Mr. John Lewins reports

K92 MINING ANNOUNCES DISCOVERY OF HIGH-GRADE ZONE AT THE J2 VEIN TO THE SOUTH AND HIGH GRADE INTERSECTIONS AT KORA-KORA SOUTH AND JUDD-JUDD SOUTH VEIN SYSTEMS

K92 Mining Inc. has released its latest high-grade results from the continuing surface and underground diamond drilling of the Kora, Kora South, Judd and Judd South deposits, in addition to the Kora Northern Deeps target, at the Kainantu gold mine in Papua New Guinea.

Highlights:

• At Judd South, stepout surface drill hole KUDD0040 recorded multiple intersections, including 2.40 metres at 345.36 grams epr tonne gold equivalent, or 344.40 g/t gold, 75 g/t silver and 0.02 per cent copper from the J2 vein. The intersection is part of a zone of high-grade discovered at the J2 vein, with the latest drilling results also reporting the following: KUDD0045 recording multiple intersections, including 11.20 m at 12.69 g/t AuEq, or 11.60 g/t Au, 11 g/t Ag and 0.59 per cent Cu, and KUDD0043 recording multiple intersections, including 3.80 m at 10.19 g/t AuEq, or 0.50 g/t Au, 77 g/t Ag and 5.43 per cent Cu. The J2 vein is not part of the current resource estimate.
• Judd surface stepout drill hole KODD0036 recorded multiple intersections, including 5.00 m at 161.57 g/t AuEq, or 160.87 g/t Au, 14 g/t Ag and 0.33 per cent Cu, from the J1 vein. The intersection is a stepout and is part of the drill program targeting the substantial undrilled target area between the Judd resource estimate at depth and surface within mining lease 150 (ML 150).
• Judd South surface drill hole KUDD0043 recorded, at the J1 vein, multiple intersections, including 6.20 m at 26.52 g/t AuEq, or 23.80 g/t Au, 15 g/t Ag and 1.58 per cent Cu.
• Judd underground drill hole JDD0178, stepping out to the north, recorded multiple intersections, including 6.36 m at 23.07 g/t AuEq, or 22.43 g/t Au, 19 g/t Ag and 0.25 per cent Cu from the J1 vein.
• At the Judd South J1 vein, KUDD0040 intersected a dilatant zone, recording 22.00 m at 5.14 g/t AuEq, or 2.05 g/t Au, 21 g/t Ag and 1.75 per cent Cu, within a substantial 57.80 m at 2.73 g/t AuEq, or 1.16 g/t Au, 12 g/t Ag and 0.89 per cent Cu, intersection. The dilatant intersection is situated approximately 25 m down dip from the previously reported hole KUDD0017, which intersected a dilatant zone, recording 25.00 m at 20.89 g/t AuEq.
• Kora South and Judd South surface drill hole KUDD0041 recorded multiple intersections, including 3.20 m at 11.27 g/t AuEq, or 2.98 g/t Au, 136 g/t Ag and 4.10 per cent Cu, from the K2 vein and 1.80 m at 16.45 g/t AuEq, or 16.34 g/t Au, 6 g/t Ag and 0.03 per cent Cu, from the J1 vein.

The results for the latest 62 diamond drill holes completed from surface and underground are summarized in the attached tables. Drilling results include the discovery of high-grade mineralization at the Judd J2 vein to the south while also continuing to demonstrate the high-grade, continuity and expansion potential of the Kora/Kora South and Judd/Judd South vein systems. The J2 vein is not part of the current resource estimate.

Surface drilling focused on southern strike extensions, extending Judd mineralization toward surface within the mining lease and expanding the high-grade zone discovered at the J2 vein. Underground drilling focused on expanding the known Judd mineralization, increasing drill density at Kora and extending mineralization at Kora to the South of the Kora resource. Importantly, all drill holes at Kora-Kora South intersected mineralization, with 10 intersections exceeding 10 g/t AuEq and 37 intersections exceeding 5 g/t AuEq. At Judd-Judd South, all drill holes intersected mineralization, with 11 intersections exceeding 10 g/t AuEq and 25 intersections exceeding 5 g/t AuEq.

Judd South Drilling Results

The results are highlighted by the discovery of a high-grade zone at the Judd J2 vein to the South, with surface hole KUDD0040 recording multiple intersections including 2.40 m at 344.40 g/t Au, 75 g/t Ag and 0.02 per cent Cu (345.36 g/t AuEq, 1.56 m true width). Within the zone of high-grade mineralization the latest results also include KUDD0045 recording multiple intersections including 11.20 m at 11.60 g/t Au, 11 g/t Ag and 0.59 per cent Cu (12.69 g/t AuEq, 5.15 m true width) and KUDD0043 reporting multiple intersections including 3.80 m at 0.50 g/t Au, 77 g/t Ag and 5.43 per cent Cu (10.19 g/t AuEq, 2.70 m true width). The discovery of the high-grade zone is particularly significant as the J2 vein is not part of the current resource estimate, and until recently was not an exploration priority. The J2 vein is open in multiple directions and presents yet another prospective target in addition to the K1, K2 and J1 veins.

