KINGFISHER MINING LTD — Interim / Quarterly Report 2021

Feb 22, 2021

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ABN: 96 629 675 216

HALF YEAR REPORT

For the Period Ended 31 December 2020

CONTENTS
CORPORATE DIRECTORY	1
DIRECTORS’ REPORT	2
AUDITOR’S INDEPENDENCE DECLARATION	9
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	10
STATEMENT OF FINANCIAL POSITION	11
STATEMENT OF CHANGES IN EQUITY	12
STATEMENT OF CASH FLOWS	13
NOTES TO THE FINANCIAL STATEMENTS	14
DIRECTORS’ DECLARATION	19
INDEPENDENT AUDITOR’S REVIEW REPORT	20

Kingfisher Mining Limited

CORPORATE DIRECTORY

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DIRECTORS

Warren Hallam Non-Executive Chairman James Farrell Executive Director Adam Schofield Non-Executive Director Scott Huffadine Non-Executive Director

SECRETARY

Stephen Brockhurst

REGISTERED OFFICE

Level 11, London House, 216 St Georges Terrace Perth WA 6000 Telephone: +61 8 9481 0389 Facsimile: +61 8 9463 6103

BUSINESS OFFICE

Unit 2, 106 Robinson Avenue Belmont WA 6104

WEBSITE & EMAIL

www.kingfishermining.com.au info@kingfishermining.com.au

STOCK EXCHANGE LISTINGS

Australian Securities Exchange ASX Code: KFM

AUDITORS

Criterion Audit Pty Ltd Suite 2, 642 Newcastle Street Leederville WA 6007

BANKER

National Australia Bank 1232 Hay Street West Perth WA 6005

LEGAL ADVISORS

HWL Ebsworth Level 20 ,240 St Georges Terrace PERTH WA 6000

SHARE REGISTRY

Automic Registry Services Pty Ltd Level 2, 267 St Georges Terrace Perth WA 6000 Telephone: +61 8 9324 2099

Kingfisher Mining Limited

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DIRECTORS’ REPORT

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Your Directors submit the financial report of the Company for the period ended 31 December 2020.

DIRECTORS

The names of Directors who held office during or since the end of the period:

Name	Title
Warren Hallam	Non-Executive Chairman
James Farrell	Executive Director(appointed 5 August 2020)
Adam Schofield	Non-Executive Director
Scott Huffadine	Non-Executive Director

COMPANY SECRETARY

Name	Title
Stephen Brockhurst	CompanySecretary

PRINCIPAL ACTIVITIES

During the financial period the principal activities of the Company consisted of identifying and acquiring assets to support the Company’s ASX listing, with the Company completing a sale agreement to purchase tenments E08/2945, E09/2242, E09/2319, E09/2320 and E09/2349 on 12 June 2020.

REVIEW OF RESULTS

The loss after tax for the period ended 31 December 2020 was $645,013 (2019: $86,756) mainly a result of the share based payments.

DIVIDENDS

No dividends were paid or declared during the period ended 31 December 2020 (2019: Nil).

CORPORATE

Exploration company Kingfisher Mining Limited (‘Kingfisher’ or ‘the Company’) was incorporated on 29 October 2018. During the period the following security issues took place:

• On 13 August 2020 the Company issued 1,000,000 seed shares at $0.01 per share;

• On 13 August 2020 the Company issued 2,500,000 vendor shares at $0.01 per share;

• On 14 August 2020 the Company issued 500,000 seed shares at $0.02 per share;

• On 14 August 2020 the Company issued 250,000 seed shares at $0.02 per share;

• On 6 October 2020 the Company cancelled the remaining 1,500,000 options exercisable at $0.20 expiring 4 years from ASX listing date, granted 5,000,000 options exercisable at $0.25 expiring 3 years from ASX listing date to Directors and granted 1,250,000 options exercisable at $0.25 expiring 3 years from ASX listing date to the vendors;

Kingfisher Mining Limited

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DIRECTORS’ REPORT continued

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• On 7 October 2020 the Company issued 250,000 seed shares at $0.10 per share;

• On 13 October 2020 the Company issued 750,000 seed shares at $0.10 per share;

• On 5 November 2020 the Company issued 2,000,000 seed shares at $0.10 per share; and

• On 7 December 2020 the Company issued 30,000,000 IPO shares at $0.20 per share and granted 4,000,000 options exercisable at $0.25 expiring 3 years from ASX listing date to the broker.

