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K92 Mining Announces Multiple New Near-Mine Infrastructure Dilatant Zones Identified and High-Grade Zones Extended

December 3, 2024

VANCOUVER, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) -- K92 Mining Inc . (“ K92 ” or the “ Company ”) (TSX : KNT; OTCQX : KNTNF) is pleased to announce its latest high-grade results from the ongoing surface and underground diamond drilling of the Kora, Kora South, Judd and Judd South deposits in addition to the Kora and Judd Deeps targets at the Kainantu Gold Mine in Papua New Guinea.

  • Multiple high-grade intersections plus two zones of broadening width, identified as dilatant zones, recorded in a previously sparsely drilled area near the twin incline at Kora. The dilatant zones identified are the first to be drilled with significant drill density, demonstrating large interpreted strike lengths of approximately 60 metres in K1 and approximately 100 metres in K2, providing high potential for bulk mining (see Figure 4 for 950 Level Plan Map, and Figures 1 and 2 for K1 and K2 long sections). These dilatant zones are also located near-mine infrastructure, approximately 175 metres south from the current 950 Level access development, enabling potential near-term mining. Importantly, the dilatant zones are in an area previously interpreted to be narrow vein in the mineral resource estimate (September 12, 2023 effective date, “2023 MRE”) and the Updated Integrated Development Plan PEA Case (January 1, 2024 Effective Date, “Updated IDP”), while also recording multiple high-grade intersections.
    • K2 dilatant zone intercepts:
      • KMDD0752: 13.50 m at 19.02 g/t gold equivalent (“AuEq”) (2) (14.93 g/t Au, 199 g/t Ag, 1.00% Cu)
      • KMDD0746: 14.40 m at 12.09 g/t AuEq (9.58 g/t Au, 54 g/t Ag, 1.15% Cu)
      • KMDD0709: 12.14 m at 5.97 g/t AuEq (4.73 g/t Au, 7 g/t Ag, 0.72% Cu)
      • KMDD0751: 9.50 m at 7.00 g/t AuEq (2.26 g/t Au, 42 g/t Ag, 2.63% Cu)
    • K1 dilatant zone intercepts:
      • KMDD0709: 16.10 m at 15.63 g/t AuEq (11.48 g/t Au, 40 g/t Ag, 2.28% Cu)
      • KMDD0743: 14.05 m at 5.56 g/t AuEq (3.14 g/t Au, 56 g/t Ag, 1.07% Cu)
      • KMDD0692: 8.90 m at 8.60 g/t AuEq (3.73 g/t Au, 81 g/t Ag, 2.41% Cu)
      • KMDD0712: 7.25 m at 5.58 g/t AuEq (3.05 g/t Au, 77 g/t Ag, 0.98% Cu)
    • High-grade intercepts:
      • KMDD0698A: 8.15 m at 24.49 g/t AuEq (24.00 g/t Au, 16 g/t Ag, 0.18% Cu)
      • KMDD0775: 4.00 m at 15.58 g/t AuEq (11.53 g/t Au, 44 g/t Ag, 2.19% Cu)
      • KMDD0715: 6.00 m at 9.73 g/t AuEq (4.75 g/t Au, 49 g/t Ag, 2.72% Cu)
      • KMDD0775: 4.60 m at 8.73 g/t AuEq (2.77 g/t Au, 28 g/t Ag, 3.49% Cu)
  • High-grade zones within Kora's K1 and K2 Veins extended up-dip from main mine, with multiple areas exceeding resource model grades, including:
    • K1 Vein high-grade extension up-dip from main underground mining area:
      • KMDD0753: 10.60 m at 34.57 g/t AuEq (27.85 g/t Au, 37 g/t Ag, 3.91% Cu)
      • KMDD0702: 4.37 m at 33.27 g/t AuEq (32.16 g/t Au, 10 g/t Ag, 0.61% Cu)
      • KMDD0705: 5.30 m at 25.67 g/t AuEq (24.99 g/t Au, 3 g/t Ag, 0.40% Cu)
      • KMDD0726: 7.16 m at 9.79 g/t AuEq (7.07 g/t Au, 8 g/t Ag, 1.64% Cu)
    • K2 Vein high-grade extension up-dip from main underground mining area:
      • KMDD0754: 9.35 m at 13.70 g/t AuEq (11.51 g/t Au, 12 g/t Ag, 1.27% Cu)
      • KMDD0705: 6.60 m at 10.76 g/t AuEq (7.27 g/t Au, 12 g/t Ag, 2.08% Cu)
      • KMDD0714: 9.50 m at 9.53 g/t AuEq (8.05 g/t Au, 5 g/t Ag, 0.89% Cu)
      • KMDD0720: 6.66 m at 8.41 g/t AuEq (6.32 g/t Au, 21 g/t Ag, 1.14% Cu)
  • Judd’s J1 Vein recorded an extension of the high-grade zone up-dip from main mine, with several areas reporting significantly higher grades than the 2023 MRE that was based on, at that time, sparse drilling. Additionally, multiple high-grade intercepts were identified beyond the current resource at Judd Deeps and along strike in both directions:

