PATRONUS RESOURCES LIMITED — Interim / Quarterly Report 2021

Jul 12, 2021

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ASX: KIN
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ASX Announcement 13 July 2021

JUNE 2021 QUARTERLY ACTIVITIES REPORT

Cardinia Gold Project Mineral Resource increased to 1.23Moz with further update expected next quarter; Expanded regional exploration program underway with exceptional results from Eagle-Crow and Mount Flora

Highlights:

• Updated Mineral Resource Estimate (MRE) completed for the Cardinia Gold Project:

o 30.0Mt at 1.28g/t Au for 1.23Moz of contained gold.

• Measured and Indicated components increased by 15% to 17.0Mt at 1.39g/t Au for 762,000oz.

• Cardinia Hill continuing to emerge as a sizeable, high-grade deposit within the CGP, with significant assays including:

• 7m at 21.3g/t Au from 91m (CH21RC122)

  • 5m at 4.99g/t Au from 21m (CH21RC133)

• 3.4m at 9.72g/t Au from 252.6m (CH21DD096) o 8m at 4.02g/t Au from 19m (CH21RC134)

• 10m at 1.48g/t Au from 118m (CH21RC113)

• Outstanding 4m composite assay results from air-core (AC) drilling at the new Eagle-Crow prospect , 2km west of the CGP:

• 8m at 19.8g/t Au from 40m, incl. 4m at 38.8g/t Au from 44m (EG21AC400)

• 8m at 7.90g/t Au from 28m to the bottomof-hole (EG21AC072)

  • 4m at 8.31g/t Au from 0m (EG21AC024)

  • 4m at 4.44g/t Au from 0m (EG21AC144)

  • 4m at 4.25g/t Au from 4m (EG21AC074)

• High-grade 4m composite assays also returned from first-pass AC drilling at the Mount Flora prospect , 20km east of the CGP, with results including:

• 22m at 8.96g/t Au from 24m, incl. 8m at 21.0g/t Au from 32m (MF21AC522)

• 8m at 2.47g/t Au from 16m (MF21AC432)

• 13m at 0.97g/t Au from 20m (MF21AC427)

• 8m at 2.79g/t Au from 28m (MF21AC525)

  • 12m at 0.95g/t Au from 0m (MF21AC523)

• Strong assays from Reverse Circulation (RC) and diamond extension (CD) drilling at Bruno-Lewis : o 16m at 1.22g/t Au from 51m (BL21RC162) o 6m at 2.86g/t Au from 15m and 3m at 6.60g/t Au from 57m (BL21RC165)

• 7.4m at 7.67g/t Au from 83m (BL20CD128)

• Expanded regional exploration program underway to systematically test a wide range of targets across the Company’s broader tenement holding to determine the potential for new discoveries and emerging satellite or standalone opportunities surrounding the core 1.23Moz CGP.

ASX Code: KIN Shares on issue: 799.2 million Market capitalisation: $96 million Cash: $7.443 million (30 June 2020)

Kin Mining NL 342 Scarborough Beach Road Osborne Park WA 6017 P : +61 9 9242 2227 E info@kinmining.com.au kinmining.com.au

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Corporate

• Acquisition of the third-party 1.5% Net Smelter Royalty (NSR) over the first 100,000oz of gold production from the CGP, streamlining future development options, enhancing project economics and reducing administrative costs.

OVERVIEW

The June Quarter has seen further positive progress for Kin Mining NL (Kin or the Company) (ASX: KIN), with the delivery of an updated Mineral Resource Estimate for the Company’s flagship 100%-owned Cardinia Gold Project (CGP or the Project) in Western Australia (Figure 1) providing further confirmation of its potential to host a significant long-term gold mining operation.

Kin Mining Managing Director, Andrew Munckton, said:

“Thanks to the successful $12.8 million capital raising completed last quarter, Kin Mining has been able to maintain an impressive pace of exploration results and resource development activity during the June Quarter – notwithstanding the capacity constraints and personnel shortages being experienced across the sector.

“We delivered a further increase in the Mineral Resource at the Cardinia Gold Project to 1.23 million ounces, including a 15% increase in the all-important, higher-confidence Measured and Indicated components to 762,000 ounces. This incorporated the results from earlier drilling programs at the Bruno-Lewis and Hobby deposits.

“We are now working towards the next Resource update for the CGP scheduled for the September Quarter, which will include the impressive results generated from in-fill and extensional drilling at our developing Cardinia Hill deposit.

“Major air-core programs also continued across the project during the quarter targeting the next stepchange in growth at the CGP. It’s been really pleasing to see two new areas emerge as early contenders in this regard – Eagle-Crow and Mount Flora.

“Eagle-Crow is located just 2km from the centre of the CGP and has revealed early potential for an extensive, shallow gold discovery with striking early-stage similarities to both Bruno-Lewis and Cardinia Hill. At Mount Flora, 20km east of the CGP, shallow air-core drilling intercepted 22m at 8.96g/t Au, rapidly elevating this area to high-priority exploration status.

“Our follow-up RC drilling at Eagle-Crow has commenced and our ongoing regional exploration program will also see follow-up AC and RC drilling at Mt Flora, auger and geochemical programs across the Randwick and Murrin prospects and our maiden drilling program at the recently identified Mount Fouracre nickel target.

