Mr. John Lewins reports

K92 MINING ANNOUNCES STRONG Q1 PRODUCTION RESULTS - 46,743 OZ AUEQ PRODUCED, IN LINE WITH BUDGET, WITH RECORD LATERAL DEVELOPMENT NOW EXCEEDING STAGE 3 EXPANSION REQUIREMENTS

K92 Mining Inc. has released production results for the first quarter of 2026 from its Kainantu gold mine in Papua New Guinea.

Q1 2026 production results:

• Strong quarterly production of 46,743 ounces gold equivalent (AuEq) or 44,022 ounces gold, 1,696,714 pounds copper and 38,845 ounces silver, in line with budget; quarterly sales of 44,854 ounces gold, 1,874,270 pounds copper and 41,467 ounces silver; the company reiterates its 2026 annual production guidance (see Jan. 26, 2026, press release) of 190,000 to 225,000 ounces AuEq, with production expected to be strongest in the second half of 2026, driven by the progressive ramp-up in ore tonnes mined and processed from two new mining fronts and the completion of key expansion enabler projects (see "Stage 3 expansion" below);
• Quarterly ore processed of 142,017 tonnes, a 37-per-cent increase from Q1 2025, with a head grade of 10.9 grams per tonne AuEq, or 10.2 g/t gold, 0.6 per cent copper and 11 g/t silver, with a positive gold and copper grade reconciliation versus the latest independent mineral resource estimate (Sept. 12, 2023, effective date for Kora and Judd);
• Strong metallurgical recoveries in Q1 of 95.1 per cent for gold and 94.0 per cent for copper, exceeding the updated definitive feasibility study (DFS) recovery parameters for gold (92.6 per cent) and performing in line for copper (94.2 per cent) (Jan. 1, 2024, effective date); the new 1.2-million-tonne-per-annum Stage 3 expansion process plant has continued to perform well since the commencement and completion of commissioning in September and December, 2025, respectively;
• Record quarterly mine development of 3,007 metres (a 21-per-cent increase from Q1 2025), which included a new monthly development record of 1,067 metres achieved in March, 2026, supported by the completion of a number of infrastructure and operational improvement initiatives in H2 2025 and Q1 2026; lateral development rates are now exceeding the Stage 3 expansion requirement of 1,000 metres per month even with balancing continuing project requirements for the underground pastefill excavations and the Stage 4 primary ventilation upgrade; continuing development rate improvements are expected with the progressive completion of these projects, aided by the introduction of additional equipment (three new loaders added so far this year) and the continued delivery of multiple operational excellence initiatives such as the successful transition from 24-hour to 12-hour firing achieved during the quarter;
• Quarterly total material mined (ore plus waste) of 378,430 tonnes and record quarterly tonnes to surface of 410,356 tonnes, highlighting the positive impact of the first material pass, the commencement of surface trucks operating in the twin incline and the completion of the decline-incline convergence project connecting the main mine with the twin incline through internal ramp access in late January, 2026;
• Quarterly ore mined of 154,104 tonnes, with mining activity across 12 levels, including the 1070, 1090, 1305, 1325 and 1345 levels at Kora and the 1030, 1050, 1090, 1170, 1185, 1345, 1365, 1385 and 1405 levels at Judd -- long hole open stoping performed to design.

Stage 3 expansion -- Stage 3 plant continues to perform well and substantial progress made on key infrastructure projects

