Mr. Paul Huet reports

KARORA RESOURCES ANNOUNCES THE APPOINTMENT OF TONY MAKUCH TO THE BOARD OF DIRECTORS AND DEREK HUMPHRY AS CHIEF FINANCIAL OFFICER

Karora Resources Inc. has appointed Tony Makuch to the board of directors and as the new chair of the board technical committee. Barry Dahl, Karora's former chief financial officer, has announced his retirement after a long and distinguished career in the mining sector, culminating in 3.5 years as Karora's chief financial officer. With Mr. Dahl's well-deserved retirement, Karora is pleased to announce Derek Humphry has joined the corporation in the position of chief financial officer.

Paul Andre Huet, chairman and chief executive officer, commented: "After serving as a special adviser to the corporation since May, 2022, I am very pleased to welcome Tony Makuch to the Karora board of directors. We are not only very pleased to announce Tony as a board member, but as the chair of the board technical committee, which was vacated earlier this year. Tony's willingness to increase his role with Karora is a strong endorsement of his belief in the ongoing growth of the company. Tony's technical input over the past year has been immensely valuable as we have executed on our growth plan in Australia, evolving into a much larger gold producer. We welcome his experience and the benefit of the knowledge he brings from his extremely successful 35-plus-year career in mining, including his tenure leading Kirkland Lake Gold as CEO, from 2016 until its merger with Agnico in early 2022.

"Additionally, I am very pleased to welcome Derek Humphry to the Karora team as our chief financial officer. Derek is a great addition for us, bringing 20-plus years of experience and mining expertise across TSX [Toronto Stock Exchange]- and ASX [Australian Securities Exchange]-listed companies, including both gold and nickel producers -- a unique quality which directly translates to our growing operations. Derek is a chartered account and, prior to joining Karora, served as the CFO for Dacian Gold Ltd.

"Finally, I would like to congratulate Barry Dahl on his well-deserved retirement following a tremendous career in the mining sector. I have had the pleasure of working with Barry at more than one company and his impact has been instrumental in growing these businesses. Barry joined Karora in early 2020, and was critical in leading the financial side of our business through a period of extraordinary growth and change. His contributions and dedication to the company are greatly appreciated. I wish Barry all the best in his well-earned retirement and thank him for his service to Karora."

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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