Kin Mining NL : Met Testwork on Cardinias Sulphide Ores - Amendment

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ASX Announcement

2 June 2022

STRONG RESULTS FROM METALLURGICAL TESTWORK ON

CARDINIA'S SULPHIDE ORES

Gold recovery up to 96.9% achieved from flotation, re-grinding and leaching.

Recovery improvement by between 4.5% and 10.9%

Amendment - The earlier announcement did not include the JORC Code tables

Highlights

• Outstanding metallurgical recovery achieved from sulphide ores at Cardinia Hill:
  o Overall recovery of 96.9% using flotation-regrind-leach from 3.3 g/t Au and 2.4% S feed grade.
  o Flotation results in 95.1% gold recovery and 95.2% sulphide recovery to Rougher concentrate at 10.7% mass recovery.
  o 97.6% gold recovery via regrinding and cyanide leaching of Rougher concentrate.
  o 6.3% increase in gold recovery compared with conventional Whole Ore grind-gravity-leach process. o Moderate cyanide and lime consumption.
• Encouraging results from Sighter metallurgical testwork on sulphide ores from the Helens:
  o Overall recovery of 91.0% using flotation-regrind-leach from 3.2 g/t gold and 2.6% S feed grade. o Flotation results in 88.4% gold recovery and 92.3% sulphide recovery to Rougher concentrate at
  11.6% mass recovery.
  o 91.1% gold recovery via regrinding and cyanide leaching of the Rougher concentrate.
  o 10.9% increase in recovery compared with conventional Whole Ore grind-gravity-leach process. o Moderate cyanide and lime consumption.
• Positive results from Sighter metallurgical testwork on sulphide ores from the Lewis:
  o Overall recovery of 87.4% using flotation-regrind-leach from 2.2 g/t gold and 1.3% S feed grade. o Flotation results in 82.1% gold recovery and 93.3% sulphide recovery to Rougher concentrate at
  6.4% mass recovery.
  o 89.5% gold recovery via regrinding and cyanide leaching of the Rougher concentrate
  o 4.5% increase in recovery compared with conventional Whole Ore grind-gravity-leach process. o Moderate cyanide and lime consumption.

Kin Mining NL (ASX: KIN or "the Company") is pleased to report positive metallurgical testwork results from sulphide ores from the Cardinia Hill, Helens and Lewis deposits, all located within the Cardinia area of its 100%- owned 1.275Moz Cardinia Gold Project (CGP) located near Leonora in Western Australia.

ASX Code: KIN	Kin Mining NL
Shares on issue: 866 million	342 Scarborough Beach Road
Market Capitalisation: $70 million	Osborne Park WA 6017
Cash: $6.1 million (31 March 2022)	P: [phone]
	E [e-mail]
	kinmining.com.au

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The metallurgical testwork program was designed to confirm the most cost-effective processing route for each ore type confirmed within the large, rapidly developing Western and Eastern Corridor mineralised complex which make up the Cardinia area.

Mineralisation discovered at Cardinia extends over an area of approximately 1km by 5km on the western and eastern side of Cardinia. Cardinia contains a number of exciting development prospects, including Cardinia Hill, Helens, Bruno, Lewis, Fiona, Rangoon and East Lynne, which collectively contain in excess of 650koz of Mineral Resources.

Where sulphide ore has been drilled below the oxidation depth, common features of all the mineralised locations have been noted in geological logging and multi-element assays. These features include strong associations between gold mineralisation and pyrite, moderate levels of silver mineralisation and anomalous copper, lead, molybdenum, tellurium and zinc. These pathfinder minerals are also expected to report to flotation concentrates as they are associated with the sulphide style of mineralisation dominant at Cardinia.

Kin Mining Managing Director, Andrew Munckton, said: "The metallurgical testwork program undertaken on sulphide ore from key Cardinia deposits has delivered some very positive and important outcomes for the Cardinia Gold Project. Importantly, the testwork has confirmed that strong gold recoveries can be achieved with flotation, re-grindingand leaching of the sulphide ores. The improvement in recovery over the conventional grind, gravity and leach process is substantial, increasing recoveries by 6.3% at Cardinia Hill, 10.9% at Helens and up to 12.6% at Lewis. These results indicate that sulphide ores from Cardinia, if treated using the flotation and re-grindprocess, are likely to result in significantly improved gold production and financial returns.

