PTN - Patronus Resources

[System]

Kin Mining NL (KIN) is an Australian exploration company established to provide exposure for potential investors to quality exploration projects in the North Eastern Goldfields of Western Australia.

http://www.kinmining.com.au

 

[greggles]

Kin Mining is shutting down construction works on the Leonora Gold Project pending a full review of the capital cost and schedule for completion. The company claims the decision was necessary due to an
expected increase in the existing pre-production capital cost estimate.

KIN share price has plummeted 42.31% to 15c.

 

[greggles]

I just took a look at KIN's Quarterly Activities Report (released yesterday) after seeing a share price jump today and noticed that they have increased the Mineral Resource at the Cardinia Gold Project to 1.23Moz. Measured and Indicated components increased by 15% to 17.0Mt at 1.39g/t Au for 762,000oz.

Previous assay results have been impressive, with very good grades and much of it under 100m from the surface. Some is even at the surface.

Company is cashed up. At the end of the June Quarter 2021, KIN had $7.443 million cash on hand.

It has a huge 657km2 land-holding across the under-explored Minerie Greenstone Belt. At the moment they have focused their exploration efforts completely on the Cardinia Gold Project to try and unlock its full potential.

There seems to be a lot to like about Kin Mining and it could even be a takeover target for a larger mining company looking to acquire some juniors with real potential.

 

[Dona Ferentes]

Kin Mining will raise $20.4 million, split as a $9.7 million share placement and a $10.7 million one-for-seven non-renounceable entitlement offer.

The offer was priced at 7.5¢, a 16.7 per cent discount to the last close and 13.4 per cent lower than the 20-day volume-weighted average price.

Kin’s major shareholder DELPHI unternehmensberatung Aktiengesellschaft (Delphi) had signed a firm commitment for $4.7 million of the placement and would take up its share of the entitlement offer, according to the term sheet sent to potential investors.

The proceeds would be used for resource definition, infill and exploration drilling at its Cardinia project near WA’s Leonora, seen as the epicentre of current gold M&A activity.

 

[System]

On August 14th, 2024, Kin Mining N.L. (KIN) changed its name and ASX code to Patronus Resources Limited (PTN).

 

[Dona Ferentes]

On August 14th, 2024, Kin Mining N.L. (KIN) changed its name and ASX code to Patronus Resources Limited (PTN).

corporate activity? refocus?? hide earlier failures???

On 12 September, 2024, PNX Metals Limited (PNX) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between PNX and its shareholders in connection with the acquisition of all the issued capital in PNX by Patronus Resources Limited (PTN).