“The objective of the regional program is to systematically test the wide range of exploration opportunities across the Company’s broader tenement holding to determine the potential for new discoveries and emerging satellite opportunities to complement the core 1.23Moz CGP.

“On the corporate front, Kin significantly streamlined its future development options for the CGP during the Quarter with the acquisition of the existing 1.5% Net Smelter Royalty (NSR) over the first 100,000oz of gold production. The royalty was owned by Sprott Private Resource Lending and was put in place as part of the previous US$27m financing for the project in 2017.

“The acquisition streamlines future development options, enhances project economics and reduces administrative costs for the CGP, with the acquisition cost of US$600,000 cash representing a good outcome for shareholders in the current strong gold price environment.”

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Figure 1. Regional location of the Cardinia Gold Project including major mineral deposits in the region.

EXPLORATION AND DEVELOPMENT STRATEGY

Following the completion of the CGP Pre-Feasibility Study in August 2019, Kin began to evaluate exploration opportunities across its tenement package, in conjunction with other consolidation, growth and strategic options within the region.

Kin has a dominant 657km[2] land-holding across the under-explored Minerie Greenstone Belt, part of a region which has yielded multiple gold deposits in recent decades. The CGP area encompasses a +45km strike of the Minerie Formation which contains large alteration systems and several significant gold deposits.

No substantive development activities occurred during the quarter, with the Company’s focus remaining on progressing a multi-pronged exploration effort aimed at unlocking the full potential of the Cardinia Project.

Updated Mineral Resource Estimate

Kin delivered an updated Mineral Resource Estimate (MRE) for the CGP in May, comprising 30Mt at 1.28g/t Au for 1.23Moz of contained gold , including new estimates for the Bruno-Lewis and Hobby deposits.

Importantly, the May 2021 MRE included a 15% increase in the higher-confidence Measured and Indicated portion of the Mineral Resource to 17Mt at 1.39g/t for 762,000oz , reflecting successful in-fill and extensional drilling programs conducted in recent months and demonstrating the scale and quality of the CGP resource inventory.

Recent drilling of Inferred Mineral Resource positions and new, higher grade intersections have added an additional 1.4Mt at 1.40g/t for 63,000oz at Bruno-Lewis and an additional 13,000oz at Hobby, increasing the previous Mineral Resource estimate announced on 23 December 2020 “CGP Mineral Resource Estimate Upgrade to 1.15Moz”.

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This MRE for Bruno Lewis and Hobby is based on the same optimisation parameters used for all other existing mineralisation models at the CGP.

All Mineral Resource Estimates reported fall within optimised shells using stringent criteria for costs, recoveries and geotechnical parameters as established in the 2019 Pre-Feasibility Study (PFS) for the CGP, and the application of a gold price assumption of A$2,600/oz. The A$2,600 gold price adopted for this estimate is considered reasonable given the recent gold price performance and the requirement under the JORC code to include only material in an MRE that will result in “eventual economic extraction”.

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Project Area	Resource Gold Price (AUD)	Lower Cut off (g/t Au)	Measured Resources			Indicated Resources			Inferred Resources			Total Resources			Date Announced
			Tonnes (Mt)	Au (g/t Au)	Au (k Oz)	Tonnes (Mt)	Au (g/t Au)	Au (k Oz)	Tonnes (Mt)	Au (g/t Au)	Au (k Oz)	Tonnes (Mt)	Au (g/t Au)	Au (k Oz)
Mertondale
Mertons Reward	$2,600	0.4				0.9	2.17	66	1.9	0.65	41	2.9	1.15	106	26-Nov-20
Mertondale 3-4	$2,600	0.4				1.4	1.85	81	1.0	0.97	31	2.3	1.48	111	26-Nov-20
Tonto	$2,600	0.4				1.8	1.14	67	1.1	1.24	43	2.9	1.18	111	26-Nov-20
Mertondale 5	$2,600	0.4				0.5	1.67	26	0.8	1.24	32	1.3	1.40	59	26-Nov-20
Eclipse	$2,600	0.4							0.6	1.01	19	0.6	1.01	19	26-Nov-20
Quicksilver	$2,600	0.4							1.1	1.10	39	1.1	1.10	39	26-Nov-20
Subtotal Mertondale						4.6	1.61	240	6.5	0.98	205	11.1	1.24	445
Cardinia
Bruno*	$2,600	0.4	0.3	1.26	10	2.8	1.13	102	1.1	1.05	36	4.1	1.12	148	17-May-21
Lewis*	$2,600	0.4	0.6	1.24	20	4.7	1.00	151	2.1	0.80	55	7.4	0.95	226	17-May-21
Kyte	$2,600	0.4				0.3	1.53	17	0.1	0.92	3	0.4	1.38	20	26-Nov-20
Helens	$2,600	0.4				0.7	2.14	50	0.3	1.94	19	1.0	2.08	69	26-Nov-20
Fiona	$2,600	0.4				0.6	1.35	25	0.2	1.21	8	0.8	1.32	32	26-Nov-20
Rangoon	$2,600	0.4				0.5	1.24	21	0.3	1.07	12	0.9	1.17	32	26-Nov-20
**Hobby ***	$2,600	0.4							0.5	1.31	22	0.5	1.31	22	17-May-21
**Cardinia Hill ***	$2,600	0.4							1.2	1.66	61	1.2	1.66	61	18-Dec-20
Subtotal Cardinia			0.8	1.16	30	9.6	1.18	364	5.8	1.15	216	16.3	1.17	611
Raeside
Michaelangelo	$2,600	0.4				1.1	2.00	73	0.4	2.19	25	1.5	2.04	98	26-Nov-20
Leonardo	$2,600	0.4				0.4	2.39	30	0.2	2.20	14	0.6	2.32	44	26-Nov-20
Forgotten Four	$2,600	0.4				0.1	2.09	7	0.1	1.96	6	0.2	2.03	14	26-Nov-20
Krang	$2,600	0.4				0.3	1.74	17	0.0	2.59	2	0.3	1.80	19	26-Nov-20
Subtotal Raeside						2.0	2.04	128	0.7	2.17	47	2.6	2.07	175
TOTAL			0.8	1.16	30	16.2	1.41	732	13.0	1.12	468	30.0	1.28	1231

