KINGFISHER MINING LTD — Interim / Quarterly Report 2024

Mar 11, 2024

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HALF YEAR REPORT For the Period Ended 31 December

ASX KFM

Unit 2, 106 Robinson Avenue Belmont WA 6104 AUSTRALIA

SOURCING THE FUTURE METALS OF TOMORROW

CONTENTS
CORPORATE DIRECTORY	1
DIRECTORS’ REPORT	2
AUDITOR’S INDEPENDENCE DECLARATION	13
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	14
STATEMENT OF FINANCIAL POSITION	15
STATEMENT OF CHANGES IN EQUITY	16
STATEMENT OF CASH FLOWS	17
NOTES TO THE FINANCIAL STATEMENTS	18
DIRECTORS’ DECLARATION	22
INDEPENDENT AUDITOR’S REVIEW REPORT	23

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CORPORATE DIRECTORY

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DIRECTORS

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

SECRETARY

Stephen Brockhurst

REGISTERED OFFICE

Level 8, 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

Hamilton Locke Pty Ltd Level 48 ,152-158 St Georges Terrace PERTH WA 6000

SHARE REGISTRY

Automic Registry Services Pty Ltd Level 5, 191 St Georges Terrace Perth WA 6000 Telephone: +61 8 9324 2099

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Your Directors submit the financial report of the Company for the period ended 31 December 2023.

DIRECTORS

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

Name	Title
Warren Hallam	Non-Executive Chairman
James Farrell	Executive Director
Scott Huffadine	Non-Executive Director

COMPANY SECRETARY

Name	Title
Stephen Brockhurst	CompanySecretary

PRINCIPAL ACTIVITIES

The principal activities of the Company during the half were the exploration and development of natural resources. There have been no other significant changes in the activities of the Company during the half other than matters noted in this report.

REVIEW OF RESULTS

The loss after tax for the period ended 31 December 2023 was $1,224,984 (2022: $1,436,460). The earnings of the Group for the past 3 periods are summarised below:

	31 December 2023 $	30 June 2023 $	31 December 2022 $
Revenue	57,219	67,099	14,655
EBITDA	(1,190,019)	(1,957,769)	(1,412,615)
EBIT	(1,223,055)	(2,010,340)	(1,434,586)
Profit/ (loss)after income tax	(1,224,984)	(2,013,952)	(1,436,460)

The factors that are considered to affect total shareholders return are summarised below:

	31 December 2023 $	30 June 2023 $	31 December 2022 $
Shareprice at financialyear end	0.15	0.295	0.475

DIVIDENDS

No dividends were paid or declared during the period ended 31 December 2023 (2022: Nil).

CORPORATE

• On 4 December 2023, the Company announced the execution of a Binding Heads of Agreement with Black Cat Syndicate Ltd (ASX:BC8)(“Black Cat”) for the sale of a 100% interest in Kingfisher’s Boolaloo Project.

• The consideration received for the divestment of the Boolaloo Project consists of:

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• 2,000,000 fully paid ordinary shares in Black Cat based on a share price of $0.28 per share and valued at $560,000.

• A 0.5% net smelter return royalty on gold and copper produced from all the Boolaloo tenements.

• The Boolaloo transaction completed on 31 January 2024, with all outstanding conditions precedent being satisfied.

• On 11 December 2023 9,185,000 unquoted $0.25 options expired unexercised.

OPERATIONS: GASCOYNE CRITICAL METALS

Kingfisher is advancing its critical metals exploration at its extensive tenement holding and wholly owned projects in the highly prospective Gascoyne Mineral Field of Western Australia. The Company’s breakthrough Mick Well REE discovery and its Chalby Chalby Lithium Project both occur within the crustalscale Chalba Shear Zone which extends over a strike length of 54km within the Company’s tenure (Figure 1). The exciting landholding is prospective for carbonatite REE mineralisation similar to Hastings Technology Metals’ world-class Yangibana Deposit which includes 29.93Mt at 0.93% TREO (see ASX:HAS 11 October 2022) as well as the recent Yin and C3 discoveries of Dreadnought Resources which include mineral resources of 40.82Mt at 1.03% TREO (see ASX:DRE 30 November 2023). The Company’s Gascoyne tenure is also prospective for lithium-bearing Thirty Three Suite Pegmatites that host Delta Lithium’s Yinnetharra Project which has a mineral resource of 25.7Mt at 1.0% Li2O (see ASX:DLI 27 December 2023).

