Mr. John Lewins reports

K92 MINING ANNOUNCES STRONG Q1 PRODUCTION OF 27,462 OZ AUEQ, EXCEEDING BUDGET AND MULTIPLE PROCESSING THROUGHPUT RECORDS SET

K92 Mining Inc. has released quarterly production results for the first quarter of 2024 at its Kainantu gold mine in Papua New Guinea of 27,462 ounces gold equivalent, or 24,389 ounces gold, 1,443,300 pounds copper and 35,650 ounces silver. Sales during the quarter were 27,996 oz gold, 1,582,668 lbs copper and 38,812 oz silver.

Quarterly production of 27,462 ounces gold equivalent ("AuEq") (1) or 24,389 oz gold, 1,443,300 lbs copper and 35,650 oz silver, and quarterly sales of 27,996 oz gold, 1,582,668 lbs copper and 38,812 oz silver. Production for the quarter exceeded budget, even with the temporary suspension of underground operations on March 10, 2024 (see March 19, 2024 press release) , and prior to the temporary suspension was on track to be one of our strongest to date. Underground operations have now returned to full operation following the vacating of the Form 29 as announced on April 8, 2024.

Quarterly ore processed of 130,632 tonnes or 1,436 tpd ("tonnes per day"), an 11 per cent increase from Q1 2023 and 5 per cent greater than the Stage 2A Expansion design rate of 1,370 tpd. During the quarter, multiple throughput records were achieved, monthly throughput record achieved in January of 57,144 tonnes processed or 1,843 tpd, exceeding the Stage 2A Expansion design rate by 34 per cent; weekly throughput record achieved in January averaging 2,149 tpd, exceeding the Stage 2A design rate by 57 per cent, and; daily throughput record achieved on January 21 st of 2,389 tonnes processed (See Fig 2), exceeding the Stage 2A design rate by 74 per cent (2) . In January and February, 95 per cent of operating days exceeded the Stage 2A Expansion plant design.

Head grade during the quarter of 7.2 grams per tonne ("g/t") AuEq or 6.4 g/t gold, 0.55 per cent copper and 10.6 g/t silver. Grade was lower than planned due to the temporary suspension of underground operations resulting in a significantly larger amount of stockpiles processed.

Ore mined of 111,054 tonnes, with long hole open stoping performing to design, and total mine development of 1,682 metres. Material movements and development declined from Q1 2023 and Q4 2024 as a result of the temporary suspension of underground operations for the final 22 days of Q1 as noted above, in addition to reduced contractor surface haulage availability for approximately 10 weeks (second half of Q4 to mid-February), and a wetter than average rainy season.

Note (1): Gold equivalent for Q1 2024 is calculated based on: gold $2,070 per ounce; silver $23.34 per ounce; and copper $3.83 per pound.

Note (2): Daily tonnes processed record achieved on day with 23.5 hours of plant operation. 7-day tonnes processed recorded achieved with 98.1 per cent plant availability. 95.4 per cent plant availability in January. 2024 budget annual average plant availability is 94.0 per cent.

John Lewins, K92 Chief Executive Officer and Director, stated, "I am especially proud of the team for delivering a strong first quarter, exceeding the Q1 budget production and delivering one of our strongest quarters to date prior to the temporary suspension of underground operations on March 10 th following a non-industrial incident and the issuance of a Form 29 by the Mineral Resources Authority.

Following the Form 29 vacated as announced on April 8 th , over the last week underground operations have returned to normal operations, and we are looking to build on the many positives from Q1 going forward, particularly the exceptional performance of the process plant, which delivered new monthly, weekly and daily processing records exceeding the Stage 2A Expansion plant design of 1,370 tpd by 34 per cent, 57 per cent and 74 per cent, respectively. Importantly, these records represent a major opportunity for the Company beyond Stage 2A, since the conservative Stage 2A Expansion plant design throughput parameters are the same conservative parameters utilized for the 1.2 million tonnes per annum ("tpa") Stage 3 Expansion Process Plant under construction, indicating that the Stage 3 plant throughput may be significantly higher than its design.

We certainly plan to leverage the operating flexibility provided by the additional process plant capacity over the course of 2024, as we make up ground resulting from the temporary suspension of underground operations. We reiterate 2024 Operational Guidance."

Production for Q1 exceeded budget, even with the temporary suspension of underground operations on March 10, 2024 that impacted the remaining 22 days of the quarter, after a non-industrial incident and the issuance of a Form 29 from the Mineral Resources Authority (see March 19, 2024 press release). As announced on April 8, 2024, the Form 29 has been vacated. Underground operations are now fully operational and K92 reiterates its 2024 Operational Guidance.

During the first quarter, the process plant delivered tonnes processed of 130,632 tonnes or 1,436 tpd, an increase of 11 per cent from Q1 2023 and 5 per cent greater than the Stage 2A Expansion plant design of 1,370 tpd or 500,000 tpa. During the quarter, multiple throughput records were achieved, with the latest daily throughput record achieved on January 21st of 2,389 tonnes processed, monthly throughput record achieved in January of 57,144 tonnes processed or 1,843 tpd, and a 7-day throughput record achieved in January averaging 2,149 tpd( 2 ), exceeding the Stage 2A Expansion design throughput by 74 per cent, 34 per cent and 57 per cent, respectively. The strong performance of the plant has been consistently better than the Stage 2A Expansion plant design rates, exceeding those rates for 95 per cent of the operational days in January and February. The outstanding plant performance to date continues to demonstrate a meaningful immediate opportunity of having significantly greater plant capacity than expected. Since the Stage 2A Expansion and Stage 3 Expansion plant designs utilize the same conservative design parameters, these records also demonstrate that the design of the Stage 3 Expansion process plant currently under construction has the potential for significantly greater capacity than its 1.2 million tonnes per annum design.

For the quarter, the process plant delivered metallurgical recoveries of 90.7 per cent for gold and 91.9 per cent for copper. Head grades during the quarter averaged 7.2 g/t AuEq or 6.4 g/t gold, 0.55 per cent copper and 10.6 g/t silver. Grade was lower than planned due to the temporary suspension of underground operations as noted above, resulting in a significantly larger amount of stockpiles processed in March.

During the quarter, 10 levels were mined, with mining on Kora conducted on the 1110, 1150, 1185, 1225, 1285 and 1305 levels, and Judd on the 840, 1205, 1305, 1325, and 1345 levels. Long hole open stoping performed to design.

In the first quarter, the mine delivered 111,054 tonnes of ore mined. Overall mine development achieved a total of 1,682 metres. Material movements and underground development were lower than planned due to the temporary suspension of underground operations as noted above, in addition to reduced contractor surface haulage availability for approximately 10 weeks (second half of Q4 to mid-February 2024), and a wetter than average rainy season.

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.

Technical Report

The Integrated Development Plan ("IDP") for the Kainantu Gold Mine Project in Papua New Guinea that contains information on the Definitive Feasibility Study and Preliminary Economic Assessment is included in a technical report, titled, "Independent Technical Report, Kainantu Gold Mine Integrated Development Plan, Kainantu Project, Papua New Guinea" dated October 26, 2022, with an effective date of January 1, 2022.

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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