"As our exploration programs advance, particularly across the Eastern Corridor, we are continuing to discover significant extensions of this large mineralised system - particularly deeper, higher grade sulphide ores. The process selected to treat these sulphide ores and the resulting metallurgical performance will therefore be increasingly important.

"Oxide ores that lie near surface and above the sulphide ores show uniform high rates of metallurgical recovery ranging from 90.5% to 95.5% using the conventional grind, gravity and leach process.

"With the release of recent drilling results from Rangoon, Cardinia Hill and Helens East where sulphide intersections at depth were significantly higher in grade, coupled with these strong metallurgical recovery results from Cardinia Hill and Helens - the Eastern Corridor is firming as a significant centre for development at the CGP. The Eastern Corridor is proving to be highly mineralised with numerous deposits and mineralised positions already identified. We see significant potential to discover new high-grade lodes, delineate new resources and grow our overall inventory across this corridor. Strong metallurgical performance from these deposits gives confidence that the Eastern Corridor and the Cardinia area more generally will continue to be a big focus for us moving forward."

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Cardinia Area Metallurgical Testwork Program

Metallurgical testwork programs were conducted and supervised by Independent Metallurgical Operations (IMO) during 2020, 2021 and early 2022 on samples provided from exploration drilling programs and special metallurgical drilling programs. All samples supplied were either whole or half PQ and HQ sized diamond drill core. The scope of this work included:

1. Sample Characterisation
2. 1. Comminution test work
   2. Head Assay
3. Gravity Concentration
4. Whole of Ore cyanide leaching
5. Sulphide Flotation
6. Flotation product re-grinding and leaching
7. Variability testwork

Master Composite samples were generated from weighted averages of variability composites which covered the range of depths and locations within each ore body and a range of head grades of gold and sulphide mineralisation. Mineralisation in general is characterised by zones with quartz carbonate veining, fine pyrite mineralisation and sericite alteration.

Water for the testwork program was supplied as Cardinia area site water, which was also analysed.

Figure 1. Kin Mining's Eastern Corridor deposits, part of the Cardinia Gold Project. Sulphide mineralisation tested was taken from below the Cardinia Hill and Helens deposits in the Eastern Corridor and from the Lewis deposit on the western side of the CGP. Highlighted intersections at each deposit are all high grade sulphide intersections.

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Cardinia Hill Sulphide Ores

IMO ran a series of variability tests on five composite samples (IC3 to IC8) created from drill cores within the Cardinia Hill Mineral Resource, with individual composite assay head grades ranging from 1.37g/t Au to 8.55g/t Au. Conventional grinding, gravity and cyanide leaching tests under optimal conditions were undertaken for each Variable Composite, which yielded gravity recoveries ranging from 4.3% to 46.7% and overall recoveries with a 48-hour leach residence time of between 81.2% and 95.7%, as detailed in Table 1. Weighted average Whole Ore composite recovery of 90.68% was achieved as summarised in Table 2.

Residue Grades varied between 0.20g/t Au and 0.65g/t Au after 48-hour leach to average 0.35g/t Au for a conventional grind, gravity and leach process. Cyanide and Lime consumptions were low.

Table 1. Cardinia Hill sulphide ore Variability Composite test work results

To determine flotation and leaching comparison metrics, IMO ran flotation tests on all five Variability Composites and assayed each flotation concentrate for both gold, sulphur and a range of other metals with the results summarised in Table 3 and Table 4 below.

Mass Recovery to concentrate varied between 7.2% and 17.1% to averaged 10.9%.

Rougher concentrate recovery varied between 71.7% and 94.5% for gold and 89.6% to 95.5% for sulphur. Rougher concentrate averaged 26.2 g/t gold and 23% sulphur.

The weighted average of the Variability Composites using flotation, re-grinding of the flotation concentrate and leaching with elevated levels of cyanide resulted in 97.6% recovery of gold from the Rougher concentrate.

Standard 48-hour leaching was undertaken on the Rougher Tails resulting in 88.0% recovery for this portion.

Overall recovery of 96.9% was achieved using the Grind-Flotation-Regrind-Leach process, on average a 6.3% improvement over conventional Grind-Gravity-Leach process (see Table 2).

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Table 2. Cardinia Hill sulphide ore Comparative Recovery test results

Table 3: Variability Flotation Mass Recovery Results Summary