Highlights

• Reverse Circulation Drilling has commenced at the Copper Blow Copper-Gold Project near Broken Hill, NSW, with a diamond drill rig to follow in 3-4 weeks, comprising a combined programme of approximately 3,500 metres.

• The programme aims to define the scale and continuity of the Copper Blow mineralised system and advance a maiden Mineral Resource Estimate, building on recent strong results including 26m at 2.57% copper and 43m at 1.32% copper from surface.

• The drilling programme will also test several geophysical targets outside the currently defined mineralised zones, consistent with the broader exploration strategy across the project area.

• Copper Blow benefits from a Mining and processing cooperation agreement with Broken Hill Mines, providing a potential pathway to capital-efficient development using existing regional infrastructure.

Kingfisher Mining Limited (ASX:KFM), an ASX-listed minerals exploration company with exploration tenure covering approximately 700 square kilometres in New South Wales, has announced the commencement of a reverse circulation drilling programme at its Copper Blow Copper-Gold Project, held 75% by Kingfisher Mining and 25% by Broken Hill Mines. The project is located near Broken Hill in New South Wales and has been the subject of multiple drilling programmes that have returned consistent high-grade copper-gold intersections. The current programme is focused on resource delineation and advancing the project toward a maiden Mineral Resource Estimate.

Building on Recent High-Grade Results

The current drilling programme at Copper Blow follows a series of encouraging results from recent programmes that confirmed the continuity of copper-gold mineralisation and demonstrated that the system remains open at depth and along strike. Recent results include 26 metres at 2.57% copper and 0.75 grams per tonne gold from 73 metres, including 13 metres at 4.07% copper and 1.20 grams per tonne gold; 43 metres at 1.32% copper and 0.32 grams per tonne gold from surface, including 17 metres at 2.46% copper and 0.60 grams per tonne gold from 16 metres; and 58 metres at 0.67% copper and 0.15 grams per tonne gold from 165 metres. These intersections span multiple holes and demonstrate that the system has meaningful width, continuity, and depth extension potential.

The planned drill holes have been designed to test interpreted extensions to mineralisation at depth and along strike, with the specific aim of further assessing the extent and three-dimensional geometry of the Copper Blow mineralised system. Importantly, the programme will also test several priority geophysical targets that are located outside the currently defined mineralised zones. These targets, identified through recent technical reviews, form part of Kingfisher's broader exploration strategy for the Copper Blow Project area and may provide early evidence of system extensions beyond the currently defined footprint.

Strategic Infrastructure Advantage and Development Potential

Copper Blow benefits from a mining and processing cooperation agreement between Kingfisher Mining and Broken Hill Mines, executed in March 2026. This agreement provides the project with a framework for accessing existing mining and processing infrastructure in the Broken Hill region. Given the substantial infrastructure already in place in the area — including processing facilities, power, water, and logistics — this arrangement has the potential to reduce the Capital requirements associated with developing Copper Blow from discovery through to potential production, compared with a project in a more remote greenfield setting.

Broken Hill has been one of Australia's most significant mining districts for over a century, with well-established mining services, a skilled workforce, and an infrastructure network developed to support large-scale operations. For a smaller company like Kingfisher Mining, the ability to Leverage this existing infrastructure through the Broken Hill Mines agreement may represent a meaningful Competitive Advantage in terms of development pathway efficiency and capital requirements, should the Copper Blow mineralised system prove to be of sufficient scale and grade to support a development decision.

Metallurgical Test Work and Path to Maiden Resource

In addition to drilling, Kingfisher Mining has indicated that preliminary metallurgical test work will be completed to support ongoing project evaluation. Metallurgical characterisation is an important early step in understanding how the Copper Blow mineralised material would respond to processing, which has implications for the cost and efficiency of any future production scenario. Early positive metallurgical results could add confidence to project valuations, while the data would also inform any more detailed feasibility-stage assessments in the future.

The overall programme represents a structured series of steps toward the delivery of a maiden Mineral Resource Estimate for Copper Blow, which would be a significant milestone for the company. The estimate would require the drilling programme to generate sufficient data on the geometry, grade, and continuity of the mineralisation to support a resource classification under the JORC 2012 framework. The results of assays from the current programme, their integration into geological modelling, and the completion of metallurgical test work will all feed into that process.

Key Insights

The Copper Blow project's combination of high-grade intersections from multiple drilling campaigns, an open mineralised system with extension potential, and access to established processing infrastructure in the Broken Hill region creates a potentially favourable development context for a junior explorer. The maiden Mineral Resource Estimate, once completed, will provide the first quantitative assessment of the scale of the copper-gold system at Copper Blow.

Observers may track the receipt and reporting of assay results from the current programme, the integration of these results into geological modelling, and the timeline for the maiden Mineral Resource Estimate. The results of the geophysical target testing will also be informative regarding the potential for the Copper Blow mineralised system to extend beyond its currently defined boundaries.