Kingfisher Reports 8.8 m of 38.50 g/t AuEq Within 27 m of 13.61 g/t AuEq at HWY 37 Project, Golden Triangle

Kingfisher Metals Corp. (KFR) has reported the first assay results from its 2026 drilling season at the HWY 37 Project. The company released a single rush assay for hole HW-26-015 at the Hank porphyry target, which intersected a 27-meter interval of significant mineralization.

The results for HW-26-015 are as follows: - 27 m at 13.61 g/t AuEq (7.33 g/t Au, 322.0 g/t Ag, 1.01% Cu, 4.05% Zn, 0.54% Pb) from 461.0 m to 488.0 m — downhole length. - Within that interval: 8.8 m at 38.50 g/t AuEq (20.33 g/t Au, 937.6 g/t Ag, 2.98% Cu, 11.08% Zn, 0.99% Pb) from 462.0 m.

The hole is 1,067 meters long, with assays pending for the intervals from 0–461 m and 488–1,067 m. Visible gold was reported in the core at 464.3 m, and interpreted Ag-Au tellurides and Ag-sulfosalts were annotated. The company stated the hole was designed to test the Hank porphyry Cu-Au target, first identified in HW-25-011, but noted that the vein was intersected "on the shoulder (margin) of porphyry-style mineralization," meaning it was not the primary objective.

From 660 m to the end of the hole at 1,067 m, the drill intersected porphyry-style veins containing visible chalcopyrite and transitional potassic alteration, characterized by quartz-biotite-chlorite-magnetite-chalcopyrite-pyrite and trace molybdenite. These intervals remain unassayed. Kingfisher described this as "the first vein of this style and grade identified within the Hank porphyry target area."

Drilling program status indicates that 17 holes totaling approximately 9,500 meters have been drilled or are currently drilling. Thirteen holes are complete and four are in progress, utilizing four rigs. Assay results are pending for the remainder of HW-26-015 and all other 2026 holes.

Other pending highlights include visual observations from HW-26-019, which reached 1,085 meters as the deepest hole at Hank. This hole showed the "strongest visual copper mineralization observed to date," with trace bornite in the upper ~50 m of the intercept. Additional visual highlights include HW-26-016, which intersected 268 m of porphyry mineralization from 514–782 m, and HW-26-017, which extended the alteration footprint south.

New discovery targets currently being drilled include Cash (HW-26-014), LAZ Porphyry (HW-26-021), Turquoise (HW-26-022), Rojo Chico (HW-26-024), and Rojo Grande (HW-26-027, which is in progress).

Regarding tenure, Kingfisher added 30 km² at Forrest Kerr. The company now holds 232 km² at Forrest Kerr and 933 km² at HWY 37, for a total of 1,165 km² across those two properties.

Kingfisher Metals Corp. (KFR) is a pre-resource explorer with no NI 43-101 resources and no revenue. The newly assayed interval represents a first-pass discovery of a new mineralization style within a hole drilled for a different target, serving as a discovery hole rather than an infill drill. There is no existing resource grade to confirm against.

The relevant historical anchor for high-grade mineralization at Hank is not the porphyry system. Instead, it relies on historical data from HNK-18-010, which reported 20.0 m at 11.63 g/t Au and 13.8 g/t Ag, as well as the deck’s figure of 8.68 g/t Au and 10.9 g/t Ag over 27.1 m. These figures are non-43-101, unverified, and known to the market. The specific anchor for the vein is the visual-only disclosure on 2026-08-11 of an 8.35 m massive-sulfide interval, which was published without grade data.

Kingfisher Metals Corp. stock rose from C$0.33 on 2025-09-22 to C$0.52 on 2026-01-22 following the Hank blind-porphyry discovery, reaching C$0.74 within a week. The porphyry discovery is clearly embedded in the valuation. The stock subsequently rose to C$1.39 in May and C$1.62 on 2026-08-07, supported by a Barrick strategic investment at C$1.35 per unit with C$1.70 warrants, announced on 2026-07-21 and closed on 2026-07-28. Since 2026-08-07, the stock has drifted from C$1.62 to C$1.10, a 32% drawdown, and now trades 19% below Barrick’s C$1.35 subscription price. The 2026-08-11 exploration update, which contained visuals only with all assays pending, coincided with a one-day fall from C$1.55 to C$1.25.

