KINGFISHER MINING LTD — Regulatory Filings 2021

Dec 20, 2021

ASX Announcement: 21 December 2021

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ASX CODE: KFM

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

PROJECTS

Boolaloo: Copper-Gold Kingfisher: Copper-Base Metals Mick Well: Copper-Base Metals Arthur River: Copper

CORPORATE DIRECTORY

WARREN HALLAM Non-Executive Chairman

JAMES FARRELL

Executive Director and CEO

ADAM SCHOFIELD Non-Executive Director

SCOTT HUFFADINE Non-Executive Director

STEPHEN BROCKHURST Company Secretary

MEDIA & INVESTOR ENQUIRIES

Peter Taylor, NWR Communications P: +61 412 036 231 E: peter@nwrcommunications.com.au

ABN: 96 629 675 216

P: +61 8 9481 0389 E: info@kingfishermining.com.au W: www.kingfishermining.com.au

Unit 2, 106 Robinson Avenue Belmont WA 6104 AUSTRALIA

KINGFISHER CONFIRMS RARE EARTHS POTENTIAL AT GASCOYNE PROJECTS

• Anomalous rare earth elements (REE) have been identified from surface geochemical sampling at Mick Well and Kingfisher with up to 0.16% total rare earth oxides (TREO).

• Numerous carbonatite intrusions and dykes have been identified at Mick Well, Kingfisher and Kingfisher South. Carbonatites are a known source of rare earth elements.

• Sighter samples for rare earth elements and follow-up rock chip samples have been submitted to the laboratory for full chemical analysis.

• Land holding increased through targeted pegging of additional tenure interpreted to be prospective for rare earth elements.

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

The company has completed a helicopter-supported sighter sampling program and a follow-up rock chip sampling program at its Mick Well, Kingfisher, Kingfisher South and Arthur River Projects targeting outcropping carbonatites (Figure 1). The purpose of the programs was to identify rare earth elements (REE) associated with carbonatites and ironstones across its substantial tenement holding in the Gascoyne Mineral Field.

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Figure 1: Kingfisher’s James Farrell and Matt Roach sampling carbonatites at Mick Well.

GPO Box 2517 Perth WA 6831 AUSTRALIA

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Outcropping carbonatites were identified from rocks collected during the helicopter supported sighter sampling program. The sighter samples were then combined with the geology and geophysics to identify additional potential locations for carbonatites. Follow-up mapping has been completed, with outcropping carbonatites being identified by Kingfisher’s geologists at more than 20 field sites (Figure 2).

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Figure 2: Carbonatite samples from Kingfisher and Kingfisher South.

Results from rock chips collected during the Company’s recent drilling campaign at the Mick Well and Kingfisher Projects have been received. The rock chip sampling unexpectedly returned highly encouraging anomalous REE results, with up to 0.16% total rare earth oxides (TREO) and 331 ppm Nd2O3 + P6O11 (Figure 3, Annexure 1), prompting a review of the REE potential of the tenements, the recent field program and the application for additional tenements. The anomalous REE rock chip results are also located adjacent to two of the targets drilled at Mick Well where results are still pending and expected in the coming weeks (conductors 2 and 3, see ASX Announcement 14 September 2021).

Kingfisher’s Executive Director and CEO James Farrell commented: “Kingfisher looks to have a genuine rare earth opportunity in a hotspot for rare earth exploration in Western Australia. We have now mapped numerous outcrops of carbonatites which had previously not been identified. Similar regional carbonatites are known to be associated with rare earth mineralisation.

The recently received rock chip analyses returned anomalous rare earth element results, with two of the samples located close to recently drilled targets with pending assay results. I am particularly excited about these results as the samples initially were not targeting rare earths and led to the expediting of the recent field programs which have confirmed and highlight the significant potential of the area”.

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

MWGS0002: 1566 ppm TREO MWGS0005: 231 ppm TREO
Carbonatites
MWGS0012: 352 ppm TREO
Carbonatites
----- End of picture text -----

Figure 3: Kingfisher and Mick Well preliminary airborne electromagnetic survey showing late-time conductors (channel 45) and the total magnetic intensity first vertical derivative (inset) with the discrete magnetic lows associated with conductors 2 and 3. Also shown are the mapped carbonatites and anomalous rock chip samples, with two samples associated with conductors 2 and 3 for which drill results are awaited.

