PATRONUS RESOURCES LIMITED — Capital/Financing Update 2018

May 29, 2018

Management

Andrew Munckton Chief Executive Officer

Glenn Grayson Exploration Manager

Board of Directors

Jeremy Kirkwood Chairman

Trevor Dixon Executive Director Business Development & Land Tenure

Joe Graziano Non-Executive Director & Company Secretary

Brian Dawes Non-Executive Director

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

Email info@kinmining.com.au

Website www.kinmining.com.au

Shares on Issue 221,638,347

Unlisted Options 37,335,750

Underwritten A$11.3m Capital Raising to Fund Exploration and Potential Repayment of Sprott Facility

Highlights

• Fully underwritten Placement and Non-Renounceable Entitlement Offer to be undertaken to raise A$11.3 million for continued exploration and potential repayment of the Sprott Facility
• Euroz Securities Ltd (Euroz, or Lead Manager) will be the sole Lead Manager and Underwriter to the offer.
• Underwritten placement of approximately 21.9 million ordinary shares (Placement Shares), representing approximately 9.9% of existing shares on issue via a single tranche placement to raise gross proceeds of approximately A$2.4 million (Placement). The Company will issue the shares under its current placement capacity in accordance with Listing Rules 7.1 (20.1m ordinary shares) and 7.1A (1.8m ordinary shares).
• A pro-rata 1 for 3 fully underwritten non-renounceable entitlement offer (Entitlement Offer) of approximately 81.2 million ordinary shares to raise gross proceeds of approximately A$8.9 million
• The Offer Price of A$0.11 per new share represents a 11.3% discount to the 5-day VWAP price as at Friday, 25 May 2018
• Funds will primarily be used undertake exploration programs to expand and extend Mineral Resources at the Leonora Gold Project (approximately A$3.8m) and to repay and retire the current Sprott Facility (approximately A$6.7m)

Kin Mining NL (ASX: KIN or the Company) advises of its intention to undertake a fully underwritten equity capital raising of approximately A$11.3 million (before costs) to be directed towards the acceleration of exploration at the Leonora Gold Project (LGP) and potential repayment of the outstanding Sprott Facility.

The capital raising comprises a fully underwritten Placement and Entitlement Offer. The Company has received firm commitments from Institutional and Sophisticated Investors to raise approximately A$2.4 million (before costs) via the issue of 21,909,586 fully paid ordinary shares (Shares) at an issue price of A$0.11 per Share.

New Shares issued under the Entitlement Offer will rank equally with existing Shares on issue and the Company will apply for official quotation of the New Shares.

Option holders are not entitled to participate in the Entitlement Offer without first exercising their options to be registered as a shareholder (in Australia, Hong Kong, New Zealand, and Singapore on the Record Date, in accordance with the terms and conditions of the options.

The Board remains confident that the LGP holds significant value. The LGP contains a Mineral Resource of more than 1 Moz1 gold, located within the highly endowed and operationally active Leonora gold region. Kin intends to continue with its exploration and drilling programme while it progresses the additional activities required to enhance and optimise the value of the LGP when construction is resumed.

The Proposed Timetable for the Entitlement Offer is as follows:

Event	Date
Announcement of Offer	30 May 2018
Appendix 3B and cleansing notice lodged with ASX	5 June 2018
Offer Document lodged with ASX	5 June 2018
Letter to Option Holders and Shareholders	5 June 2018
"Ex" Date	6 June 2018
Record Date to determine Entitlement to New Shares	8 June 2018
Dispatch of Offer Document and Application Form and announcementthat dispatch completed.	11 June 2018
Offer opens for receipt of Applications	11 June 2018
Closing Date for Applications and payment in full	26 June 2018
New Shares quoted on a deferred settlement basis	27 June 2018
ASX notified of under subscriptions	29 June 2018
Dispatch date of holding statements, New Shares entered into theholders' security holdings	2 July 2018
Trading commences for New Shares on a normal basis	3 July 2018

-ENDS-

For further information, please contact:

Investor enquiries Media enquiries

Andrew Munckton Michael Vaughan Chief Executive Officer, Kin Mining NL Fivemark Partners +61 (0) 8 9242 2227 +61 422 602 720

About Kin Mining NL

Kin Mining NL (ASX: KIN) is a West Australian based gold development and exploration company. Kin's key focus is its 100% owned Leonora Gold Project (LGP) located in the highly prospective North-Eastern Goldfields region of Western Australia. The LGP has a +1Moz1 gold Mineral Resource defined in both supergene and deeper primary mineralisation with considerable potential to grow this resource with further drilling.

1The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Announcement of 30 August 2017 "Kin Defines +1 Million ounces of Gold at the Leonora Gold Project", and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.