Kingfisher Mining Limited announced the drill results from MW2 at its 100% owned projects in the Gascoyne Mineral Field in Western Australia. The results confirm the discovery of new high grade continuous REE mineralisation at MW2. MW2 Drilling Results: The latest drilling program at MW2 was designed to target REE mineralisation identified by the Company from its on- going surface mapping and sampling.

The mineralisation targeted in the current program is located 500m northwest of Kingfisher's initial discovery drilling in the MW2 area, where previously reported high grade results have included 5m at 3.45% TREO, including 3m at 5.21% TREO as well as 12m at 1.12% TREO, with 4m at 1.84% TREO. The drilling at MW2 was completed in November and December 2022, with the program concluding with 37 drill holes for approximately 4,225m. All of the assay results from the latest drilling have now been received, with numerous significant results confirming the discovery of new high grade REE mineralisation at MW2.

Significant results include: MWRC067: 5m at 2.63% TREO and 0.54% Nd2O3 + Pr6O11 from 124m, including 3m at 4.11% TREO and 0.85% Nd2O3 + Pr6O11 from 124m. The interval also Includes 1m at 6.70% TREO and 1.39% Nd2O3 + Pr6O11 from 125m. MWRC035: 4m at 3.24% TREO and 0.54% Nd2O3 + Pr6O11 from 46m.

The interval also Includes 1m at 5.25% TREO and 0.84% Nd2O3 + Pr6O11 from 47m. MWRC068: 5m at 1.54% TREO and 0.30% Nd2O3 + Pr6O11 from 75m, including 1m at 4.42% TREO and 0.84% Nd2O3 + Pr6O11 from 77m. MWRC059: 4m at 1.90% TREO and 0.34% Nd2O3 + Pr6O11 from 65m, including 3m at 2.42% TREO and 0.43% Nd2O3 + Pr6O11 from 65m.

MWRC033: 3m at 2.52% TREO and 0.41% Nd2O3 + Pr6O11 from 46m. The interval also Includes 1m at 5.38% TREO and 0.88% Nd2O3 + Pr6O11 from 46m. MWRC067: 6m at 0.98% TREO and 0.17% Nd2O3 + Pr6O11 from 89m, including 1m at 2.10% TREO and 0.36% Nd2O3 + Pr6O11 from 89m.

MWRC049: 9m at 0.66% TREO and 0.11% Nd2O3 + Pr6O11 from 38m, including 1m at 2.22% TREO and 0.34% Nd2O3 + Pr6O11 from 44m. MWRC063: 8m at 0.56% TREO and 0.10% Nd2O3 + Pr6O11 from 32m, including 1m at 2.25% TREO and 0.41% Nd2O3 + Pr6O11 from 38m. MWRC041: 4m at 1.07% TREO and 0.17% Nd2O3 + Pr6O11 from 93m, including 1m at 2.03% TREO and 0.33% Nd2O3 + Pr6O11 from 94m.

MWRC048: 5m at 0.83% TREO and 0.14% Nd2O3 + Pr6O11 from 104m. MWRC054: 6m at 0.62% TREO and 0.11% Nd2O3 + Pr6O11 from 88m. MWRC037: 4m at 0.93% TREO and 0.17% Nd2O3 + Pr6O11 from 36m.

MWRC037: 5m at 0.74% TREO and 0.13% Nd2O3 + Pr6O11 from 69m, including 1m at 2.31% TREO and 0.4% Nd2O3 + Pr6O11 from 70m. MWRC056: 3m at 1.22% TREO and 0.20% Nd2O3 + Pr6O11 from 50m. MWRC034: 4m at 0.85% TREO and 0.15% Nd2O3 + Pr6O11 from 12m.

MWRC062: 1m at 3.34% TREO and 0.71% Nd2O3 + Pr6O11 from 108m. MWRC039: 4m at 0.76% TREO and 0.13% Nd2O3 + Pr6O11 from 16m. MWRC060: 2m at 1.51% TREO and 0.30% Nd2O3 + Pr6O11 from 103m, including 1m at 2.73% TREO and 0.54% Nd2O3 + Pr6 O11 from 103m.

The intersections from MW2 are comparable to results reported by Hastings Technology Metals from the Bald Hill deposit which makes up over half of the mineral resources of Hasting's world-class Yangibana Project. The MW2 mineralisation occurs in five separate lodes, with high REE grades distributed across the entire strike length of the mineralisation drilled in the current program. The high grade REE mineralisation outcrops at surface, with the deepest mineralisation so far being intersected at a vertical depth of approximately 115m.

In addition, the highest grade mineralisation remains open along strike and at depth. The mineralisation also consists dominantly of monazite, an important host globally for the magnet REEs, neodymium and praseodymium and is also low in thorium, with thorium typically being less than 200ppm for the reported mineralisation intervals. The mineralisation occurs within very broad zones of well-developed fenite alteration, the alteration is specifically associated with the intrusion of carbonatites.

The scale and intensity of the fenite alteration is highly encouraging from an exploration perspective, providing evidence of the presence of a large-scale mineral system within the Company's 54km long Chalba target corridor. The fenites also have highly anomalous REEs, with drill hole MWRC037 intersecting 62m at 0.29% TREO. MW2 On-going Exploration: The latest MW2 drilling program builds on the Company's developing geological understanding of the REE mineralisation at Mick Well and along the entire length of the Company's 54km Chalba REE mineralisation corridor.

The mineralisation intersected in drilling at MW2 occurs dominantly as veins within faults and shears. The Company interprets the source of the vein mineralisation to be the intrusion of carbonatite pipes or plugs; an interpretation that is consistent with the carbonatite mineralisation exploration model. 2022 Gascoyne Exploration Program: Kingfisher carried out extensive and targeted exploration programs for its projects during 2022.

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

Planning is well advanced for the Company's exploration activities for 2023 at its Gascoyne projects. It is envisaged the 2023 exploration activities will include drilling at MW2, MW7, MW8 as well as substantial project generation work at KF3 as well as the CH1 to CH10 targets along the 54km Chalba target corridor and the LK1 to LK7 targets along the 30km Lockier target corridor. The 2023 exploration activities are also likely to include airborne geophysics across the Mooloo project.

The Company's exploration plans for 2023 will be announced shortly.