Table 1: Mineral Resource Estimate Table May 2021. Mineral Resources estimated by Jamie Logan, and reported in accordance with JORC 2012 using a 0.4g/t Au cut-off within AUD2,600 optimisation shells. Note * Cardinia Hill, Hobby and Bruno-Lewis Mineral Resource Estimates completed by Mike Millard of Cube Consulting, and also reported in accordance with JORC 2012 using a 0.4g/t Au cut-off within AUD2,600 optimisation shells.

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 17 May 2021 “Cardinia Gold Project Mineral Resource Increased to 1.23Moz”, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.

Full details of the Mineral Resource Estimate were provided in the Company’s ASX Announcement dated 17 May 2021.

Resource Drilling Program

Cardinia Hill

The Resource extension and definition drilling program completed at the Cardinia Hill deposit during the quarter was designed to extend the Mineral Resource to approximately 200m below surface, extend the deposit along strike to the north and in-fill the near surface portion of the Southern and Northern high grade shoots to a nominal 25m by 25m spacing as the foundation for an upgrade of the Mineral Resource Estimate and classification.

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Highlights returned from this drilling during the June Quarter included:

• 7m at 21.3 g/t Au from 91m (CH21RC122)

• 3.4m at 9.72 g/t Au from 252.6m (CH21DD096)

• 10m at 1.48 g/t Au from 118m (CH21RC113)

• 5m at 4.99 g/t Au from 21m (CH21RC133)

• 8m at 4.02 g/t Au from 19m (CH21RC134)

The drilling has continued to confirm the continuity of mineralisation and elevated gold grades, extending both the shallow and deeper high-grade mineralisation within the deposit along the Cardinia Hill Fault to the north. Mineralisation has been extended to approximately 800m strike length along the Cardinia hill structure and remains open to the north.

Infill drilling to approximately 25m x 25m spacing has been successfully completed at both the Northern and Southern high grade shoot areas. At quarter end 14 holes assay results remain to be received and reported. Refer Figure 2.

Strong gold and sulphide mineralisation is associated with both near vertical, quartz-carbonate filled shear zones and carbonate and sulphide alteration zones located on the contact between west dipping porphyry intrusions and the dolerite host rock. See Figure 3 and Figure 4.

Following the Resource Definition drilling a metallurgical test-work drilling program has commenced to confirm the metallurgical and treatment performance of the Cardinia Hill deposit.

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Figure 2. Long section of Cardinia Hill.

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Figure 3: Location of the Cardinia Hill RC and DD results in the Southern Shoot drilling (Refer Figure 2). True width is approximately 70% of down-hole intersection. New results shown in white labels, previous results grey labels

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Figure 4: Location of the Cardinia Hill RC and DD results in the Southern Shoot drilling (Refer Figure 2). True width is approximately 70% of down-hole intersection. New results shown in white labels, previous results grey labels.

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Bruno-Lewis

Highlights from Resource definition and extension RC and diamond drilling at the Bruno-Lewis deposit during the reporting period included:

• 16m at 1.22 g/t Au from 51m (BL21RC162)

• 7.4m at 7.67 g/t Au from 83m (BL20CD128)

• 6m at 2.86 g/t Au from 15m and 3m at 6.60 g/t Au from 57m (BL21RC165)

These results supported the May 2021 MRE update outlined above.

Air-core Drilling

Eagle-Crow

Air-core (AC) drilling was undertaken at the Eagle-Crow prospect, located on the western side of the CGP, during the Quarter, with results confirming significant zones of shallow, high-grade gold mineralisation.

The Eagle prospect, located 3km from the centre of the CGP, was defined in late 2020 from a regional soil geochemical program undertaken by Company. The soil program covered the historical Eagle and Crow prospect workings, where rock chip samples and historical scout AC drilling over a limited strike length had returned high grade results.

Kin Mining completed an initial program of AC drilling in March, comprising 399 drill-holes for 17,035m, designed to provide an initial assessment of the source of the extensive gold-in soil geochemical anomaly at Eagle-Crow, which extends over a strike length of approximately 5km and a width of 0.6km.

