Kin Mining NL : Quarterly Activities Report

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OVERVIEW

Kin Mining NL (Kin or the Company) (ASX: KIN) is pleased to provide an update on exploration and development activities during the June 2022 Quarter at its 100%-owned 1.28Moz Cardinia Gold Project (CGP or the Project), located in the heart of the Leonora district in Western Australia (Figure 1).

Figure 1: Location of the Cardinia Gold Project including major mineral deposits in the region. (Stated size of deposits

includes historical production and current mineral resources.)

Kin Mining Managing Director, Andrew Munckton, said:

"We continued to reap the rewards of our expanded exploration efforts at the Cardinia Gold Project during the Quarter, with our work programs delivering a series of outstanding exploration results - particularly along the high-priority Eastern Corridor. This under-explored corridor is rapidly emerging as a priority focus for resource growth and significant centre for development, with numerous new discoveries and mineralised positions now confirmed.

"Assay results received during the Quarter further enhanced the prospectivity of the Rangoon, Helens East and Cardinia Hill deposits, highlighting the potential to delineate additional shallow ounces. In particular, the identification of shallow, east-dipping lodes at Rangoon is considered very encouraging, as these lodes are interpreted to link the high-grade steeper lodes seen at Cardinia Hill, Fiona, Helens and Helens East. The opportunity to integrate these new mineralised zones, with the proven depth extent of high-grade

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mineralisation within the Eastern Corridor, makes this a compelling target for ongoing exploration programs.

"This work will contribute towards an updated Mineral Resource Estimate for the Eastern Corridor deposits during the September Quarter, as part of a project-wide Resource update.

"This will be an important milestone for Kin, further strengthening our position at the heart of one of the most active mining districts in Australia. The strategic location of our gold inventory in the heart of the Leonora region, as shown in Figures 1 and 2, puts Kin in an excellent position to participate in the consolidation which is beginning to occur across the district.

"In recent weeks, we have seen the start of significant corporate activity involving a number of key producers in the district. Given the central location of Kin's tenements, an expanding resource base and a strong track record of exploration discovery we believe the Company is well placed to play a future role in this consolidation activity.

"In the immediate term, our focus is on continuing to grow both the size and quality of our resource inventory and work towards unearthing large, high grade discoveries that will change the value proposition for Kin.

"The metallurgical testwork program undertaken on sulphide ores from key Cardinia deposits during the Quarter has delivered very positive results, confirming that uniformly high gold recoveries can be achieved from sulphide ore with flotation, re-grinding and leaching. This has significant implications for the economics of mining in the Eastern Corridor, where we're seeing gold grades in sulphide ore increasing at depth.

"Outside of the Eastern Corridor, new drilling has also upgraded the emerging Pegasus discovery, which sits adjacent to the 374koz Bruno-Lewis deposit. The mineralisation at Pegasus appears to form part of a much larger mineralised system along the Western Corridor at Cardinia which extends from Pegasus in the south through to Bruno and Kyte in the north.

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 large 777km2 land-holding which it owns 100% across the under-explored Minerie Greenstone Belt, part of a region which has yielded multiple gold deposits in recent decades (Figure 2).

The CGP area encompasses a +45km strike of the Minerie Formation which contains large alteration systems associated with several significant gold deposits. In addition, the Company has three Joint Venture arrangements:

• An Earn-in JV covering 120km2 with G88, where Kin is earning an initial 60% over 3 years commencing in 1Q 2022
• Desdemona South JV where Genesis Minerals is earning an initial 60% over 3.5 years which commenced in 1Q 2020
• Desdemona North JV where Yilgarn Exploration Ventures (jointly owned by Sensore and Gold Road) are earning 75% over 4.5 years which commenced in 1Q 2020

The Company is pursuing a two-pronged approach to unlocking the value of the CGP, comprising a wide- ranging, multi-discipline exploration effort in parallel with a near-term mining options study. The JV ownership arrangements are designed to consolidate the area surrounding the CGP and reduce the Company's

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Figure 2: Kin Mining's 777km2 tenement package and JV earn-in Projects located in the heart of the Leonora gold district.

EXPLORATION AND RESOURCE DRILLING

Eastern Corridor Exploration Program

The Eastern Corridor targets are located on the eastern side of the Cardinia project. Mineral Resources within the Eastern Corridor total 4.9Mt at 1.52g/t Au for 239koz across four deposits at Helens, Rangoon, Fiona and Cardinia Hill (refer Table A1 for details and Figure 3 for deposit locations).

During the Quarter, assay results were reported for the Rangoon, Helens East and Cardinia Hill deposits within the Eastern Corridor (see further detail below). These latest drill results, together with a substantial amount of drilling in the Eastern Corridor over the last 12 months, is being incorporated into an updated Mineral Resource Estimate for the greater Cardinia area.