Mr. John Lewins reports

K92 MINING ANNOUNCES BULK SAMPLE PRELIMINARY RESULTS AT JUDD VEIN SYSTEM AND COMMENCEMENT OF PHASE 1 JUDD DRILL PROGRAM

K92 Mining Inc. has released preliminary underground bulk sample results from the Judd vein system at the Kainantu gold mine in Papua New Guinea. The Judd vein system is located near-mine infrastructure, about 100 to 150 metres northeast from the producing Kora deposit and consists of four known veins, with the bulk sample from Judd No. 1 vein. The Judd vein system has seen very limited exploration, has four known veins and has a target strike length of approximately 2.5 kilometres subparallel to Kora. Historical drilling results from previous owners include three m at 278.2 grams per tonne gold and 0.21 per cent copper, nine m at 8.32 g/t Au and 1.11 per cent Cu (core length), and K92 intersected Judd in a surface drill hole targeting Kora, about 500 m to the south of those historical holes 4.7 m at 4.98 g/t Au, 0.02 per cent Cu and 17 g/t silver (5.22 g/t silver equivalent, 4.2 m true thickness) -- see Sept. 9, 2019, press release. The results mark the first significant exploration activity undertaken on Judd by K92.

The bulk sample was completed on the 1235 mRL level as multipurpose, mine infrastructure development drive with oversized ventilation return airway dimensions of 5.5 m by 5.5 m. Approximately 109 metres of development were completed and, from grade control channel sampling, an estimated 6,200 tonnes at 5.5 g/t gold equivalent or 3.6 g/t gold, 1.11 per cent copper and 19 g/t silver with an average thickness of 3.4 metres was extracted from Judd No. 1 vein. Incorporating excess dilution from the oversized 5.5 m by 5.5 m return airway drive, an estimated 10,130 tonnes at 3.6 g/t AuEq or 2.40 g/t Au, 0.70 per cent Cu and 12 g/t Ag was extracted.

A majority of the bulk sample has been stockpiled, with earlier mined material processed through the Kainantu processing plant. The remaining bulk sample and additional material mined will be processed separately through the Kainantu plant once the stage 2 process plant expansion commissioning is completed. Ground conditions are competent and are expected to be amenable to mining widths similar to the average Judd No. 1 vein thickness and those currently mined at Kora, which is a minimum of two metres wide for long-hole stoping and minimum three metres wide for cut and fill.

As a result of the promising results to date, an underground diamond drill rig has been mobilized for a phase 1 Judd vein system drilling program. The initial drill program planned is a 33-hole program, targeting strike extensions from the development drive of approximately 250 metres in addition to updip and downdip stepout drilling. The bulk sample development drive will also be extended.

John Lewins, K92 chief executive officer and director, stated: "We are certainly excited by these initial results from the bulk sampling of the Judd No. 1 vein. The results mark the first significant exploration program on the Judd target by K92. With a potential strike length of about 2.5 km, a known vertical extent of over 700 metres that remains open at depth, similar gold-copper-silver mineralization to Kora and encouraging grades, we are very encouraged about its potential. As a result, we have mobilized a drill rig to commence the phase 1 Judd exploration program and will continue to extend the development drive.

"Exploration activities are also significantly increasing property wide. An additional drill rig has arrived on site this past week, increasing our total to eight, and we expect to have nine rigs on site by the end of the third quarter and 10 by the end of the year. The additional drill rigs have meaningfully increased our rate of exploration and capacity to drill multiple targets concurrently. By the end of the year, we expect to have drills operating on Kora, Kora South, Judd, Karempe and Blue Lake. Approximately about 20 per cent of the known vein field strike has been drill tested and Kora remains open at depth."

Qualified person

K92 mine geology manager and mine exploration manager, Andrew Kohler, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release.

About K92 Mining Inc.

K92 Mining is engaged in the production of gold, copper and silver from the Kora deposit at the Kainantu gold mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The company declared commercial production from Kainantu in February, 2018, and is in a strong financial position.

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