Kingfisher Mining Limited announced that it has received the results from its recent tenement-scale magnetics and radiometrics airborne geophysics surveys at its 100% owned Lockier shear projects in the Gascoyne Mineral Field in Western Australia. The latest results are from the Arthur River project area, which is located 30km southwest of Mick Well, where a significant amount of geophysical targets have also been identified and geological mapping has delineated strike lengths of more than 5km of outcropping high grade Rare Earth Elements (REE) mineralisation and where drilling has returned results of 5m at 3.45% TREO (Total Rare Earth Oxides), including 3m at 5.21% TREO at MW2. Airborne geophysics are highly effective tools for the identification of carbonatite intrusions and associated mineralisation.

The carbonatite intrusion model has a central carbonatite pipe which is comprised of multiple phases of carbonatite intrusion that is surrounded by ring dykes which form around and radial dykes which radiate out from the central intrusion. The carbonatite exploration model envisages alteration of the host country rock into which the carbonatites intrude, with development of Sodic (Na) and Potassic (K) fenites around the intrusions which often hosts the REE mineralisation. Each part of the carbonatite system has characteristics which can be detected by geophysics, for example: Thorium associated with the REE mineralisation is apparent in the radiometrics.

Potassium fenites, the alteration which forms around carbonatites intrusions, is also apparent in the radiometrics. Ferrocarbonatites have high iron content and can appear as magnetic highs in the geophysics. Aster can detect various minerals and elements, including carbonates, ferrous and ferric iron as well as alumina and magnesium and can assist with of carbonatites and associated alteration.

The combination of these geophysical responses to the carbonatite geology make it a very powerful combination of tools for early stage targeting and project generation. Including the very large (approximately 9km) target area, there are seven large-scale high priority target areas that have been identified from the interpretation of the geophysics surveys, with each target selected from a combination of magnetic, potassium and thorium features. Tens of other smaller circular features have also been identified in the magnetic data; each of these high magnetic features, particularly where clustered or where co-located with high thorium responses are of interest to the Company for future project generation work.

All of the prioritised targets cover a substantial area, with the smallest LK3 being more than 2.2km long and 1km wide. The largest target, LK1, is particularly significant, and is more than 9km long and more than 6.5km wide. LK1 is also comprised of multiple circular features which are defined by the magnetics and thorium, with the ring-shaped thorium feature having a diameter of 1.7km.

High priority targets LK1, LK2, LK3, LK4 and LK7 have already been selected for surface mapping and sampling due to the presence of interpreted carbonates and circular or oval-shaped features which are indicative of intrusion pipes. The identification of the targets from geophysics is an important early part of the discovery process, with all of the targets to be ranked and included in the Company's project generation activities in 2023 and beyond. The targets identified from the recently completed geophysics surveys have extended the Company's target corridor along the Lockier Shear Zone by 12km to a total strike length of 30km.

This builds significantly on the previously announced strike length of 18km at the Mooloo Project for the Lockier target corridor; a zone which is located approximately 20km south of the parallel Chalba target corridor. Gascoyne Exploration Program: Kingfisher carried out extensive and targeted exploration programs for its Gascoyne projects during 2022. The Company's exploration work is cost-effective and is aiming to develop and test drill targets from ground-based mapping and rock sampling.

The Company is also simultaneously developing a pipeline of exploration opportunities through integrating tenement-scale airborne geophysical surveys with geological knowledge from the Company's breakthrough REE discovery at Mick Well. The geophysical survey from the 54km Chalba corridor is an important part of this generative work. Planning is well advanced for the Company's exploration activities for 2023 at its Gascoyne projects.

It is envisaged the 2023 exploration activities will include drilling at MW2, MW7, MW8 as well as substantial project generation work at 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.