• As at March 31, 2026, 96 per cent of Stage 3 expansion growth capital has either been spent or committed and remains on budget.
• During Q1, significant progress was made on key pastefill infrastructure projects with surface tailings filtration plant construction practically complete, commissioning commenced in late February, 2026, and wet commissioning now under way. At the surface paste binder blending area and filter cake storage facility, structural steel installation is expected to commence imminently, and completion of the facility is expected in mid-2026. At the underground paste plant, the 1205 silo chamber, binder mixing area and paste mix chamber areas have been handed over to construction teams, with structural concrete pours having commenced across the 1205 level, and silo lining concrete pours are to commence imminently. Practical completion of commissioning of the pastefill circuit is scheduled for Q4 2026.
• During the quarter, several key Stage 3 expansion underground construction and operational excellence projects were completed or are nearing completion, including:
  • Decline-incline convergence project connecting the main mine with the twin incline through internal ramp access: Completed in late January, 2026, this project has made the main mine accessible to the highly productive twin incline, and all mining fronts will be connected through an internal ramp, allowing for one-way traffic flow.
  • Phase 3 ventilation upgrade: The Puma ventilation drive surface breakthrough was achieved in late February, 2026, which has increased primary mine airflow from 200 cubic metres per second to 350 cubic metres per second (up 75 per cent), further reducing blast re-entry times and meeting the initial airflow requirements for the Stage 3 expansion.
  • Stage 4 expansion primary ventilation upgrade: Electrical works and associated infrastructure continued to advance during the quarter. Electrification is scheduled for completion in mid-2026. Once commissioned, primary mine airflow capacity is expected to increase to approximately 600 cubic metres per second (expandable to approximately 700 cubic metres per second), providing ventilation capacity exceeding the Stage 4 expansion and life-of-mine requirements. To conserve power, the variable speed drive fans will initially operate at approximately 350 cubic metres per second and ramp up incrementally as required. Upon completion of the project, twin incline traffic will be reconfigured to highly productive one-way traffic flow.
  • Significant load and haulage fleet expansion under way to increase material movement capacity: Three additional Sandvik 517i underground loaders commenced operation in Q1 2026 and a further unit is scheduled to arrive in Q2 2026, resulting in a net increase of two loaders following the replacement of two high-hour units. The haulage fleet is also significantly expanding, with six new 60-tonne surface trucks scheduled to arrive in mid-2026, and an additional two units arriving by the end of the year -- these trucks will haul directly from underground (twin incline) to the process plant. Additionally, two new Sandvik 45-tonne underground trucks are scheduled to arrive in Q4 2026 to replace high-hour units.
  • Primary power station: Phase 2 power station expansion to 15.3 megawatts (from 10.7 megawatts) prime power output has progressed significantly with all major electrical infrastructure installed, and commissioning is planned to be completed in Q2 2026. This will provide increased standby power, meeting the Stage 4 expansion requirements, during any unexpected outages from the local hydroelectric grid.
• Two new mining fronts have been substantially developed, including five sublevels on the twin incline mining front and four sublevels on the Lower Kora mining front. The first stope ore from Lower Kora is expected in April, 2026, introducing a second mining front ramping up, which is expected to significantly increase operational and throughput flexibility.
• Major surface haul road and river crossing projects also advanced significantly during the quarter, with the completion of the Baupa bridge in early April, 2026, and the Kasese river crossing and Kokomo bridge projects progressing toward midyear completion. These river crossing projects, in addition to the continuing haul road widening and straightening upgrades, will enable a tripling of surface truck payload capacity (from 20 tonnes to 60 tonnes) at notably faster cycle times, to meet Stage 3 and Stage 4 expansion throughput requirements and deliver cost savings through economies of scale.

John Lewins, chief executive officer and director of K92, stated: "Q1 marked a strong start to 2026, with production of 46,743 ounces gold equivalent in line with budget, continued strong performance from the Stage 3 expansion process plant and record development rates exceeding our Stage 3 requirements. During the quarter, we also completed several key enabler projects and made significant progress on others, well positioning the operation for further growth. Importantly, we are increasingly realizing the benefits of our recent investments, with infrastructure upgrades, increased equipment capacity and operational improvements driving meaningful gains across the operation.

"With production stoping from two new mining fronts set to come on line this year, including the first later this month, and key enabler projects advancing well, we remain firmly on track to deliver stronger production in the second half of the year and achieve our full-year guidance."

Qualified person

K92 mine chief geologist Andrew Kohler, PGeo, a qualified person under the meaning of 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, underground workings, and discussing work programs and results with geology and mining personnel.

Technical report

The updated definitive feasibility study and mineral resource estimate for the Kainantu gold mine project in Papua New Guinea is presented in a technical report, titled "Independent Technical Report, Kainantu Gold Mine, Updated Definitive Feasibility Study, Kainantu Project, Papua New Guinea," dated March 21, 2025, with an effective date of Jan. 1, 2024.

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, is in a strong financial position and is working to become a Tier 1 mid-tier producer through continuing plant expansions. 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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