Mr. John Lewins reports

K92 MINING REPORTS UPDATED KORA AND JUDD RESOURCE ESTIMATE - MEASURED AND INDICATED RESOURCE OF 2.6 MOZ AUEQ AND INFERRED RESOURCE OF 4.5 MOZ AUEQ

K92 Mining Inc. has released results from the updated resource estimate completed on the Kora and Judd deposits at its producing Kainantu gold mine in Papua New Guinea. The resource estimate is based on surface and underground exploration diamond drilling and underground face sampling. The focus of exploration at Kora and Judd since the previous resource estimates (previous effective date of Oct. 31, 2021, for Kora and Dec. 31, 2021, for Judd) has been predominantly on resource growth.

Kora and Judd deposit mineral resource estimate highlights:

• Kora measured and indicated resource of 2.3 million ounces at 10.24 grams per tonne gold equivalent, representing an 8-per-cent increase from the previous resource estimate of 2.1 million ounces in October, 2021;
• Kora inferred resource has increased substantially to 3.9 million ounces at 8.60 g/t AuEq, representing a 58-per-cent increase from the previous resource estimate of 2.5 million ounces in October, 2021; this has resulted primarily from successful drilling of the southern extensions of the K1 and K2 lodes;
• Judd measured and indicated resource of 350,000 ounces at 8.68 g/t AuEq, representing an increase of 167 per cent from the previous resource estimate of 130,000 ounces in December, 2021;
• Judd inferred resource of 560,000 ounces at 7.72 g/t AuEq, representing a 211-per-cent increase from the previous resource estimate of 180,000 ounces in December, 2021; the increase in the Judd resource has been the result of a significant amount of drilling since the last resource, with drill-defined strike length extended 130 per cent since the end of 2021;
• Significant component of the updated Kora and Judd mineral resource is high grade;
• Excellent reconciliation between mill feed and the updated resource model with a 1-per-cent difference in gold ounces; depletion from the previous resource based on production was approximately 900,000 tonnes at 10.4 g/t AuEq (7.9 g/t gold, 0.68 per cent copper and 12 g/t silver) or 300,000 oz AuEq contained metal.

Resource growth opportunities and exploration targets:

• Significant expansion potential at both the Kora and Judd vein systems; the Kora vein system is open along strike and at depth, with exploration focused on Kora, Kora South and Kora Deeps target areas; the Judd vein system is open in all directions, with drilling focused on Judd, Judd South and Judd Deeps target areas; drilling plans to commence at Kora South Deeps and Judd South Deeps in 2024;
• In addition to the Kora and Judd vein systems, there are multiple near-mine high-priority exploration areas, including: Arakompa, Maniape and Karempe; drilling at Arakompa is planned to commence in late 2023/first quarter 2024;
• Multiple highly prospective porphyry targets also being explored, with drilling at the A1 porphyry target under way; the Blue Lake porphyry deposit, which hosts a 10.8-million-ounce-gold-equivalent/4.7-billion-pound inferred resource (see Aug. 9, 2022, press release), is open at depth, and the company plans to follow up with a third, deeper program;
• Currently, up to 11 drill rigs operating and in October, 2023, K92 Mining increased its exploration budget to a record of $20-million (U.S.).

John Lewins, K92 Mining chief executive officer and director, stated: "The updated Kora and Judd resource estimate has significantly exceeded our expectations for both the measured and indicated resource and the inferred resource. The combined Kora and Judd measured and indicated resource increased 13 per cent, net of depletion, to 8.1 million tonnes at 10.00 g/t AuEq for 2.6 million ounces AuEq, and the inferred resource increased 70 per cent, net of depletion, to 16.5 million tonnes at 8.48 g/t AuEq for 4.5 million ounces AuEq. When comparing the updated resource model's depletion to mill actuals, Kainantu has delivered a gold reconciliation in line with the updated resource model within 1 per cent.

"Importantly, the resource growth was also achieved expeditiously over a period of less than two years and at discovery cost of less than $7.50 (U.S.) per ounce gold equivalent. This was driven by the strong continuity of the Kora and Judd vein systems, with almost all holes intersecting the mineralized structure.

"Looking ahead, exploration at the Kora and Judd vein systems will remain a major focus, with drilling targeting multiple highly prospective target areas concurrently, including Kora, Kora South, Kora Deeps, Judd, Judd South and Judd Deeps. Kora Deeps and Judd Deeps have only recently commenced drilling from the twin incline, and the initial reported results from this area via Judd underground development in late [third quarter] have been very promising, including 4.6 [metres] at 14.89 g/t AuEq and 6.8 m at 11.77 g/t AuEq from channel sampling in an area previously sparsely drilled and interpreted to be waste. Later in 2024, exploration plans to commence at Kora South Deeps and Judd South Deeps, also from the twin incline.

"Beyond the Kora and Judd vein systems, there are multiple highly prospective areas for resource growth near mine infrastructure, including Arakompa, Maniape and Karempe. Exploration pad construction at Arakompa, which hosts a historic resource of 800 koz at 9.0 g/t Au, is under way with plans to commence drilling near term. Porphyry exploration continues to progress, with drilling under way at A1 and plans for follow-up drilling at the Blue Lake porphyry in the medium term. Blue Lake hosts an inferred resource of 10.8 [million] oz AuEq or 4.7 [billion pounds] CuEq.