COVID-19 IMPACTS

The impacts of COVID-19 on the Company were not significant.

OPERATIONS

Kingfisher has four wholly owned projects in Western Australia. The Company’s flagship Boolaloo Project is located in the Ashburton Mineral Field, approximately 35km from the Paulsens gold mine, and has a number of exciting copper and gold exploration targets. The Kingfisher, Mick Well and Arthur River Projects are located in the Gascoyne region and are prospective for volcanogenic massive sulphide style mineralisation, with copper mineralisation at Kingfisher exposed in a series of shallow historical mining pits over a strike length of 2km.

All of the projects have been subject to limited historical exploration which has identified numerous mineralisation zones. The Company has identified a significant quantity of high-quality targets and has recently continued to add to its portfolio by acquiring additional tenure that covers the strike extents of the target mineralised structures.

Boolaloo

Kingfisher’s Boolaloo copper-gold and base metal project is located approximately 160km west of Paraburdoo and 35km southwest of the Paulsen's gold mine in the Ashburton region of Western Australia (Figure 1).

Past exploration at the project included geological mapping, surface geochemistry, geophysical surveys and reverse circulation (RC) drilling. This produced 22 mineralised targets, with only six of the targets tested by drilling, returning results which included:

• 4m @ 1.06% Cu & 1.40 g/t Au from 109m, including 1m @ 1.41% Cu & 2.70 g/t Au from 110m (MIRC002);

• 3m @ 1.83% Cu & 1.12 g/t Au, including 1m @ 3.14% Cu & 1.38 g/t Au from 96m (MIRC004);

• 2m @ 1.44% Cu & 1.36 g/t Au from 137m, including 1m @ 2.28% Cu & 2.28 g/t Au from 138m (MIRC009);

• 3m @ 3.05% Cu & 0.57 g/t Au, including 2m @ 3.90% Cu & 0.77 g/t Au from 63m (MIRC013); and

• 2m @ 3.81% Cu & 0.62 g/t Au from 62m (MIRC027)[#] .

Kingfisher Mining Limited Prospectus, 9 November 2020 and WAMEX Report a076055.

Past exploration has also established significant mineralisation strike lengths at K15 and K16, with the K16 mineralised zone being intersected over a strike length of 1.5km.

Kingfisher Mining Limited

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DIRECTORS’ REPORT continued

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Mineralisation at Boolaloo occurs on east-west trending faults. The Company has pegged exploration licences over the potential strike extents of the interpreted mineralised structures. The Company’s tenure now covers more than 30km of strike of the interpreted mineralised structures; approximately three times the strike length of the previous Boolaloo exploration area (Figure 2).

During the half year, Kingfisher acquired data from an airborne hyperspectral survey completed over Boolaloo in 2007 and engaged a consultant with significant expertise with hyperspectral data to re-process the data. Hyperspectral surveys are a powerful tool for exploration and provide detailed information about the geology and significantly, alteration associated with mineralisation. The results from the reprocessing were received after the half and are described in the events subsequent to the reporting date.

Kingfisher lodged an application for E08/3317 covering 96 blocks (303km[2] ) in December 2020. The application expands Kingfisher’s prospective tenure in the Ashburton Mineral Field significantly, from 410km[2] to 713km[2] and infills some of the last available tenure between the Ashburton Basin and Pilbara Craton.

