Mr. Paul Huet reports

KARORA ANNOUNCES FIRST QUARTER 2024 GOLD PRODUCTION OF 36,147 OUNCES, GOLD SALES OF 40,343 OUNCES AND CASH POSITION OF $87.3 MILLION

Karora Resources Inc. had consolidated gold production of 36,147 ounces and sales of 40,343 ounces for the first quarter of 2024. Production was negatively impacted by wet weather during the quarter and a regional interruption to grid power that impacted the Lakewood mill, affecting gold ounces produced. During the quarter, mobile crushing at Higginsville continued in lieu of primary crushing while the crusher bridge failure was repaired. This repair was completed in late March with full primary crushing now restored.

Karora's unaudited consolidated cash balance as at March 31, 2024, was $87.3-million, an increase of $4.8-million compared with Dec. 31, 2023.

Paul Andre Huet, chairman and chief executive officer, commented: "Beta Hunt and Higginsville operations delivered within range despite two weeks of extreme wet weather conditions that impacted all producers in the region. Additionally, there was a regional two-week interruption to grid power that impacted the Lakewood mill resulting in approximately two weeks of processing being lost, with power subsequently restored.

"The Beta Hunt production ramp-up remains on track and we are confident in our full-year 2024 gold production guidance target of between 170,000 and 185,000 ounces and AISC [all-in sustaining cost] target range of $1,250 (U.S.) and $1,375 (U.S.) per ounce sold. We are also very excited with the progress on advancing the development of an exploration drive towards the southern portion of the new Fletcher zone where we have reported very strong exploration drill results. The initial cuts into the Fletcher zone are anticipated for the second half of the year.

"Our first quarter sales performance was boosted by shipment timing and strong gold prices resulting in an increase in our cash position of $4.8-million to $87.3-million at the end of the first quarter compared to Dec. 31, 2023, continuing to strengthen our balance sheet."

About Karora Resources Inc.

Karora is focused on increasing gold production to a targeted range of 170,000 to 185,000 ounces in 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-annum 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.