PATRONUS RESOURCES LIMITED — Capital/Financing Update 2015

Nov 26, 2015

November 27 th

Board of Directors

TerryGrammer Chairman

Trevor Dixon Managing Director

Fritz Fitton Technical Director

Joe Graziano Non-Executive Director & Company Secretary

Contact Details

Post

PO Box 565 Mount Hawthorn Western Australia 6915

Office

342 Scarborough Beach Road Osborne Park Western Australia 6017

Phone

08 9242 2227

Fax 08 9242 1277

Email info@kinmining.com.au

Website www.kinmining.com.au

46,614,690 (KIN) Shares on Issue: 72,530,690

ASX: KIN

Funding Secured to Advance the Leonora Gold Project

• Funding of over $1Million from the shortfall of the Share Purchase Plan secured to fast track exploration at Gwalia South and the Leonora Gold Project
• Initial drill campaign complete at Mertondale T1,T2 and T3 targets
• Field visit at Gwalia South confirmed outcrop of 400m strike length of the prospective Gwalia mine sequence, rock chip analysis indicates the Gwalia slate within the sequence is anomalous in gold

Kin Mining NL (ASX: KIN) is pleased to provide a company update of corporate and technical fieldwork activities.

Corporate

Kin is pleased to announce that it has raised $1,170,000 from the shortfall of the Share Purchase Plan. The company has issued 11,700,000 shares and 5,850,000 unlisted options exercisable at $0.20 by 31 August 2017.

The company and its advisors are working to place the balance of the shortfall raising which is 6,410,000 @ $0.10 per share with a 1 for 2 Option exercisable @ $0.20 by 31 August 2017. The final date for shortfall applications and cleared funds is Tuesday 1 December 2015.

The company has sufficient capital to commence exploration drilling at its Gwalia South Prospect and to advance the Leonora Gold Project (LGP).

Drilling Commences at Mertondale

Evaluation of the Eastern Branch of the Mertondale Shear Zone defined an Exploration Target Zone with a 1.8 km long mineralised system hosting several advanced deposits that remain open at depth. Further analysis resulted in 5 high ranked targets within the system which represent a significant potential to advance the LGP (see ASX March 26th for more detail). The recently completed drill program consisted of 4 deep Reverse Circulation holes at three target areas T1, T2 and T3 for a total of 840 metres (Figure 1). Samples have been delivered to the Perth SGS laboratory, assay results are anticipated to be received within the following weeks.

Figure 1 Long Section looking west, from Merton's Reward through to Mert3/4 highlighting the mineralised system with existing underground workings (orange + yellow), open pits (light brown), high grade mineralisation (+5g/t Au) in magenta and high ranked targets (T1-T5) within the Exploration Outline.

Drilling at the T1 target consisted of two holes (MR15RC001 and MR15RC002) adjacent to an historic diamond hole NMDD024 which intersected a mineralised zone of 9m at 3.65 g/t Au from 61m. This intersection has not been followed up and sits outside the current Resource envelope. The recent drilling aimed to define the extent of the mineralisation, with the intention to incorporate any new mineralisation into the Resource model.

Figure 2 Reverse Circulation Drilling (MR15RC001) at the T1 Target Area

Figure 3 Long Section looking west, highlighting Merton's Reward Underground and the interpreted extension of the north plunging ore shoot (T2 target) high grade mineralisation (+5g/t Au) in magenta

The T2 Target at Merton's Reward is the extension of the interpreted shallow north plunging ore shoot that was the main ore feed during early production. Merton's Reward was mined extensively in the early 1900's with total production of 90kt @ 21 g/t Au for 60,524 ozs making it one of the highest grade deposits in the Eastern Goldfields. The ore shoot still remains open down dip, drillhole MR15RC003 was drilled to a total depth of 198m and was designed to intersect the ore shoot at depth.

