broad area that extends 10km west-northwest from MW2 (Figure 3). The targets in this area are also associated with carbonatite complexes as well as high thorium and magnetic responses – similar to what is seen from the newly identified outcropping mineralisation at MW2. Significantly, all of these targets within this 10km long area also lie within Kingfisher’s target corridor, the Chalba Shear Zone, which extends for 54km across the Company’s Gascoyne tenure (Figure 4).

The Chalba Shear Zone is a broad WNW-trending crustal-scale structure that has played an important role in providing a conduit for the intrusion of the carbonatites, as well as the associated alteration and late-stage mineralised veins and carbonatite dykes. Fenites (carbonatite-associated alteration) and potassium fenites, are well-developed in the Mick Well area and are an important host of the REE mineralisation. The carbonatite intrusionrelated exploration and mineralisation model is shown in Figure 5.

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Priority Targets
Priority Targets
Open
MW7
MW8 Open
Open
Open
Open
Open MW2
Open
MW3
Legend
Geology
Carbonatite complex
Mineralised carbonatite dyke Priority Targets
Geophysics Priority Targets
20
Thorium
parts per million
40
1 km
100
Radiometrics
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Figure 3: Extensive thorium anomalies which extend 10km west-northwest of the MW2 discovery and are within the 54km target corridor within Kingfisher’s tenure. Priority targets, the outcropping mineralisation and the coincident thorium anomaly at the recently discovered REE-bearing carbonatite dykes are also shown.

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ASX Announcement: 23 January 2023

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Figure 4: Total Magnetic Intensity for the Kingfisher, Mick Well and Arthur River Projects. Kingfisher is targeting REE mineralisation associated carbonatite intrusions which intrude along faults and shear zones which extend for 54km within the Company’s tenure.

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23 January 2023

ASX Announcement:

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Figure 5: Carbonatite associated rare earth element mineralisation model*. The model shows carbonatite intrusions and dykes, areas of potassic fenitisation as well as the late stage REE-bearing dykes and veins – which have been discovered by the Company at the Mick Well project.

Gascoyne Exploration Program

Kingfisher carried out extensive and targeted exploration programs for its Gascoyne projects during 2022. The Company’s exploration work is cost-effective and is aiming to develop and test drill targets from ground-based mapping and rock sampling. The Company is also simultaneously developing a pipeline of exploration opportunities through integrating tenement-scale airborne geophysical surveys with geological knowledge from the Company’s breakthrough REE discovery at Mick Well. The geophysical survey from the 54km Chalba corridor is an important part of this generative work.

Planning is well advanced for the Company’s exploration activities for 2023 at its Gascoyne projects. It is envisaged the 2023 exploration activities will include drilling at MW2, MW7, MW8 as well as substantial project generation work across the 54km target corridor, including the CH1 to CH 10 targets as well as the Arthur River and Mooloo projects. The 2023 exploration activities are also likely to include airborne geophysics across the Mooloo project. The Company’s exploration plans for 2023 will be announced shortly.

Upcoming News

• January 2023: First assay results from MW2 drilling.

• January 2023: Quarterly Activity Report for period ending 31 December 2022.

• February 2023: Results from Arthur River project generation review.

• February 2023: Exploration activities for 2023.

• February 2023: Additional assay results from MW2 drilling.

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23 January 2023

ASX Announcement:

About the Kingfisher and Mick Well Projects

The Mick Well and Kingfisher 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 6). The tenure includes rocks of the Proterozoic Durlacher Suite that hosts the world-class Yangibana Deposit which includes 29.93Mt @ 0.93% TREO[# ] as well as the Archaean Halfway Gneiss.

The Company recently made discoveries of hard rock and clay rare earth elements mineralisation at Mick Well. Both styles of mineralisation are associated with carbonatites 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 18km across the Company’s Mooloo Project and 12km across the Arthur River Project.

Geology mapping and sampling of the REE mineralisation at MW2 has returned rock chip results of over 40% TREO and resulted in the delineation of five parallel lodes of outcropping mineralisation within a 300m wide mineralised zone. Kingfisher’s discovery drilling in the MW2 area has returned high grade monazite mineralisation with 5m at 3.45% TREO, including 3m at 5.21% TREO as well as 12m at 1.12% TREO, with 4m at 1.84% TREO. The mineralisation is associated with broad zones of potassium, sodic and mafic fenite, which are alteration styles that are associated with the intrusion of carbonatites.

