Mr. Paul Huet reports

KARORA EXCEEDS HIGH END OF 2023 GOLD PRODUCTION GUIDANCE WITH RECORD ANNUAL GOLD PRODUCTION OF 160,492 OUNCES AND RECORD GOLD SALES OF 157,034 OUNCES

Karora Resources Inc. had record annual consolidated 2023 gold production of 160,492 ounces from its Beta Hunt and Higginsville mines in Western Australia. Gold sales were also a record, totalling 157,034 ounces during 2023. For the fourth quarter of 2023, gold production was a strong 40,295 ounces and sales were 37,439 ounces.

Paul Andre Huet, chairman and chief executive officer, commented: "I am extremely pleased to announce Karora's seventh consecutive year of production growth. We produced a record 160,492 ounces of gold for 2023, exceeding 2022 production by over 26,000 ounces and beating the high end of our full-year 2023 guidance range of 145,000 to 160,000 ounces. Gold production in the fourth quarter was a very strong 40,295 ounces, the second-highest quarterly result on record. Due to the timing of sales, gold sold during the fourth quarter was 2,856 ounces lower than produced, contributing to a slight decrease in our quarter-over-quarter cash balance, which will be recovered in sales during the first quarter of 2024.

"Our cash balance remains robust at $82.5-million and in line with our scheduled capital deployment program across our operations. With significant investments made in 2023, 2024's capital program will focus on infrastructure and stope development required to ramp up our Beta Hunt operations to two Mtpa [million tonnes per annum] by the end of the year.

"I am proud of our team for once again delivering on our operational plan and exceeding our targeted production level for 2023. Over all, I am very pleased with our performance in 2023, and I look forward to continued growth in 2024 and beyond as we execute on the final year of our three-year growth plan. Full-year 2023 audited financial results are scheduled to be reported in mid-March, 2024."

Karora's unaudited consolidated cash balance as at Dec. 31, 2023, was $82.5-million, a small decrease of $1.7-million compared with Sept. 30, 2023, and in line with its 2023 capital budgeting plan.

About Karora Resources Inc.

Karora is focused on increasing gold production at its integrated Beta Hunt gold mine and Higginsville gold operations in Western Australia. Ore is processed at two centralized plants: the 1.6 Mtpa Higginsville mill and the 1.0 Mtpa Lakewood mill, both located near the company's mining operations. At Beta Hunt, a robust gold mineral resource and reserve is hosted in multiple gold shears, with gold intersections along a five-kilometre strike length remaining open in multiple directions. Higginsville 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.

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