Highlights from 4m composite assay results from the initial phase of AC drilling at Eagle-Crow included:

• 8m at 7.90 g/t Au from 28m to the bottom-of-hole (EG21AC072)

• 4m at 8.31 g/t Au from 0m (EG21AC024)

• 4m at 4.44 g/t Au from 0m (EG21AC144)

• 4m at 4.25 g/t Au from 4m (EG21AC074)

• 4m at 3.78 g/t Au from 40m (EG21AC067)

• 4m at 3.11 g/t Au from 24m (EG21AC244)

This program defined two parallel zones of mineralisation in broad-spaced AC drilling highlighting the potential for an extensive, shallow gold discovery subject to further drilling.

A follow-up AC program was completed in April 2021, comprising six holes for 412m of drilling.

In-fill drilling at the Crow prospect delivered an outstanding intercept of 8m at 19.77g/t Au (including 4m at 38.8g/t Au) from hole EG21AC400, located 200m along strike from an intercept of 8m at 7.90g/t Au intersected in hole EG21AC072. Historical AC drilling on this mineralised trend intersected 3m at 4.5g/t and 3m at 27.1g/t Au adjacent to old surface workings.

RC Drilling to confirm the style and orientation of the gold mineralisation below the regolith is in progress.

Full details of the Eagle-Crow drilling program and assay results were provided in the Company’s ASX Announcements dated 14 April 2021 and 25 May 2021.

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Mount Flora

The Mount Flora prospect is located 20km east of the CGP and was identified as a priority satellite target after regional, wide-spaced auger sampling undertaken in late 2020.

Kin completed a maiden program of AC drilling at Mount Flora in April 2021, comprising a total of 269 drillholes for 10,166m, targeting the strongest of the gold-in-soil anomalies. The results to date have confirmed the presence of three mineralised trends, interpreted to be associated with splays originating from the Federation Fault and other parallel structures. See Figure 5 .

Highlights from the AC drilling included:

• 22m at 8.96g/t Au from 24m including 8m at 21.0g/t Au from 32m (MF21AC522)

• 8m at 2.79g/t Au from 28m (MF21AC525)

• 8m at 2.47g/t Au from 16m (MF21AC432)

• 13m at 0.97g/t Au from 20m (MF21AC427)

• 12m at 0.95g/t Au from 0m (MF21AC523)

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Figure 5: Location of the Mount Flora AC drilling program over geological map. Initial interpretation suggests the mineralisation is related to splays from the Federation Fault and other parallel structures.

Multi-element assay results for bottom-of-hole samples used to characterise the mineralisation, alteration and rock types have confirmed that the gold mineralisation is associated with anomalous silver, tellurium and tungsten as expected from the soil geochemical multi-element data.

Field investigation of the mineralised intersections shows the controlling features of the high-grade mineralised zones are sulphide rich quartz veins in dolerites and basalts. The initial interpretation is that the mineralisation dips moderately to the east as shown in section in Figure 6 .

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Figure 6: Cross-section of the Mount Flora AC drilling program over geological interpretation. Significant east-dipping quartz veins are interpreted to be a primary control on mineralisation.

Planning is well advanced for the next phase of work at Mt Flora, which includes both additional lines of AC drilling to add strike extension to defined mineralised trends and initial RC drilling of the high-grade mineralisation defined in AC drilling to date.

Drilling is scheduled to commence in mid-July once the Phase 4 program at Cardinia is complete and the Program of Work (POW) application for RC drilling at Mt Flora is approved.

Full details of the Mount Flora drilling program and assay results were provided in the Company’s ASX Announcements dated 27 May 2021 and 4 June 2021.

Eastern Corridor Exploration Program

The Eastern Corridor exploration program is aimed at extending the depth of known mineralisation and providing an initial evaluation at a number of targets generated from the Phase 3 exploration program that offer the potential for Resource growth.

The Eastern Corridor targets are located between 500m and 4.5km from the centre of the CGP (Figure 7). Mineral Resources within the Eastern Corridor total 3.9Mt at 1.59g/t Au for 194koz across four deposits at Helens, Rangoon, Fiona and Cardinia Hill. Refer Table A1 for details.

The area has been covered by detailed magnetics and gravity surveys and underwent deeper RC and DD drilling programs during the Company’s Phase 3 exploration program completed over 2020 and early 2021, which revealed porphyry intrusions adjacent to sheared mafic volcanic and felsic volcanic contacts as a primary control of high-grade gold mineralisation.

The gravity survey in particular has enabled detailed mapping of the positions of interpreted shear zones, geological contacts and buried porphyry intrusions, which has resulted in the generation of several exploration targets in addition to the deeper targets associated with the recently-discovered Cardinia Hill deposit.

Results received from the Phase 4 drilling program to date have provided an initial assessment of the mineralisation style and gold grade at each of the targets, which will assist with prioritising them for follow-up

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programs to target potential additional Resources to feed into a future CGP-based mining and processing operation.

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Figure 7 – Kin Mining’s Eastern Corridor Targets, part of the Cardinia Gold Project.