Figure 4 Reverse Circulation drilling (MR15RC003) at the T2 target on the ramp of the Mert 2 Pit

At Mertondale 3-4, a series of steep east dipping, locally folded lenses of gold mineralisation have been delineated over strike lengths of at least 900 m. Mineralised lenses are up to 35 m thick and generally straddle the hangingwall porphyry-basalt contact. The strongest mineralisation is generally along this contact in highly foliated and altered porphyry and basalt. The mineralised lenses have similar shapes to the porphyry units, although they tend to be more extensive in the foliation plane. In general, the thickest mineralisation lies adjacent to the thickest porphyry.

Figure 5 Plan view of mineralised kink (green line) at the southern end of Mert 3, high grade mineralisation (+5g/t Au) in magenta

T3 lies directly on the southern end of the existing Mert 3 pit and the mineralisation tends to kink around at this point (Figure 5). Mineralisation is strongest on 6827960mN where a north-east fault may occur which helps explain the kink in mineralisation. A large portion of mineralisation on this section sits below the $2000 Resource pitshell. Drilling has defined the known mineralisation well, however if there is a fault driving the mineralisation, scope to define a south plunging shoot behind NMRC074 remains (Figure 6). A 246m drillhole (MT15RC001) has been drilled to test the south plunging deep target, to determine whether the mineralisation persists. The drillhole intersected encouraging lithologies with highly altered carbonated basalt and felsic porphyry units.

Figure 6 Oblique section looking southwest highlighting the mineralised kink (green line) with the T3 target area (red circle)

Gwalia South

A site visit to Gwalia South to confirm drillhole locations for an upcoming RC drill program confirmed outcrop of 400m strike length of the prospective Gwalia mine sequence. An extensive 31 rock chip survey was undertaken along the outcropping Gwalia slate where historic workings are located along a chert horizon. Gold analyses indicate the chert horizon is anomalous for gold with 12 samples recording gold values above 0.1 Au ppm with a peak value of 0.52 Au ppm. The survey was regarded as encouraging as it confirms the prospective gold bearing mine sequence that hosts the world class Sons of Gwalia Mine (7Moz) continues into Kin's tenure and is anomalous in gold. The rock chip survey will aid in determining final drill hole locations at Gwalia South.

A Programme of Work has been submitted to the Department of Mines and Petroleum (DMP) for approval and currently the DMP has requested additional information with respect to aboriginal site surveys previously conducted at Gwalia South. The company is in the process of securing archaeological and ethnographical studies from the Department of Aboriginal Affairs and intend to lodge a submission to obtain access to areas of interest, prior to work commencing.

Figure 7 Historic working along the Gwalia Slate and typical rock chip sample material

Competent Persons Statement

This Company Update Announcement has been prepared by Mr. Marvyn John (Fritz) Fitton who is a long standing Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a Member of the Australian Institute of Geoscientists (AIG). Mr. Fitton is the Technical Director of Kin Mining NL and has worked in the Mining and Exploration industry for 46 years and as such is regarded as a "Competent Person" as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Fitton has given his consent to the reporting of all matters presented in this company ASX Announcement.

Competent Persons Statement

The information contained in this report that relates to mineral resources and exploration results is based on information compiled and reviewed by Paul Maher who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and Mr. Simon Buswell-Smith who is a Member of the Australian Institute of Geoscientists (MAIG), both are employees of the company and fairly represents this information. Mr. Maher and Mr. Buswell-Smith have sufficient experience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 edition of the "JORC Australian code for reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Maher and Mr. Buswell-Smith consent to the inclusion in the report of the matters based on information in the form and context in which it appears.

Forward Looking Statements

Certain information in this document refers to the intentions of Kin Mining NL, but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Kin Mining NL's actual results, performance or achievements to differ from those referred to in this announcement. Accordingly, Kin Mining NL, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this announcement will actually occur as contemplated.

