Kingfisher Mining Expands NSW Portfolio with $400K Copper-Gold Acquisition

Strategic Acquisition Bolsters Kingfisher’s NSW Footprint

Kingfisher Mining Limited (ASX, KFM) has taken a significant step to broaden its exploration portfolio with the binding agreement to acquire a suite of copper-gold, silver, lead, and zinc projects from Austin Metals Ltd. The acquisition encompasses 11 tenements spanning approximately 700 square kilometres across three prolific mining regions in New South Wales, Broken Hill, Cobar, and the Macquarie Arc.

The portfolio includes the high-potential Copper Blow Iron Oxide Copper Gold (IOCG) project near Broken Hill, multiple silver-lead-zinc prospects in the same district, the Wellington copper-gold project within the Macquarie Arc, and the Tindery gold-base metal project near Cobar. These assets offer Kingfisher exposure to a diverse range of critical and precious metals in established mining jurisdictions.

Compelling Historical Data and Exploration Upside

Historical drilling at Copper Blow has revealed encouraging copper and gold mineralisation over a 600-metre strike, with notable intercepts such as 16 metres at 2.67% copper and 0.62 grams per tonne gold. The project is considered the largest IOCG prospect in the Broken Hill Block, with previous metallurgical testing indicating copper recoveries of up to 96% in preliminary concentrates. Kingfisher plans to prioritise this project for near-term drilling to establish an initial JORC-compliant Mineral Resource estimate.

Other prospects within the portfolio, such as the Allendale silver-lead-zinc targets and the Wellington copper-gold project, offer early-stage exploration opportunities. Wellington’s Willunga prospect lies just 15 kilometres from Alkane Resources’ Boda-Kaiser porphyry copper deposit, highlighting the potential for significant discoveries in the region.

Funding the Next Phase of Exploration

To support the acquisition and subsequent exploration activities, Kingfisher is undertaking a capital raising of approximately $1.85 million. This includes a $520,000 placement to sophisticated investors and a $1.33 million non-renounceable entitlement issue to existing shareholders. The funds will be directed towards advancing exploration on the newly acquired NSW projects, continuing evaluation of the Mick Well Rare Earth project in Western Australia, and general working capital.

The acquisition consideration totals $400,000, split evenly between cash and Kingfisher shares, subject to shareholder approval. Several tenements require renewal applications currently under assessment, and Kingfisher has proactively applied for exploration licences to secure tenure continuity.

Strategic Positioning Amid Market Challenges

Kingfisher’s move reflects a strategic pivot towards critical metals like copper and precious metals, aligning with global demand trends despite ongoing challenges in the rare earths market. The company retains exposure to its Western Australian rare earths assets while expanding its footprint in NSW’s proven mining districts. Non-Executive Chairman Scott Huffadine emphasised the rigorous evaluation process leading to this acquisition, underscoring its value and potential to add significant shareholder value.

With exploration programs set to commence shortly, Kingfisher aims to unlock the value of these assets through targeted drilling and resource definition, positioning itself for growth in a competitive sector.