    • J1 Vein high-grade extension up-dip from main underground mining area:
      • JDD0251: 5.00 m at 178.59 g/t AuEq (177.69 g/t Au, 2 g/t Ag, 0.54% Cu)
      • JDD0258: 3.95 m at 51.67 g/t AuEq (50.06 g/t Au, 24 g/t Ag, 0.81% Cu)
      • JDD0263: 7.38 m at 7.66 g/t AuEq (6.87 g/t Au, 14 g/t Ag, 0.38% Cu)
    • J1 Vein high-grade intercepts at Judd Deeps and north of resource:
      • KMDD0729: 1.30 m at 23.33 g/t AuEq (16.77 g/t Au, 52 g/t Ag, 3.69% Cu)
      • JDD0261: 1.70 m at 23.20 g/t AuEq (21.63 g/t Au, 42 g/t Ag, 0.65% Cu)
      • JDD0265: 2.20 m at 15.24 g/t AuEq (6.39 g/t Au, 78 g/t Ag, 4.91% Cu)
      • JDD0266: 3.47 m at 11.88 g/t AuEq (11.41 g/t Au, 9 g/t Ag, 0.22% Cu)

Notes:
(1) Drill highlights presented above are core lengths (not true widths). Refer to Table 1 to 3.
(2) Gold equivalent (AuEq) exploration results are calculated using longer-term commodity prices with a copper price of US$4.00/lb, a silver price of US$22.5/oz and a gold price of US$1,750/oz.

John Lewins, K92 Chief Executive Officer and Director, stated, “The latest drilling results at Kora and Judd, once again confirm that the resource expansion potential is very significant, and that there are significant opportunities to upgrade multiple areas in terms of both thickness and grade, with increased drill density. The high-grade zones extended up-dip at Kora and Judd in the main mine area, plus the identification of the two new dilatant zones in the twin incline area is especially significant as they are near existing mine infrastructure, providing a near and medium-term benefit to the Stage 3 Expansion ramp-up. This is also the first time dilatant zones have been drilled with significant drill density, demonstrating substantial strike lengths for bulk mining – these zones have already been integrated into our mine plans.

We believe that we control a large gold-copper district of which we are only starting to scratch the surface. In addition to exploration at Kora-Kora South and Judd-Judd South, exploration at Arakompa has considerably expanded over the course of the year, with four drill rigs now operating. We look forward to providing an update in due course.”

The results for the latest 95 diamond drill holes completed from surface and underground are summarized in the tables below. The results continue to demonstrate the high-grade, continuity and expansion potential of the Kora-Kora South and Judd-Judd South vein systems. Intersections largely focused on increasing drill density vertically while also targeting resource extension along strike to the south and north.

All drill holes at Kora-Kora South (including Kora Deeps) intersected mineralization, with 21 intersections exceeding 10 g/t AuEq and 67 intersections exceeding 5 g/t AuEq. At Judd-Judd South (including Judd Deeps), all drill holes intersected mineralization, with 11 intersections exceeding 10 g/t AuEq and 24 intersections exceeding 5 g/t AuEq.

Figures

Long sections of K1, K2, and J1 showing the location of the latest drill holes are provided in Figures 1, 2, and 3 , respectively.

A plan map showing K1 and K2 at the 950 level is provided in Figure 4.

A long section showing Kora drilling to date is provided in Figure 5 .

A long section showing Judd drilling to date is provided in Figure 6 .

