Kin Mining NL : Exploration Update

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ASX Announcement

10 March 2022

MAJOR NEW RC DRILL PROGRAM COMMENCES AT PEGASUS

DISCOVERY AS 2022 FIELD SEASON RAMPS UP

Phase 5 drilling underway at Pegasus with further assays imminent from Mt Flora and Rangoon

Highlights

• Phase 5 RC drilling program has commenced at the emerging Pegasus discovery to follow up the strong air-core (AC) results generated in late 2021 and early 2022. Significant AC results include:

• 1. 4m at 10.1g/t Au from 24m (PG21AC144)
  1. 8m at 3.08g/t Au from 8m (PG21AC224)
  1. 4m at 1.61g/t Au from 20m (PG21AC285)
  1. 10m at 3.10g/t Au from 12m (C0031)
  1. 16m at 1.04g/t Au from 4m (C0030)
  1. 8m at 1.07g/t Au from 32m (BL19RC040)
  1. 9m at 1.15g/t Au from 24m (NCAC1241)
• Further assays from recent RC drilling at the Mt Flora prospect, 20km east of the Cardinia Gold Project, are expected in the next week to support previous high-grade RC and diamond results:
• 1. 5.3m at 6.49g/t Au including 2.6m at 8.84g/t Au from 188.3m

• 1. 18m at 1.57g/t Au from 119m including 4m at 2.23g/t Au from 119m and 2m at 5.65g/t Au from 135m
• RC drilling results from the Rangoon prospect currently at the assay laboratory.
• Integration of data from the recently acquired G88 ground package into Kin's exploration database and ground checking of the data complete, ahead of the commencement of exploration.

Kin Mining Managing Director, Andrew Munckton, said: "Work has now commenced in earnest as part of our 2022 field season at Cardinia with an initial RC drilling program at the exciting Pegasus discovery. The new phase of drilling is designed to test below near-surfacehigh-grade intercepts returned from air-core drilling completed in 2021. Once complete, the RC rig will then progress to the extensional program at Cardinia Hill.

"Further assays are also awaited for the Mt Flora project, where the initial eight RC holes and the deeper diamond hole drilled in 2021 revealed a high-grade zone beneath earlier outstanding AC results. In addition, further results from a 4,000m program of RC drilling at the high-grade Rangoon prospect are also awaited."

ASX Code: KIN	Kin Mining NL
Shares on issue: 866 million	342 Scarborough Beach Road
Market Capitalisation: $82 million	Osborne Park WA 6017
Cash: $7.3 million (31 December 2021)	P: [phone]
	E [e-mail]

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"The results received to date support our view that the Mt Flora Eastern Zone contains several mineralised lodes and, given that exploration at the project remains at an early stage, suggests that Mt Flora has outstanding potential to emerge as a significant new satellite gold discovery just 20km east of the main Cardinia Gold Project.

"Assays are now eagerly awaited for the remainder of the 3,169m of RC drilling completed recently at Mt Flora to confirm the extent of the high-grade mineralisation in the near-surface and primary environment to the north, south and up-dip of the diamond drill-hole section. Visual inspection of the RC drill chips shows that the drilling has successfully intersected the interpreted zones of high-grade mineralisation seen in both the air-core and diamond drill programs.

"Once assay results have been received for the first phase of RC drilling, we plan to systematically assess the strike length and depth extent of the Mt Flora Eastern Zone, before moving onto the north-western and southwestern zones later in 2022."

Kin Mining NL (ASX: KIN or "the Company") is pleased to advise that exploration activities are accelerating as part of the 2022 field season at its 100%-owned1.28Moz Cardinia Gold Project (CGP) near Leonora in Western Australia with drilling operations underway and a significant number of assay results expected in the near future.

The Company has commenced its Phase 5 drilling program at the exciting Pegasus discovery, the initial area of focus as part of a multi-pronged exploration effort aimed at growing the gold inventory at Cardinia.