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Legend
Ashburton Paulsens Gold Mine (NST)
Production 909 koz Au [i] , Resources 209 koz Au [ii]
Mt Clement Project (NST) EL08/3317
Resources 64 koz Au [iii]
Erny Bore (Au)
K16
Copper Strike
Fault
Tenements
Kingfisher Mining (Granted)
Kingfisher Mining (Pending)
Northern Star Resources
Cazaly Resources
25 km
----- End of picture text -----

Figure 1: Location of the Boolaloo Project in the Ashburton Mineral Field showing the K16, Copper Strike and Erny Bore Prospects within the Company’s tenure and the 1:2,500,000 geology map of Western Australia. Selected tenements of other companies active in the Ashburton Basin are also shown. Refer to the previous announcements section of this release for detailed information on the past production[i] and resources[ii] of Paulsens Gold Mine and Mt Clement Project[iii] .

• i. Paulsens Gold Mine past production: Northern Star Paulsens Gold Operations Fact Sheet dated July 2018: https://www.nsrltd.com/wp-content/uploads/2018/08/NSR-Paulsens-OperationsFact-Sheet-July-2018.pdf

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DIRECTORS’ REPORT continued

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• ii. Paulsens Gold Mine resources: ASX Announcement “Production set to increase 30% over next two years and costs to fall 10%” released 13 August 2020. https://www.nsrltd.com/wpcontent/uploads/2020/08/Resources-and-Reserves-Production-and-Cost-Guidance-Update-exKCGM-13-08-2020.pdf

• iii. Mt Clement resources: Artemis Resources Limited Annual Report to Shareholders for year ended 30 June 2019.

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Legend
Exploration Licence
Erny Bore Mineralisation
Rock Chips Mineralised structure
8.06 g/t Au (interpreted)
Green Rock Rock Chips 2.10 g/t Au1.81 g/t Au RC drill hole
14.1% Cu 1.21 g/t Au Historical mine
12.3% Cu
9.34% Cu Mineralised corridor
6.06% Cu Rattler
Mineralised corridor 1.1 g/t Au Rock Chips6.9% Cu Au, Zn
0.43 g/t Au
Cu, Au
Minga Bore North Rock Chips Cu, Au Cu, Au, Pb, Ag
54.5% Cu Copper Strike
Rock Chips
1.47 g/t Au Isas Creek 49% Au
Cu, Au Rock Chips 16.2% Au
Green Hat 11% Cu1.24 g/t Au Cu, Au, Pb, Ag 103 g/t Ag6.12% Pb
Rock Chips
3.1% Cu RC Drilling
0.13 g/t Au Cu, Au 2m @ 3.81% Cu & 0.62 g/t Au10m @ 0.43% Cu
7m @ 0.47% Cu
K15 Prospect K16 Prospect Lag Anomaly Eagles Rest
Rock Chips Rock Chips Rock Chips Rock Chips
15.1% Cu & 4.56 g/t Au 41.2% Cu & 4.96 g/t Au 15.0% Cu & 3.8 g/t Au 20.0% Pb & 30.4 g/t Ag
9.2% Cu & 2.14 g/t Au 9.62% Cu & 2.05 g/t Au 11.3% Cu 6.6% Pb
RC Drilling3m @ 3.05% Cu & 0.57 g/t Au RC Drilling4m @ 1.06% Cu & 1.40 g/t Au 6.0% Cu & 0.8 g/t Au3.0% Channel Sampling10m @ 1.13% Cu & 0.3 g/t Au
3m @ 1.83% Cu & 1.12 g/t Au Channel Sampling
2m @ 1.44% Cu & 1.36 g/t Au 1.2m @ 5.0% Cu & 0.86 g/t Au 2 km
2m @ 1.52% Cu & 0.13 g/t Au 4m @ 2.4% Cu
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Figure 2: Boolaloo Prospects showing historic drilling and sampling#.

Kingfisher

The Kingfisher Project is located approximately 235km east of Carnarvon, in the Gascoyne region of Western Australia (Figure 3). The area is prospective for volcanogenic massive sulphide style mineralisation and copper mineralisation is exposed in a series of shallow historical mining pits over a strike length of 2km.