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ASX Announcement: 23 January 2023

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Figure 6: 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: 23 January 2023

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 breakthrough high grade rare earth elements discovery in the Gascoyne region where it holds a target strike length of more than 50km along the mineralised corridor and 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.

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

Previous ASX Announcements

ASX:KFM: Mick Well REE Drill Program Completed 20 December 2022.

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

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.

• Elliott, H.A.L., Wall, F., Chakhmouradian, A.R., P.R.Siegfried, Dahlgrend, S., Weatherley, S., Finch, A.A., Marks, M.A.W., Dowman, E. and Deady, F. 2018. Fenites associated with carbonatite complexes: A review. Ore Geology Reviews , Volume 93, February 2018, Pages 38-59.

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

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ASX Announcement: 23 January 2023

^ 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: Rock Chip Sample Information

Sample ID	Easting	Northing	CeO2	Dy2O3	Er2O3	Eu2O3	Gd2O3	Ho2O3	La2O3	Lu2O3	Nd2O3	Pr6O11	Sm2O3	Tb2O3	Tm2O3	Y2O3	Yb2O3	TREO
MWGS1434	400631	7250475	2612	16.5	5.3	17.4	38.8	2.4	1685	0.45	741	242	79	3.80	0.69	69	3.76	5518
MWGS1435	400611	7250500	3828	15.6	4.5	22.3	48.2	2.2	2490	0.45	1054	345	106	4.14	0.57	58	3.07	7981
MWGS1437	400516	7250568	1642	18.1	6.5	14.1	34.3	3.0	1201	0.57	446	149	52	3.80	0.80	84	4.10	3659
MWGS1443	401217	7250285	70294	223.6	45.6	363.8	772.1	26.9	47718	1.82	17925	6153	1732	62.73	3.88	686	16.28	146026
MWGS1445	401299	7250326	57814	269.5	57.1	362.2	805.8	33.0	38652	3.07	15327	5119	1602	72.17	5.60	862	26.76	121011
MWGS1447	401307	7250400	22995	360.8	113.3	249.6	679.4	54.8	14300	5.91	7285	2223	1006	76.77	12.33	1472	57.73	50891
MWGS1448	401307	7250400	45752	161.4	46.4	228.8	488.5	22.3	31243	3.75	12115	4060	1110	40.86	5.48	639	29.38	95945
MWGS1488	402551	7250771	2958	49.8	15.6	35.4	93.8	7.6	1941	1.25	863	276	128	11.74	1.83	209	9.68	6600
MWGS1489	402556	7250772	28140	126.0	26.8	167.7	394.0	15.9	18742	1.48	7013	2461	750	36.72	2.51	384	12.18	58272
MWGS1490	402533	7250764	48417	163.9	34.3	264.5	577.9	20.6	33724	2.05	12006	4228	1207	49.72	3.54	506	16.74	101222
MWGS1491	402519	7250762	147493	421.4	47.9	898.9	1961.5	39.6	101395	1.59	37999	13017	4022	153.77	3.54	863	12.98	308330
MWGS1492	402500	7250721	29494	155.1	42.5	172.2	403.4	21.9	20464	2.96	7132	2548	752	39.25	4.57	580	24.82	61837
MWGS1493	402484	7250707	3888	70.1	21.6	51.5	145.9	10.7	2392	1.71	1238	380	195	17.15	2.51	285	13.89	8714
MWGS1494	402463	7250692	11058	276.0	70.9	242.5	651.2	38.1	5042	4.21	4929	1336	931	70.67	7.65	985	38.15	25682
MWGS1495	402461	7250679	30578	162.4	38.2	199.7	463.4	21.0	20798	2.27	7918	2722	869	44.89	3.88	533	19.02	64374
MWGS1496	402453	7250673	28387	68.1	15.2	118.1	219.2	8.7	20633	0.80	6057	2358	506	19.34	1.48	229	7.29	58629
MWGS1497	402460	7250688	40869	94.9	20.0	162.5	332.2	11.8	29207	1.25	8855	3334	767	28.54	1.94	286	10.13	83982
MWGS1498	402465	7250691	70197	219.9	38.6	402.8	851.7	25.1	47256	1.71	18105	6276	1847	70.33	3.43	617	14.58	145927
MWGS1499	402537	7250748	72731	307.6	61.1	432.8	981.3	37.5	50185	3.18	18471	6379	1886	91.27	5.82	932	27.56	152533
MWGS1500	402538	7250749	43424	204.6	47.6	277.1	612.5	26.2	29915	2.96	11206	3802	1188	57.09	5.03	683	23.91	91475
MWGS1501	402539	7250751	15690	133.2	37.0	121.0	297.7	19.4	10608	2.27	4119	1427	493	33.15	4.23	507	20.27	33512
MWGS1502	402540	7250801	2023	50.5	18.6	28.0	74.8	8.7	1371	1.71	610	191	88	10.36	2.40	249	12.98	4740
MWGS1526	401148	7250311	32451	139.7	39.2	173.1	383.7	20.0	21825	2.96	8489	2944	830	36.72	4.34	523	23.57	67885
MWGS1577	415264	7245497	155758	288.9	50.8	750.3	1377.3	31.0	106167	1.93	38954	13509	3830	99.10	4.45	787	17.88	321627
MWGS1585	401211	7250375	26768	217.5	75.0	176.4	419.9	33.7	17644	5.46	7041	2425	789	48.11	8.34	918	42.81	56612
MWGS1586	401254	7250388	13503	58.4	21.3	63.6	133.5	9.0	9152	1.82	3317	1202	310	13.70	2.63	250	13.44	28052
MWGS1587	401042	7250343	56715	104.3	22.1	222.1	396.5	12.8	39560	1.36	13403	4857	1167	31.54	2.06	320	10.13	116826

