Mr. Paul Huet reports

KARORA ANNOUNCES STRONG THIRD QUARTER GOLD PRODUCTION OF 39,548 OUNCES, GOLD SALES OF 41,278 OUNCES AND INCREASED CASH POSITION OF $84.2 MILLION

Karora Resources Inc. had strong consolidated gold production of 39,548 ounces for the third quarter of 2023 from its Beta Hunt and Higginsville mines in Western Australia. Gold sales for the third quarter were 41,278 ounces.

Karora's unaudited consolidated cash balance as at Sept. 30, 2023, was $84.2-million, an increase of $13-million compared with June 30, 2023.

Paul Andre Huet, chairman and chief executive officer, commented: "I am pleased to announce another strong production quarter at our Beta Hunt and Higginsville operations which have now delivered a total of 120,198 ounces through the first three quarters of 2023. The results we've delivered to date place us in an excellent position to target the upper end of our full-year 2023 gold production guidance range of 145,000 to 160,000 ounces.

"Our robust third quarter production performance also drove an increase in our cash position of $13-million to $84.2-million at quarter-end. This strengthening of our balance sheet continues alongside our planned capital outlays into our growth plan, primarily focused on doubling throughput to two Mtpa [million tonnes per annum] at our Beta Hunt mine.

"In addition to the strong financial position allowing us to deliver on our objectives for the year, we've reported some very exciting exploration results. This year we've announced strong results from Beta Hunt, particularly the Fletcher and Mason zones, that bode very well for future mineral resource additions outside the main Western Flanks and A zone areas.

"As we enter the final quarter of 2023, we look forward to providing further exploration and infill drilling updates as well as an update on our development milestones at Beta Hunt."

About Karora Resources Inc.

Karora is focused on increasing gold production 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 Mtpa processing plant, which is fed at capacity from Karora's underground Beta Hunt mine and Higginsville mines. In July, 2022, Karora acquired the one Mtpa Lakewood mill in Western Australia. At Beta Hunt, a robust gold mineral resource and reserve are hosted in multiple gold shears, with gold intersections along a five-kilometre strike length remaining open in multiple directions. HGO has a substantial mineral gold resource and reserve and 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.

We seek Safe Harbor.