Previous exploration at the Kingfisher Project has 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.

Kingfisher Mining Limited

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DIRECTORS’ REPORT continued

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During the half year, the Company submitted an application for E09/2481 which includes 79 blocks (245km[2] ) and surrounds the Company’s existing Kingfisher and Mick Well tenements and abuts tenements held by Rio Tinto Exploration in the west. Significantly, the application also covers the interpreted position of the mineralised corridor between the Kingfisher and Mick Well Projects (Figure 4).

Mick Well

The Mick Well Project is located approximately 290km via road east of Carnarvon in the Gascoyne Mineral Field.

Mineralisation at Mick Well outcrops as quartz reefs and gossanous ironstones which are up to 10m in width. Past exploration in the area is limited, with previous rock chip sampling showing results up to 10.6% Cu over a strike length of 1km within a geological zone which extents for approximately 10km within the company’s tenure. Only two drill holes have been completed at Mick Well, with the best result being 11m @ 0.25% Cu from 118 m (MWDD001).

During the Quarter, Kingfisher reprocessed data from the airborne magnetic survey completed in 2007 that covers the Mick Well and Kingfisher Projects. Geological interpretation of the reprocessed data is on-going and will be incorporated into future exploration work at the projects.

Arthur River

The Arthur River project is located approximately 50km northeast of the Gascoyne Junction, and approximately 200km east of Carnarvon. The project lies within the Gascoyne Complex and the geology of the area dominantly consists of quartzites, mafic amphibolites, ferruginous cherts, marbles and pegmatites.

Copper anomalism and historic workings are widespread through the project area, with historic rock chip samples returning results of up to 6.6% Cu.

Kingfisher Mining Limited

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DIRECTORS’ REPORT continued

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Legend
Gascoyne
Mick Well
Kingfisher
Fault
Tenements
Kingfisher Mining (Granted)
Arthur River
Kingfisher Mining (Pending)
Polymetallica Minerals
Venus Metals Corporation
Serena Minerals
Arrow Minerals
25 km
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Figure 3: Location of the Kingfisher, Mick Well and Arthur River Projects in the Gascoyne Mineral Field and the 1:2,500,000 geology map of Western Australia. Selected tenements of other companies active in the Gascoyne Region are also shown.

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Legend
EL (Granted)
EL (Pending)
Fault
Mineralisation
Diamond drill hole
EL09/2320
Mick Well
RC Drilling EL09/2242
11m @ 0.25% Cu
Kingfisher
EL09/2481 RC Drilling
3m @ 0.6% Cu
Target corridor
2 km
EL09/2349
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Figure 4: Kingfisher and Mick Well total magnetic intensity showing mineralisation zones and previous RC drilling in the target geological structure. The magnetic image is limited to the boundary of tenement application EL09/2481.

Kingfisher Mining Limited

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DIRECTORS’ REPORT continued

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Competent Person’s Statement

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.

ENVIRONMENTAL REGULATION

The Company is subject to significant environmental and monitoring requirements in respect of its natural resources exploration activities. The Directors are not aware of any significant breaches of these requirements during the period.

EVENTS SUBSEQUENT TO REPORTING DATE

There are no matters or circumstances have arisen since the end of the period which will significantly affect, or may significantly affect, the state of affairs or operations of the reporting entity in future financial periods.

After the reporting period, the Company received results for the reprocessing of the hyperspectral survey data. The results of the were reported to the ASX on 17 February 2021 in an announcement titled “Reprocessed Airborne Survey Reveals Extensive Hydrothermal Alteration at Boolaloo Copper-Gold Project”.

New imagery from the reprocessed airborne hyperspectral survey data revealed laterally extensive zones of hydrothermal alteration. Siginficantly, areas of known mineralisation lie withn the laterally extensive alteration zones, which are now being targeted to develop new drill targets.

AUDITOR’S DECLARATION OF INDEPENDENCE

The auditor’s independence declaration for the period ended 31 December 2020 has been received and is included within the financial statements.

