Kin Mining NL (ASX:KIN) director Hansjoerg Plaggemars has demonstrated his faith in the company’s strategy to transform from explorer to developer at the Cardinia Gold Project (CGP) in WA, by acquiring shares on-market.
The non-executive director purchased 100,000 additional shares at $0.12 per share on September 8 for an indirect interest.
This increases the number of securities held in that interest to 555,752.
Transition to developer
The company has laid the foundations over the past 12 months for its transition from explorer to developer at the CGP, with the expected delivery of mineral resource updates set for FY2022.
In its latest annual report, chairman Joe Graziano said much of Kin’s success could be attributed to the “back-to-basics” exploration philosophy which has seen its geology team undertake some "outstanding work".
Ongoing drilling to deliver new near-mine and regional discoveries in the Leonora district will further underpin the company’s transition to a developer and ultimately, gold producer.
While there have been exploration challenges with the recent surge in activity across the WA resources sector, Graziano said the Kin team had been able to maintain almost continuous drilling across the 2021 financial year.
“A highly successful $12.8 million capital raising was completed in the early part of this calendar year through a strongly-supported placement and share purchase plan,” he said.
“This enabled us to push ahead seamlessly with the completion of the phase-3 drilling and the start of our phase-4 exploration program.”