PATRONUS RESOURCES LIMITED — Investor Presentation 2021

Feb 15, 2021

Cardinia: building a significant gold inventory in a Tier-1 mining district

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 1.15Moz Resource with significant upside

 Multiple new discoveries

ASX: KIN

Investor Presentation – February 2021 Andrew Munckton, Managing Director

 Aggressive exploration approach

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DISCLAIMER

This presentation is not a prospectus nor an offer for securities in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions in connection with any acquisition of securities, investors should rely on their own examination of Kin Mining NL and consult their own legal, business and/or financial advisers.

The information contained in this presentation has been prepared in good faith by Kin Mining NL, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, Kin Mining NL, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from this presentation.

Forward-Looking Statements

This release contains “forward-looking information” that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the feasibility and definitive feasibility studies, the Company’s’ business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and operational expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’, ‘expect’, ’intend’, ’may’, ’would’, ’could’, ’should’, ’scheduled’, ’will’, ’plan’, ’forecast’, ’evolve’ and similar expressions. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forwardlooking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to the risk factors set out in the Company’s Prospectus dated October 2014.

This list is not exhausted of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law. Statements regarding plans with respect to the Company’s mineral properties may contain forward-looking statements in relation to future matters that can be only made where the Company has a reasonable basis for making those statements. This announcement has been prepared in compliance with the JORC Code 2012 Edition and the current ASX Listing Rules. The Company believes that it has a reasonable basis for making the forward-looking statements in this announcement, including with respect to any mining of mineralised material, modifying factors and production targets and financial forecasts.

Competent Person’s Statement

The information contained in this report relating to Resource Estimation results for the Cardinia Hill deposit relates to information compiled by Cube consulting (Mr Mike Millard). Mr Millad is a member of the Australian Institute of Geoscientists and a full time employee of Cube Consulting. Mr Millard 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".

The information contained in this report relating to Resource Estimation results for the remainder of the deposits including Bruno, Lewis, Kyte, Helens, Fiona, Rangoon, Hobby, Mertons Reward, Mertondale 3-4, Tonto, Mertondale 5, Eclipse, Quicksilver, Michaelangelo, Leonardo, Forgotten Four and Krang relates to information compiled by Mr Jamie Logan. Mr Logan is a member of the Australian Institute of Geoscientists and was till recently a full time employee of the company. Mr Logan 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".

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

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INTRODUCTION │ GROWTH THROUGH EXPLORATION

• ASX-listed gold explorer with strong strategic shareholder base

• Over 60,000m of drilling completed in 2020 – resulting in multiple new discoveries

• 1.15Moz Mineral Resource base at the 100%-owned Cardinia Gold Project near Leonora

• Major leap forward in geological understanding achieved with recent gravity survey results

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Aggressive ongoing exploration commitment: ~32,500m to be drilled in 1H CY2021
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CARDINIA │ STRATEGIC FOOTPRINT

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• 436km[2] land package just 30km from Leonora

• Tier-1 gold mining district (multi-million ounce deposits)

• 1.15Moz JORC Resource hosted in supergene and oxide dominant ore zones

• Exploration-driven approach targeting new, larger, higher grade gold deposits

• Prioritising areas close to the proposed processing plant

• Significant new discoveries already made at Cardinia Hill, Lewis East, East Lynne, Collymore in first-pass drilling

• Up to 32,500m of RC, diamond and air-core drilling planned in 1HCY2021

• Strong news-flow and further Resource growth anticipated

Recent drilling has highlighted the potential for a much larger mineralised system at Cardinia.

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CORPORATE │ STRATEGIC SHAREHOLDERS

ASX: KIN

Share price (12 February 2021)		A$0.14
Ordinary shares on issue (including 92.3M Placement Shares) Options (exercise $0.24 - $1.25)		792.7M 12.0M
Market capitalisation (undiluted) Cash (31 December 2020 + Placement)		$111.0M $14.3M
Debt		Nil
Liquidity (avg. daily traded shares)		765,000
Board of Directors
Andrew Munckton		Managing Director
Joe Graziano		Chairman
Brian Dawes	Non-Executive Director
Nicholas Anderson	Non-Executive Director
Hansjoerg Plaggemars	Non-Executive Director