This report is made in accordance with a resolution of Directors, pursuant to section 306(3) of the Corporation Act 2001. Signed in accordance on behalf of the Directors.

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________ James Farrell Executive Director

23 February 2021

Kingfisher Mining Limited

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Criterion Audit Pty Ltd

ABN 85 165 181 822 PO Box 233 LEEDERVILLE WA 6902

Suite 2, 642 Newcastle Street LEEDERVILLE WA 6007

Phone: 9466 9009

To The Board of Directors

Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

As lead audit director for the audit of the financial statements of Kingfisher Mining Ltd for the half year ended 31 December 2020, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• any applicable code of professional conduct in relation to the review.

Yours faithfully

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CHRIS WATTS CA Director

CRITERION AUDIT PTY LTD

DATED at PERTH this 23[rd] day of February 2021

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Liability limited by a scheme approved under Professional Standards Legislation

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2020

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Note Revenue Accounting fees Compliance fees Consultancy fees Directors’ remuneration Exploration expenditure Insurance expense IT expenses Legal expenses Marketing expenses Occupancy expenses Other expenses Share based payments expense 9 Travel expenses Loss before tax Income tax benefit/(expense) Net loss for the year from operations Other comprehensive income Total comprehensive loss for the year Basic loss per share (cents)	Company 31 December 2020 $ Company 31 December 2019 $ 63 5 (19,564) (1,030) (17,010) (1,237) (23,019) - (28,347) (80,646) (65,000) (9,848) (3,223) - (220) - (2,169) - (4,972) - - 6,000 (6,260) - (475,250) - (42) -
	(645,013) (86,756) - -
	(645,013) (86,756)
	- -
	(645,013) (86,756)
	(4.82)c (1.93)c

The accompanying notes form part of these financial statements.

Kingfisher Mining Limited

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STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020

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Note ASSETS Current Assets Cash and cash equivalents 4 Trade and other receivables 5 Other assets Total Current Assets Non-Current Assets Exploration and evaluation expenditure 6 Total Non-Current Assets Total Assets LIABILITIES Current Liabilities Trade and other payables 7 Provisions Total Current Liabilities Total Liabilities Net Assets / (Liabilities) EQUITY Contributed equity 8 Reserves 9 Accumulated losses Total Equity	Company 31 December 2020 $ Company 30 June 2020 $ 5,587,966 555 38,810 41 14,858 14,255
	5,641,634 14,851
	58,243 -
	58,243 -
	5,699,877 14,851
	65,503 44,779 2,702 -
	68,205 44,779
	68,205 47,779
	5,631,672 (29,928)
	5,457,964 55,001 1,097,150 193,500 (923,442) (278,429)
	5,631,672 (29,928)

The accompanying notes form part of these financial statements.

Kingfisher Mining Limited

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STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2020

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Company Note Balance at 30 June 2020 Equity issues 8 Equity issue costs 8 Net share based payments 9 Profit/(loss) for the period Other comprehensive income Total comprehensive loss for the period Balance at 31 December 2020 Balance at 30 June 2019 Equity issues 8 Share based payments 9 Loss for the period Other comprehensive income Total comprehensive loss for the period Balance at 31 December 2019	Contributed Equity $ Share Based Payments Reserve $ Options Reserve $ Accumulated Losses $ Total $ 55,001 193,500 - (278,429) (29,928) 6,350,400 - - - 6,350,400 (947,437) - - - (947,437) - 475,250 428,400 - 903,650 - - - (645,013) (645,013) - - - - -
	- - - (645,013) (645,013)
	5,457,964 668,750 428,400 (923,442) 5,631,672
	45,001 193,500 (303,200) (64,699) - - - - - - - - (86,756) (86,756) - - - -
	- - (86,756) (86,756)
	45,001 193,500 (389,956) (151,455)

The accompanying notes form part of these financial statements.

