Kin Mining explores portfolio options

Kin Mining has confirmed it is considering new acquisition and investment options, following the recent sale of gold deposits within its Cardinia gold project, located near Leonora. 

The Osborne Park-based company told the market it had begun early discussions with several entities.

"These discussions are regarding the potential for either a strategic investment by Kin or the acquisition of interests in assets complementary to KIN’s existing portfolio," the company said.

"None of these discussions have progressed to the stage of indicative terms being proposed whether on a non-binding basis or otherwise."

Additionally, Kin said it raised a potential merger with PNX Metals and had issued them a non-binding and indicative offer.

"The proposal in the offer has not been agreed as at the date of this announcement, but the parties are continuing discussions," Kin said.

In an ASX-statement, PNX confirmed preliminary discussions with Kin had taken place, but there was no certainty a merger would occur. It has appointed Taylor Collison and Piper Alderman as its financial and legal advisers respectively for the matter. 

"PNX confirms that it has received an unsolicited, non-binding, indicative, and incomplete proposal in relation to a potential merger from KIN and has subsequently engaged in preliminary discussions with KIN regarding the indicative proposal," the company said.

"The discussions are at an early stage and remain incomplete, and there is no certainty that the indicative proposal or any other transaction will eventuate.

"PNX shareholders do not need to take any action at this time."

On February 9, Kin announced it received $15 million in cash, along with approximately 21.9 million shares in Genesis Minerals, from the sales of its selected gold deposits.

At present, it has nine interests within the Eastern Goldfields region of Western Australia. 

In 2021, Kin knocked back a takeover bid from Victoria-based St Barbara, while in the process of undertaking a $13 million capital raise.