MICK WELL REE PROJECT

Mick Well occurs within a large-scale carbonatite intrusion centre that extends over an area of 10km by 7km. The Company has delineated 20km of strike of high-grade REE mineralisation in dykes and veins which envelop and radiate away from three pipe-like features that have been delineated from geophysical surveys. Each of the large pips targets is more than 1,000m in diameter and close to surface with the depth to the top of each target being less than 50m below the ground surface. The carbonatite pipe targets are all located in the centre of the large-scale area of outcropping carbonatites and associated fenite alteration. Kingfisher has interpreted the three pipe-like features to be the potential source of the high-grade dyke and vein mineralisation as well as the clay-hosted REEs that also occur in the area (Figure 2).

High grade discoveries of REE mineralisation have been made by the Company at MW2, MW7, MW8, MW9, MW10, MW11, MW12, MW13 and MW14. The REE mineralisation dominantly occurs as monazite and is associated with ferrocarbonatite intrusions and exceptionally high-grade veins that fill structures around the modelled intrusion centres. Drilling at MW2 has returned the following highly encouraging results:

• MWRC011: 5m at 3.45% TREO with 0.65% Nd2O3 + Pr6O11 from 102m, including 3m at 5.21% TREO with 0.98% Nd2O3 + Pr6O11 from 102m.

• MWRC033: 3m at 2.52% TREO with 0.41% Nd2O3 + Pr6O11 from 46m.

• MWRC035: 4m at 3.24% TREO with 0.54% Nd2O3 + Pr6O11 from 46m.

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

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

• MWRC068: 5m at 1.54% TREO with 0.30% Nd2O3 + Pr6O11 from 75m.

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Figure 1: Location of the Mick Well and LK1 REE Projects and the Chalby Chalby Lithium Project in the Gascoyne Mineral Field. The location of the Yangibana REE Deposit, Yin REE and C3 Deposits which are located 100km north of Kingfisher’s projects as well as the Malinda Lithium Deposit which is located 45km north of Kingfisher’s projects are also shown.

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MW9
MW10
MW14 MW8 MW7 MW2 MW11 MW13
MW12
Legend
Carbonatite (outcrop)
Potassic fenite
Sodic fenite
Carbonatite pipe target
Figure 2 : Carbonatite pipe targets at Mick Well, oblique three-dimensional view. Mineralised veins/dykes
MWRC033: 3m at 2.52% TREO with 0.41% NdPr
MWRC035: 4m at 3.24% TREO with 0.54% NdPr
MWRC041: 4m at 1.07% TREO with 0.17% NdPr
MWRC048: 5m at 0.83% TREO with 0.14% NdPr
MWRC049: 9m at 0.66% TREO with 0.11% NdPr
MW14 MW7 MW9
MW8 MW10
MWRC067: 6m at 0.98% TREO with 0.17% NdPr MW2
MWRC067: 5m at 2.63% TREO with 0.54% NdPr
MWRC068: 5m at 1.54% TREO with 0.30% NdPr
MW11
MWRC059: 4m at 1.90% TREO with 0.34% NdPr MWRC004: 12m at 1.12% TREO with 0.21% NdPr
MWRC060: 2m at 1.51% TREO with 0.30% NdPr MWRC011: 5m at 3.45% TREO with 0.65% NdPr
MWRC011: 4m at 1.03% TREO with 0.17% NdPr
MWRC013: 8m at 1.05% TREO with 0.19% NdPr
MW12
Legend MW13
Carbonatite (outcrop)
Potassic fenite
Mick Well
Sodic fenite
Carbonatite pipe target
Mineralised veins/dykes
1 km
RC drill hole Carbonatite exploration model
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Figure 3 : Mick Well project geology showing the carbonatite dyke targets. Drill results are shown in grey boxes (see ASX:KFM 7 February 2023, 5 July 2022 and 24 March 2022). Results are stated as Total Rare Earth Oxides (TREO%) and total Nd2O3 + Pr6O11 (%) content.

A second style of REE mineralisation also occurs at Mick Well, with REE mineralisation hosted in kaolinite clays and weathered bedrock that occur from surface within the broad shears which are part of the extensive Chalba Shear Zone. Geological interpretation of the shear zone and associated clay mineralisation at Mick Well has highlighted a potential strike length of 6.5km and drilling has delineated widths of 100m with vertical extents to 40m depth from surface. Significant drilling results from the clay mineralisation at Mick Well include:

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• MWRC020: 48m at 1265 ppm TREO with 257 ppm Nd2O3 + Pr6O11 from 4m, including 40m at 1367 ppm TREO with 278 ppm Nd2O3 + Pr6O11 from 8m.

