Mr. Paul Huet reports

KARORA ANNOUNCES NEW QUARTERLY GOLD PRODUCTION RECORD OF 40,823 OUNCES

Karora Resources Inc. had record quarterly consolidated gold production of 40,823 ounces in the second quarter of 2023 from its Beta Hunt and Higginsville mines in Western Australia. Gold sales were also a record at 42,172 ounces for the second quarter.

Karora's unaudited consolidated cash balance as at June 30, 2023, was $70.8 million, an increase of $5-million compared with March 31, 2023, net of a mandatory one-time $4.5-million (Australian) stamp duty associated with the acquisition of the Lakewood mill in 2022 and continued deployment into Karora's growth plan in line with budget.

Paul Andre Huet, chairman and chief executive officer, commented: "I am extremely pleased with our very strong first half of 2023 with gold production of 80,650 ounces, driven by back-to-back quarterly production records to start the year.

"The strong first half of 2023 puts us in excellent position to meet our full-year 2023 gold production guidance range of 145,000 to 160,000 ounces. We also added to our cash position in line with our budget as we continue the work at Beta Hunt on ventilation upgrades and capital items -- all within our guided capital plan.

"Over all, our operational performance in the first half of 2023 puts us in a very favourable position with respect to achieving our goals for 2023 as we continue to deliver on promises and maintain our growth momentum. We look forward to providing further updates as we continue our 2023 drill program and reach our development milestones."

About Karora Resources Inc.

Karora is focused on increasing gold production to a targeted range of 170,000 to 195,000 ounces by 2024 at its integrated Beta Hunt gold mine and Higginsville gold operations (HGO) in Western Australia. The Higginsville treatment facility is a low-cost, 1.6-million-tonne-per-year processing plant, which is fed at capacity from Karora's underground Beta Hunt and Higginsville mines. In July, 2022, Karora acquired the one-million-tonne-per-year Lakewood mill in Western Australia. At Beta Hunt, robust gold mineral resources and reserves are hosted in multiple gold shears, with gold intersections along a five-kilometre strike length remaining open in multiple directions. HGO has substantial mineral gold resources and reserves, and a prospective land package totalling approximately 1,900 square kilometres. Karora has a strong board and management team focused on delivering shareholder value and responsible mining, as demonstrated by Karora's commitment to reducing emissions across its operations.

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