All sample information is parts per million (ppm). 100,000 ppm is equal to 10%.

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Attachment 1: JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels, random chips, or specific	•	Rock chip samples were taken as individual rocks representing an outcrop
techniques		specialised industry standard measurement tools appropriate to the minerals		to give an indication of possible grades and widths that can be expected
		under investigation, such as down hole gamma sondes, or handheld XRF		from drilling. Individual rock samples can be biased towards higher grade
		instruments, etc). These examples should not be taken as limiting the broad		mineralisation.
		meaning of sampling.	•	Rock chip samples were typically between 1 and 2 kg. The entire sample
	•	Include reference to measures taken to ensure sample representivity and the		received by the laboratory was crushed and pulverised to 85% passing 75
		appropriate calibration of any measurement tools or systems used.		micron.
	•	Aspects of the determination of mineralisation that are Material to the Public	•	A duplicate sample of between 0.1 and 0.2 kg was retained by the
		Report.		Company for some of samples reported.
	•	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,	•	No new drilling results are included in this report.
techniques		auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard
		tube, depth of diamond tails, face-sampling bit or other type, whether core is
		_oriented and if so, by what method, etc). _
Drill sample	•	Method of recording and assessing core and chip sample recoveries and	•	No new drilling results are included in this report.
recovery		results assessed.
	•	Measures taken to maximise sample recovery and ensure representative
		nature of the samples.
	•	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	•	No new drilling results are included in this report.
		logged to a level of detail to support appropriate Mineral Resource estimation,
		mining studies and metallurgical studies.
	•	Whether logging is qualitative or quantitative in nature. Core (or costean,
		channel, etc) photography.
	•	The total length andpercentage of the relevant intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all core taken.	•	The entire sample received by the laboratory was crushed and pulverised
techniques	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether		to 85% passing 75 micron.
and sample		sampled wet or dry.
preparation	•	For all sample types, the nature, quality and appropriateness of the sample preparation technique.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	•	Quality control procedures adopted for all sub-sampling stages to maximise
		representivity of samples.
	•	Measures taken to ensure that the sampling is representative of the in situ
		material collected, including for instance results for field duplicate/second-half
		sampling.
	•	Whether sample sizes are appropriate to the grain size of the material being
		sampled.
Quality of	•	The nature, quality and appropriateness of the assaying and laboratory	•	Samples were analysed by Intertek Genalysis in Perth. The sample analysis
assay data		procedures used and whether the technique is considered partial or total.		uses a sodium peroxide fusion with an Inductively Coupled Plasma Mass
and laboratory tests	•	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and		Spectrometry and Inductively Coupled Plasma (ICP) Mass Spectrometry (MS) and Optical Emission Spectrometry (OES) finish.
		model, reading times, calibrations factors applied and their derivation, etc.
	•	Nature of quality control procedures adopted (eg standards, blanks,
		duplicates, external laboratory checks) and whether acceptable levels of
		accuracy (ie lack of bias) andprecision have been established.
Verification of	•	The verification of significant intersections by either independent or alternative	•	Independent checks or field duplicates were not conducted for rock chips
sampling and		company personnel.		and are not considered necessary for that type of sample.
assaying	•	The use of twinned holes.
	•	Documentation of primary data, data entry procedures, data verification, data
		storage (physical and electronic) protocols.
	•	Discuss any adjustment to assay data.
Location of	•	Accuracy and quality of surveys used to locate drill holes (collar and down-	•	Rock chip sample locations were surveyed using a handheld GPS using
data points		hole surveys), trenches, mine workings and other locations used in Mineral		the UTM coordinate system, with an accuracy of +/-5m.
		Resource estimation.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data spacing	•	Data spacing for reporting of Exploration Results.	•	No new drilling results are included in this report.
and	•	Whether the data spacing and distribution is sufficient to establish the degree
distribution		of geological and grade continuity appropriate for the Mineral Resource and
		Ore Reserve estimation procedure(s) and classifications applied.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling of possible	•	The nature of the surface outcrops of mineralisation appears to be similar
data in		structures and the extent to which this is known, considering the deposit type.		to the mineralisation intersected in drilling, where the interpreted
relation to	•	If the relationship between the drilling orientation and the orientation of key		orientation indicates a true width for the mineralised zone of between 6
geological structure		mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.		and 7m (MWRC004).
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.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				Samples were transported to the laboratory in Perth sealed bulka bags.
Audits or	•	The results of any audits or reviews of sampling techniques and data.	•	The sampling techniques and analytical data are monitored by the
reviews				Company’s geologists.
			•	External audits of the data have not been completed.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral tenement	•	Type, reference name/number, location and ownership including	•	The project area is located 80km northeast of the Gascoyne Junction and
and land tenure		agreements or material issues with third parties such as joint ventures,		230km east of Carnarvon.
status		partnerships, overriding royalties, native title interests, historical sites,	•	The project includes 12 granted Exploration Licences, E09/2242, E09/2349,
		wilderness or national park and environmental settings.		E09/2319, E09/2320, E09/2481, E09/2494, E09/2495, E09/2653, E09/2654,
	•	The security of the tenure held at the time of reporting along with any		E09/2655, E09/2660 and E09/2661.
		known impediments to obtaining a licence to operate in the area.	•	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	•	No new drilling results are included in this report.
Information		exploration results including a tabulation of the following information for all
		Material drill holes:
		o easting and northing of the drill hole collar
		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 isjustified on the basis that the