• MWRC021: 16m at 1156 ppm TREO with 228 ppm Nd2O3 + Pr6O11 from 8m, including 12m at 1301 ppm TREO with 259 ppm Nd2O3 + Pr6O11 from 8m.

• MWRC027: 36m at 779 ppm TREO with 164 ppm Nd2O3 + Pr6O11 from 4m.

• MWRC028: 48m at 1076 ppm TREO with 204 ppm Nd2O3 + Pr6O11, including 16m at 1580 ppm TREO with 325 ppm Nd2O3 + Pr6O11 from surface.

• MWRC029: 20m at 734 ppm TREO with 146 ppm Nd2O3 + Pr6O11 from 32m, including 4m at 1020 ppm TREO with 237 ppm Nd2O3 + Pr6O11 from 48m.

• MWRC030: 24m at 2345 ppm TREO with 470 ppm Nd2O3 + Pr6O11 from surface (Figure 4).

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Figure 4: Mick Well Prospect showing TREO results and the clay REE mineralisation target.

LK1 REE PROSPECT

The large-scale LK1 Prospect is located 30km west of the Company’s breakthrough Mick Well REE discoveries on a separate large shear zone, the Lockier Shear Zone. LK1 is more than 9km long and more than 6.5km wide and was identified by the Company due to similarities with the Company’s breakthrough Mick Well REE discoveries. The large-scale prospect is comprised of multiple circular features which are defined by the magnetics and thorium responses, with a ring-shaped thorium feature having a diameter of 1.7km (see ASX:KFM 18 January 2023).

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Four large carbonatite pipe targets have been identified at the LK1 Prospect from three-dimensional modelling of the gravity and magnetics data. The two larger LK1 pipe targets are both more than 1,000m in diameter, extending from the near surface to depths of more than 1,000m below the ground surface. The combination of magnetic, thorium and potassium responses of the target together with the threedimensional geophysical models appear similar to the architecture of the carbonatite intrusion model, with potential for carbonatite pipes and the associated vein and dyke mineralisation (Figure 5, Figure 6).

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LK1
0.12% TREO
0.10% TREO
Legend
Carbonatite pipe target
Soil Survey: LREO (ppm)
120
170
220
LK1 surface REE geochemistry and carbonatite pipe targets derived from 280
geophysics, oblique three-dimensional view. 450
>1000
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Figure 5: LK1 surface REE geochemistry and carbonatite pipe targets derived from geophysics, oblique three-dimensional view.

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0.21% LREO
Legend
0.12% TREO Carbonatite pipe target
Soil Survey: LREO (ppm)
Sample locations
120
170
220
280
0.10% TREO
450
500 m
>1000
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Figure 6 : LK1 surface REE geochemistry and carbonatite pipe targets. The REE geochemistry has been calculated from a suite consisting of CeO2, La2O3, Nd2O3 and Pr6O11. The carbonatite pipe targets were derived from three-dimensional modelling of the combined magnetics and gravity geophysics data. Anomalous rock chip results associated with the southwestern carbonatite pipe target as well as the peak soil geochemistry value of 0.21% LREO are also shown.

Surface mapping at LK1 has confirmed the presence of ironstones, which have returned anomalous rock chip results of 0.12% and 0.10% TREO. The mapping, geophysics and geochemistry also indicate there are other rock types under cover which are yet to be fully identified.

Several areas with highly anomalous REEs, including a large area with a diameter which extends for more than 2km have also been identified from a soil geochemistry survey completed by the Company. The REE soil anomalies are based on an LREO suite consisting of CeO2, La2O3, Nd2O3 and Pr6O11. The high magnitude surface geochemistry results which include a peak value of 0.21% LREO are spatially associated with the carbonatite pipe targets (Figure 6). The broad soil anomaly in the northeast of the target area is also coincident with a circular radiometric feature, a highly significant occurrence and one of the key features recognised during the early-stage target identification at LK1 (Figure 7).

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A B
RC01AR01
RC5
RC01AR02
RC8
MWGS2382: 0.12% TREO
Inset B
RC24
RC01AR04 Legend
Targeting
RC01AR03 RC1 300 ppm LREO contour
MWGS2666: 0.10% TREO RC18 Carbonatite targets
Soil survey extents
Historical Drilling
Rio Tinto Exploration
Barranco Resources
1 km Rock Chips
Anomalous REE results
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Figure 7: Total magnetic intensity (A) and thorium responses coincident with anomalous REE soil geochemistry (B). Anomalous rock chips (blue boxes) and historical drill hole locations (grey boxes) described in Table 1 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 Mick Well.

