Mr. James Hynes reports

KORE MINING ANNOUNCES 2023 EXPLORATION PLAN AT THE LONG VALLEY GOLD-SILVER PROJECT

Kore Mining Ltd. has provided details of its 2023 exploration plan for the Long Valley gold and silver project. The plan includes drill testing the highest-priority shallow oxide resource growth targets as well as the underlying high-grade sulphide feeder structure targets.

Highlights:

• All permitting completed and reclamation cost has been prepaid to the U.S. Forest Service (USFS) to return site to natural state;
• Approved plan of operation with USFS to drill up to 36 core holes from 12 drill pads;
• Drill test highest-priority shallow oxide resource expansion and untested underlying sulphide feeder structures targets -- minimum 3,000-metre program for phase 1 drilling;
• Feeder structure drilling designed to drill below high-grade historic drill holes that ended in mineralization (examples: LV96-260 with 2.65 grams per tonne gold over 250 feet ending in 4.32 g/t gold and LV96-248 with 2.63 g/t gold over 225 feet ending in 2.41 g/t gold);
• Potential to expand drilling to 15,000 metres, if warranted;
• Further mapping and geochemical sampling on new structural targets.

Kore's chairman and chief executive officer, James Hynes, stated: "We are excited to execute on the 2023 exploration plans. We have been working closely with the USFS and have designed a targeted, low-impact drill program. The untested feeder zone drill targets are our highest priority in addition to oxide resource expansion. The core drilling is expected to improve the geologic model and will also be assayed for silver for the first time at the project."

The company is currently exploring strategic financing options to fund the planned activities at Long Valley.

Kore's team has worked closely with the USFS to avoid cultural impacts and mitigate other potential program impacts. The program utilizes modern technology and existing road infrastructure to minimize disturbances. Kore will complete predisturbance cultural surveys, remove 100 per cent of all drill cuttings, have zero water or waste discharge, and intensively remediate all sites postwork. There will be no long-term impact from the program and no permanent installations will be left behind. The USFS thus granted Kore a categorical exclusion from the National Environmental Protection Act for the program's plan of operations.

The company has identified opportunities to expand the shallow oxide mineralization in all directions, further growth by making new discoveries along separate parallel structures and further yet on additional yet unrecognized mineralized structures on the district-scale claims. Additional mineralization could extend mine life, reduce capital intensity, and generate higher project economic returns than the 1.2 million ounces of indicated gold and 500,000 ounces of inferred gold from 64 million tonnes of 0.58 gram per tonne and 22 million tonnes of 0.65 gram per tonne, respectively, modelled in the preliminary economic assessment (PEA) announced Oct. 27, 2020.

Additionally, as a fully intact epithermal deposit with a large at-surface footprint, Long Valley has the potential for high-grade sulphides and discrete vein zones in the underlying feeder structures. The discovery of high-grade, sulphide-dominant gold-silver mineralization in addition to near-surface oxide Au-Ag mineralization would open up additional development pathways for the project, such as underground mining and milling of mineralization.

Additional details of the Long Valley exploration targets are in Kore news releases dated Jan. 30, 2020, and March 24, 2020.

Grant of options

As part of the company's long-term incentive plan, Kore has granted an aggregate of 400,000 stock options to Mezzo Consulting Services SA, a consultant of the company (as set out below), pursuant to the company's stock option plan, and seven million deferred share units (DSUs) to directors in accordance with the company's omnibus plan. The stock options are exercisable at five cents per share for a five-year term, and vest immediately on the date of grant. The DSUs are redeemable into common shares of the company at a deemed price of five cents per share and vesting in equal one-third parts (i) on the date of grant; (ii) on the first anniversary of the date of grant; and (iii) on the second anniversary of the date of grant. All stock option and DSU grants remain subject to the approval of the TSX Venture Exchange.

Shares for debt transaction

The company intends to settle certain outstanding accounts payable in the aggregate amount of $140,000 owing to an officer and director of the company through the issuance of up to 2.8 million common shares of the company at a deemed price of five cents per common share.

The debt was accrued pursuant to a consulting agreement entered into on July 1, 2016, between Kore and a company controlled by the consultant of the company. The consulting agreement provides for a monthly fee payable to the consultant of $17,500, inclusive of goods and services tax. The shares for debt transaction is a non-arm's-length transaction that will not result in a new control person of the company being created.