Appendix A Company Announcement

SECTION 1 – Sample Techniques and Data

Criteria	Commentary
Samplingtechniques	Thirty one (31) samples (KIN00130-00160) were collected at Gwalia South (P37/8500). Sampleswere rock chipped, knapped from outcropping chert or collected from mullock piles surroundingold workings. Samples were collected along strike over varying intervals (approximately 5-10mapart). Approximately 2-2.5kg of sample was collected from each sample point and stored innumbered calico bags prior to submission for analysis. All samples were collected from surface.
Drillingtechniques	No drilling was conducted on the tenement. The exploration programme was confined to rockchip sampling.
Drill samplerecovery	No drilling was conducted. The rock chip samples are considered to be in situ and represent theimmediate sample area. No relationship was observed between sample recovery and grade.
Logging	Kin's procedure for logging of sample included recording the sample description, landform andgrid coordinates.
Subsamplingtechniquesand samplepreparation	See Sampling techniques in the above section. All samples were collected dry, no ground waterwas encountered. No standards or blanks were submitted with the sample batch however theassay laboratory, SGS, included its own internal checks and balances consisting of repeats andstandards; repeatability and standard results were within acceptable limits.
Quality ofassaydata andlaboratory	Gold analysis was conducted by SGS Laboratories in Kalgoorlie. Sample preparation includeddrying samples (105°C) and pulverising to 95% passing 75µm. Samples were riffel split to securea sample charge of 50 grams. Analysis was via Fire Assay (50 gram charge) with AAS finish (ppmdetection). Elements selected for assay include Au, Bi, As and W however only Au results areavailable at this stage. The analytical process and the level of detection (ppm) is considered

Criteria	Commentary
tests	appropriate for this first pass early stage of exploration.
	Fire assay analysis is regarded as a complete digest method. No geophysical tools were used todetermine any element concentrations. Only internal laboratory quality control procedures havebeen adopted at this early stage.
Verificationof sampling	All the collected samples have been assayed; the assay data has been stored physically andelectronically in the company database using Kin Mining's protocols. The sampling and assay datahas been compiled and interpreted by the competent persons.
andassaying	No adjustments, averaging or calibrations have been made to any of the assay data recorded inthe database.
Location ofdata points	Sample points were located in the field using a hand held GPS with a three to four metre accuracy.The grid system utilised is (GDA94 zone51). No topographic control was required.
Dataspacinganddistribution	The sample spacing is topographically specific; the sample locations were dependent on lithology,outcrop and proximity to old workings, areas of interest were sampled at a denser interval.Samples were collected on a north south line approximately 5-10m apart. The sample spacing isdense however the dimensions are considered close enough to identify any significant zones ofmineralisation. The sampling programme is a first pass exercise which was designed to identifyareas of geological interest and anomalous zones of gold mineralisation.
Orientationof data inrelation togeologicalstructure	The greenstone sequence displays a northerly trend (NNW). The sampling programme wasdesigned to provide, as best as practicable, an unbiased location of point sample data, sampleintervals are stationed at approximately 5-10m spacing in a north-south direction. No orientationsampling bias has been identified in the data thus far.
Samplesecurity	Samples were collected daily in the field and stored in a secure location overnight in Leonora.Upon completion of the sampling programme all samples were transported to Kalgoorlie by a SGSemployee. The sample pulps were then transported, by SGS, to their analytical laboratory in Perthfor further analysis. Once in the laboratories possession adequate sample security measures areutilised.
Audits orreviews	Sampling methodologies and assay techniques used in this sampling survey are considered to bemineral exploration industry standard and any audits or reviews are not considered necessary atthis early exploration stage.

