Mr. Paul Huet reports

KARORA ANNOUNCES CONSOLIDATED 2024 GOLD PRODUCTION GUIDANCE OF 170,000 - 185,000 OUNCES AT AISC OF US$1,250 - US$1,375 PER OUNCE SOLD

Karora Resources Inc. has provided an updated 2024 gold production guidance of 170,000 to 185,000 ounces and all-in sustaining cost (AISC) cost guidance of $1,250 (U.S.) to $1,375 (U.S.) per ounce sold.

Karora's updated guidance incorporates optimized 2024 mine and development plans across its operations. At Beta Hunt, this includes planned mine development required to bring the mine to two million tonnes per annum (Mtpa) as well as accessing the new Fletcher zone by the end of the year. The guidance also includes further equipment additions, processing plant upgrades at both Higginsville and Lakewood, tailings storage expansions, and other growth-related expenditures. By the end of 2024, Karora's three-year growth plan will have been executed to deliver a two Mtpa operation at Beta Hunt feeding two upgraded mills alongside contributions from Higginsville gold operations.

Paul Andre Huet, chairman and chief executive officer, commented: "Following our record full-year gold production of 160,492 ounces in 2023, gold production in 2024 is projected to be another significant increase to between 170,000 to 185,000 ounces. Our updated guidance incorporates our ramp up to an annualized two Mtpa production rate at Beta Hunt by end of year as well as contributions from Pioneer, Two Boys and stockpiles. The minor (5 per cent) trim to the top end of our gold production guidance reflects a focus on prioritizing higher-margin Beta Hunt ounces over slightly lower-margin smaller open-pit options at Higginsville.

"Given increased cost pressures experienced across the industry since our last update in March, 2023, we have adjusted our AISC guidance for 2024 to reflect the current operating environment and lower planned nickel byproduct credits.

"At Beta Hunt we are in a position of unique operational flexibility with respect to mining nickel. The mine leverages shared infrastructure for both gold and nickel mining, driving a very competitive cost structure per nickel tonne. However, with the global pressure on spot nickel prices, we have made the decision to reduce higher-cost hand-held nickel mining to focus on mechanized mining in our currently developed areas, trimming forecast payable nickel production in 2024 to a range of 200 to 300 nickel tonnes. With significant dual-purpose infrastructure in place, an enviable feature of our operations is the ability to significantly ramp up the new 50C/Gamma nickel blocks as market conditions warrant.

"Capital guidance for our final year of the Beta Hunt two Mtpa growth plan involves mine development, equipment additions and growing the work force to accommodate the higher production rates. The 10-per-cent increase in midpoint capital guidance reflects, among other things, the decision to move more aggressively in advancing the compelling Fletcher zone, an impressive new area proximal to our Western Flanks and Larkin mining areas.

"We look forward to continuing to deliver on our plan and extend the Beta Hunt mine life via the drill bit. With the current mining areas of Western Flanks and A zone still growing, the Fletcher zone is poised to be the next exciting new gold production target area joining Larkin, Mason and Cowcill. As we have stated before, the exploration and resource expansion potential at Beta Hunt remains wide open, which we look forward to drilling aggressively via another $18[-million] (Australian) to $23-million (Australian) exploration and resource development budget this year.

"Over all, we are proud of the progress made to date on our growth plan which has delivered an aggressive organic expansion schedule through a challenging cost environment for the entire sector, taking Karora from a production level of just 99,000 oz in 2020 to the targeted 170,000 to 185,000 oz in 2024."

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 one 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. Karora's common shares trade on the Toronto Stock Exchange under the symbol KRR and on the OTCQX market under the symbol KRRGF.

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