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Shareholders
Retail
Institutional
Investors
25%
29%
Directors
2%
High Net
Worths
44%
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12-month share price performance

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0.25
0.2
0.15
0.1
0.05
0
Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21
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TEAM │ EXPERIENCED, CAPABLE AND FOCUSED

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Andrew Munckton Steven Jones Glenn Grayson John Kelly
Managing Director & CEO CFO & Company Secretary Exploration Manager Engineering Manager
Geologist with 35+ • Chartered Accountant • Geologist with 23+ • Engineer with 30+
years experience, with 25+ years years experience years industry
technical and experience, incl. 20+ experience
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• Key consultants Cube Consulting • Respected industry consultants • Specialists in Mineral Resource estimates, optimization, mine design and scheduling

Como Engineers

• Established industry consultants, long history

• Geologist with 35+ years experience, technical and operations, UG and open pit

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• Chartered Accountant
with 25+ years
experience, incl. 20+
years in WA mining
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• Process engineering, metallurgy and construction services

• Extensive experience with resource • Extensive experience development and with operations and extension at Kundana, contract mining in Kanowna Belle, both open pit and Fosterville underground

Jon Standing

• Demonstrated history in Mineral Exploration, Investor Relations, Analytics, Feasibility Studies, Environmental Awareness

• Expert stratigraphic structural and economic geologist

• Previous Managing Director of Avalon Minerals, General Manager Gindalbie Metals

• Comprehensive mapping of the company tenure

• Previous senior • Previous senior positions with positions with Northern Star Resolute, Roche, Resources, Barrick Alcoa, Mt Gibson, and Northgate Sinosteel Midwest Minerals

Southern Geoscience

• Assists with geophysical advice and strategy around acquiring the appropriate field data

• Previously General Manager of Operations Paddington, Kanowna Belle and Kundana

• Previous senior roles at Portman Mining, Aviva, Southern Cross Goldfields and Middle Island Resources

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THE OPPORTUNITY │ MINERIE GREENSTONE BELT

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• Dominant land-holding in under-explored greenstone belt

• Limited deeper drilling, with the bulk of historical exploration focused around known deposits driven by an imperative to “feed the mill”

• New project-wide, data-driven, bottom-up approach has been adopted to target potential new zones of gold mineralisation

• Large alteration systems related to gold mineralisation identified throughout the area

• Detailed understanding of the mineralising system is developing as we build up the science and systematically test our models

Potential for large mineralised system identified within extensive, under-explored greenstone belt. Exploration still at an early stage.

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HELENS EAST│SIGNIFICANT AC AND RC RESULTS

• Target area located adjacent to Cardinia Hill, Fiona and Helens deposits -194koz* MRE in four deposits

• Buried felsic intrusions with numerous felsic dykes cross-cut by a number of major N-trending faults. Mapped by detailed gravity survey

• Significant zones of shallow gold mineralisation within and around the intrusion/faults

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17m at 3.20g/t
21m at 3.58g/t
15.8m at 3.77g/t
21m at 6.62g/t
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• High-grade intersections from all locations:

• Helens - 8m at 8.60g/t Au from 88m and 15.8m at 3.77g/t Au from 266m

• Cardinia Hill - 21m at 6.62g/t Au from 37m

• Helens East - 21m at 3.58g/t Au from 45m

• Fiona - 17m at 3.20g/t Au from 31m

• Numerous untested positions in strongly mineralised environment associated with the intrusion/faults

• Follow-up RC drilling to test both near-surface and deeper targets

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• Refer Appendix B for Mineral Resource Estimate details

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CARDINIA HILL │ BROAD, SHALLOW GOLD INTERCEPTS

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• Target area located just 2.5km east of proposed processing plant site

• Discovery Hole CH19AC018 – 9m at 3.05g/t

• Consistent high-grade, near-surface gold mineralisation intersected in RC and diamond drilling to 125m depth

• 76 RC holes and 8 diamond holes drilled May - Oct 2020 produced:

• 21m at 6.62g/t Au from 53m (CH20RC087)

• 17m at 3.29g/t Au from 10m (CH20RC028)

• 15m at 4.42g/t Au from 34m (CH20RC030)