This program was ongoing at the end of the June Quarter, with preliminary results announced during the reporting period including:

Cardinia Hill Deeps

• All 20 drill holes intersected the mineralised Cardinia Hill Structure, which has now been extended to over 800m of strike and 200m depth

• Highlights from Reverse Circulation (RC) and diamond (DD) drilling returned to date include:

• 7.8m at 2.90g/t Au from 267.2m, incl. 4.8m at 4.16g/t Au from 267.2m (CH21DD149)

• o 3m at 5.87g/t Au from 59m (CH21RC128)

Helens South and Helens East

• Helens South is interpreted as a linking structure between two larger north-south faults – similar interpretation to Cardinia Hill structural model

• Best intercept of 2m at 5.96g/t Au from 35m (HS21RC325)

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Rangoon and Fiona

• Recent mapping indicates the Cardinia Hill porphyry extends along strike to the north

• Fiona modelled as a linking structure between two larger north-south faults – similar interpretation to Cardinia Hill structural model

Further details of the Eastern Corridor Exploration program were provided in the Company’s ASX Announcement dated 24 June 2021.

Regional Exploration Program

Kin owns six separate projects located east and west of the centrally located CGP (Figure 8) which the Company has been advancing with a range of exploration activities over the past 12 months including ground-based geophysical surveys, surface auger soil geochemical surveys and first-pass air-core (AC) drilling programs to evaluate their prospectivity.

The purpose of the regional exploration program across the gold-based projects is to provide an initial assessment of the mineralisation style and gold grade and determine whether each project has the potential to be a viable stand-alone project or would more naturally provide satellite feed to a CGP based mining and processing operation.

The key parameters governing these development options is the distance from Cardinia, potential alternative treatment options, project size and mineralisation grade. Other projects in the portfolio of tenements also offer nickel sulphide exploration potential and these are being assessed in parallel with the gold project evaluation.

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Figure 8 – Kin Mining’s regional project areas close to Leonora, Western Australia.

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Mt Flora – Gold

The initial Mount Flora air-core program, comprising 269 drill-holes for 10,166m, was completed earlier this year and resulted in the discovery of three new mineralised zones (see above).

Iron King – Gold

The Iron King Project, located approximately 45km north of Leonora, contains the historically mined Iron King open pit. The Iron King open pit produced approximately 20,000 tonnes at 9.0g/t Au for 5,600oz of gold mined.

The Company completed an 11,425m AC program at nominal 400m line spacing in late 2020 targeting strike extensions of the existing mineralisation and parallel zones of mineralisation highlighted in the earlier soil geochemical program (see ASX Announcement dated 14 January 2021). A number of strong intersections were returned from the Axford prospect mostly along strike from historical workings and previous drilling intersections.

The follow up program of additional AC lines to in-fill to 200m spacing and initial RC drilling around the stronger AC results is scheduled for the September Quarter following completion of a heritage survey and granting of a POW to extend these programs.

Randwick – Gold

The Randwick tenement group is located immediately north and south of the Randwick Mining Centre, 48km north-east of Leonora, and comprises 26km[2] of tenements.

Several gold targets have been identified within the Randwick Project area associated with interpreted major fault or shear intersections, flexure zones and historic workings, as well as an auriferous paleo-channel target south of the Golden Chain prospect located on P37/7997. Only limited modern exploration has been conducted within the project area. At Gold Hill a small deposit was defined in the 1980s, a portion of which was subsequently extracted in a heap leach operation which lies adjacent to the Project area (Randwick Gold Hill Mine).

An auger and soil geochemical program planned to commence in the September Quarter 2021 as the initial phase of a systematic exploration program to assess the project.

Murrin – Gold

The Murrin Project is located approximately 50km east of Leonora. Several regional NW and NNE trending thrust faults and shear zones including the Kilkenny Fault, Kilkenny Creek Fault, Pearl Shell Fault and the Nangeroo Fault run through the area.

Several gold targets have been identified within the Murrin Project area associated with interpreted major fault or shear intersections, flexure zones and historic workings. Only limited modern exploration has been conducted within the project area.

An auger soil geochemical program is planned to commence in the September Quarter 2021 as the initial phase of a systematic exploration to assess the project for potential follow-up drilling programs.

– Nickel Sulphide Target Mt Fouracre Project

The Mt Fouracre Project is located approximately 60km north-west of Leonora and north-east of Kin’s Iron King gold project. The prospect consists of the basal contact of the Mt Clifford Ultramafic unit and lies 2km west of the Marriotts nickel sulphide deposit discovered by Western Mining Corporation in the 1970’s.

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The Mt Fouracre prospect was explored by BP Minerals up until 1980 and subsequently other nickel-focused companies such as Dalrymple Resources and Lionore which held the tenements in conjunction with other project tenure without undertaking significant new exploration work. The historical work contains a number of shallow drill holes strongly anomalous in nickel within the oxide and laterite zones, positioned over the highly magnetic section of the Mt Clifford ultramafic unit.

Kin has reviewed the exploration data and completed a moving-loop Electro-Magnetics (MLEM) survey over the prospective lower contact of the Mt Clifford UM unit. The survey has highlighted a strongly conductive target positioned just below the base of the Mt Clifford unit on the western side of the tenement.

Modelling of the anomaly by Southern Geoscience shows a steep east-dipping orientation of the conductor parallel with the interpreted base of the Mt Clifford unit (see Figure 9). An initial RC and diamond drilling program to test the source of the conductive anomaly is scheduled to commence in late-July once the diamond rig returns to Cardinia.