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

CHALBY CHALBY LITHIUM PROSPECT

The Chalby Chalby Lithium Prospect is in the north of Kingfisher’s extensive Gascoyne tenement holding (Figure 8). Mapping and sampling for lithium at Chalby Chalby has delineated multiple stacked pegmatites with a cumulative strike length of over 13km and with rock chip results up to 0.61% Li2O (see ASX:KFM 11 September 2023). The pegmatites occur within broad areas of lithium soil anomalism extending up to 1,600m in length and 800m in width. The lithium soil anomalies are associated with, and extend

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beyond mapped pegmatites, highlighting the potential for discovery of additional lithium-bearing pegmatites (see ASX:KFM 26 October 2023).

Recent exploration by Delta Lithium Limited has highlighted the potential of the Gascoyne Thirty Three Suite Pegmatites to host potentially economic lithium mineralisation. Significant spodumene-bearing mineralisation has been reported from Delta Lithium’s Yinnetharra Project, which is located 40km northeast of Chalby Chalby and now includes a mineral resource of 25.7Mt at 1.0% Li2O (see ASX:DLI 27 December 2023). Minerals 260 Limited has also defined a 5km long continuous lithium trend at Pyramid Hill (see ASX:MI6 4 September 2023), which is immediately along strike from Chalby Chalby. The mapping of pegmatites highlights a pegmatite target zone which extends more than 22km around a large granite intrusion of the Durlacher Suite (Figure 9).

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Chalby Chalby
Legend
Geology Soil Samples: Li2O
Pegmatite Dyke >35 ppm
Rock Chips: Li2O
>1000 ppm 40 ppm
500-1000 ppm
400-500 ppm 50 ppm
300-400 ppm
200-300 ppm
<200 ppm 80 ppm
Soil Samples 500 m
Sample locations >130 ppm
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Figure 8 : Chalby Chalby soil geochemistry and rock chip results (see ASX:KFM 11 September 2023 and 7 August 2023).

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Chalby Chalby
Pyramid Hill
Chalby Chalby Legend
Geology
Halfway Gneiss
Durlacher Granite
Moorarie Granite
Carnarvon Basin (cover)
Pegmatite corridor
Thirty Three Suite Pegmatite
Mapped Pegmatite
Tenements
5 km Kingfisher Mining
Minerals 260 (Aston Project)
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Figure 9: Simplified geology of Kingfisher’s Gascoyne projects showing the location of the Company’s Chalby Chalby Lithium Prospect and Thirty Three Suite Pegmatite at Minerals 260’s Pyramid Hill (Aston Project).

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. The Company’s principal activities are exploration for clean energy metals which are a key component of global de-carbonisation.

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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 except for the following:

• On 4 December 2023, the Company announced the execution of a Binding Heads of Agreement with Black Cat Syndicate Ltd (ASX:BC8)(“Black Cat”) for the sale of a 100% interest in Kingfisher’s Boolaloo Project.

• The consideration received for the divestment of the Boolaloo Project consists of:

• 2,000,000 fully paid ordinary shares in Black Cat based on a share price of $0.28 per share and valued at $560,000.

• A 0.5% net smelter return royalty on gold and copper produced from all the Boolaloo tenements.

• The Boolaloo transaction completed on 31 January 2024, with all outstanding conditions precedent being satisfied.

AUDITOR’S DECLARATION OF INDEPENDENCE

The auditor’s independence declaration for the period ended 31 December 2023 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.

________ James Farrell Executive Director & CEO

12 March 2024

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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 review of the financial statements of Kingfisher Mining Ltd for the half year ended 31 December 2023, 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 12[th] day of March 2024

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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 2023

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Note Revenue Accounting fees Compliance fees Consultancy fees Depreciation Directors’ remuneration Impairment of exploration expenditure 6 Insurance expense Interest 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 and diluted loss per share (cents)	Company 31 December 2023 $ Company 31 December 2022 $ 57,219 14,655 (27,736) (33,265) (38,176) (41,272) (69,584) (51,540) (33,036) (21,971) (193,243) (241,086) (679,263) - (15,984) (13,577) (1,929) (1,874) (15,106) (16,119) (10,231) (17,871) (65,880) (102,427) 5,839 - (120,377) (82,383) - (815,715) (17,497) (12,015)
	(1,224,984) (1,436,460) - -
	(1,224,984) (1,436,460)
	- -
	(1,224,984) (1,436,460)
	(2.28)c (3.25)c

The accompanying notes form part of these financial statements.

