Kin Mining NL : Placement and Rights Issue to Raise $3.1M

ASX Announcement

18 October 2019

ASX: KIN

Kin Mining Nl

342 Scarborough Beach Road

Osborne Park WA 6017

• [phone] E [e-mail]

kinmining.com.au

PLACEMENT AND RIGHTS ISSUE TO RAISE $3.1M

Highlights:

• Placement to raise approximately $850k priced at $0.035 per share completed to two existing major shareholders
• Underwritten pro-rata1-for-8non-renounceable Entitlement Offer priced at $0.035 per share to raise gross proceeds of $2.2M
• Commitments received from Kin's three largest shareholders (which together hold 42%) to subscribe for their full entitlements
• Major shareholder Delphi UA to underwrite the balance of the Entitlement Offer
• Offer price represents an 8% discount to the 5 day VWAP price of $0.038 and 10% discount to the 10 day VWAP price of $0.039
• Funds provide sufficient working capital for the next phase of geophysics and drilling at the Cardinia Gold Project and continued assessment of regional consolidation opportunities

Kin Mining NL (ASX: KIN) advises of the completion of a share placement to two existing major shareholders which has successfully raised approximately $850k (the Placement). The Placement will now be followed by an underwritten, non-renounceable entitlement offer on the same terms to all shareholders (the Entitlement Offer).

The Placement of 24.205 million shares was completed at a price of $0.035 per share to two of Kin's largest shareholders, Delphi UA and Harmanis Holdings.

Under the Entitlement Offer, all eligible shareholders will be given the opportunity to subscribe for 1 new share for every 8 shares held at an offer price of $0.035 a share.

The Company has received confirmation from its three largest shareholders that they intend to subscribe for their full entitlements in the Entitlement Offer. Collectively these shareholders hold approximately 42% of Kin's shares currently on issue. The remaining shares in the Entitlement Offer have been underwritten fully by Delphi UA.

The funding will provide Kin with sufficient working capital to complete the next phase of work at the Cardinia Gold Project (CGP) which is expected to include regional geophysical surveying to generate targets for the next round of resource extension and new discovery drilling. Furthermore, it will enable Kin to continue its ongoing review of regional consolidation opportunities and project development assessment.

Commenting on the capital raising, Kin Managing Director Andrew Munckton said:

"We remain confident of the strategic value of the Cardinia Gold Project and continue to pursue pathways designed to monetise this value in the current strong gold price environment. The additional funding will allow us to apply modern geophysics over largely untested areas within the highly mineralised Cardinia and Mertondale areas which are concealed by shallow cover. We expect this work to generate new targets for our next drilling program in early 2020. The Company also

Kin Mining NL - Quarterly Activities Report

continues to assess opportunities to grow the CGP Mineral Resources via accretive regional consolidations to potentially accelerate the project development."

Use of Funds

An indicative use of funds from the Placement and Entitlement Offer proceeds is provided as follows:

	Activity		Budget ('000)
	Regional consolidation opportunities		$400
	Exploration activities
	∙	Geophysical surveys		$800
	∙	Field activities
	∙ Aircore and RC drilling
	Project holding costs		$600
	General working capital		$1,300

Additional Entitlement Offer details

New shares issued under the Entitlement Offer will rank equally with existing shares on issue and the Company will apply for official quotation of the new shares.

Option holders are not entitled to participate in the Entitlement Offer without first exercising their options to be registered as a shareholder (in Australia, Hong Kong, New Zealand, and Singapore) on the Record Date, in accordance with the terms and conditions of the options.

The Company will welcome applications for shares in addition to shareholders entitlements and will allocate any oversubscriptions in accordance with the dispersal strategy that will be outlined in the Offer Document.

The proposed timetable for the Entitlement Offer is as follows:

Event

Announcement of Offer

Appendix 3B and cleansing notice lodged with ASX

Offer Document lodged with ASX

Letter to Option Holders and Shareholders

S708AA 2 (f) Cleansing Notice

"Ex" Date

Record Date to determine Entitlement to New Shares

Dispatch of Offer Document and Application Form

Offer opens for receipt of Applications

Closing Date for Applications and payment in full

New Shares quoted on a deferred settlement basis

ASX notified of under subscriptions

Dispatch date of holding statements, New Shares entered into the holders' security holdings, Issue Date

Trading commences for New Shares on a normal basis

Date

18 October 2019

21 October 2019

21 October 2019

21 October 2019

21 October 2019

24 October 2019

25 October 2019

28 October 2019

28 October 2019

8 November 2019

9 November 2019

9 November 2019

13 November 2019

14 November 2019

-ENDS-

For further information, please contact:
Investor enquiries	Media enquiries
Andrew Munckton	Michael Vaughan
Managing Director, Kin Mining NL	Fivemark Partners
[phone]	[phone]

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 Leonora Gold Project (LGP) located in the highly prospective North-Eastern Goldfields region of Western Australia. The LGP has an 841koz1 gold Mineral Resource defined in both supergene and deeper primary mineralisation with considerable potential to grow this resource with further drilling.

• The company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Announcement of 9 July 2019 "Bruno-LewisMineral Resource Update", and that all material assumptions and technical parameters underpinning the estimates in that announcements continue to apply and have not materially changed.

Appendix One - CGP Mineral Resources (June 2019)

NOTES:

Table 1. Mineral Resource Table June 2019

Mineral Resources estimated by Jamie Logan of Kin Mining NL, and reported in accordance with JORC 2012 using a 0.5g/t Au cut-off within Entech $2,000 optimisation shells.

• Mineral Resources estimated by Carras Mining Pty Ltd in 2017, and reported in accordance with JORC 2012 using a 0.5g/t Au cut- off within Entech $2,000 optimisation shells.
• Mineral Resources estimated by McDonald Speijers in 2009, audited by Carras Mining Pty Ltd in 2017 and reported in accordance with JORC 2012 using a 0.5g/t Au cut-off within Entech $2,200 optimisation shells.

Totals may not tally due to rounding

The company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Announcement of 9 July 2019 "Bruno-Lewis Mineral Resource Update", and that all material assumptions and technical parameters underpinning the estimates in that announcements continue to apply and have not materially changed.

COMPETENT PERSONS STATEMENT

The information contained in this report relating to Resource Estimation results for Bruno Lewis, Kyte, Helens and Mertondale East relates to information compiled by Mr. Jamie Logan. Mr. Logan is a member of the Australian Institute of Geoscientists and is 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".

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

The information in this report that relates to 2017 Mineral Resources for Mertondale 5, Tonto, Rangoon (including Fiona) and LeonardoMichaelangelo is based on information reviewed and compiled by Dr. Spero Carras of Carras Mining Pty Ltd (CM). Dr. Carras is a Fellow of the Australasian Institute Mining and Metallurgy (AusIMM) and has over 40 years' experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Mark Nelson, Consultant Geologist to CM with over 30 years' experience and is a Member of the Australasian Institute Mining and Metallurgy (AusIMM) with sufficient experience in the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Gary Powell Consultant Geologist to CM with over 30 years' experience and is a Member of the Australasian Institute Mining and Metallurgy (AusIMM) and the AIG with sufficient experience in the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".

CM also acted as auditors of the 2009 McDonald Speijers resource estimates for Eclipse, Quicksilver, Forgotten Four and Krang.

Dr. S. Carras, Mr. Mark Nelson and Mr. Gary Powell consent to the inclusion in the report of the matters based on their information in the context in which it appears.

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.

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. Forward-looking information is developed based on assumptions about such