The issuance of the settlement shares to the consultant constitutes a related party transaction as such term is defined by Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The issuance of settlement shares, as it relates to the consultant, is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a), as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the consultant, exceeds 25 per cent of the company's market capitalization (as determined under MI 61-101).

According to the policies of the exchange, the issuance of shares for debt by an issuer to a non-arm's-length party in settlement of debt owed, and arising from services provided by such non-arm's-length party in excess of $5,000 per month, requires disinterested shareholder approval. Kore shareholders, excluding the consultant, will be asked to approve the issuance of settlement shares to the consultant at the next meeting of shareholders. The receipt of such approval will constitute disinterested shareholder approval. The issuance of settlement shares to the consultant pursuant to the shares for debt transaction requires acceptance by the TSX Venture Exchange. All settlement shares will be subject to a four-month-and-one-day hold period.

The company is proposing to issue the settlement shares to preserve cash to finance future operations.

Engagement of Mezzo as market maker

The company announces that, subject to regulatory approval, it has engaged the services of Mezzo Consulting Services pursuant to which Mezzo will act as a marketing consultant to the company and provide the company with various market-making services.

Under the agreement, Mezzo will receive compensation of $60,000 for a term of six months. The company has also granted to Mezzo 400,000 stock options. There are no performance factors contained in the agreement and Mezzo will not receive any other shares or options as compensation other than as set out above. The company and Mezzo are unrelated and unaffiliated entities and at the time of the agreement, neither Mezzo nor its principals had an interest, directly or indirectly, in the securities of the company.

About Long Valley gold deposit

The Long Valley deposit is an intact low-sulphidation epithermal Au-Ag deposit with a large 2.5-kilometre-by-two-kilometre oxide footprint, hosted within a melange of fine to coarse volcanogenic sedimentary lithologies. Mineralization at Long Valley has developed due to a combination of deep-rooted fault structures and a resurgence of rhyolite within an active caldera. The Hilton Creek fault structure transects and served as a fluid conduit for interaction with the underlying hydrothermal system, while the rhyolite resurgence caused brittle fracturing of sediments and created voids or traps for mineralization and gold deposition. The combination of these factors yields strongly altered kaolin and quartz-hematite zones that are the primary host for gold mineralization.

The Hilton Creek fault remains underexplored on strike north and south and several parallel structures have been defined using geophysics, the eastern one hosting some of the current mineral resource and the western one being unexplored. Long Valley is therefore open to potential new oxide discoveries in all directions. More details on the deposit geology and exploration potential can be found in Kore's Jan. 30, 2020, and March 24, 2020, news releases.

About Long Valley gold project

Long Valley is a 100-per-cent-owned epithermal gold and silver project located in Mono county, California. The large land package is district in scale and covers all deep-rooted fault structures of similar genesis to the Hilton Creek fault, the primary conduit for the current Long Valley deposit.

A total of 896 holes have been drilled on the project, the majority being completed by reverse circulation with lesser core, rotary and air track. The current mineral resource estimate is 1,217,000 ounces of indicated gold and 456,000 ounces of Inferred gold from 63.7 million tonnes of 0.58 gram per tonne and 22 million tonnes of 0.65 gram per tonne, respectively. The mineral resource consists of oxide, transition and sulphides. The estimate was prepared Neil Prenn, PE, of Mine Development Associates with an effective date of Sept. 15, 2020.

A preliminary economic assessment for a shallow, low-strip heap leach Au-Ag project was filed Oct. 27, 2020, with the following highlights:

• $273-million (U.S.) net present value (5 per cent) posttax with internal rate of return of 48 per cent at $1,600 (U.S.) per ounce gold;
• Significant leverage to gold: $395-million (U.S.) NPV (5 per cent) at spot $1,900 (U.S.) per ounce gold;
• 102,000 ounces gold per year over seven-year mine life;
• Technically simple: shallow open pit, heap leach with nearby infrastructure;
• Unmodelled silver potential from metallurgical test work;
• Shallow oxide and sulphide feeder exploration potential to further enhance project.

More information is available in the technical report filed on SEDAR and on Kore's website.

About Kore Mining Ltd.

Kore Mining is focused on responsibly creating value from its portfolio of gold assets in California, United States. The company is advancing the Imperial project toward development while continuing to explore across both Imperial and Long Valley district-scale gold assets.

We seek Safe Harbor.