Core photographs are provided, of drill hole JDD0251 in Figure 7 , KMDD0753 in Figure 8 and KMDD0702 in Figure 9 .

Table 1
Kainantu Gold Mine – Significant Intercepts from Kora Underground Diamond Drilling
Hole ID From (m) To (m) Interval
(m)		 True width
(m)		 Gold g/t Silver g/t Copper % Gold Eq Vein
KMDD0692 113.00 121.90 8.90 8.13 3.73 81 2.41 8.60 K1
KMDD0692 146.30 154.00 7.70 7.07 2.01 13 0.21 2.51 K2
KMDD0653A 150.00 152.72 2.72 0.84 0.46 33 0.05 0.96 K2
KMDD0653A 194.00 195.82 1.82 0.56 1.87 44 0.05 2.50 K3
KMDD0687A 180.87 181.30 0.43 0.39 1.59 6 0.87 3.06
KMDD0687A 171.45 174.62 3.17 2.88 0.38 11 0.47 1.27 K2
KMDD0687A 167.65 168.05 0.40 0.36 1.40 6 0.08 1.60
KMDD0687A 163.80 164.86 1.06 0.96 0.68 3 0.88 2.13
KMDD0687A 119.80 122.05 2.25 2.04 5.92 1 0.13 6.15 KL
KMDD0687A 101.40 107.90 6.50 5.90 0.33 2 0.86 1.74 K1
KMDD0696A 117.75 119.45 1.70 1.57 3.56 1 0.11 3.74 K1
KMDD0696A 171.35 171.76 0.41 0.38 1.63 5 0.14 1.92 K2
KMDD0696A 187.36 190.27 2.91 2.71 0.08 3 1.93 3.22
KMDD0701A 100.10 105.00 4.90 4.26 2.21 5 1.34 4.43 K1
KMDD0701A 130.00 136.20 6.20 5.97 1.22 4 0.48 2.04 K2
KMDD0710 97.00 101.60 4.60 1.83 5.08 20 1.05 7.01 K1
KMDD0710 110.00 120.70 10.70 4.26 1.14 78 4.71 9.66 K2
KMDD0710 145.10 149.80 4.70 1.86 0.27 46 0.55 1.73 K3
KMDD0702 125.40 129.77 4.37 3.50 32.16 10 0.61 33.27 K1
KMDD0702 129.77 139.30 9.53 7.62 1.29 3 0.47 2.09 KL
KMDD0702 139.30 142.90 3.60 2.88 1.11 6 0.95 2.70 K2
KMDD0702 157.20 159.33 2.13 1.70 6.08 65 1.20 8.83 K3
KMDD0714 124.85 126.35 1.50 1.29 8.15 11 0.53 9.14 K1
KMDD0714 142.00 151.50 9.50 8.30 8.05 5 0.89 9.53 K2
KMDD0714 186.15 188.10 1.95 1.76 1.09 11 1.57 3.75 K3
KMDD0703 66.33 70.25 3.92 3.46 2.76 60 0.53 4.37 K2
KMDD0700 95.00 97.00 2.00 1.95 0.33 5 1.08 2.12 K1
KMDD0700 106.50 107.05 0.55 0.54 2.93 12 4.34 10.04 K1HW
KMDD0700 117.20 118.10 0.90 0.88 5.19 52 0.63 6.85
KMDD0700 131.00 138.00 7.00 6.82 0.27 5 0.49 1.12 K2
KMDD0700 142.00 147.55 5.55 5.41 0.93 10 0.81 2.36 K3
KMDD0698A 136.00 138.66 2.66 1.94 3.05 3 0.26 3.50 K1FW
KMDD0698A 142.55 150.70 8.15 5.92 24.00 16 0.18 24.49 K1
KMDD0698A 180.35 182.00 1.65 1.19 11.32 4 0.59 12.33 KL
KMDD0698A 192.55 195.45 2.90 2.08 4.98 82 1.95 9.13 K2
KMDD0698A 204.10 204.40 0.30 0.21 6.23 164 10.26 24.73 K2HW
KMDD0698A 213.00 229.25 16.25 11.56 0.78 16 0.42 1.66 K3
KMDD0716 216.12 221.00 4.88 4.79 2.50 8 0.51 3.41 K1