Kingfisher Mining Limited

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STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2020

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Note Cash flows from operating activities Payments to suppliers and employees Proceeds from receipt of interest Payment for exploration and evaluation assets Net cash (used in) operating activities 11 Cash flows from investing activities Net cash from / (used in) investing activities Cash flows from financing activities Proceeds from equity issues Payment of equity issue costs Proceeds from borrowings Net cash provided from financing activities Net increase in cash held Cash and cash equivalents at beginning of the year Cash and cash equivalents at year end 4	Company 31 December 2020 $ Company 31 December 2019 $ (141,226) (6,942) 63 5 (102,789) -
	(243,952) (6,937)
	- -
	6,350,400 - (519,037) - 7,887
	5,831,363 7,887
	5,587,411 950 555 15,091
	5,587,966 16,041

The accompanying notes form part of these financial statements.

Kingfisher Mining Limited

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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020

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1. Corporate information

This half year report covers Kingfisher Mining Limited (the “Company”), a company incorporated in Australia for the 6 month period ended 31 December 2020. The presentation currency of the Company is Australian Dollars (“$”). A description of the Company’s operations is included in the review and results of operations in the Directors’ Report. The Directors’ Report is not part of the financial statements. The Company is a for-profit entity and limited by shares incorporated in Australia whose shares are traded under the ASX code “KFM”. The financial statements were authorised for issue on 23 February 2021 by the Directors of the Company. The Directors have the power to amend and reissue the financial statements. The principal accounting policies adopted in the preparation of the financial statements are set out below.

2. Accounting policies

The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

a. Statement of compliance

The general purpose financial statements of the Company have been prepared in accordance with the requirements of the Corporations Act 2001 , Australian Accounting Standards, including AASB 134: Interim Financial Reporting and other authoritative pronouncements of the Australian Accounting Standards Board.

c. Basis of preparation

The financial statements have been prepared on the basis of historical cost. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australia dollars, unless otherwise noted. The accounting policies and methods of computation adopted in the preparation of the half year financial report are consistent with those adopted and disclosed in the Company’s annual financial report for the financial year ended 30 June 2020, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australia Accounting Standards and with International Financial Reporting Standards.

d. Comparatives

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

e. New or amended Accounting Standards and Interpretations adopted

In the period ended 31 December 2020, the Company has reviewed all of the new and revised Accounting Standards and Interpretations issued by the Australian Accounting Standards Board that are relevant to its operations and effective for the current reporting period. It has been determined by the Company that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to the Company accounting policies.

Kingfisher Mining Limited

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NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2020

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4. Cash and cash equivalents Cash at bank 5. Trade and other receivables GST receivable 6. Exploration and evaluation expenditure Balance at beginning of period Equity issues from tenement acquisitions Exploration expenditure incurred Balance at end of period 7. Trade and other payables Accrued expenses Trade creditors	Company 31 December 2020 $ Company 30 June 2020 $ 5,587,966 555 5,587,966 555 38,810 41
	38,810 41
	- - 25,000 - 33,243 -
	58,243 -
	6,650 32,242 58,853 12,537
	65,503 44,779

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NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2020

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8. Contributed equity Balance at beginning of period Share issue: 14 February 2020 Share issue: 13 August 2020 Share issue: 14 August 2020 Share issue: 7 October 2020 Share issue: 13 October 2020 Share issue: 5 November 2020 Share issue: 7 December 2020 Share issue costs1 Balance at end of period	Company 31 December 2020 Company 30 June 2020 No. $ No. $ 5,000,001 55,001 4,500,001 45,001 - - 500,000 10,000 3,500,000 35,000 - - 750,000 15,000 - - 250,000 25,000 - - 750,000 75,000 - - 2,000,000 200,000 - - 30,000,000 6,000,400 - - - (947,437) - -
	42,250,001 5,457,964 5,000,001 55,001

1 Varies from cash outflows due to option valuations.

9. Reserves Share based payments reserve Balance at beginning of year Share based payments2 Option cancellation3 Balance at end of year	Company 31 December 2020 $ Company 30 June 2020 $ 193,500 193,500 668,750 - (193,500) -
	668,750 193,500

2 On 6 October 2020 the Company issued a total of 5,000,000 options exercisable at $0.25 expiring 3 years from date of ASX listing to Directors of the Company. On 6 October 2020 the Company issued a total of 1,250,000 options exercisable at $0.25 expiring 3 years from date of ASX listing to the broker. The options have been valued using the Black-Scholes option valuation method. Inputs used include a share price of $0.20; volatility of 90%; and an interest rate of 0.18% associated the 3 year Australian government bond rate.

