Mr. Chris Muller reports

K92 MINING ANNOUNCES SIGNIFICANT MAIDEN DRILLING RESULTS FROM ARAKOMPA -- INTERSECTING MULTIPLE HIGH GRADE LODES INCLUDING 7.2 M AT 24.76 G/T AUEQ & 149.4 M AT 2.12 G/T AUEQ BULK INTERSECTION NEAR SURFACE

K92 Mining Inc. has released the results of the first two drill holes completed from its maiden drill program at Arakompa at the Kainantu gold mine in Papua New Guinea. Arakompa is near infrastructure, located approximately 4.5 kilometres southeast of the Kainantu gold mine's processing plant, and closer to the process plant than the producing Kora and Judd vein systems, located approximately three km southwest of Arakompa.

Highlights:

• The first two holes from K92's maiden drill program at the Arakompa project, located approximately 4.5 km from the Kainantu process plant, recorded significant mineralization, with four high-grade lodes intersected in hole KARDD0002 recording 7.20 metres at 24.76 grams per tonne gold equivalent, 5.70 m at 9.94 g/t AuEq, 5.30 m at 6.06 g/t AuEq and 3.60 m at 3.38 g/t AuEq, and similar mineralization to the producing, high-grade Kora and Judd vein systems. Significant chalcopyrite, and also bornite, was observed in the 5.7 m at 9.94 g/t AuEq intersection, with the copper component grading 1.71 per cent.
• The target size of Arakompa is very large, with mineralization demonstrated from drill holes, rock samples and surface workings for at least 1.7 km of strike, hosted within an approximately 150 m to 225 m wide, mineralized, intense, phyllic-altered package, and exhibiting a vertical extent of greater than 500 m.
• Between the high-grade lodes, the tonalite to dioritic host rock is overprinted with porphyry-style mineralization, increasing the potential for bulk mining. Hole KARDD0002 recorded a bulk intersection of 219.8 m at 1.59 g/t AuEq with a higher-grade core of 149.4 m at 2.12 g/t AuEq, starting at 5.2 m from surface. Importantly, hole KARDD0002 drilled only approximately two-thirds of the width of the mineralized corridor, with the eastern one-third untested.
• Arakompa is sparsely drilled and open along strike, at depth and along its width. K92's maiden drill results represent the first drilling on the project completed in 32 years. A total of 18 holes were drilled historically, with the vast majority shallow, recording significant high grades, including 15 intersections above five g/t AuEq, eight intersections above 10 g/t AuEq and three intersections above 20 g/t AuEq, with highlights including: 4.00 m at 32.03 g/t AuEq, 4.00 m at 20.21 g/t AuEq, 2.00 m at 32.01 g/t AuEq, 2.80 m at 16.18 g/t AuEq and 9.20 m at 10.67 g/t AuEq (see an attached table). K92's hole KARDD0002 is the longest hole drilled to date at Arakompa, and plans are already in place to expand exploration activities in the near term.

John Lewins, K92 chief executive officer and director, stated: "We are very excited to be announcing the first two drill hole results from Arakompa, demonstrating very high potential from both the multiple intersections and significant size potential from surface sampling, drill holes and local workings covering a strike of 1.7 km, a mineralized corridor of approximately 150 to 225 metres wide, and a demonstrated vertical extent of over 500 metres.

"Arakompa is also near infrastructure, located closer to the process plant than Kora and Judd, with relatively gradual terrain for road access up from the Markham Valley, and, importantly, represents a highly prospective opportunity to potentially grow production at Kainantu beyond the stage 4 expansion.

"Plans have already been actioned to expand the program at Arakompa in the near term."

Chris Muller, K92 executive vice-president of exploration, stated: "The Arakompa project represents another vein system analogous to the Kora-Judd consolidated corridor, with just as much potential. In addition to the high-grade massive sulphide veins, the intervening gold mineralization at Arakompa is well developed and intimately associated with widespread phyllic alteration likely representing the upper expressions of a fertile porphyry at depth.

"Almost all of the 18 holes drilled by former operators, Renison Goldfields Consolidated Ltd. and Highlands Gold Ltd., intersected excellent gold-rich intercepts, even with only 1,766 metres drilled historically. Though drill tested over a substantial strike length, drilling by these companies only tested the very shallow parts of the veins. Clear indications of the vein system at surface, around 1,000 m RL, are a testament to even-greater strike potential to the north and exceptional depth extent as well.

"The proximity of the Arakompa mineralized corridor to the Kainantu gold mine infrastructure, even closer to the Lae-Madang Highway than Kora, is a significant attribute and will enable a major drilling campaign to be carried out cost-effectively. We look forward to working with our stakeholders to delineate potentially the next major resource for Papua New Guinea."