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Figure 9: Location of the Mt Fouracre conductive anomaly target. Magnetics (TMI) image shown on LHS, MLEM late time image on RHS. Note the proximity of the target to the interpreted base of the Mt Clifford Ultramafic unit (Magenta line). Kin Mining tenements in yellow.

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CORPORATE

Royalty Acquisition

During the Quarter, Kin reached agreement with Sprott Private Resource Lending to purchase the 1.5% Net Smelter Royalty (NSR) over the first 100,000oz of gold production from the CGP.

The 1.5% NSR formed part of the US$27 million financing package provided by Sprott as part of the original development plan for the Leonora Gold Project (now CGP) in 2017 (refer Kin Mining Announcement, 6 December 2017).

The Company purchased the royalty for US$600,000 cash, which is equivalent to 22c in the dollar face value of the NSR based on the June spot gold price of US$1,912/oz. The royalty remains on foot and has been assigned to a Kin Mining entity, enhancing the Company’s future options with regard to funding for the CGP.

Cash Position

At the end of the June Quarter 2021, Kin had $7.443 million cash on hand.

Appointment of Mining Manager

Kin is pleased to advise of the appointment of Mr Chad Moloney as Mining Manager commencing 1 July 2021.

Mr Moloney is a qualified Mining Engineer with recent experience as Mining Manager at the Halls Creek gold mine with Pantoro Resources. Chad has a strong background in gold mining operations both Underground and Open Pit. In particular, he was the Registered Manager of Doray Minerals’ Andy Well gold mine where he oversaw the construction of the mining operations and mining contracts. We welcome Chad to the Company.

Mr Moloney joins Kin Mining following the resignation of Mr John Kelly, who has served as Kins’ Mining Manager since early 2019, and has chosen to retire. We thank John for his contribution to the Company over the past 2 years and wish him well.

-ENDS-

Authorised by the Board of Kin Mining NL

For further information, please contact:

Investor enquiries Media enquiries Andrew Munckton Nicholas Read Managing Director, Kin Mining NL Read Corporate +61 8 9242 2227 +61 419 929 046

14

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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 Cardinia Gold Project (CGP) located in the highly prospective North-Eastern Goldfields region of Western Australia. The CGP has a 1.23Moz gold Mineral Resource (see Table A1) defined in both oxide and deeper primary mineralisation with considerable potential to grow this resource with further drilling.

Kin’s exploration effort is the systematic program of exploration across the Cardinia Mining Centre that seeks to advance a number of targets in parallel while developing a pipeline of exploration targets for ongoing Mineral Resource expansion.

Table A1. Mineral Resource Estimate Table May 2021[1]

				Cardinia Gold Project: Mineral Resources: May 2021
	Project Area	Resource Gold Price (AUD)	Lower Cut off (g/t Au)	Measured Resources			Indicated Resources			Inferred Resources			Total Resources			Date Announced
				Tonnes (Mt)	Au (g/t Au)	Au (k Oz)	Tonnes (Mt)	Au (g/t Au)	Au (k Oz)	Tonnes (Mt)	Au (g/t Au)	Au (k Oz)	Tonnes (Mt)	Au (g/t Au)	Au (k Oz)
	Mertondale
	Mertons Reward	$2,600	0.4				0.9	2.17	66	1.9	0.65	41	2.9	1.15	106	26-Nov-20
	Mertondale 3-4	$2,600	0.4				1.4	1.85	81	1.0	0.97	31	2.3	1.48	111	26-Nov-20
	Tonto	$2,600	0.4				1.8	1.14	67	1.1	1.24	43	2.9	1.18	111	26-Nov-20
	Mertondale 5	$2,600	0.4				0.5	1.67	26	0.8	1.24	32	1.3	1.40	59	26-Nov-20
	Eclipse	$2,600	0.4							0.6	1.01	19	0.6	1.01	19	26-Nov-20
	Quicksilver	$2,600	0.4							1.1	1.10	39	1.1	1.10	39	26-Nov-20
	Subtotal Mertondale						4.6	1.61	240	6.5	0.98	205	11.1	1.24	445
	Cardinia
	Bruno*	$2,600	0.4	0.3	1.26	10	2.8	1.13	102	1.1	1.05	36	4.1	1.12	148	10-May-21
	Lewis*	$2,600	0.4	0.6	1.24	20	4.7	1.00	151	2.1	0.80	55	7.4	0.95	226	10-May-21
	Kyte	$2,600	0.4				0.3	1.53	17	0.1	0.92	3	0.4	1.38	20	26-Nov-20
	Helens	$2,600	0.4				0.7	2.14	50	0.3	1.94	19	1.0	2.08	69	26-Nov-20
	Fiona	$2,600	0.4				0.6	1.35	25	0.2	1.21	8	0.8	1.32	32	26-Nov-20
	Rangoon	$2,600	0.4				0.5	1.24	21	0.3	1.07	12	0.9	1.17	32	26-Nov-20
	**Hobby ***	$2,600	0.4							0.5	1.31	22	0.5	1.31	22	10-May-21
	**Cardinia Hill ***	$2,600	0.4							1.2	1.66	61	1.2	1.66	61	18-Dec-20
	Subtotal Cardinia			0.8	1.16	30	9.6	1.18	364	5.8	1.15	216	16.3	1.17	611
	Raeside
	Michaelangelo	$2,600	0.4				1.1	2.00	73	0.4	2.19	25	1.5	2.04	98	26-Nov-20
	Leonardo	$2,600	0.4				0.4	2.39	30	0.2	2.20	14	0.6	2.32	44	26-Nov-20
	Forgotten Four	$2,600	0.4				0.1	2.09	7	0.1	1.96	6	0.2	2.03	14	26-Nov-20
	Krang	$2,600	0.4				0.3	1.74	17	0.0	2.59	2	0.3	1.80	19	26-Nov-20
	Subtotal Raeside						2.0	2.04	128	0.7	2.17	47	2.6	2.07	175
	TOTAL			0.8	1.16	30	16.2	1.41	732	13.0	1.12	468	30.0	1.28	1231

