Kingfisher Acquires NSW Copper-Gold Portfolio for $400K, Raises $1.85M Capital
Kingfisher Mining has secured a strategic acquisition of copper-gold and base metal projects in NSW from Austin Metals, backed by a $1.85 million capital raise, while progressing high-grade rare earth and lithium exploration in Western Australia.
- Binding agreement to acquire NSW copper-gold, silver-lead-zinc projects from Austin Metals
- Total consideration – $200,000 cash plus $200,000 in Kingfisher shares
- Capital raising of $1.85 million through placement and entitlement offer
- Focus on advancing Copper Blow IOCG project with historical high-grade drill results
- Ongoing exploration of high-grade rare earth and lithium projects in Gascoyne, WA
Strategic Acquisition Bolsters NSW Portfolio
Kingfisher Mining Limited (ASX, KFM) has taken a significant step to diversify and strengthen its project portfolio by entering into a binding agreement to acquire a suite of copper-gold, gold, silver, lead, and zinc projects from Austin Metals Ltd (ASX, AYT). The acquisition covers eleven tenements spanning approximately 700 square kilometres across three prolific mining regions in New South Wales, Broken Hill, Cobar, and the Macquarie Arc.
The total consideration for the acquisition is $400,000, split evenly between cash and Kingfisher shares, subject to shareholder approval. This deal brings Kingfisher exposure to several promising prospects, including the Copper Blow IOCG project near Broken Hill, which boasts historical drill intercepts with notable grades such as 16 metres at 2.67% copper and 0.62 grams per tonne gold.
Capital Raising to Fund Exploration
To support the acquisition and ongoing exploration activities, Kingfisher announced a capital raising of approximately $1.85 million through a placement to sophisticated investors and a non-renounceable entitlement offer to existing shareholders. The company closed the quarter with $1.472 million in cash and an additional $0.155 million in listed investments, positioning it well to fund near-term drilling and evaluation programs.
Kingfisher’s immediate exploration focus will be on the Copper Blow project, where historical drilling has delineated mineralisation over 600 metres of strike. The company plans to conduct detailed geophysical reviews and infill drilling to advance towards a JORC-compliant Mineral Resource estimate, aiming to unlock the project's full potential.
Advancing Rare Earth and Lithium Projects in Western Australia
Alongside its NSW expansion, Kingfisher continues to progress its rare earth elements (REE) and lithium projects in the Gascoyne region of Western Australia. The Mick Well REE project has delivered multiple high-grade discoveries, with drill results showing up to 5 metres at 5.21% total rare earth oxides (TREO). The nearby LK1 prospect has also revealed compelling carbonatite pipe targets supported by geophysical and geochemical data.
Kingfisher’s Chalby Chalby lithium prospect features multiple stacked pegmatites with rock chip assays up to 0.61% lithium oxide, highlighting the potential for further lithium mineralisation within the company’s extensive 938 square kilometre Gascoyne tenure.
Outlook and Strategic Positioning
Non-Executive Chairman Scott Huffadine emphasised the strategic value of the NSW acquisition, noting the proximity of the new projects to world-class deposits and the significant exploration upside they offer. The company’s dual focus on base metals in NSW and critical minerals in WA positions Kingfisher to capitalize on evolving market demands for copper, gold, rare earths, and lithium.
While the acquisition and capital raising are subject to customary approvals, Kingfisher’s expanded footprint and robust funding provide a solid platform for advancing its exploration pipeline in the coming months.
Bottom Line?
Kingfisher’s bold NSW acquisition and fresh capital injection set the stage for a pivotal exploration phase, with market eyes on upcoming drill results and resource updates.
Questions in the middle?
- Will Kingfisher deliver a JORC-compliant resource estimate for Copper Blow in the near term?
- How will the capital raising impact shareholder dilution and company valuation?
- What exploration milestones can investors expect from the Gascoyne rare earth and lithium projects this year?
