PATRONUS RESOURCES LIMITED — Capital/Financing Update 2018

Feb 28, 2018

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ASX Code: KIN
1 March 2018
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Board of Directors

Jeremy Kirkwood Non-Executive Chairman

Trevor Dixon Acting Managing Director

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: 221,347,198

Unlisted Options : 37,335,750

ASX: KIN

Drilling Resumes at the Leonora Gold Project

Kin Mining NL (ASX: KIN) is pleased to announce that drilling has resumed at its Leonora Gold Project. An initial RC drilling program has been approved to extend the gold Resource at the Kyte orebody.

Kin’s Acting Managing Director Trevor Dixon said “We are excited to be getting back to drilling at the Leonora Gold Project and following up on the strong results that were delivered by our geology team in 2017. We are determined to grow our Resource base and to improve on our reserve conversions through 2018 as we ramp up to production.”

1Kyte currently has an Indicated Resource of 21,000 ounces of gold and is presently open along strike in both directions and down dip (Figure 2). The Definitive Feasibility Study has Kyte at the front end of the production schedule due to very positive economics, therefore, better defining the extent of mineralisation is a high priority. Increasing the Resource at Kyte will enable Kin to provide greater flexibility within the mine plan.

2The Kyte orebody has a very good stripping ratio of 2.7:1 (Figure 1) with a C1 cash cost of $727 per Oz (AISC of $770 per Oz) and has a Resource to Reserve conversion of 86%. Having the Kyte deposit mined early in the life of the LGP aids in quickly paying back the debt facility.

This round of drilling will further explore the extensions to the south, as there are currently constraints to drilling to the north.

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Figure 1. Kyte Long section showing DFS optimized pit outline with down hole gold .

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- ENDS -
Rangoon
Cardinia Mining Centre
Helens
Bruno-Lewis
Link
Kyte
Lewis
Kyte
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Figure 2 . Cardinia Mining Centre showing DFS optimized pit outlines. Inset – Kyte plan with maximum downhole gold grades.

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Figure 3 Location plan of the Mineral Resource areas, interpreted geology (GSWA) and tenement plan for the Leonora Gold Project[2]

Mii	Ct		Indicated			Inferred			Total
nng Centre	u- off	Tonnes (Mt)	Grade (g/t Au)	Au (kOz)	Tonnes (Mt)	Grade (g/t Au)	Au (kOz)	Tonnes (Mt)	Grade (g/t Au)	Au (kOz)
Mertondale	0.5	8.30	1.4	370	3.29	1.4	151	11.6	1.4	521
Cardinia	0.5	5.47	1.3	229	1.44	1.4	66	6.91	1.3	295
Raeside	0.5	3.22	1.7	172	0.60	1.8	35	3.82	1.7	207
Operation Total		17.0	1.4	771	5.33	1.5	252	22.3	1.4	1,023

Table 1.[2] LGP Resource Table

Mining Centre	Classification	Tonnes (Mt)	Grade (g/tAu)	Metal (kOz)
Mertondale	Probable	2.45	1.5	120
Cardinia	Probable	4.10	1.3	167
Raeside	Probable	1.39	1.9	86
Operation Total	Probable	7.97	1.5	373

Table 2.[1] LGP Reserve Table1

NOTES:

All resources other than Eclipse, Quicksilver, Forgotten Four and Krang have been estimated by Carras Mining Pty Ltd in 2017 and reported at 0.5g/t Au within Entech AUD2,200 pit shells.

* Mineral Resources estimated by McDonald Speijers in 2009, audited by Carras Mining Pty Ltd in 2017 and reported in accordance with JORC 2012 using a 0.5g/t Au cut-off within Entech AUD2,200 pit shells. Totals may not tally due to rounding

For further information, please contact:

Trevor Dixon Joe Graziano Acting Managing Director Company Secretary Kin Mining NL Kin Mining NL +61 8 9242 2227 +61 8 9242 2227

About Kin Mining

Kin Mining (ASX: KIN) is an emerging gold development company with a significant tenement portfolio in the highly prospective North-Eastern Goldfields region of Western Australia. The Company has completed its Definitive Feasibility Study on the Leonora Gold Project forecasting an average production rate of 55,000oz[1] pa. The Company has also upgraded its resources to 1.02Moz[2] and released its Maiden Ore Reserve of 373,000oz[1] . Kin is seeking to increase shareholder value through continued aggressive exploration on its tenements and achieving gold production in the second half of 2018.

1The 2 October 2017 DFS included the proposed 3.75% West Australian Government Gold Tax. This proposal has since been rejected with the revised AISC now A$1,018/oz. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement of 2 October 2017 “Feasibility confirms a high margin gold mine for Kin at its 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. For Reference see ASX Announcement 2/10/2017 Feasibility confirms a high margin gold mine for Kin at its Leonora Gold Project

2The 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.

Competent Persons Statements

The information contained in this report relating to exploration results relates to information compiled or reviewed by Glenn Grayson. Mr. Grayson is a member of the Australasian Institute of Mining and Metallurgy and is an employee of the company and fairly represent this information. Mr. Grayson has sufficient experience of relevance to the styles of mineralisation and the types of deposit under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 edition of the JORC “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".

Mr. Grayson consents to the inclusion in the report of the matters based on information in the form and context in which it appears.