Mr. James Hynes reports

KORE AND TORRES MARTINEZ DESERT CAHUILLA INDIANS SIGN LETTER OF INTENT FOR RESOURCE DEVELOPMENT

Kore Mining Ltd. has added the Torres Martinez Desert Cahuilla Indians (TMDCI) as a strategic community and business partner to Project ACES (a clean environment for the Salton Sea) and the Imperial gold project in Southern California. In addition, Kore has made a change to its board of directors.

Under the terms of the non-binding letter of intent, Kore and TMDCI will collaborate on sustainable economic and business development ventures where there is an alignment of interests. These ventures will include, but not be limited to, advancing Project ACES and the Imperial gold project, exploring joint venture opportunities in natural resource development in Imperial county and surrounding areas, including the lithium valley and the greater Salton Sea region, collaboration on management and leadership training within the community, and fostering economic diversification, stability and growth. These ventures will assist the TMDCI on strategic capacity building and lead to the co-ownership or co-management of businesses or projects. The letter of intent is non-binding and subject to entering into a definitive agreement within the next 90 days.

TMDCI commented: "The Torres Martinez Desert Cahuilla Indians are a phoenix rising. The tribe's sustainable community and economic development imperatives, along with high-value, high-impact strategic partnership, such as the one with Kore Mining, are in place to aid and accelerate the transition, and the eventual transformation, of TMDCI into an exemplary, sustainable and generational regional engine of economic development for the tribe and its neighbours."

Kore's chairman and chief executive officer, James Hynes, commented: "I look forward to working with chairman Tortez Jr., the TMDCI tribal council and the Torres Martinez community as we strengthen our partnership and advance initiatives that benefit the community, the environment and local stakeholders. Kore continues to see vocal and written support by local stakeholders behind the Imperial gold project and Project ACES. Our groundbreaking environmental standards and our ACES initiative support our mission for a net positive environmental and social impact." Mr. Hynes continues: "Imperial county, and the Salton Sea region in particular, is seeing a surge in geothermal energy and lithium extraction with companies like Berkshire Hathaway, Controlled Thermal Resources and Energy Source all advancing large-scale projects. It is anticipated that Project ACES and the partnership with the TMDCI can contribute significantly to economic growth, environmental quality and community development."

Imperial ACES initiative

Imperial's mission is to generate a net positive environmental impact. Project ACES proposes to supply materials to remediate the Salton Sea, a major local health problem:

• Saving lives of local stakeholders through reduced respiratory illness from dust pollution;
• Preserving wetlands to benefit migratory birds suffering from increased Salton Sea salinity;
• Restoring local community waterfronts to enhance quality of life;
• Rehabilitating playas to restore hundreds of thousands of acres of desert habitat.

Imperial's mission to generate a net positive environmental has attracted strong support from a broad base of stakeholders whose families and communities are impacted and from those who want to set a new standard for mining in the region.

Imperial's groundbreaking environmental standard targets 100-per-cent restoration of federal U.S. land:

• Mine backfilled and recontoured to original topography after providing materials to ACES -- no hole-in-the-ground or legacy visual impacts;
• Returns land to multiuse purpose with original topography -- no legacy land use;
• Site vegetation rehabilitated to preserve long-term wildlife habitats.

Imperial is anticipated to create hundreds of skilled jobs and bring more than $1-billion in investment into Imperial county.

Kore continues to work with the Bureau of Land Management (BLM) to advance permitting of technical programs and mine development activities at Imperial. Please send your feedback and messages of support to info@imperialgold.org.

Imperial ACES initiative details

The Salton Sea, located in Imperial and Riverside counties in Southern California, was created by an accidental inflow of water from the Colorado River in 1905. Since that time, it has been contaminated with industrial and agricultural pollution. The Salton Sea is now evaporating, leaving contaminated beaches and diminished wildlife habitat in its wake. Dry desert winds blow these contaminated beach materials into surrounding communities, creating poor air quality resulting in respiratory disease and other health issues that Imperial Valley communities have been struggling with for decades.

In addition to gold, Imperial will produce an estimated 90 million tons of clean surplus material that was placed in the Imperial Valley by the Colorado River over the past 10 million years. ACES has the potential to remediate a significant portion of the southern Salton Sea over the next 20 years by using the clean material as a cover for toxic beaches, and thereby improving air. The materials could also support other projects to restore wildlife habitat for migratory birds and recreational areas for local communities, amongst others.

