Kingfisher Acquires 700km² NSW Copper-Gold Portfolio for $400K Consideration

Strategic Acquisition Bolsters Kingfisher’s NSW Presence

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

This acquisition notably includes the Copper Blow Iron Oxide Copper Gold (IOCG) project near Broken Hill, a prospect with historical drilling results indicating high-grade copper and gold mineralisation over a 600-metre strike length. Other key assets are the Wellington copper-gold project within the Macquarie Arc and the Tindery gold and base metals project near Cobar, both areas with promising geological settings and historical exploration data.

Attractive Terms and Immediate Exploration Plans

The total consideration for the acquisition is $400,000, split evenly between cash and Kingfisher shares, subject to shareholder approval. This deal provides Kingfisher with a strategic foothold in established mining districts, offering exposure to multiple critical and precious metals. The company plans to immediately engage with landholders and stakeholders to facilitate on-ground assessments and prioritise drill targets, with a particular focus on advancing the Copper Blow prospect towards an initial JORC-compliant mineral resource estimate.

Kingfisher’s Non-Executive Chairman, Scott Huffadine, highlighted the extensive evaluation work leading to this acquisition and the compelling value it represents for shareholders. The company aims to leverage the historical data and existing geophysical surveys to guide infill and extensional drilling programs, potentially unlocking significant value from these assets.

Capital Raising to Support Growth Ambitions

To fund exploration activities and working capital, Kingfisher is conducting a capital raising of approximately $1.85 million through a placement and a non-renounceable rights issue. The placement has secured firm commitments for $520,000 at $0.04 per share, accompanied by free-attaching options exercisable at $0.10 over three years. The rights issue offers eligible shareholders the opportunity to subscribe for new shares on a pro-rata basis, also at $0.04 per share, with attached options.

Funds raised will primarily support exploration across the newly acquired NSW projects, ongoing evaluation of Kingfisher’s Mick Well Rare Earths project in Western Australia, and general working capital. The company has engaged CPS Capital Group as lead manager for the capital raising, with associated fees and options subject to shareholder approval.

A Portfolio with Diverse Commodity Exposure

Kingfisher’s expanded portfolio offers exposure to a range of commodities critical to the evolving resource landscape. The Copper Blow project stands out as a large IOCG prospect with encouraging historical drill intersections, including intervals exceeding 6% copper and notable gold and silver grades. The West Broken Hill area adds multiple high-grade silver-lead-zinc prospects, while the Wellington and Tindery projects provide early-stage opportunities in copper-gold and gold-base metals respectively.

While the rare earths market remains challenging, Kingfisher retains its Gascoyne Rare Earths project exposure, balancing its portfolio between established and emerging commodities. This strategic diversification could position the company well to capture value across different market cycles.