Mr. James Hynes reports

Kore APPOINTS NEW CHIEF FINANCIAL OFFICER AND DIRECTOR

Kore Mining Ltd. has appointed Jim Henning as chief financial officer and director of the company, effective March 28, 2024. Mr. Henning is a chartered accountant and the founder and president of Corpfinance Advisors Inc. since 1984. Mr. Henning has expertise and experience in valuating businesses in a broad range of industries. He has assisted companies in financing, public offerings and restructuring. Areas of expertise include retail cannabis, manufacturing, telecommunications, software, biomedical, oil and gas services, and renewable energy industries. Mr. Henning has served as a chief financial officer and director for a number of TSX Venture Exchange- and Canadian Securities Exchange-listed companies over the past several years.

Anil Jiwani has resigned as chief financial officer and corporate secretary to pursue other opportunities, and the company thanks Mr. Jiwani for the past two years of his services and wishes him success in his future endeavours.

Board change

The company announces that Harry Pokrandt has resigned from the board, effective March 28, 2024. Mr. Pokrandt has been a board member of Kore for over six years and has been a tremendous asset to the company. The board thanks Mr. Pokrandt for his service.

Shares-for-debt transaction

The company intends to settle certain outstanding accounts payable in the aggregate amount of $105,000 owing to an officer and director of the company through the issuance of up to 2,333,333 common shares of the company at a deemed price of 4.5 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 GST. 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.

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 downdip. 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 of 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:

• $343-million (U.S.) net present value discounted at 5 per cent posttax with 44-per-cent internal rate of return at $1,450 (U.S.) per ounce gold;
• $590-million (U.S.) NPV discounted at 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-ounce 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 are 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., and 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-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 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 22.0 million tonnes of 0.65 gram per tonne, respectively. The mineral resource consists of oxide, transition and sulphides. The estimate was prepared by 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 discounted at 5 per cent posttax with IRR of 48 per cent at $1,600 (U.S.) per ounce gold;
• $395-million (U.S.) NPV discounted at 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 testwork;
• Shallow oxide and sulphide feeder exploration potential to further enhance project.

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

About Kore Mining Ltd.

Kore 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.