Kore is working closely with local communities and agencies to determine the best and most efficient path forward for the ACES initiative and will continue to provide updates as the project advances.

Positive social impact to Imperial county

In addition to ACES, the development of Imperial is anticipated to have numerous other benefits for Imperial county, which has high unemployment rates and is the lowest-income county in California. The company anticipates the following benefits of developing the Imperial project:

• Over $1.1-billion investment benefiting Imperial county and the state of California;
• Over 500 construction and 220 direct permanent jobs created;
• Over $240-million in government payments to support community services;
• Hundreds of indirect jobs and tens of millions of local services;
• Training and experience to build local, transferrable skills.

Stringent environmental controls leaves no change to long-term view-scape

California has some of the most stringent environmental laws in North America. Kore will be complying with these laws and will aim to exceed the legal requirements in its efforts both during mining operations and as part of the reclamation process. Kore's anticipated plan will include the following:

• Zero water discharge and no arsenic or mercury used;
• No potential for acid rock drainage;
• Water sourced from a robust aquifer that is not used by local farmers or communities;
• Backfilling and restoring local topography eliminate hole-in-the-ground and large piles of rock left behind by historic mining operations; any excess clean materials used for ACES;
• Re-establish biology and desert washes returning site to near greenfield state;
• Return site to multiuse purpose of federal land and no change to Imperial county vistas.

Board change

Kore announces that Scott Trebilcock has resigned from the board, effective immediately. Mr. Trebilcock is stepping down due to time conflicts with his consulting business. The board thanks Mr. Trebilcock for his service.

About the Imperial gold project

Kore owns 100 per cent of the Mesquite-Imperial-Picacho district which captures the entire 28-kilometre trend from the operating Mesquite mine (Equinox Gold) to the closed Picacho mine and including Kore's Imperial project. In the district, gold is hosted in local fault structures related to a series of regional faults connecting the known district deposits. Those three district deposits (Mesquite, Imperial and Picacho) were discovered in exposed outcrops and from placer workings. The rest of the district is covered by alluvium and has never been systematically explored.

The Mesquite-Imperial-Picacho district centres on Kore's Imperial project. Imperial is a structurally controlled intermediate-sulphidation epithermal gold deposit. The 100 per cent oxide gold deposit is currently defined at 2.44 kilometres long and up to 0.75 kilometre wide and is open both along strike and down dip. It is hosted in a shallowly southwest-dipping, amphibolite-grade metamorphic rock suite along a west-northwest-trending, low-angle regional thrust fault system which controls the regional geometry of mineralization. East-west-striking, postmineralization normal faults control the property-scale geometry of mineralization. Geophysical characterization of the deposit and regional controlling structures is an essential component of exploration for additional resources.

Imperial has a mineral resource estimate and a positive preliminary economic assessment effective April 6, 2020, with the following highlights:

• Robust economics: $43-million (U.S.) net present value (5 per cent) posttax with 44-per-cent internal rate of return at $1,450 (U.S.) per ounce gold;
• Significant leverage to gold: $590-million (U.S.) NPV (5 per cent) at $1,800 (U.S.) per ounce gold;
• Low-capital-intensity project with only $143-million (U.S.) preproduction capital cost;
• Average 146,000 ounces gold per year over eight years for 1.2 million ounces total production;
• Technically simple project: shallow open pit, run-of-mine heap leach with existing infrastructure;
• Value enhancement through Mesquite-Imperial-Picacho district exploration and resource expansion.

The company's National Instrument 43-101 compliant resource and preliminary economic assessment is titled "Preliminary Economic Assessment -- Technical Report Imperial Gold Project," effective as of April 6, 2020, and revised and amended on June 10, 2021, prepared by Terre Lane and Todd Harvey of Global Resource Engineering and Glen Cole of SRK Consulting (Canada) Inc., can be found under the company's profile on SEDAR+ and on the company's website.

About Kore's Long Valley gold deposit

The Long Valley deposit is an intact low-sulphidation epithermal gold-silver deposit with a large 2.5 km by two km 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 Kore's 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.) NPV (5 per cent) posttax with IRR 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.

Technical information with respect to the Imperial gold project and Long Valley gold project has been reviewed and approved by Ms. Lane, MMSA, registered member SME, and a qualified person under National Instrument 43-101 responsible for the technical matters of this news release.

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 district-scale gold assets.

We seek Safe Harbor.