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		information is not Material and this exclusion does not detract from the
		understanding of the report, the Competent Person should clearly explain
		why this is the case.
Data aggregation	•	In reporting Exploration Results, weighting averaging techniques, maximum	•	No new drilling results are included in this report and no data aggregation
methods		and/or minimum grade truncations (eg cutting of high grades) and cut-off		has been applied.
		grades are usually Material and should be stated.
	•	Where aggregate intercepts incorporate short lengths of high grade results
		and longer lengths of low grade results, the procedure used for such
		aggregation should be stated and some typical examples of such
		aggregations should be shown in detail.
	•	The assumptions used for any reporting of metal equivalent values should
		be clearly stated.
Relationship	•	These relationships are particularly important in the reporting of Exploration	•	No new drilling results are included in this report.
between		Results.	•	True width is obscured by thin cover and appears to be similar to intervals
mineralisation	•	If the geometry of the mineralisation with respect to the drill hole angle is		intersected in drilling, 6 to 7m.
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 showing relevant data has been included in the report.
		should be included for any significant discovery being reported These
		should 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 rock chip samples of REE mineralisation have been reported. The
reporting		representative reporting of both low and high grades and/or widths should		reported sample batches also included some samples collected as part
		be practiced to avoid misleading reporting of Exploration Results.		of ongoing evaluation of the geology of the area.
Other	•	Other exploration data, if meaningful and material, should be reported	•	All of the relevant historical exploration data has been included in this
substantive		including (but not limited to): geological observations; geophysical survey		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 Company.
		or depth extensions or large-scale step-out drilling).	•	Exploration to include tenement-scale acquisition of geophysics data to
	•	Diagrams clearly highlighting the areas of possible extensions, including the		define the extents of carbonatites, mapping and rock chip sampling as
		main geological interpretations and future drilling areas, provided this		well as additional RC drilling.
		information is not commercially sensitive.

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