3 Options granted to Directors in a prior year were cancelled and resissued as per sub note 2 above.

Kingfisher Mining Limited

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NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2020

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	Company	Company
31	December 2020	30 June 2020
	$	$

9. Reserves (continued) Options reserve Balance at beginning of year Share based payments2 Balance at end of year	- - 428,400 -
	428,400 -

10. Events after the end of the reporting year

There are no matters or circumstances have arisen since the end of the year which will significantly affect, or may significantly affect, the state of affairs or operations of the reporting entity in future financial periods.

After the reporting period, the Company received results for the reprocessing of the hyperspectral survey data. The results of the were reported to the ASX on 17 February 2021 in an announcement titled “Reprocessed Airborne Survey Reveals Extensive Hydrothermal Alteration at Boolaloo Copper-Gold Project”.

New imagery from the reprocessed airborne hyperspectral survey data revealed laterally extensive zones of hydrothermal alteration. Siginficantly, areas of known mineralisation lie withn the laterally extensive alteration zones, which are now being targeted to develop new drill targets.

11. Commitments and contingencies a. Commitments relating to operating expenditures Not longer than 1 year More than 1 year but not longer than 5 years More than 5 years	Company 31 December 2020 $ Company 30 June 2020 $ 113,560 113,560 239,310 296,090 - -
	352,870 409,650

b. Contingent assets and contingent liabilities

There are no contingent assets nor any contingent liabilities as at 31 December 2020.

Kingfisher Mining Limited

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NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2020

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12. Related party transactions

There were no related party transactions during the period ended 31 December 2020, other than Director remuneration.

Kingfisher Mining Limited

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DIRECTORS’ DECLARATION

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The Directors of the Company declare that:

• The financial statements and notes are in accordance with the Corporations Act 2001 and:

• a. comply with Australian Accounting Standards;

• b. give a true and fair view of the Company’s financial position as at 31 December 2020 and of the performance for the period ended 31 December 2020;

In the Directors’ opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

The Directors have been given the declarations required by section 295A of the Corporations Act 2001.

This declaration is signed in accordance with a resolution of the Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the Directors

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________ James Farrell Executive Director 23 February 2021

Kingfisher Mining Limited

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Criterion Audit Pty Ltd ABN 85 165 181 822 PO Box 233 LEEDERVILLE WA 6902 Suite 2, 642 Newcastle Street LEEDERVILLE WA 6007

Independent Auditor’s Review Report

Phone: 9466 9009

To the Members of Kingfisher Mining Ltd

Conclusion

We have reviewed the half-year financial report of Kingfisher Mining Ltd (“the Company”), which comprises the statement of financial position as at 31 December 2020, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Kingfisher Mining Ltd does not comply with the Corporations Act 2001 including:

• a. Giving a true and fair view of the Company’s financial position as at 31 December 2020 and of its performance for the half-year ended on that date; and

• b. Complying with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations 2001 .

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the ethical requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants ( including Independence Standards ) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s review report.

Responsibility of the Directors for the Half-Year Financial Report

The Directors are responsible for the preparation of the half-year financial report that gives us a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the

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Liability limited by a scheme approved under Professional Standards Legislation

directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility for the Review of the Half-Year Financial Report

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Company’s financial position as at 31 December 2020 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

A review of a financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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CRITERION AUDIT PTY LTD

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CHRIS WATTS CA Director

DATED at PERTH this 23[rd] day of February 2021