• 17m at 2.05g/t Au from 4m (CH20RC068)

• Mineralisation defined over 600m of strike, open in all directions

• Sits on Cardinia Hill Fault between porphyry intrusions

• AC intersection along fault outside MRE requires follow-up:

• 10m at 1.2g/t - 150m north

• 14m at 1.01g/t – 500m north

• Step-out RC and infill RC and DD commencing Mar Q 2021

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GEOPHYSICS AND DRILLING EASTERN CORRIDOR│

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• Helens, Cardinia Hill, Rangoon to East Lynne is a major mineralised corridor containing N-S faults and porphyry intrusions

• 5.0km long by 1.5km wide with large areas of anomalous soils and numerous ore grade hits in broad spaced AC drilling and high-grade mineralisation at depth at Cardinia Hill and Helens

• Gravity survey identifies position of porphyry intrusions and faults that generate and focus the gold mineralisation.

• High-grade gold away from the know deposits:

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• 5m @ 35.1g/t Au from 40m in AC

• Numerous 4m to 20m intersections at +1.0g/t Au in AC

• Broad zones of alteration rich in Ag-As-Cu-Mo-Sb-Te-W

• Limited deep drilling - only drilling below 100m depth was at Helens and Cardinia Hill in 2019 and 2020

• Targets

• Seven identified to date to be tested in 1H CY2021

• Several others as we expand gravity survey further north

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EAST LYNNE │ LARGE GOLD TARGET – AIRCORE

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• Target area NE of Cardinia containing several sets of historical workings including both East Lynne and Collymore trends

• Limited shallow drilling focused at the historical workings

• Large multi-element soil geochemical anomaly:

• 6km by 0.6km in multi-elements, gold rich for 3.2km

• Major geological contact intersected by regional-scale faults

• Initial AC drilling at 400m line spacings:

• 20m at 1.36g/t Au from 20m (EL20AC041)

• 8m at 1.49g/t Au from 49m (EL20AC058)

• 4m at 4.18g/t Au from 20m (EL20AC093)

• 24m at 0.83g/t Au from 12m (EL20AC099)

• Numerous others

• Gravity survey to define the structure and position of intrusions

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RC AND DIAMOND DRILLING BRUNO LEWIS│

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• Bruno Lewis – current MRE* of 10.1Mt at 1.05g/t Au for 311koz, with update expected in Mar Q 2021

• Large surface footprint 5.0km by 1.0km of ore-grade intersections:

• Hundreds of near-surface holes to 50m depth

• Limited deeper drilling contains high-grade lodes

• Supergene gold above W-dipping (Lewis) and NE-dipping (Bruno) lodes

• Mafic and felsic host with porphyry intrusions

• Recent results:

• 10m @ 10.8g/t Au from 15m, 14m @ 6.09g/t Au from 39m,

• 16m @ 4.15g/t Au from 40m and 11m @ 4.24g/t Au from 74m

• Large gravity survey to map the buried porphyry

• Follow-up program to define the high-grade +4g/t depth extensions

• Refer Appendix B for Mineral Resource Estimate details

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NEW MINERALISATION EAGLE│

• Eagle/Crow lies 2km west of Bruno Lewis, 1km from Kyte

• Strong multi-element soil anomaly with limited drilling:

• 6km by 1km anomaly rich in Au-As-Sb with other spot highs in pathfinder elements

• Limited historical drilling returned high-grade results:

  • 11m at 4.34g/t and 5m at 2.36g/t Au in RC and AC

  • 3m at 27.1g/t and 3m at 4.5g/t Au in RC and AC

  • Old workings with high-grade rock chips

• Associated with major geological contact cut by E-W late stage dyke

• Work program:

• Gravity survey to map porphyry intrusions

• AC drilling at 400m line spacing to commence in Mar Q 2021

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3m @ 4.5g/t
3m @ 27.1g/t
50ppb
Auger Au
11m @ 4.34g/t
5m @ 2.36g/t
20ppb
Auger Au
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CARDINIA │ MULTIPLE PROJECTS ADVANCING

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• Phase 1: Auger and regional AC drilling (December 19 – June 20) discovered several new deposits

• Phase 2: AC follow-up and initial RC led to discovery of Cardinia Hill, Lewis East and Comedy King

• Phase 3: Expanded program with focus on:

• Broad-spaced AC drilling at large-scale targets – East Lynne and Collymore

• Initial RC drilling of new targets at Black Chief, Faye Marie, Helens East and Helens South

• Close-spaced RC and DD drilling of advanced deposits – Cardinia Hill, Bruno Lewis, Lewis East, Hobby

• Phase 4: Mineralised System, Pipeline targets (Feb 21 to Sep 21)

• Detailed Gravity survey covering large area under thin cover where soil Geochem is less effective. Also over known deposits.