Table A1: Mineral Resource Estimate Table May 2021. Mineral Resources estimated by Jamie Logan, and Mike Millad and reported in accordance with JORC 2012 using a 0.4g/t Au cut-off within AUD2,600 optimisation shells. Note BrunoLewis, Cardinia Hill and Hobby estimated by Mike Millad of Cube Consulting.

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 17 May 2021 “Cardinia Gold Project Mineral Resource Increases to 1.23Moz”, and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.

COMPETENT PERSON’S STATEMENT

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 a full-time employee of the company. 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 a Competent Person 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 this report of the matters based on information in the form and context in which it appears.

15

KIN MINING NL TENEMENT SCHEDULE June Quarter 2021

KIN EAST PTY LTD TENEMENT SCHEDULE

(a wholly owned subsidy of Kin Mining NL)

TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3

TENEMENT INFORMATION AS	TENEMENT INFORMATION AS	TENEMENT INFORMATION AS
MURRIN MURRIN 50 kms East of Leonora
Tenement ID Ownership Change at end of Quarter During Quarter
M39/279	66.66%
M39/1121	100%
M39/1136	0%
M39/1141	0%
P39/5112	100%
P39/5113	100%
P39/5176	100%
P39/5177	100%
P39/5178	100%
P39/5179	100%
P39/5180	100%
P39/5861	100%
P39/5862	100%
P39/5863	100%
P39/5864	100%

MT FLORA 50 kms East North East of Leonora	MT FLORA 50 kms East North East of Leonora	MT FLORA 50 kms East North East of Leonora
Tenement ID Ownership Change at end of Quarter During Quarter
M39/1118	100%
P39/5859	100%
P39/5860	100%

EMENT SCHEDULE y of Kin Mining NL) UIRED BY LISTING RULE 5.3.3	EMENT SCHEDULE y of Kin Mining NL) UIRED BY LISTING RULE 5.3.3	EMENT SCHEDULE y of Kin Mining NL) UIRED BY LISTING RULE 5.3.3
REDCASTLE 65 kms South West of Laverton
Tenement ID Ownership Change at end of Quarter During Quarter
M39/1108	100%
P39/6118	100%

RANDWICK

45 kms North East of Leonora

RANDWICK 45 kms North East of Leonora	RANDWICK 45 kms North East of Leonora	RANDWICK 45 kms North East of Leonora
Tenement ID Ownership Change at end of Quarter During Quarter
M37/1316	100%
M37/1343	100%	Granted14/05/2021
P37/8000	0%	Replaced byM37/1343
P37/8965	100%
P37/8966	100%
P37/8967	100%
P37/8968	100%
P37/8969	100%
P37/8970	100%
P37/8971	100%
P37/8972	100%
P37/8973	100%
P37/9320	100%
P37/9321	100%
P37/9322	100%
P37/9323	100%
P37/9324	100%
P37/9325	100%

KIN WEST WA PTY LTD TENEMENT SCHEDULE

(a wholly owned subsidy of Kin Mining NL)

TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3

TENEMENT INFORMATION AS	TENEMENT INFORMATION AS	TENEMENT INFORMATION AS
20 kms South of Leonora Townsite DESDEMONA
Ownership Change at end of Quarter During Quarter Tenement ID
E37/1152	100%
E37/1156	100%
E37/1201	100%
E37/1203	100%
E37/1315	100%
E37/1326	100%
E40/283	100%
E40/323	100%
E40/366	100%
E40/369	100%
M40/330	100%
M40/346	100%
P37/8350	100%
P37/8390	100%
P37/8500	100%
P37/8504	100%
P40/1464	100%
P40/1540	0%	New Application

IRON KING / MT FOURACRE

IRON KING / MT FOURACRE	IRON KING / MT FOURACRE	IRON KING / MT FOURACRE
45 kms North North West of Leonora
Ownership Change at end of Quarter During Quarter Tenement ID
E37/1134	100%
M37/1327	100%
P37/8359	100%
P37/8414	100%
P37/8415	100%
P37/8455	100%
P37/8458	100%
P37/8459	100%
P37/8460	100%
P37/8461	100%
P37/8491	100%

