Mr. John Lewins reports

K92 MINING ANNOUNCES STRONG OPERATIONAL GUIDANCE

K92 Mining Inc. has provided its operational outlook for 2024. The company forecasts gold equivalent production of 120,000 to 140,000 ounces, with the second half of the year expected to be the strongest, as operations progressively ramp up ahead of the stage 3 expansion, with the new 1.2-million-tonne-per-annum (Mtpa) stage 3 process plant scheduled for commissioning at the end of Q1 2025.

• Production in 2024 is expected to be 120,000 to 140,000 ounces gold equivalent ("AuEq"). The second half of the year is expected to be the strongest, as operations progressively ramp up ahead of the new 1.2 million tonnes per annum ("mtpa") Stage 3 Process Plant commissioning, scheduled for the end of Q1 2025.
• Cash costs between $820-$880 per ounce gold and all-in sustaining costs ("AISC") of $1,440-$1,540 per ounce gold forecasted for 2024. The moderate increase from 2023 guidance for cash costs and AISC is driven by increased accelerated operating and capital development for the Stage 3 and 4 Expansions in addition to development and equipment that was planned for 2023 being completed/delivered in 2024. As outlined in the Integrated Development Plan(1) ("IDP"), we expect a very significant reduction in cash costs and AISC in 2025 and beyond upon commissioning of the Stage 3 Expansion.
• Large exploration program planned, with $17-$20 million projected for 2024. Surface exploration to focus on Arakompa, Kora South, Judd South and the A1 porphyry, with underground drilling focusing on Kora, Kora South, Kora Deeps, Judd, Judd South, Judd Deeps and Northern Deeps targets.
• Growth capital forecasted to be $145-$160 million in 2024 and $40-$50 million in 2025. Total growth capital for the Stage 3 and 4 Expansions (including the amount spent to date) is now forecasted at $210 million, a 12% increase from the Stage 4 PEA case of $187 million, as outlined in the IDP(1). The moderate increase in capital costs from the IDP is driven by global cost inflation over the past 2 years since the date of the study (IDP effective date is January 1, 2022) and minor scope changes. As at December 31, 2023, 48% of the Stage 3 and 4 Expansion growth capital has been either spent or committed, and importantly the largest package, the Stage 3 Process Plant, has been awarded on a lump-sum fixed price basis to GR Engineering Services Limited, significantly de-risking the project (see July 24, 2023 press release). The remaining major package to award is the Paste Fill Plant, with plans to award long lead contracts in the coming weeks.

Note: All amounts in United States Dollars unless otherwise indicated.

(1): Refer to Integrated Development Plan (IDP) Definitive Feasibility Study ("DFS") Case and PEA Case. IDP effective date is January 1, 2022. IDP has not been updated to reflect the updated Kora and Judd resource estimates (effective date September 12, 2023); however, the Company does not expect the design parameters and conclusions to materially change. The Company expects the potential mine life to be extended for both the DFS and PEA cases.

John Lewins, K92 Chief Executive Officer and Director, stated, "We are very excited about the outlook for the Company this year and in particular over the next 18 months, as K92 transforms into a Tier 1 Mid-Tier Producer with the delivery of the Stage 3 Expansion while also having the potential to deliver very significant exploration results from multiple targets as we saw earlier this week with the first two holes reported from our maiden drill program at Arakompa.

Operationally, in 2024, our focus is on increasing production from last year, while progressing with various infrastructure projects on surface and underground for the Stage 3 and 4 Expansions. The various growth capital packages, led by our Vice President Projects and Engineering, Chris Kinver, have made significant progress with 48% of the total growth capital either spent or committed as at December 31, 2023. Chris Kinver's team is also well advanced awarding contracts for our second largest package, the Paste Fill Plant, with the tender process underway for long lead time items, which are expected to be awarded in the coming weeks.

On the underground mine, we are making significant investments in sustaining capital ahead of the Stage 3 Process Plant commissioning to establish multiple mining fronts while also introducing infrastructure that we expect will deliver a step-change in productivity. In 2023, Kainantu effectively operated with one mining front, and by the end of 2024, we plan to have three fronts producing, with a fourth planned for 2025. Infrastructure, such as the twin incline, ore and waste passes, in addition to ventilation upgrades are expected to significantly improve efficiencies and material movement capacity. This is also expected to realize very significant economies of scale.

And lastly, we continue to see significant value creation potential from exploration, maintaining near-record expenditures through 2024 while we progress the Stage 3 and 4 Expansions. We look forward to providing updates in due course."

Cost guidance for 2024 forecasts cash costs between $820-$880 per ounce gold and AISC of $1,440-$1,540 per ounce gold. Cash costs and AISC are moderately higher than 2023 guidance, driven by increased accelerated operating and capitalized development ahead of the Stage 3 Expansion, in addition to development and equipment that was planned for 2023 being completed/delivered in 2024. In 2025 and beyond, with the Stage 3 Expansion commissioned, as outlined in the Integrated Development Plan( 1), we expect a very significant reduction in both cash costs and AISC.

On exploration, a large program is planned, with $17-20 million projected for 2024. Surface exploration will focus on Arakompa, Kora South, Judd South and the A1 porphyry, with underground drilling focusing on Kora, Kora South, Kora Deeps, Judd, Judd South, Judd Deeps and Northern Deeps targets.

In terms of growth capital, $145-$160 million is forecasted for 2024 and $40-$50 million for 2025. On the Stage 3 and 4 Expansions, total growth capital is now forecasted at $210 million, a 12% increase from the Stage 4 Expansion PEA case, as outlined in the Integrated Development Plan( 1), with the moderate increase driven by global cost inflation over the past two years since the date of the study (January 1, 2022 effective date) and minor scope changes. To date, 48% of the total growth capital has been spent or committed, and the largest package, the 1.2 mtpa Stage 3 Process Plant is significantly de-risked through its award on a lump sum fixed price basis to GR Engineering Services Limited (see July 24, 2023 press release - K92 Mining Announces Significant De-Risking Milestone - Awarding Lump Sum Fixed Price Contract for the Design and Construction of the 1.2 mtpa Stage 3 Process Plant). The remaining major package, the Paste Fill Plant, is in the tender process for long lead time items, with plans to award contracts over the coming weeks.

Qualified Person

K92 Mine Geology Manager and Mine Exploration Manager, Andrew Kohler, PGeo, 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 onsite reviewing drill core, face sampling, underground workings, and discussing work programs and results with geology and mining personnel.

About K92

K92 Mining Inc. 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 is operated by a team of mining company professionals with extensive international mine-building and operational experience.

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