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 4). The tenure includes rocks of the Proterozoic Durlacher Suite that hosts the world-class Yangibana Deposit which includes 27.42Mt @ 0.97% TREO[# ] as well as the Archaean Halfway Gneiss.

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Figure 4: Location of the Kingfisher and Mick Well Projects in the Gascoyne Mineral Field showing the extents of the Archean Halfway Gneiss.

Upcoming News

• January 2022: Gascoyne drilling results; Mick Well and Kingfisher.

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

• January 2022: Updated exploration strategy for 2022, including rare earth element focus in the Gascoyne Mineral Field.

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

About the Kingfisher and Mick Well Projects

The Kingfisher and Mick Well Projects are located approximately 230km east of Carnarvon, in the Gascoyne region of Western Australia. The area is prospective for volcanogenic massive sulphide style mineralisation and rare earth elements associated carbonatite intrusions and dykes.

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Copper mineralisation at the Kingfisher Project is exposed in a series of shallow historical mining pits over a strike length of 2km. Previous exploration at the 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[1] .

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 laterally extensive geological horizon. Only four drill historical holes have been completed at Mick Well, with the best result being 11m @ 0.25% Cu from 118 m (MWDD001)[1] .

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 shareholder wealth through the acquisition, exploration and development of mineral resource projects throughout Western Australia. The Company’s tenements and tenement applications cover 1,676km[2] in the underexplored Ashburton and Gascoyne Mineral Fields.

The Company has secured significant landholdings across the interpreted extensions to its advanced copper-gold exploration targets giving it more than 30km of strike across the Boolaloo Project target geology in the Ashburton Basin and more than 50km of strike across the target geological unit that covers the Kingfisher and Mick Well Projects in the Gascoyne region.

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

Previous ASX Announcements

ASX:KFM: Drilling Underway at Kingfisher’s VMS and Copper-Gold Targets 14 September 2021.

ASX Announcement ‘Yangibana Project updated Measured and Indicated Mineral Resources tonnes up by 54%, TREO oxides up by 32% Australia’. Hastings Technology Metals Limited (ASX:HAS), 5 May 2021.

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

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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 Locations

Sample ID	Easting	Northing	Nd2O3 (ppm)	P6O11 (ppm)	TREO (ppm)
MWGS0001	401746	7249018	15	4	89
MWGS0002	401639	7249191	258	73	1566
MWGS0003	399109	7251155	8	2	47
MWGS0004	399331	7250970	11	3	66
MWGS0005	402157	7249521	39	10	231
MWGS0006	410581	7244924	12	3	95
MWGS0007	410512	7244908	11	3	90
MWGS0008	410508	7244901	4	1	27
MWGS0009	405380	7246417	1	0	9
MWGS0011	411352	7245059	3	1	23
MWGS0012	411064	7245997	49	12	352
KFGS0001	418237	7243528	17	4	96
KFGS0002	418158	7243667	5	1	40

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Attachment 1: JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or specific	• Rock chip samples were taken as individual rocks representing
techniques	specialised industry standard measurement tools appropriate to the minerals	an outcrop to give an indication of possible grades and widths
	under investigation, such as down hole gamma sondes, or handheld XRF	that can be expected from drilling. Individual rock samples can
	instruments, etc). These examples should not be taken as limiting the broad	be biased towards higher grade mineralisation.
	meaning of sampling.
	• Include reference to measures taken to ensure sample representivity and the
	appropriate calibration of any measurement tools or systems used.
	• Aspects of the determination of mineralisation that are Material to the Public
	Report.
	• In cases where ‘industry standard’ work has been done this would be relatively
	simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from
	which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other
	cases more explanation may be required, such as where there is coarse gold
	that has inherent sampling problems. Unusual commodities or mineralisation
	types(eg submarine nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,	• 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.