While the porphyry anchor is embedded, a high-grade polymetallic vein at Hank was not previously priced because the market lacked grade data for it. This represents an unpriced positive on a drifted stock. However, the magnitude of this positive is limited. While the grade is decisively better, the width is unknown, and the near-vertical hole geometry makes the downhole length an unreliable proxy. Consequently, the impact is positive but not material.

This development changes the perceived grade mix at Hank. Previously, Hank was characterized as a large, low-grade 0.4% CuEq porphyry with a known but modest shallow Au-Ag system. A 20 g/t Au and 938 g/t Ag vein at porphyry level adds a high-grade component and strengthens the interpretation of a preserved system with multiple exploitable levels. It does not change the porphyry tonnage or grade question, which underpins the C$173M market cap and the Barrick endorsement. Nothing in this release indicates the porphyry is bigger or richer. The 660–1,067 m porphyry interval in this hole remains unassayed, as does the "strongest visual copper" in hole HW-26-019.

The release bridges the assay gap of a 15,000 m program, which includes 13 completed holes with all assays pending. This is standard junior practice, and the release is transparent about the cherry-selected nature of the rush interval, meaning the equity is still priced on pending data. The expected share-price impact is a modest positive, likely a single-digit to low-double-digit percentage move on the day, subject to usual junior volatility. The stock moved -19% in a day in August and +30% in a week in January. This is not expected to trigger a 15%+ structural re-rate on its own, as it does not touch the porphyry and cannot be sized.

Kingfisher Metals Corp. (KFR) is a Canadian exploration company focused on copper-gold assets in British Columbia’s Golden Triangle. The company holds no NI 43-101 resources or reserves, has not completed economic studies, and has no production, revenue, or metallurgical testwork. Its portfolio includes the 933 km² HWY 37 Project, which hosts the Hank porphyry Cu-Au system, the overlying Hank epithermal Au-Ag system, the Williams porphyry, and the Mary deposit, along with new targets Turquoise, Cash, LAZ Porphyry, Rojo Grande, Rojo Chico, Flats, Pits, and Rainbow. The HWY 37 Project lies entirely within Tahltan Traditional Territory, adjacent to Highway 37 and the Northwest Transmission Line.

Kingfisher also controls the Forrest Kerr Project, now 232 km², with an option to earn 100% from Aben Gold, featuring high-grade gold-silver veins and three porphyry Cu-Au/epithermal target areas. Additionally, the company owns 100% of orogenic gold projects totaling 641 km². Prior disclosures highlight the HW-25-011 blind porphyry discovery, which returned 425 m at 0.40% CuEq (0.15% Cu, 0.21 g/t Au, 2.2 g/t Ag), open in all directions and ending in increasing copper at 959 m. The Williams project returned 889.35 m at 0.47% CuEq from 3.65 m, including 40.15 m at 1.16% CuEq, and 558 m at 0.64% CuEq including 234.35 m at 1.00% CuEq.

As of the release date, Kingfisher had 157,429,335 shares outstanding. The capital structure includes approximately 19.9 million warrants at an average C$0.36 and 11.5 million options at an average C$0.48. Barrick holds 7,735,467 warrants exercisable at C$1.70 to 2028, implying a fully diluted share count in the ~185–190M range. Barrick holds 9.9% basic and 14.1% partially diluted, with pre-emptive rights, top-up rights, an 18-month transfer lock-up, a 15% standstill (19.9% if a third party takes 10%+), and a 24-month restriction on Kingfisher selling or granting royalties/streams on HWY 37 without Barrick's consent.

In Q1-2026, the company reported cash of C$30,496,924 and total equity of C$51,813,764, with a book value of C$0.39/share and working capital of C$23.5M. No debt was disclosed. Q1-2026 net income was C$121,482, driven by deferred tax recovery and interest income rather than operations, while FY-2025 net loss was C$774,343. The Barrick placement added C$20.9M gross on 2026-07-28, guiding to ~C$47M cash. At C$1.10, the stock trades at ~2.8x book.

Management includes CEO and President Dustin Perry, founder with ~18 years in BC porphyry/epithermal exploration; VP Exploration and QP Tyler Caswell, ex-NorthWest Copper; Advisory Board Chair Ashwath Mehra, ex-GT Gold and ex-Glencore; Technical Advisor Charlie Greig, ex-GT Gold Saddle North; and Chief Geologist Gayle Febbo, ex-KSM/Brucejack/Galore Creek.