UIRED BY LISTING RULE 5.3.3 ENEMENT SCHEDULE y of Kin Mining NL)	UIRED BY LISTING RULE 5.3.3 ENEMENT SCHEDULE y of Kin Mining NL)	UIRED BY LISTING RULE 5.3.3 ENEMENT SCHEDULE y of Kin Mining NL)
PIG WELL 25 kms East of Leonora Townsite
Tenement ID Ownership Change at end of Quarter During Quarter
P37/8948	100%
P37/8949	100%
P37/8950	100%
P37/8951	100%
P37/8952	100%
P37/8953	100%
P37/8954	100%
P37/8955	100%
P37/8956	100%
P37/8957	100%
P37/8958	100%
P37/8959	100%
P37/8960	100%
P37/8961	100%
P37/8962	100%
P37/8963	100%
P37/8964	100%
P37/8974	100%
P37/8975	100%
P37/8976	100%
P37/8977	100%
P37/8978	100%

8 kms East of Leonora Townsite RAESIDE	8 kms East of Leonora Townsite RAESIDE	8 kms East of Leonora Townsite RAESIDE
Tenement ID Ownership Change at end of Quarter During Quarter
E37/1300	100%

NAVIGATOR MINING PTY LTD TENEMENT SCHEDULE (a wholly owned subsidy of Kin Mining NL) TENEMENT INFORMATION AS REQUIRED BY LISTING RULE 5.3.3

CARDINIA / MERTONDALE

35 kms East & North East of Leonora Townsite

Ownership Change at end of Quarter During Quarter Tenement ID	Ownership Change at end of Quarter During Quarter Tenement ID	Ownership Change at end of Quarter During Quarter Tenement ID
L37/106	100%
L37/127	100%
L37/128	100%
L37/195	100%
L37/196	100%
L37/226	100%
L37/232	100%
L37/241	100%
L37/242	100%
L37/243	100%
L37/244	100%
M37/81	100%
M37/82	100%
M37/86	100%
M37/88	100%
M37/223	100%
M37/227	100%
M37/231	100%
M37/232	100%
M37/233	100%
M37/277	100%
M37/299	100%
M37/300	100%
M37/316	100%
M37/317	100%
M37/422	100%
M37/428	100%
M37/487	100%
M37/594	100%
M37/646	100%
M37/720	100%
M37/1284	100%
M37/1303	100%
M37/1304	100%
M37/1315	100%
M37/1318	100%
M37/1319	100%
M37/1323	100%
M37/1325	100%
M37/1328	100%
M37/1329	0%
M37/1330	0%
M37/1331	100%
M37/1332	100%
M37/1333	100%
M37/1340	100%
M37/1342	100%
M37/1345	100%
M37/1358	0%
P37/8223	100%
P37/8536	100%
P37/8537	100%
P37/8538	100%
P37/8539	100%
P37/8540	100%
P37/8541	100%
P37/8542	100%
P37/8543	100%
P37/8737	100%
P37/8738	100%
P37/8739	100%
P37/8740	100%
P37/8741	100%
P37/8742	100%
P37/8743	100%
P37/8744	100%
P37/8795	100%
P37/8938	100%
P37/8939	100%
P37/8940	100%
P37/8941	100%
P37/8942	100%
P37/8943	100%

of Leonora Townsite RTONDALE	of Leonora Townsite RTONDALE	of Leonora Townsite RTONDALE
Ownership Change at end of Quarter During Quarter Tenement ID
P37/8944	100%
P37/8945	100%
P37/8946	100%
P37/8947	100%
P37/8988	100%
P37/8989	100%
P37/8990	100%
P37/8991	100%
P37/8992	100%
P37/8993	100%
P37/8994	100%
P37/8995	100%
P37/8996	100%
P37/8997	100%
P37/8998	100%
P37/8999	100%
P37/9000	100%
P37/9001	100%
P37/9002	100%
P37/9003	100%
P37/9004	100%
P37/9008	100%
P37/9009	100%
P37/9010	100%
P37/9122	100%
P37/9123	100%
P37/9124	100%
P37/9125	100%
P37/9126	100%
P37/9127	100%
P37/9128	100%
P37/9129	100%
P37/9130	100%
P37/9131	100%
P37/9132	100%
P37/9133	100%
P37/9134	100%
P37/9135	100%
P37/9136	100%
P37/9137	100%
P37/9158	100%
P37/9166	100%
P37/9170	100%
P37/9171	100%
P37/9172	100%
P37/9173	100%
P37/9221	100%
P37/9222	100%
P37/9223	100%
P37/9224	100%
P37/9225	100%
P37/9226	100%
P37/9227	100%
P37/9228	100%
P37/9229	100%
P37/9230	100%
P37/9231	100%
P37/9232	100%
P37/9326	100%
P37/9327	100%
P37/9328	100%
P37/9509	0%	New Application
P37/9510	0%	New Application
P37/9511	0%	New Application

P37/9327 100% P37/9328 100% P37/9509 0% New Application P37/9510 0% New Application P37/9511 0% New Application	P37/9327 100% P37/9328 100% P37/9509 0% New Application P37/9510 0% New Application P37/9511 0% New Application	P37/9327 100% P37/9328 100% P37/9509 0% New Application P37/9510 0% New Application P37/9511 0% New Application
RAESIDE 8 kms East of Leonora Townsite
Tenement ID Ownership Change at end of Quarter During Quarter
L37/77	100%
L37/125	100%
M37/1298	100%
E37/1402	100%