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Criteria	JORC Code explanation	Commentary
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core taken.	• The entire rock chip sample was submitted for analysis. The
techniques	• If non-core, whether riffled, tube sampled, rotary split, etc and whether	samples were crushed and pulverised to -105 micron.
and sample	sampled wet or dry.
preparation	• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
	• 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	• Rock chip samples were analysed by Bureau Veritas Minerals
assay data and	procedures used and whether the technique is considered partial or total.	Pty Ltd in Perth using Laser Ablation Inductively Coupled
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the	Plasma Mass Spectrometry and Inductively Coupled Plasma
tests	parameters used in determining the analysis including instrument make and	(ICP) Optical Emission Spectrometry. Laboratory repeats were
	model, reading times, calibrations factors applied and their derivation, etc.	completed at a rate of 1:15 and laboratory standards were
	• Nature of quality control procedures adopted (eg standards, blanks,	analysed at a rate of 1:3 for QAQC.
	duplicates, external laboratory checks) and whether acceptable levels of
	accuracy (ie lack of bias) andprecision have been established.
Verification of	• The verification of significant intersections by either independent or	• Independent checks or field duplicates were not conducted for
sampling and	alternative company personnel.	rock chips and are not considered necessary for that type of
assaying	• The use of twinned holes.	sample.
	• 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-hole	• Rock chip sample locations were surveyed using a handheld
data points	surveys), trenches, mine workings and other locations used in Mineral	GPS using the UTM coordinate system, with an accuracy of +/-
	Resource estimation.	5m.
	• 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.

Criteria	JORC Code explanation	Commentary
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible	• Rock chip samples were selected to target specific geology,
data in	structures and the extent to which this is known, considering the deposit type.	alteration and mineralisation. The samples were collected to
relation to	• If the relationship between the drilling orientation and the orientation of key	assist the Company in developing its understanding of the
geological structure	mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	geology and exploration potential of its tenure. • No drilling results are included in this report.
Sample	• The measures taken to ensure sample security.	• Samples were given individual samples numbers for tracking.
security		• The sample chain of custody was overseen by the Company’s
		geologists. Samples were transported to Perth in a sealed bulka
		bag and subsequently to the laboratory.
Audits or	• The results of any audits or reviews of sampling techniques and data.	• The rock chip results have not been audited.
reviews

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	• The project area is located 80km northeast of the Gascoyne
tenement and	agreements or material issues with third parties such as joint ventures,	Junction and 235km east of Carnarvon.
land tenure	partnerships, overriding royalties, native title interests, historical sites,	• The project includes four granted Exploration Licences,
status	wilderness or national park and environmental settings.	E09/2242, E09/2349, E09/2319 and E09/2320 as well as seven
	• The security of the tenure held at the time of reporting along with any	Exploration Licence applications, E09/2481, E09/2494,
	known impediments to obtaining a licence to operate in the area.	E09/2495, E09/2653, E09/2654, E09/2655, E09/2660 and
		E09/2661.
		• 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.	• The majority of the material work at Kingfisher undertaken was
by other parties		by Pasminco Ltd in 1994, Mt Phillips Exploration Pty Ltd in 2006
		and WCP Resources in 2007.
		• The majority of the material work at Mick Well was completed
		by Helix Resources Ltd in 1994, WA Exploration Services Pty Ltd
		in 1996,Mt Phillips Exploration PtyLtd in 2006 and WCP

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Criteria	JORC Code explanation	Commentary
		Resources in 2007.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Company’s tenements in the Gascoyne Mineral Field are
		prospective for volcanogenic massive sulphide (VMS) style
		mineralisation and base metals associated with hydrothermal
		systems. The area is also prospective for rare earth elements
		and uranium.
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 is justified on the basis that the
	information is not Material and this exclusion does not detract from the
	understanding of the report, the Competent Person should clearly explain
	why this is the case.
Data aggregation	• In reporting Exploration Results, weighting averaging techniques, maximum	• No new drilling results are included in this report.
methods	and/or minimum grade truncations (eg cutting of high grades) and cut-off
	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	• No new drilling results are included in this report.
between	Exploration Results.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole angle is
widths and	known, its nature should be reported.
intercept lengths	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not
	_known’). _

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Criteria	JORC Code explanation	Commentary
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	along with documentation.
	include, but not be limited to a plan view of drill hole collar locations and
	appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not practicable,	• All of the rock chip samples are included in Annexure 1 and
reporting	representative reporting of both low and high grades and/or widths should	anomalous results are included in the diagrams in this report.
	bepracticed to avoid misleading reporting of Exploration Results.
Other	• Other exploration data, if meaningful and material, should be reported	• All of the historical rock chip samples are 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 exploration information was 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	• The Company’s exploration strategy for the tenure will be
	or depth extensions or large-scale step-out drilling).	determined from the drill hole and rock chip results.
	• Diagrams clearly highlighting the areas of possible extensions, including the	• On-going exploration is likely to include tenement-scale
	main geological interpretations and future drilling areas, provided this	acquisition of geophysics data to define the extents of
	information is not commercially sensitive.	carbonatites.
		• Downhole geophysics is planned for the drill holes that were
		completed at Mick Well and Kingfisher.

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