PATRONUS RESOURCES LIMITED — Capital/Financing Update 2021

Oct 12, 2021

info@kinmining.com.au |Tel: 08 9242 2227 |ACN: 150 597 541 342 Scarborough Beach Road, Osborne Park WA 6017

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13 October 2021

Dear Shareholder

PRO-RATA NON-RENOUNCEABLE RIGHTS ISSUE

We are writing to you as a registered holder of shares in Kin Mining NL ( Company ).

As announced to ASX on Monday, 11 October 2021, the Company is undertaking a pro rata non­renounceable offer of ordinary fully paid shares ( Shares ) to eligible shareholders. The offer is on the basis of one (1) new share ( New Shares ) for every six and one­half (6.5) Shares held by eligible shareholders of the Company as at 5.00pm WST on Friday 15 October 2021 ( Record Date ) at an issue price of $0.105 per Share, to raise approximately A$12.9 million ( offer ).

The Company is making the Offer available to eligible shareholders, being persons who are registered as shareholders of the Company on the Record Date and have a registered address in Australia, New Zealand, Germany, United Kingdom, Mauritius and Singapore. In calculating entitlements under the Offer, fractions will be rounded up to the nearest whole number.

New Shares issued pursuant to the Offer will rank equally to existing Shares currently on issue. The Company has applied for official quotation of the New Shares.

An Offer Document in relation to the Offer has been lodged with ASX setting out the timetable for the Offer, as shown below. A copy of the Offer Document is available on the ASX website at www.asx.com.au (ASX code: KIN) and on the Company's website at www.kinmining.com.au.

Use of Proceeds

Proceeds from the Offer will be applied to exploration and target generation, project holding costs as well as provide for the expenses of the offer and working capital.

Capital Structure

The capital structure of the Company following completion of the Offer is summarised below:

Shares	Numbers
Shares on Issue at date of the Offer1	799,635,745
New Shares offered under the Offer2	123,020,884
Total Shares on issue at completion of the Offer1	922,656,629
Options	Numbers
Options Currentlyon issue at date of the Offer	6,000,000
Unlisted Options exercisable at$1.2500 on or before 15 September 2022	4,000,000
Unlisted Options exercisable at$0.2433 on or before 2 December 2023	2,000,000
Options offered under the Offer	Nil
Total Options on issue at completion of the Offer	6,000,000

Notes:

1. The number of Shares on issue assumes that no Options currently on issue are exercised prior to the Record Date.

2. The number of New Shares issued assumes that the Offer is fully subscribed and that no Options currently on issue are exercised prior to the Record Date.

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info@kinmining.com.au |Tel: 08 9242 2227 |ACN: 150 597 541 342 Scarborough Beach Road, Osborne Park WA 6017

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Timetable

The Offer is proposed to be conducted according to the following timetable:

Event	Date
Announcement of Offer	11 October 2021
Appendix 3B and cleansingnotice lodged with ASX	12 October 2021
Offer Document lodged with ASX	12 October 2021
Letter to Option Holders and Shareholders	13 October 2021
S708AA 2(f)Notice	12 October 2021
“Ex” Date	14 October 2021
Record Date to determine Entitlement to New Shares	15 October 2021
Dispatch of Offer Document and Application Form and announcement that dispatch completed.	19 October 2021
Offer opens for receipt of Applications	19 October 2021
ClosingDate for Applications andpayment in full	8 November 2021
New Sharesquoted on a deferred settlement basis	9 November 2021
ASX notified of under subscriptions	10 November 2021
Dispatch date of holding statements, New Shares entered into the holders’ securityholdings	12 November 2021
Tradingcommences for New Shares on a normal basis	15 November 2021

Note: Subject to the Listing Rules and other applicable laws, the Directors reserve the right to vary these dates.

As soon as practicable following the Record Date, the Company will dispatch an Offer Document together with a personalised Application Form to eligible shareholders. If you are eligible and wish to participate in the Offer , you will need to complete this personalised Application Form and return it with the appropriate application monies to the Company's share registry before 5.00pm (WST) on the anticipated closing date of Monday 8 November 2021.

The Offer Document includes details of the Offer and the risks associated with investing in the Company. It is recommended that you read the Offer Document carefully and, if you are interested in participating in the Offer, seek independent professional advice.

For further information please contact the Company on (08) 9242 2227 during normal business hours.

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Stephen Jones Company Secretary

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