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STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023

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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 Plant and equipment Right of use assets Exploration and evaluation expenditure 6 Total Non-Current Assets Total Assets LIABILITIES Current Liabilities Trade and other payables 7 Provisions Lease liabilities Total Current Liabilities Non-Current Liabilities Lease liabilities Total Non-Current Liabilities Total Liabilities Net Assets EQUITY Contributed equity 8 Reserves 9 Accumulated losses Total Equity	Company 31 December 2023 $ Company 30 June 2023 $ 2,007,273 3,378,934 106,596 77,339 58,452 48,500
	2,172,321 3,504,773
	142,052 163,565 59,400 74,679 4,216,641 4,119,183
	4,418,093 4,357,427
	6,590,414 7,862,200
	110,186 138,404 65,841 65,841 24,000 24,000
	200,027 228,245
	35,826 54,410
	35,826 54,410
	235,853 282,655
	6,354,561 7,579,545
	9,863,699 9,435,699 1,269,454 2,299,329 (4,778,592) (4,155,483)
	6,354,561 7,579,545

The accompanying notes form part of these financial statements.

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STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2023

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Company Note Balance at 30 June 2023 Equity issues 8 Equity issue costs 8 Net share based payments 9 Loss for the period Other comprehensive income Total comprehensive loss for the period Balance at 31 December 2023 Balance at 30 June 2022 Equity issue 8 Equity issue costs Net share based payments 9 Loss for the period Other comprehensive income Total comprehensive loss for the period Balance at 31 December 2022	Contributed Equity $ Share Based Payments Reserve $ Options Reserve $ Accumulated Losses $ Total $ 9,435,699 1,494,661 804,668 (4,155,483) 7,579,545 - - - - - - - 428,000 (428,000) (601,875) 601,875 - - - - (1,224,984) (1,224,984) - - - - -
	- - - (1,224,984) (1,224,984)
	9,863,699 1,066,661 202,793 (4,778,592) 6,354,561
	5,439,389 1,102,581 - (2,141,531) 4,400,439 4,420,000 52,250 - - 4,472,250 (686,557) - - - (686,557) - 763,465 376,268 - 1,139,733 - - - (1,436,460) (1,436,460) - - - - -
	- - - (1,436,460) (1,436,460)
	9,172,832 1,918,296 376,268 (3,577,991) 7,889,405

The accompanying notes form part of these financial statements.

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STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2023

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Note Cash flows from operating activities Payments to suppliers and employees Proceeds from receipt of interest Payment of interest: lease Net cash (used in) operating activities Cash flows from investing activities Payments for plant and equipment Payment for exploration and evaluation assets Net cash provided from / (used in) investing activities Cash flows from financing activities Proceeds from equity issues Payment of equity issue costs Repayment of borrowings Net cash provided from / (used in) financing activities Net increase / (decrease) in cash held Cash and cash equivalents at beginning of the year Cash and cash equivalents at year end 4	Company 31 December 2023 $ Company 31 December 2022 $ (558,531) (615,392) 33,231 14,655 (1,929) (1,874)
	(527,229) (602,611)
	(917) - (833,444) (1,148,115)
	(834,361) (1,148,115)
	- 4,472,268 - (362,558) (10,071) (10,126)
	(10,071) 4,099,584
	(1,371,661) 2,348,858 3,378,934 2,184,093
	2,007,273 4,532,951

The accompanying notes form part of these financial statements.

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www.kingfishermining.com.au

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

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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 2023. 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 12 March 2024 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.

b. 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 2022, 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.

c. Comparatives

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

d. New or amended Accounting Standards and Interpretations adopted

In the period ended 31 December 2023, 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.

