Kin Mining NL (PTN) AI Stock Analysis

• Market Cap: AU$109.47M
• Dividend Yield: N/A
• Average Volume (3M): 4.25M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.31
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 1,479,271,900
• 10 Day Avg. Volume: 4,885,046
• 30 Day Avg. Volume: 4,251,965
• PEG Ratio: 0.02
• Price to Book (P/B): 1.30
• Price to Sales (P/S): 1435.15
• P/FCF Ratio: -7.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: AU$0.08 ▲(17.14% Upside)

The score is primarily constrained by weak fundamentals—minimal revenue, large losses, and ongoing negative operating/free cash flow—despite a low-debt balance sheet that limits leverage risk. Technical indicators are supportive (price above major moving averages with positive momentum), but valuation is pressured by negative earnings and no dividend yield data.

Positive Factors

Conservative capital structure

Very low financial leverage materially reduces solvency and refinancing risk over the medium term. A conservative debt position gives management flexibility to pursue exploration or partner funding without immediate debt servicing pressure, supporting project development optionality.

Asset and equity cushion

A meaningful asset and equity base creates a funding buffer for continued exploration and development activities. This balance-sheet strength can support JV talks, asset-backed financings or equity raises, reducing existential risk while projects mature toward resource definition.

Focused project pipeline

A clear focus on the Cardinia Gold Project and an active tenement package concentrates management effort and capital on definable value drivers. For an explorer, this project-centric model provides scalable upside if drilling and resource conversion progress towards development milestones.

Negative Factors

Persistent cash burn

Sustained negative operating and free cash flow indicate the business cannot self-fund exploration or development. Over a multi-month horizon this increases reliance on external financing, raising dilution risk and potentially constraining project timelines if capital markets tighten.

Minimal operating revenue

Extremely low recurring revenue and large operating losses show the company remains pre-revenue operationally. This structural shortfall means value is contingent on exploration success and capital markets access rather than sustainable cash generation, elevating execution risk.

Volatile, non-operating earnings

Earnings volatility driven by non-operating gains undermines predictability of financial performance. Reliance on one-off items makes returns unreliable and complicates capital allocation and partner negotiations, increasing uncertainty about durable value creation from core operations.

Kin Mining NL Business Overview & Revenue Model

Company Description

Patronus Resources Limited engages in the exploration and development of mineral properties in Australia. It explores for gold, base metal, uranium, zinc, lead, copper, and silver deposits. The company was formerly known as Kin Mining NL and changed its name to Patronus Resources Limited in August 2024. Patronus Resources Limited was incorporated in 2011 and is headquartered in West Perth, Australia.

How the Company Makes Money

Kin Mining NL Financial Statement Overview

Summary

Financials are weighed down by very weak operating performance and cash burn (FY2025 net loss ~$35.9m; operating cash flow ~-$13.2m; free cash flow ~-$13.5m). Offsetting this, the balance sheet is conservatively levered with minimal debt (~$0.22m) versus sizeable equity (~$77.5m), reducing near-term solvency risk.

Income Statement

Profitability remains very weak. In FY2025, revenue is minimal (~$0.07m) while gross profit, EBIT, EBITDA, and net income are deeply negative (net loss ~$35.9m), implying the cost base is far ahead of current operating scale. Results have also been volatile: FY2024 showed a very large net profit (~$43.7m) despite zero revenue, which looks driven by non-operating items rather than sustainable business performance.

Balance Sheet

Balance sheet leverage is very conservative, with low debt (FY2025 debt ~$0.22m) against sizeable equity (~$77.5m) and assets (~$81.3m), keeping financial risk from borrowings limited. The main weakness is value creation: returns on equity swing sharply (FY2025 negative; FY2024 positive), reflecting inconsistent earnings quality and a business still in a loss-making phase operationally.

Cash Flow

Cash generation is consistently negative. FY2025 operating cash flow (~-$13.2m) and free cash flow (~-$13.5m) indicate ongoing cash burn, with free cash flow also deteriorating versus the prior year (negative growth). While free cash flow roughly tracks reported earnings in FY2025 (both negative), the core issue is the lack of self-funding operations at the current stage.