The results also feature a dilatant zone at the J1 vein, with KUDD0040 recording multiple intersections including 22.00 m at 2.05 g/t Au, 21 g/t Ag and 1.75 per cent Cu (5.14 g/t AuEq, 14.30 m true width) within a broader dilatant zone of 57.80 m at 1.16 g/t Au, 12 g/t Ag and 0.89 per cent Cu (2.73 g/t AuEq, 37.57 m true width). Notably, hole KUDD0040 is situated ~25 m down-dip of the previously reported hole KUDD0017, which intersected a dilatant zone, recording 25.00 m at 20.89 g/t AuEq.

Other drill highlights include: KUDD0043 recording multiple intersections including 6.20 m at 23.80 g/t Au, 15 g/t Ag and 1.58 per cent Cu (26.52 g/t AuEq, 4.40 m true width) from the J1 vein and KUDD0041 recording multiple intersections including 1.80 m at 16.34 g/t Au, 6 g/t Ag and 0.03 per cent Cu (16.45 g/t AuEq, 1.30 m true width) from the J1 vein. The system remains strong to the south recording solid thicknesses and 52% of all Judd South J1 vein surface holes have recorded grades exceeding 5 g/t AuEq to date.

Kora South Drilling Results

At Kora South, the step-out drill results are highlighted by surface hole KUDD0041 recording multiple intersections including 3.20 m at 2.98 g/t Au, 136 g/t Ag and 4.10 per cent Cu (11.27 g/t AuEq, 2.30 m true width) from the K2 vein and KUDD0042 recording multiple intersections including 3.35 m at 3.08 g/t Au, 129 g/t Ag and 4.02 per cent Cu (11.15 g/t AuEq, 2.04 m true width) from the K1 Vein. We note that within the existing Kora deposit, grade tenor is higher at depth, and drilling is targeting this deeper area at Kora South from the 1205 Level underground drill drive.

Judd Drilling Results

At Judd, underground and surface drilling continue to demonstrate high-grade and expansion potential with the known deposit open along strike in both directions, up-dip and down-dip. To date, four known veins have been recorded at Judd, with the J1 vein being the most productive, and similar vein orientation and quartz-sulphide Au-Cu-Ag mineralization as Kora.

The drill results are highlighted by surface hole KODD0036 recording multiple intersections including 5.00 m at 160.87 g/t Au, 14 g/t Ag and 0.33 per cent Cu (161.57 g/t AuEq, 3.40 m true width) from the J1 vein. KODD0036 demonstrates the strong potential for high-grade mineralization to extend up-dip from the Judd resource estimate towards surface. This substantial area within ML 150 is largely untested, and is a key focus of our surface drilling program that to date has yielded several high-grade results as we step-out into this area including previously reported KODD0026 recording multiple intersections including 5.40 m at 56.46 g/t Au, 2 g/t Ag and 0.17 per cent Cu (56.76 g/t AuEq, 3.46 m true width) from the J1 vein (see February 27, 2023 press release, K92 Mining Announces Latest High-Grade Gold & Copper Drill Results at Kora-Kora South and Judd-Judd South; Multiple Dilatant Zones Intersected).

Underground drilling to the south, up-dip and down-dip encountered multiple high-grade intersections with highlights including: JDD0178 recording multiple intersections including 6.36 m at 22.43 g/t Au, 19 g/t Ag and 0.25 per cent Cu (23.07 g/t AuEq, 2.21 m true width) from the J1 vein, and; JDD0176 recording multiple intersections including 5.66 m at 9.01 g/t Au, 78 g/t Ag and 1.63 per cent Cu (12.60 g/t AuEq, 4.22 m true width) from the J1 vein. These results continue to demonstrate that the vein system remains open at depth, to surface and along strike.

Kora Drilling Results

At Kora, underground drilling towards the south is highlighted by holes KMDD0545 recording multiple intersections including 7.98 m at 5.87 g/t Au, 28 g/t Ag and 3.69 per cent Cu (12.14 g/t AuEq, 6.18 m true width) from the K1 Vein; KMDD0535 recording multiple intersections including 10.30 m at 6.30 g/t Au, 25 g/t Ag and 3.36 per cent Cu (12.00 g/t AuEq, 6.99 m true width) from the K2 vein, and; KMDD0560 recording multiple intersections including 1.87 m at 10.71 g/t Au, 60 g/t Ag and 3.62 per cent Cu (17.27 g/t AuEq, 1.60 m true width) from the K1 Vein. These holes extended high-grade mineralization and notably, the holes continue to demonstrate increasing copper grade tenor as drilling approaches the A1 Porphyry target. Increasing copper grade tenor has also been observed in Kora South surface holes KUDD0041 and KUDD0042 noted above. Mineralization remains open along strike to the south and at depth, and the Company is currently targeting southern strike extensions from underground via the 1205 Level southern drill drive that is being advanced to the south.