RC Drilling - Pegasus

A 2,000m Reverse Circulation (RC) drilling program has commenced this week at the Pegasus prospect, located 1.0km south of the cornerstone 374Koz Bruno-Lewis deposit at Cardinia.

The program is designed to confirm of the presence of a high-grade primary gold system beneath the air-core drilling which produced a number of significant near surface intersections in 200m spaced lines, providing further confidence in the potential of the emerging discovery.

The target corresponds with the northern and southern edges of the Pegasus Gravity low. Gravity lows have been shown to be a strong indicator of gold mineralisation at several locations at Cardinia.

Air-core drilling results which define the target include:

• 4m at 10.1g/t Au from 24m (PG21AC144)
• 8m at 3.08g/t Au from 8m (PG21AC224)
• 4m at 1.61g/t Au from 20m (PG21AC285)
• 4m at 2.25g/t Au from 32m (PG21AC290)
• 12m at 0.70g/t Au from 4m (PG21AC138)

Additional mineralised intersections in historic adjacent holes include:

• 10m at 3.10g/t Au from 12m (C0031)
• 16m at 1.04g/t Au from 4m (C0030)
• 8m at 1.07g/t Au from 32m (BL19RC040)
• 9m at 1.15g/t Au from 24m (NCAC1241)

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Figure 1: Location of the Pegasus AC and RC drilling program over gravity image. Interpretation suggests the

mineralisation is related to NW trending Bruno Orientation faults which crosscut the NNW oriented stratigraphic Lewis Trend which originates from the nearby Pride of the North workings. Recent results in white labels, previously reported results in grey labels.

RC Drilling - Mt Flora

Kin Mining completed a program of initial RC drilling at the Eastern Zone at Mount Flora in late 2021, comprising of 25 drill-holes for 3,169m to test to approximately 100m below surface.

Results have been returned for the first eight holes including several strong initial intersections such as 18m at 1.57g/t Au, 22m at 0.86g/t Au and 3m at 1.48g/t Au (refer ASX announcements 11 Feb 2022).

Results from the remaining 17 drill holes are expected in the next week.

Further RC drilling is planned to test the north-western and south-western targets at Mt Flora once all initial RC drilling results have been returned.

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 in sulphide-rich quartz carbonate vein structures within mafic rocks.

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Figure 2: Recent drilling results for the Mt Flora prospect. AC results in grey labels, DD and RC results in white labels.

Diamond Drilling - Mt Flora

A single diamond drill hole, MF21DD001, was completed to test potential depth extensions of near-surface mineralisation intersected in AC drilling at the Eastern Zone and to understand the stratigraphy of the rock package.

The diamond drill hole intersected two zones of high-grade gold mineralisation at approximately 54m to 62m down-hole and 188m to 194m down-hole. In both cases, the mineralisation appears to be associated with fine quartz-carbonate-scheelite veining in a silica and biotite altered Tholeiitic basalt rock.

Gold mineralisation is associated with fine pyrite and scheelite (calcium tungstate) with anomalous tellurium.

The mineralisation style showing fine pyrite and associated silica-biotite alteration around quartz-carbonate- scheelite veining is shown in Figure 4 with scheelite mineralisation highlighted in Figure 5.

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Figure 3: Mount Flora Eastern Zone cross section (6817710mN) illustrating the position of diamond drill hole MF21DD001 relative to the near-surface mineralisation intersected in AC drilling and completed RC drilling. Previous assay results in grey labels, new results in white labels.

Figure 4: Mount Flora drill core 186.2m to 195.2m showing silica-biotite altered basalt with quartz carbonate veining,

scheelite (calcium tungstate mineral) and sulphide mineralisation. See Figure 5 for details.

Figure 4: Mount Flora drill core showing silica-biotite altered basalt with quartz-carbonate veining containing scheelite (tan coloured mineral within the vein) and pyrite mineralisation at 188.6m hole depth. Photo is part of a 2.6m long zone grading 1.6% S, 580ppm W and 8.84g/t Au