Kin sale Genesis for strategic growth pursuits 

Kin Mining (ASX:KIN) is pursuing strategic growth opportunities after netting $15 million in cash and under 22 million shares from Genesis Minerals (ASX:GMD) after selling selected Western Australia gold deposits.   

The $70.68 million market capitalisation company now has circa $80 million in cash and liquid assets, including over 38 million shares or 3.4% in the issued capital of Genesis. 

In the December 2023 quarter, the company agreed to the ‘landmark’ transaction for the sale of its Bruno, Lewis, Kyte, and Raeside deposits and associated tenements for the aforementioned cash and share balance. 

The shares are estimated at $38.5 million based on Genesis’ 5-day volume weighted average price. The tenements collectively contain 610,000 ounces of JORC compliant mineral resources.  

Kin Mining Executive Chairman Rowan Johnston says funds from the ‘transformative transaction’, combined with its pre-existing cash and liquid assets, will be utilised for a range of strategic opportunities.   

“In the near term, we are excited to be drilling and testing the newly discovered VHMS [base metal] horizons at Cardinia and then moving on with commencing drilling for deeper and higher grade gold targets.

Kin will continue to adopt a disciplined and focused approach as it seeks to add value for its shareholders across its exploration portfolio and other opportunities.” 

The sale follows Kin accepting the conditional off-market takeover offer by Genesis for its 7.34% shareholding in Dacian Gold (ASX:DCN) in December 2023. The offer for Kin’s 89 million-plus Dacian shares was a profit of more than $13 million. 

Kin Mining is a Western Australia-based gold developer and explorer focused on its wholly owned Cardinia Project in the ‘highly prospective’ North-Eastern Goldfields region of Western Australia. 

Genesis Minerals is actively working in the ‘tier one’ gold mining district of Leonora, Western Australia, where it has its flagship Leonora Gold Project.

Write to Adam Drought at Mining.com.au

Images: Kin Mining
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.