Former Barrick Property Consolidated: "One of the Biggest Porphyry Districts in the Golden Triangle"

• Kingfisher Metals is a small cap junior explorer focused on copper and gold in northwest BC's Golden Triangle
• They acquired a large land package in 2021 with significant historic high-grade drilling intercepts
• Late-season 2023 drilling under cover hit a large porphyry system with room to expand
• Significant upside potential if they can hit a major discovery with their next drill program
• Well-positioned in an established mining district but need funding for the next exploration phase

Junior mining companies offer investors huge upside potential but also substantial risk. As metals prices rise, interest returns to Canada's Golden Triangle in northwest BC, renowned for major discoveries but challenging geography. Small-cap explorer Kingfisher Metals believes they have consolidated an entire porphyry district on their projects here, with historic high-grade intercepts and recent promising early drilling. Significant upside exists if their next drill program can deliver a major discovery. However, risks around exploration success, permitting, funding capability and execution ability remain.

Company Overview

Kingfisher Metals is focused solely on their large, recently acquired land package in the Golden Triangle. As CEO Dustin Perry explains, “We picked up, or entered into a 4-year option agreement to earn 100% of two projects. We consolidated a large porphyry district in the Golden Triangle.” The main project areas are the 331-sq km Hank Property, with existing high-grade epithermal gold-silver prospects, and the adjacent 153-sq km Todd Creek property. Kingfisher's targeted exploration model is based on the proximity to Seabridge Gold's major KSM and Pretium's Brucejack deposits.

Interview with Chief Executive Officer, Dustin Perry

Historic High-Grade Results

Historic drilling by previous operators on the Hank property provides tangible evidence of high-grade mineralization up to 20m at 12 g/t gold. The main exploration trends at Hank with historic high-grade epithermal-style intercepts are the Williams Zone (350m at 0.3 g/t Au equivalent) and Mary Zone (290m at 0.7 g/t Au equivalent).

CEO Perry notes, “You’ve got a lot of drilling, the last drill intercept was 290 metres of 0.7 gold equivalent.”

Recent Drill Program Confirms Porphyry Potential

A short late-season 2023 drill program was focused on the extensive Mary Target. One hole under cover hit a significant 438m at 0.43 g/t Au equivalent. CEO Perry believes this hole proves they have a large porphyry system underlying the Mary trend. As he explains,

“We hit one step out where we collared in cover and then we drove on the other edge of cover a full kilometre away and hit pretty anomalous gold grades...It looks to us like we’re onto a massive porphyry system with this particular target.”

Full Permitting Now Allows Expanded 2023 Exploration

Historically only part of Kingfisher’s land package was permitted for drilling. But for 2024, they expect to receive permits covering the entire consolidated district. CEO Perry highlights the importance of this expanded permitted area, “The part that wasn’t permitted will be permitted for this drill program, so it’s a big piece of big challenge to sort through a big project like this.” The increased flexibility allows them to properly prioritize and test the most promising trends across the whole land package.

Experienced Technical Team to Unlock Potential

Kingfisher has assembled an experienced technical team familiar with the region’s deposits to drive their exploration efforts. VP Exploration Gail Febos completed her Masters studying Seabridge’s KSM project. Plus advisor Charlie Greig’s extensive Golden Triangle experience boosts their geological capabilities. As CEO Perry emphasizes, “We’ve got the right geologists on this that have verified everything.”

Well-Positioned Among Peers

Despite its early stage, Kingfisher compares favorably to Golden Triangle peers. With a tight share structure and strong institutional shareholder base, the company offers leverage to exploration upside. The current ~C$10M market cap leaves substantial upside potential versus an estimated C$2B+ in-situ value if they can achieve a 1-2 million ounce gold equivalent discovery.

CEO Perry highlights, “We’re around a $10 million company and we’ve got potentially one of the biggest porphyry districts in the Golden Triangle right now.”

Funding Needs Loom Amid Tough Markets

With no cash flow, Kingfisher faces a common junior miner challenge - raising necessary funds to advance exploration. CEO Perry explains, “I’m not sure of the timing for a raise, it’s going to have to happen obviously before we start the field program.” Adding pressure, broader market weakness has squeezed mining investors. As Perry notes, “The financing didn't come easy last summer - the bulk of that money came in fairly early but I wanted to get a little bit more so we extended it a little longer.” While necessary, further dilution from a financing risks sinking shares.

2024 Drill Program - High-Grade Epithermal Targets Plus Porphyry Potential

Given expanded permitting, Kingfisher can test high-priority targets across the entire district for 2024. CEO Perry hints initial holes may target overlooked angles of historic high-grade epithermal zones at the Hank Trend. But the main focus likely remains expanding their Mary Porphyry discovery. As Perry states, “I think in broad terms, what you could expect for a program this year is us following up on what you see right here and hoping to hit a real big home run there.” Investors will watch anxiously - a major new discovery hole could ignite interest while disappointing results may deflate recent optimism.

"All it takes is one drill hole and they're (Hercules Silver) up whatever close to 10x. They've got a massive investment from a major (Barrick) so all it takes is one drill hole. And this is pretty similar actually - you've got upper-level high epithermal veins, you've got pretty high-level mineralization, you've got a huge chargeability anomaly under cover, so we've got opportunities for more than one of these."

The Investment Thesis for Kingfisher Metals

• Historic high-grade intercepts showcase epithermal gold potential
• 2023 drilling proves large porphyry system with room to grow
• Assembled top technical team to unlock full district potential
• Tight structure maximizes leverage to exploration success
• 2024 drill program could deliver game-changing discovery

In northwest BC's renowned Golden Triangle, Kingfisher Metals has consolidated an entire district with strong evidence of both high-grade epithermal gold and significant porphyry potential. While early stage and not without risks, Kingfisher offers investors tightly structured exposure to substantial resource upside if their experienced exploration team can deliver a major discovery from planned 2023 drilling. Attractive leverage comes with commensurate downside dangers, making Kingfisher best suited to risk-tolerant resource investors. But success could bring great rewards.

Surging inflation and geopolitical instability have shone a spotlight on gold as a safe haven investment and portfolio diversifier. While bullion itself offers protection against currency devaluation and systemic risks, gold mining equities can provide further leverage. After years in the doldrums, dynamic junior explorers with major discovery opportunities like Kingfisher Metals give investors asymmetric upside exposure to any rebound in precious metals markets.

In an uncertain world where inflation and volatility buffet broader markets, nimble junior gold explorers like Kingfisher Metals stand out as opportunistic ways to diversify portfolio risks.