Section 2 Reporting of Exploration Results

Criteria	Commentary
Mineraltenement andland tenurestatus	The sampling programme was conducted on tenement P37/8500; the project area is namedthe Gwalia South Project. P37/8500 is held in the name of Kin Mining NL; the tenement ismanaged, explored and maintained by Kin Mining NL.
	The lease is located on the Melita pastoral lease in the Shire of Leonora within the NorthCoolgardie Mineral Field in the centre of the North Eastern Goldfields of WA.There are no existing impediments to the tenement. The tenement is in good standing.
Explorationdone byother parties	Gold was initially discovered in the Leonora area in the 1896 however no substantial gold minesare contained within the project area but several shallow gold workings are positioned along anarrow, chert-quartz (Gwalia mine sequence) horizon that truncates the lease. In addition theSons of Gwalia mine (7Moz) is located approximately 2.5km north of the tenement.
	The area has been explored by several mining companies in the past, dating back as far as the1960's, including Western Mining Co, Esso Minerals, City Resources and Sons of Gwalia Ltd.
	Previous drilling in the Gwalia South area was predominantly sparse vertical Aircore drilled toblade refusal (10-80m) depth, generally on 400m line spacing's. Historical drilling to date

Criteria	Commentary
	confirms that the Gwalia mine sequence continues south through Kin's tenure. The hostsequence (Gwalia mine sequence) presents as a highly prospective target area.
	To date historical drilling has failed to intersect NW striking faults, has not drilled throughprospective lithological contact zones and has also failed to adequately test the lithologicalsequence at depth. There are no significant gold mines along this section of the prospectivecorridor (Gwalia Shear Zone) and Kin believe this is due to lack of outcrop and inefficientprevious exploration techniques.
	Several significant gold mines associated with the Gwalia Shear Zone and the granitegreenstone contact occurs north of the Sons of Gwalia Mine (7Moz) where outcrop is present.Gold mines along this prospective corridor include Tower Hill (1Moz), Harbour Lights (1Moz),Kailis (164koz), Jasper Flats (165koz) and King of the Hills (3.68Moz).
Geology	The regional geology comprises a suite of NNW trending greenstones positioned on the contactof the western edge of the Melita Greenstone Belt and the granitic Raeside Batholith, theGwalia Domain (hosting the Gwalia mine sequence) strikes north-south through the tenementconstrained by the Gwalia (west) and the Mt George (east) shear zones. The greenstonescomprise a succession of chert, high magnesian tholeiitic basalt, dolerite, sediments, felsicvolcanics and ultramafic rocks.
	Exploration is targeting modest sized but high grade lode and/or shear hosted goldmineralisation similar to other deposit in the district. Gwalia and Tower Hill style goldmineralisation are the preferred targets.
Drill holeInformation	No drilling was conducted on the tenement.
DataAggregationmethods	No averaging of the raw assay data was applied. Raw data was used to determine the locationof gold anomalies and anomalous gold trends. Geological assessment and interpretation wasused to determine the relevance of the plotted anomalies with respect to the sampledmedium.
	No upper cuts were applied when determining anomalous gold areas, however results>0.1ppm Au are considered to represent anomalous values and are considered to be abovewhat is regarded as background or significant.
RelationshipBetweenMineralisationwidths andinterceptlengths	All assay results are from rock chip samples collected from various locations; only one samplewas collected from each location. Samples are regarded as composite rock chip samples. Theaverage sample area is one square metre.
Diagrams	Relevant "type example" plans and diagrams are included in the body of this report.
BalancedReporting	Only the gold assay results are discussed and reported however analysis for several elementsincluding Bi, As and W was also conducted but at this stage the results are unavailable.
OtherSubstantiveexplorationdata	Regarding the results received no other substantive exploration data is currently considerednecessary, given the early stage of exploration activities at this time.
Further work	The generated gold anomalies will be assessed to determine which anomalies should be testedfurther. Additional rock chip sampling may be conducted over areas that returned significantresults. The follow up exploration programme will include magnetic interpretation,consolidation of geological data, targeting and drill hole positioning. Once additional point andstructural data is interrogated anomalous areas can be selected for drill testing. A POW hasbeen lodged with DMP; the POW application is pending however it includes RC and diamonddrill proposals.