Breakdown	TTM	Dec 2024	Dec 2024	Dec 2023	Dec 2023	Dec 2022
Income Statement
Total Revenue	70.00K	―	70.00K	―	0.00	―
Gross Profit	-197.50K	―	-1.20M	―	-80.43K	―
EBITDA	-38.00M	―	-37.00M	―	-8.62M	―
Net Income	-35.85M	―	-35.85M	―	43.68M	―
Balance Sheet
Total Assets	81.27M	―	81.27M	―	86.24M	―
Cash, Cash Equivalents and Short-Term Investments	69.60M	―	69.60M	―	16.78M	―
Total Debt	215.97K	―	215.97K	―	0.00	―
Total Liabilities	3.82M	―	3.82M	―	2.24M	―
Stockholders Equity	77.45M	―	77.45M	―	84.00M	―
Cash Flow
Free Cash Flow	-13.46M	―	-13.46M	―	-8.29M	―
Operating Cash Flow	-13.24M	―	-13.24M	―	-8.09M	―
Investing Cash Flow	-2.24M	―	-2.24M	―	20.40M	―
Financing Cash Flow	-160.39K	―	-160.39K	―	0.00	―

Kin Mining NL Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
PTN	51 Neutral	AU$109.47M	-3.38	-44.41%	―	―	―
ASL	50 Neutral	AU$455.34M	-18.10	-78.03%	―	―	20.69%
TNC	49 Neutral	AU$72.61M	-0.23	-47.55%	―	―	―
WTM	47 Neutral	AU$170.09M	-4.10	-135.79%	―	―	―

Kin Mining NL Corporate Events

Patronus Resources Identifies New High-Priority Gold Targets at Pine Creek

Patronus Resources has announced the completion of Phase 1 of its extensive surface sampling program at the Pine Creek project, identifying additional high-priority gold anomalies across the region. These findings strengthen the company’s pipeline of drill-ready targets for 2026, which, coupled with a strategic exploration approach, position Patronus for potentially significant discoveries and growth in the gold exploration industry.

Patronus Resources Issues Unquoted Equity Securities

Patronus Resources Limited has announced the issuance of unquoted equity securities, specifically performance rights for directors, totaling 3,917,846. This move, which follows previous transactions disclosed in an Appendix 3B, is part of the company’s strategic financial maneuvers to align director incentives with company performance.

Patronus Resources Limited AGM Resolutions Passed

Patronus Resources Limited announced the results of its Annual General Meeting, where all resolutions were passed. The resolutions included the adoption of the remuneration report and the approval of performance rights issuance to related parties, indicating strong shareholder support and potentially positive implications for company governance and executive incentives.

Patronus Resources Unveils High-Grade Uranium Intercept at Thunderball

Patronus Resources has announced significant results from its Thunderball Uranium Deposit, part of the Pine Creek Project in Northern Territory. The company focuses on uranium, gold, and base-metal exploration, aiming to develop a multi-lode, multi-deposit district. The final assays from the 2025 drilling campaign revealed a high-grade uranium intercept, reinforcing the potential of the Upper Lode and indicating a robust uranium system. This positions Thunderball as a key asset in Patronus’s portfolio, with strategic options being considered to unlock further value.

Patronus Resources Unveils Major Investment and Growth Plans

Patronus Resources Limited has announced a significant investment opportunity with $78 million in cash and investments and a resource base of 2.3 million ounces of gold equivalent. The company is positioning itself for growth through exploration and strategic mergers and acquisitions, which could enhance its market position and provide substantial opportunities for stakeholders.

Patronus Resources Announces New Securities Issue

Patronus Resources Limited has announced a proposed issue of securities, specifically performance rights for directors, totaling 3,917,846 securities. This move, scheduled for issuance on November 28, 2025, is part of the company’s strategy to enhance its financial structure and potentially improve its market positioning by aligning the interests of its directors with those of shareholders.

Patronus Resources Announces AGM Details and Proxy Voting Instructions

Patronus Resources Limited has announced its upcoming Annual General Meeting (AGM) for shareholders, scheduled for 1:00 pm on November 27, 2024, in West Perth, WA. The company will not be sending physical copies of the meeting notice but will provide them electronically via its website and the ASX market announcements page. Shareholders are encouraged to vote by proxy, with instructions available through various channels, and must submit their proxy voting instructions by 1:00 pm on November 25, 2025.

Patronus Resources Schedules Annual General Meeting for November 2025

Patronus Resources Limited has announced its upcoming Annual General Meeting, which will be held physically at their West Perth location on November 27, 2025. The meeting will cover various agenda items including the company’s performance rights plan and voting procedures. This announcement is significant for stakeholders as it outlines the procedural details and key dates for participation, ensuring transparency and engagement in the company’s governance processes.