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ASX KFM

www.kingfishermining.com.au

NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2023

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		Company	Company	Company
		31 December 2023		30 June 2023
			$	$
4. Cash and cash equivalents
Cash at bank			257,273	878,934
Term Deposits		1,750,000		2,500,000
		2,007,273		3,378,934
5. Trade and other receivables
GST receivable			44,460	39,191
Other receivables			62,136	38,148
			106,596	77,339
6. Exploration and evaluation expenditure
Balance at beginning of period		4,119,183		2,179,958
Exploration expenditure incurred			776,721	1,930,152
Exploration expenditure expensed			-	9,073
Exploration expenditure impairedi		(679,263)		-
Balance at end of period		4,216,641		4,119,183
7. Trade and other payables
Accrued expenses			12,971	30,649
Trade creditors			97,216	107,755
			110,186	138,404
	Company		Company
	31 December 2023		30 June 2023
	No.	$	No.	$
8. Contributed equity
Balance at beginning of period	53,715,001	9,435,699	42,250,001	5,439,389
Share issue: 19 September 2022	-	-	10,000,000	4,250,000
Share issue: 30 November 2022	-	-	400,000	170,000
Share issue: 31 January 2023	-	-	1,015,000	253,750
Share issue: 14 February 2023	-	-	50,000	12,500
Share issue (costs)/reversed	-	428,000	-	(689,940)
Balance at end of period	52, 715,001	9,863,699	53,715,001	9,435,699

i Boolaloo project written down to consideration value as disclosed in Note 10.

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ASX KFM

www.kingfishermining.com.au

NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2023

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9. Reserves Share based payments reserve Balance at beginning of year Share based payments1 Reversal of expired options Balance at end of year Options reserve Balance at beginning of year Share based payments Reversal of expired options Balance at end of year	Company 31 December 2023 $ Company 30 June 2023 $ 1,494,661 674,181 - 820,480 (428,000) - 1,066,661 1,494,661 804,688 428,400 - 376,268 (601,875) - 202,793 804,688

1Variables used to calculate the option valuations are as follows:

Inputs	Employee Options [FY21/22]	Broker Optionsii [FY22/23]	Director, Employee & Contractor Options [FY22/23]
Number of options	250,000	1,800,000	2,450,000
Exerciseprice	$0.2403	$0.70	$0.691
Expirydate	30-Nov-24	30-May-25	05-Dec-25
Grant date	01-Dec-21	30-Nov-22	06-Dec-22
Shareprice atgrant date	$0.17	N/A	$0.56
Risk free interest rate	0.53%	N/A	3.01%
Volatility	59.01%	N/A	100.00%
Option value	$0.0038	$0.18	$0.331

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 except for the following:

• On 4 December 2023, the Company announced the execution of a Binding Heads of Agreement with Black Cat Syndicate Ltd (ASX:BC8)(“Black Cat”) for the sale of a 100% interest in Kingfisher’s Boolaloo Project.

• The consideration received for the divestment of the Boolaloo Project consists of:

• 2,000,000 fully paid ordinary shares in Black Cat based on a share price of $0.28 per share and valued at $560,000.

• A 0.5% net smelter return royalty on gold and copper produced from all the Boolaloo tenements.

ii Listed options therefore valued at KFMO price on grant date.

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www.kingfishermining.com.au

NOTES TO THE FINANCIAL STATEMENTS continued FOR THE PERIOD ENDED 31 DECEMBER 2023

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• The Boolaloo transaction completed on 31 January 2024, with all outstanding conditions precedent being satisfied.

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 2023 $ Company 30 June 2023 $ 482,177 836,306 937,154 1,591,423 - -
	1,455,331 2,427,729

• b. Contingent assets and contingent liabilities

On the Boolaloo project sale, there is a contingent asset of a 0.5% net smelter return royalty on gold and copper produced from all the Boolaloo tenements payable by Black Cat Syndicate Ltd.

Apart from the above, there are no other contingent assets nor any contingent liabilities as at 31 December 2023.

12. Related party transactions

Effective 26 February 2021 the Company entered into a sub-lease agreement with Nelson Resources Limited (a company of which both Warren Hallam and Adam Schofield were directors but resigned 31 May 2022 and 15 August 2022 respectively) for the occupancy of its premises. The transaction was on an arm’s length term at a cost of $2,000 per month, expiring 31 December 2024 but ceased on 31 July 2023. The total amount paid to 31 December 2023 was $2,000 (30 June 2023: $12,000).

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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 Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations 2001;

• b. give a true and fair view of the Company’s financial position as at 31 December 2023 and of the performance for the period ended 31 December 2023;

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 303(5) of the Corporations Act 2001.

On behalf of the Directors

________ James Farrell Executive Director 12 March 2024

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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 2023, 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 2023 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 2023 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 12[th] day of March 2024

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ASX KFM

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Registered Office Address

Address

Unit 2, 106 Robinson Avenue Belmont WA 6104 AUSTRALIA

Phone +61 8 9481 0389 Email info@kingfishermining.com.au

ABN | 96 629 675 216

kingfishermining.com.au

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