• Eastern Corridor where gravity survey has confirmed Intrusion/Fault system model

• Eagle under large soil Geochem anomaly

• MRE growth from Bruno Lewis, Cardinia Hill, new discoveries

Cardinia is a large mineralised system with multiple deposits

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CARDINIA │ A CAMP-SCALE MINERALISED POSITION

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• Adjacent to the crustal-depth Keith Kilkenny Shear Zone (KKSZ)

• Extensive N-S fault system links the KKSZ to the Cardinia and Mertondale areas

• Numerous porphyry intrusions into felsic and mafic volcanics mark the gold mineralised environment

• Large sulphide alteration system rich in Au-Ag-As-Bi-Cu-Mo-SbTe-Zn covers area of 10km by 5km

• Re-mobilisation of the fault and porphyry intrusions during latestage orogenic gold mineralising event

• Multiple mineralised positions

• Closest analogy – Carosue Dam (Saracen ):

• 3Moz production + Reserves, operating for 20 years, 200kozpa

• Same fault system, same intrusions, same alteration suite, same mineralisation style

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$

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SUMMARY AND KEY TAKEAWAYS

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Advanced 1.15Moz gold project in an attractive gold mining region with considerable untested exploration potential and significant growth potential

The first drilling of new target areas at Cardinia in a decade has immediately yielded a number of gold discoveries within 5km of the proposed process plant site

New targets have been generated from extensive multi-element soil geochemistry and new gravity survey geophysics

Extensional and in-fill RC and diamond drilling of recent discoveries plus initial metallurgical testwork planned to deliver Mineral Resource estimates for new deposits

Focused on making major discoveries and unlocking the potential of a belt-scale exploration opportunity. Cardinia is a regional-scale mineralised system that exploration continues to unlock.

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THANK YOU │ QUESTIONS

Kin Mining has repositioned from near-term developer to explorer focused on the most value-accretive phase of the mining cycle… exploration and discovery.

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Kin Mining NL Level 1, 342 Scarborough Beach Rd Osborne Park WA 6017

T: 61 8 9242 2227

E: info@kinmining.com.au

ASX: KIN

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KIN MINING NL MINERAL RESOURCES

			Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020	Cardinia Gold Project: Mineral Resources: December 2020
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				1.2	0.89	35	2.6	1.17	96	3.8	1.08	132	26-Nov-20
Lewis	$2,600	0.4	0.4	0.98	13	4.8	0.85	131	1.5	1.00	48	6.3	0.89	179	26-Nov-20
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*	$2,000	0.5							0.1	2.10	8	0.1	2.10	8	14-Feb-20
Cardinia Hill**	$2,600	0.4							1.2	1.66	61	1.2	1.66	61	18-Dec-20
Subtotal Cardinia			0.4	0.98	13	8.2	1.06	279	6.3	1.26	255	14.5	1.15	534
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			0.4	0.98	13	14.8	1.36	647	13.4	1.17	507	28.2	1.27	1154
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Notes

• See ASX Announcement 22 December 2020 “Cardinia Gold Project Mineral Resource Update”

• The Company confirms that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed at the time of publication

• Totals may not tally due to rounding of values

• Mineral Resources estimated by Jamie Logan of Kin Mining NL and Cube Consulting reported in accordance with JORC 2012 using a 0.4g/t Au cut-off within AUD$2,600 optimisation shells

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CARDINIA GEOLOGICAL MODEL

Evolution of the bi-modal Minerie Sequence

Evolution of the Minerie sequence occurred during the subduction of oceanic plate below the Yilgarn continental plate creating the Kalgoorlie – Kurnalpi Rift. Cardinia sits near the western margin of the Kurnalpi Terrane adjacent to the crustal depth Keith Kilkenny Fault.