Underground drilling in the central area of Kora continues to record high-grade intersections, highlighted by holes KMDD0485 recording multiple intersections including 5.94 m at 15.71 g/t Au, 5 g/t Ag and 0.12 per cent Cu (15.96 g/t AuEq, 4.51 m true width) from the K1 Vein; KMDD0527 recording multiple intersections including 1.49 m at 9.15 g/t Au, 19 g/t Ag and 0.99 per cent Cu (10.98 g/t AuEq, 0.94 m true width) from the K2 vein, and; KMDD0538 recording multiple intersections including 11.67 m at 7.31 g/t Au, 31 g/t Ag and 0.23 per cent Cu (8.07 g/t AuEq, 7.90 m true width) from the K1 Vein. K92 plans to imminently start drilling the down-dip extension of Kora, known as Kora Deeps from the twin incline, which has now advanced to a suitable location for targeting.

John Lewins, K92 Chief Executive Officer and Director, stated, "We are very pleased to be announcing the discovery of a high-grade zone at the J2 vein from our drilling at Judd South, highlighted by KUDD0040 recording 2.40 m at 345.36 g/t AuEq, one of the highest grade intersections at the Kainantu Gold Mine reported to date. The discovery zone features multiple other high-grade intersections at the J2 vein including KUDD0045 recording 11.20 m at 12.69 g/t AuEq and KUDD0043 recording 3.80 m at 10.19 g/t AuEq, and this zone is particularly significant as the J2 vein is not part of our current resource, until recently was not an exploration priority and adds yet another prospective sub-parallel vein to target at the Kainantu Gold Mine.

The discovery is open in multiple directions and located approximately 800 metres north of the A1 Porphyry target. A1 is interpreted to be the heat source for the Kora-Kora South and Judd-Judd South vein systems. Exploration drilling to test for extensions of this zone is already underway.

The latest results also continue to demonstrate the high-grade, continuity and expansion potential of the Kora-Kora South and Judd-Judd South vein system. At the J1 vein, multiple high-grade intersections were recorded including: KODD0036 recording 5.00 m at 161.57 g/t AuEq at Judd, KUDD0043 recording 6.20 m at 26.52 g/t AuEq at Judd South, JDD0178 recording 6.36 m at 23.07 g/t AuEq at Judd and JDD0176 recording 5.66 m at 12.60 g/t AuEq at Judd. Hole KODD0036 is particularly important as step-out drilling towards surface from the Judd resource at depth continues to define high-grade mineralization. Drilling at J1 also recorded a dilatant zone intersection with KUDD0040 recording 22.00 m at 5.14 g/t AuEq within a broader 57.80 m at 2.73 g/t AuEq intersection.

We are also pleased with the results from Kora-Kora South, where multiple high grade intersections were recorded including: KMDD0485 recording 5.94 m at 15.96 g/t AuEq at the K1 Vein, KMDD0535 recording 10.30 m at 12.00 g/t AuEq at the K2 vein, KMDD0545 recording 7.98 m at 12.14 g/t AuEq at the K1 Vein, KUDD0041 recording 3.20 m at 11.27 g/t AuEq at the K2 vein and KUDD0042 recording 3.35 m at 11.15 g/t AuEq at the K1 Vein.

Looking ahead, we are very excited to be imminently commencing drilling of Kora Deeps from the twin incline. Kora Deeps is a highly prospective target, drilling the lower portion and down-dip extension of the Kora resource. Underground drilling at Kora South and Judd South is also advancing at depth from the 1205 Level drill drive to test the down-dip extension of the mineralization defined by the surface drill program.

Lastly, porphyry exploration drilling at A1, our top copper-gold porphyry target, has recently commenced drilling its third hole. We plan to provide an update in due course."

Drill hole sampling methodology, quality assurance/quality control (QA/QC) and qualified person

Diamond drill hole is first logged to determine the sampling intervals, which range from a minimum of 0.1 metre to generally one metre. The drill core is sawn half core cut along a reference line, with the remainder of the core returned to the core tray. Core samples are then placed in numbered calico and plastic bags, with a numbered sample ticket for dispatch to the assay laboratory. Samples are separately assayed for gold, copper and silver. K92's procedure includes the insertion standards, blanks and duplicates. Gold assays are by the fire assay method. Copper and silver assays are by three-acid digestion method (nitric, perchloric and hydrochloric mix).

K92 maintains an industry-standard analytical QA/QC and data verification program to monitor laboratory performance and ensure high-quality assays. Results from this program confirm reliability of the assay results. All sampling and analytical work for the mine exploration program is performed by Intertek Testing Services (PNG) Ltd., an independent accredited laboratory that is located on site. External check assays for QA/QC purposes are performed at SGS Australia Pty. Ltd. in Townsville, Queensland, Australia.

The analytical QA/QC program is currently overseen by Andrew Kohler, PGeo, mine geology manager and mine exploration manager for K92. Andrew Kohler, a qualified person under the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release.

About K92 Mining Inc.

K92 Mining is engaged in the production of gold, copper and silver at the Kainantu gold mine in the Eastern Highlands province of Papua New Guinea as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The company declared commercial production from Kainantu in February, 2018, and is in a strong financial position. A maiden resource estimate on the Blue Lake porphyry project was completed in August, 2022. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.

We seek Safe Harbor.