Mr. John Lewins reports

K92 MINING ANNOUNCES 2030 GHG REDUCTION TARGET

K92 Mining Inc. has set its inaugural energy and greenhouse gas (GHG) emission reduction target as part of its ongoing overall sustainability commitments.

After completing detailed energy and GHG forecasts for its Stage 3 and Stage 4 expansions, and identifying opportunities for energy reductions, the company has set a target to reduce Scope 1 and Scope 2 emissions by 25 per cent on a business-as-usual basis by 2030 (a 25-per-cent reduction against forecast Scope 1 and 2 GHG emissions by 2030 assuming no mitigation measures are implemented to reduce carbon emissions). Additional information on the GHG target and the overall approach to sustainability will be available in the company's forthcoming sustainability report covering 2022.

K92 Mining's chief executive officer and director John Lewins stated: "As part of our commitment to help combat the negative impacts of climate change, we are pleased to announce our inaugural GHG reduction target, aiming to reduce our Scope 1 and Scope 2 emissions by 25 per cent on a business-as-usual basis by 2030. The Kainantu mine is a high-grade, underground operation with a significant amount of power sourced from hydroelectricity, a cleaner, renewable power source. As a result, we have one of the lower carbon footprints in the industry, and we continue to look for opportunities to improve upon this.

"Importantly, we have already taken action to reduce our emissions through our partnership with PNG Power Ltd., which aims to upgrade grid power infrastructure near Kainantu. We recently completed a dedicated 22-kilovolt power line to site to increase the reliability of clean hydroelectric power from the grid and reduce the use of backup diesel gensets. Additional power upgrades to increase our renewable energy profile are being investigated.

"Beyond this, we are also exploring the potential electrification of our fleet and carbon sequestration. In combination with other energy reduction initiatives, we are confident we can achieve our GHG reduction goals, and we remain committed to working with our partners and our stakeholders in support of the world's transition to a low-carbon economy."

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 Mining is operated by a team of mining company professionals with extensive international mine-building and operational experience.

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