Initial uplift and mafic volcanism during rifting of the Welcome Well Formation – extrusion of the Mafic Flow unit 1

Acid volcanic activity followed, depositing felsic volcanics and subsequent volcanoclastic sediments.

High energy environment with uplift and further mafic volcanism. This episode produced the Au-AgAs-Sb-Bi-Te-W-Zn mineralisation into the lower mafic sequence 1. Hydrothermal fluids circulate within the sequence, altering the basalts (picture right of the dolomite altered basalt and pyrite mineralisation), with higher grade sulphide deposition adjacent to the volcanic vent.

Subsequent bi-model volcanism in a lower energy environment over a broader area. This episode continued the sulphide mineralisation in stratigraphic-structural traps.

Later shearing and mineralisation associated with the Mertondale shears (Orogenic Lodes).

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EARLY EXPLORATION BREAKTHROUGHS

Three significant new shallow discoveries made in December 2019 air-core drilling program have been followed up with recent RC drilling. Further RC and Diamond drilling is planned

• Comedy King :

• 4m @ 113 g/t Au from surface (CK20AC193)

• 2m at 8.1 g/t Au from 37m (CK20RC142)

• 3m at 1.5 g/t Au from 70m (CK20RC146)

• Faye Marie to Black Chief :

• 8m at 3.01g/t Au from 36m to EOH (FM20AC019)

• 4m at 2.99g/t Au from 48m (FM20AC058)

• Lewis East :

• 44m at 0.47 g/t Au from 51m (LE20RC057)

• 11m at 5.28 g/t Au from 53m (LE20RC048)

• 21m at 1.70 g/t Au from 20m (LE20RC049)

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Completed drilling at the Comedy King and Faye Marie over historical drilling and recent rock chip results

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Completed drilling at Lewis East over historical drilling
results
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CARDINIA – CRACKING THE GEOLOGICAL CODE

• Mineralisation occurs as sulphidic fine grained sediments (shales and cherts) and as sulphide replacement mineralisation in structurally controlled positions

• Mineralisation occurred close to the earth’s surface (<3km depth)

• Quartz veins with boiling fluid textures (high temperature, low pressure) are present at Cardinia as well as an epidote-albite-dolomite alteration assemblage indicating a shallow depth of genesis

• Systematic surface sampling has been undertaken across Cardinia – multi-element analysis of soils has delineated extensive anomalous areas and identified the lower stratigraphy of the Minerie sequence as the highest-priority target

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Gold in quartz vein – Bladed calcite Comedy King pseudomorphs – Nevertire/Comedy King w w w . k i n m i n i n g . c o m . a u A S X : K I N

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Mineralised vuggy silca – Helens South

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Epidote alteration of felsic Sulphidic shale – Lewis South volcanics – Cardinia Hill

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EXPLORATION PROGRAMS – IN PROGRESS

2021-22 Planning

$1,200k $700k Geophysical ground survey Gravity – greater Cardinia Target Generation $200k Further detailed mapping – greater Cardinia $300k Geochemical survey – New zones following model $3,300k $1,000k Aircore drilling targets – Eagle, new targets east of Cardinia Drill Testing $800k Additional drilling at Helens South, Helens East $1,500k Further targeting work at New Intrusive Model targets $2,600k $1,000k Extensional drilling of Cardinia Hill, Helens East, Hobby Advanced $800k Infill drilling of Cardinia Hill, Bruno Lewis, Lewis East Exploration $800k Success follow-up of East Lynne, Helens East, Collymore $3,100k $1,700k Conversion to Indicated Resource for Cardinia Hill, Bruno Lewis Resource $1,200k Conversion to Indicated Resource for new discovery Definition $200k Resource Estimation $300k $300k Test work for metallurgy and geotechnical studies for Reserve Definition Cardinia Hill and new discovery $10,500k

Haines Gravity, SGC Standing Auger Australia

KTE Mining Services – Aircore Swick – RC drilling

Swick – RC drilling Topdrill - Diamond Drilling

Swick – RC drilling Topdrill - Diamond Drilling Cube Consulting

IMO Consultants Geotechnical consultant

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