"Recently, in October, 2023, K92 Mining increased its exploration expenditure guidance to $20-million (U.S.). This was driven by our conviction in the geological potential of the Kainantu project, and we look forward to announcing results from multiple target areas near term in addition to operational announcements as we transform Kainantu into a Tier 1 mid-tier producer over the next 18 months with construction of the Stage 3 and 4 expansions under way."

Key assumptions

Underground drilling consists of diamond core for a range of core sizes depending on the length of hole and expected ground conditions. Sampling is sawn half core under geological control and generally ranges between 0.5 m and 1.0 m. Underground face sampling is completed for every fired round and is to industry standard. Quality assurance/quality control data indicated no significant issues with the sampling or the accuracy of the on-site analysis. Current core recovery of the mineral zone is 95 per cent, with initial drilling recoveries around the 90-per-cent mark.

Geological logging is consistent and is based on a full set of logging codes covering lithology, alteration and mineralization. All sampling and analytical work for the mine exploration program are 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 geological interpretation of the vein systems is represented as 3-D wire frame solids snapped to a combination of diamond drill hole data and underground face sampling. Definition of the wire frames is based on identified gold (and copper and silver) mineralization in drill core nominally at a 0.1-to-0.2-gram-per-tonne-gold cut-off in conjunction with geological control/sense and current mining widths. The Kora Link is a broader zone of more variably continuous mineralization and butts onto both the K1 and K2 lodes in various places. A total of four lodes were delineated for the Judd deposit, with a dominant J1 lode and subordinate parallel lodes for J2, J3 and J1W.

The wire frames were used to extract one-metre best-fit composites (minimum of 0.5 m) from the drill hole and sampling database for gold, copper and silver. A total of 30,791 composites were used in the grade interpolation: 24,925 for Kora and 5,866 for Judd. A gold top cut of 1,000 g/t was applied to K2, a 400 g/t top cut was applied to the Kora Link and a 400 g/t top cut was applied for the Judd composites. A top cut of 300 g/t was applied to the silver composites, but no top cuts were applied to the copper composites. Variography was good for the mined areas of K1 and J1 (due to the face sampling), but only moderate to poor for other areas, as would likely be expected for the style of mineralization.

Grade interpolation of the composite data was completed using ordinary kriging with a block size of one m (X direction) by five m (Y direction) by five m (Z direction). A larger block size check model for Kora indicated no evidence of oversmoothing of the gold grade with the smaller block size. A check model excluding the face sampling data indicated no significant difference in gold grade for the measured and indicated estimates at Kora.

Density data were modelled using ordinary kriging on a total of 2,778 sample measurements for the different lodes. Density values were determined using the weight in air/weight in water method (Archimedes Principle) on single pieces of representative core. Default average density values were applied to the different lodes where there was a lack of modelled data. Average density for the global estimates is 2.77 tonnes per cubic metre for Kora and 2.61 tonnes per cubic metre for Judd.

A three-pass search strategy was used for the grade interpolation. Four search domains with varying ellipsoid orientations were used for both of K1 and K2 with the search ellipse orientations generally reflecting the subtle changes in dip and strike of the vein systems. The much smaller Kora Link lode required only two search domains as did the J1 and J2 lodes at Judd.

Allocation of the classification of the mineral resources is derived from the search pass numbers produced from the grade interpolation, which essentially is a function of the drill hole and face sample data point distribution. Additional considerations were included in the assessment of the classification, in particular: the geological understanding and complexity of the deposit, sample recovery, quality of the QA/QC sampling and outcomes, density data, check models, and reconciliation with production. Defined shapes were used to better define the measured resource distribution (that is, the removal of the spotted dog effect).

All material mined within the mineral wire frames up to the effective date has been removed from the resource model. Gold reconciliation of the new resource model with the global mill feed material up to the end of the third quarter for 2023 has been reasonably good with the difference in gold ounces from the mill being within approximately 1 per cent of that estimated by the model.

The inferred mineral resources in this estimate have a lower level of confidence than that applied to an indicated mineral resource and must not be converted to a mineral reserve. It is reasonably expected that the majority of the inferred mineral resource could be updated to an indicated mineral resource with continued exploration.

The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

Mineral Resources, which are not mineral reserves, do not have demonstrated economic viability.

It is anticipated that the updated mineral resource estimate will not result in a material change to the mineral reserve estimate set forth in the technical report entitled "Independent Technical Report, Kainantu Gold Mine Integrated Development Plan, Kainantu Project, Papua New Guinea," with an effective date of Jan. 1, 2022. In addition, the increase to the measured and indicated mineral resources and inferred mineral resources will not materially impact the design limits and conclusions outlined in the Kainantu Stage 3 expansion definitive feasibility study case or Kainantu Stage 4 expansion preliminary economic assessment case of the IDP technical report. However, as a result of the updated mineral resource estimate, the company expects the potential mine life to be extended for both the Stage 3 expansion definitive feasibility study case and Stage 4 expansion preliminary economic assessment case.

Qualified persons

K92 Mining mine geology manager and mine exploration manager, Andrew Kohler, MAIG, a qualified person under the meaning of Canadian National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and is responsible for the technical content of this news release. Data verification by Mr. Kohler includes significant time on site reviewing drill core, face sampling and underground workings and discussing work programs and results with geology and mining personnel.

Simon Tear, PGeo, of H & S Consultants Pty. Ltd. of Sydney, Australia, is a qualified person as defined under NI 43-101 for the mineral resource estimate discussed herein. Mr. Tear has reviewed and approved the contents of this press release in relation to the mineral resources.

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 copper-gold 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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