Recently completed hole KARDD0002 is the longest hole drilled in the history of the project, intersecting significant mineralization, including four lodes recording 7.20 m at 24.76 g/t AuEq (3.46 m true thickness), 5.70 m at 9.94 g/t AuEq (2.74 m true thickness), 5.30 m at 6.06 g/t AuEq (2.92 m true thickness) and 3.60 m at 3.37 g/t AuEq (1.73 m true thickness). One of the lodes, intersecting 5.70 m at 9.94 g/t AuEq, recorded significant chalcopyrite and bornite mineralization, with the copper component grading 1.7 per cent. High-grade lode mineralization appears to have significant similarities to Kora and Judd.

Additionally, results from hole KARDD0002 demonstrate potential for bulk mining at Arakompa. Between the lodes, the tonalite to dioritic host rock is mineralized, overprinted with porphyry-style gold-copper mineralization. Hole KARDD0002 recorded a bulk intersection of 219.8 m at 1.59 g/t AuEq (112.1 m true thickness) with a higher-grade core of 149.4 m at 2.12 g/t AuEq (78.4 m true thickness), starting at 5.2 m from surface. Importantly, hole KARDD0002 drilled approximately only two-thirds of the width of the mineralized corridor, with the eastern one-third untested and prospective, as shown via rock samples, including 5.8 g/t Au and 11.6 g/t Au.

The maiden drilling results are the first holes completed in 32 years, with limited and shallow drilling completed historically (18 holes, 1,766 m drilled). Of the 18 holes drilled historically, there were 15 intersections above five g/t AuEq, eight intersections above 10 g/t AuEq and three intersections above 20 g/t AuEq, with highlights including:

• 004DA92 -- 4.00 m at 32.03 g/t AuEq (3.32 m true thickness);
• 013AD92 -- 4.00 m at 20.21 g/t AuEq (3.40 m true thickness);
• 001AD92 -- 2.80 m at 16.18 g/t AuEq (2.41 m true thickness);
• 005AD92 -- 2.00 m at 32.01 g/t AuEq (1.26 m true thickness);
• 016AD92 -- 6.30 m at 14.96 g/t AuEq (2.39 m true thickness);
• 010AD92 -- 9.20 m at 10.67 g/t AuEq (4.32 m true thickness).

Surface fieldwork completed historically and by K92 has demonstrated that the target size of Arakompa is significant, with mineralization observed from drill holes, rock samples and surface workings for at least 1.7 km of strike, hosted within an approximately 150 m to 225 m wide, mineralized, intense, phyllic-altered package, with a vertical extent of over 500 metres.

Plans are already in place to expand exploration activities in the near term.

Arakompa vein system background

The Arakompa project is interpreted to be an intrusive-related gold-copper-silver epithermal vein system with similarities to the producing Kora and Judd vein systems. A significant difference at Arakompa is that it is hosted in tonalite to dioritic rock, whereas Kora and Judd are hosted predominantly in metasediments (phyllite).

Mineralization at Arakompa is in pronounced vein lodes but is also widespread across a very broad envelope, hosted in strongly altered tonalite and diorite. This has been interpreted to have resulted from collapsing argillic and advanced argillic alteration, and the propylitic alteration of the basement tonalite is interpreted to originate from the intrusion of a large magmatic porphyry body. Phyllic alternation appears to be associated with gold mineralization, providing a large halo (at least 100 m wide) around the vein corridor. There has likely been an upwelling of phyllic alteration from the porphyry into the high-grade veins. This has resulted in mineralization between the veins, providing the potential for bulk mining.

Multistage mineralizing events with several phases of quartz-sulphide development is apparent within the veins themselves. The sequence of early quartz deposited from a mesothermal dilute fluid followed by pyrite-copper-gold plus or minus bismuth-tellurium-lead-zinc-tin mineralization at Arakompa has many similarities to the same events encountered at Kora and Judd.

The main sulphides are pyrite, chalcopyrite, bornite and bismuthinite. As at Kora, chalcopyrite forms late, overprinting early phases of pyrite. Gold is documented in petrological reports and shown in photomicrographs as occurring in quartz, or often as inclusions overgrown by chalcopyrite.

Porphyry evidence is widespread at Arakompa. Localized, high-level B veins (quartz with centreline pyrite) are present, typical of the upper parts of a porphyry system. Magnetite-epidote alteration represents classic prograde porphyry assemblages, indicative of the inner propylitic shell. Chalcocite is also locally present, suggesting an underlying copper-enriched body.

Drill hole sampling methodology, quality assurance/quality control and qualified person

The 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 in half, 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 of 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 quality assurance/quality control 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 are performed by Intertek Testing Services (PNG) Ltd., an independent accredited laboratory that is located on site. External check assays for quality assurance/quality control purposes are performed at SGS Australia Pty. Ltd. in Townsville, Queensland, Australia.

Chris Muller, PGeo, and mine geology manager and mine exploration manager Andrew Kohler, MAIG, both qualified persons under the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, have reviewed and are responsible for the technical content of this news release. In addition to the analytical quality assurance/quality control program outlined herein, data verification also includes significant time on site reviewing drill core, soil and outcrop sampling and artisanal workings, as well as discussing work programs and results with geology personnel and external consultants.

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.

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