PATRONUS RESOURCES LIMITED — Capital/Financing Update 2021

Oct 11, 2021

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

12 October 2021

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ASX Market Announcements ASX Limited 20 Bridge Street SYDNEY NSW 2000

Notice under section 708AA (2)(f) of the Corporations Act

This notice is given by Kin Mining NL ("Company" ) under section 708AA (2) (f) of the Corporations Act 2001 (Cth) ( "Corporations Act" ), as notionally modified by ASC Instrument 2016/84.

On the 11[th] October 2021 the Company announced that it is undertaking a non‐renounceable rights issue (“ Rights Issue ”) of one fully paid ordinary share (“ New Shares ”) in the Company for every six and one‐half ordinary fully paid shares held at the record date to eligible shareholders at an issue price of $0.105 per New Share.

Pursuant to the Rights Issue, the Company will offer 123,020,884 New Shares at an issue price of $0.105 each to raise $12,917,193 before costs.

Further details regarding the Rights Issue are set out in that announcement and also in the offer document that will be dispatched to all shareholders in accordance with the timetable as announced on 19 October 2021.

For the purpose of section 708AA(7) of the Corporations Act, the Company advises as follows:

1. As at the date of this notice:

   • a) the Company has complied with the provisions of Chapter 2M of the Corporations Act as they apply to the Company;

   • b) the Company has complied with section 674 of the Corporations Act being the requirement to meet its continuous disclosure obligations under the ASX Listing Rules; and

   • c) there is no "excluded information" within the meaning of sections 708AA(8) and 708AA(9) of the Corporations Act which is required to be disclosed under this notice,

2. The Rights Issue may have a material effect or consequence on the control of the Company as disclosed in paragraphs 3 to 5 below.

3. The potential effect that the Rights Issue will have on the control of the Company, and the consequences of that effect, will depend on a number of factors, including eligible shareholders’ interest in taking up their entitlements as well as the level of participation of eligible shareholders in any shortfall that is subsequently placed. While it is not possible for the directors to predict the outcome of these factors, a non‐exhaustive list setting out the likely effect on control is as follows:

   • (i) the percentage interests of eligible shareholders who will not take up their full entitlement will be diluted;

   • (ii) if all eligible shareholders take up their entitlements for New Shares, all eligible shareholders will hold the same percentage interest in the Company as before the Rights Issue;

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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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• (iii) any remaining New Shares not taken up in the Rights Issue will become part of the shortfall which the Directors reserve the right to issue within three months following the closure of the Rights Issue at no worse terms that the Rights Issue.

1. The Company’s substantial holders and their Entitlements in the Rights Issue are set out in the table below.

Substantial Holder	Shares	Voting Power(%)	Entitlement	$
DelphiUnterehmensberatungAktiengesellschaft	206,744,501	25.85%	31,806,846	3,339,719
St Barbara Limited	158,125,983	19.77%	24,327,074	2,554,343
Mostia Dion	58,938,520	7.37%	9,067,465	952,084
Canci Group	45,463,406	5.69%	6,994,370	734,409

1. The Company has received confirmations from substantial holders to apply for $4.61M (36%) of the Entitlement Offer. These firm commitments represent 4.76% of the shares on issue after the Rights Issue is completed (assuming complete takeup).

An Appendix 3B reflecting the revised capital structure following the Rights Issue has been released prior to this announcement on 12 October 2021.

If you have any questions in relation to the Rights Issue, please do not hesitate to contact the Company on (08) 9242 2227.

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Stephen Jones Company Secretary

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