KMDD0716 221.00 227.50 6.50 6.38 0.81 14 1.55 3.47 K2
KMDD0715 216.00 222.00 6.00 5.91 4.75 49 2.72 9.73 K1
KMDD0715 229.50 232.40 2.90 2.86 0.48 10 1.60 3.17 K2
KMDD0711 65.15 67.80 2.65 2.52 3.35 15 0.50 4.34 J12
KMDD0711 178.83 187.00 8.17 7.53 3.03 23 0.48 4.10 K1
KMDD0711 194.30 198.35 4.05 3.73 5.07 6 0.65 6.19
KMDD0711 215.73 221.20 5.47 5.01 1.44 8 0.59 2.49 K2
KMDD0713 250.80 256.20 5.40 1.10 1.30 15 0.93 2.99 K1
KMDD0713 262.80 271.58 8.78 0.70 1.01 19 2.32 4.97 K2
KMDD0705 131.30 136.60 5.30 4.32 24.99 3 0.40 25.67 K1
KMDD0705 140.20 146.80 6.60 5.38 7.27 12 2.08 10.76 K2
KMDD0699 123.80 131.05 7.25 5.43 1.30 42 0.38 2.43 K1FW
KMDD0699 131.05 137.47 6.42 4.79 6.94 39 0.17 7.69 K1
KMDD0699 141.60 144.26 2.66 1.98 1.23 13 2.32 5.11 K1HW
KMDD0721 184.20 197.00 12.80 8.38 3.68 11 1.87 6.82 K1
KMDD0721 209.10 214.45 5.35 3.51 0.40 18 1.25 2.62 K2
KMDD0721 141.50 141.80 0.30 0.19 0.39 14 5.60 9.55
KMDD0718 38.58 38.90 0.32 0.29 3.79 10 0.40 4.56
KMDD0718 73.28 73.75 0.47 0.43 0.43 45 2.70 5.32 J1
KMDD0718 110.40 111.55 1.15 1.06 6.46 18 1.92 9.75
KMDD0718 245.30 249.60 4.30 3.98 4.50 16 1.74 7.49 K1
KMDD0718 253.80 262.60 8.80 8.16 0.84 31 2.56 5.33 K2
KMDD0720 127.39 129.15 1.76 1.41 12.54 7 0.98 14.21 K1FW
KMDD0720 143.90 145.00 1.10 0.88 0.61 3 0.20 0.96 K1
KMDD0720 152.50 159.16 6.66 5.33 6.32 21 1.14 8.41 K2
KMDD0720 162.94 164.10 1.16 0.93 0.38 11 2.18 4.02 K2HW
KMDD0709 125.50 141.60 16.10 12.26 11.48 40 2.28 15.63 K1
KMDD0709 144.66 144.80 0.14 0.11 2.32 185 0.75 5.84
KMDD0709 147.00 153.90 6.90 5.23 2.23 37 0.71 3.83 KL
KMDD0709 157.50 157.85 0.35 0.26 5.75 6 0.47 6.58
KMDD0709 159.66 171.80 12.14 9.18 4.73 7 0.72 5.97 K2
KMDD0704 79.75 80.55 0.80 0.64 0.13 52 1.46 3.12 K2
KMDD0727 72.75 76.76 4.01 3.53 1.65 24 1.02 3.59 J1
KMDD0722 86.84 88.86 2.02 0.64 2.20 101 0.69 4.57 K1
KMDD0722 156.55 158.90 2.35 0.78 4.60 16 1.64 7.43 K2
KMDD0717 57.15 57.74 0.59 0.56 0.58 13 0.42 1.41
KMDD0717 77.70 79.70 2.00 1.92 2.63 7 0.49 3.51 J1
KMDD0717 222.40 228.90 6.50 6.38 3.29 22 1.23 5.55 K2
KMDD0731 145.50 146.65 1.15 0.65 1.08 19 2.72 5.68 K1FW
KMDD0731 205.30 213.50 8.20 4.86 5.01 7 1.19 7.01 K1
KMDD0731 220.00 221.00 1.00 0.60 0.39 6 1.76 3.28 KL
KMDD0731 227.50 233.60 6.10 3.65 0.82 21 1.53 3.54 K2
KMDD0731 257.20 260.80 3.60 2.18 0.31 13 0.73 1.64 K2HW
KMDD0724 6.53 8.60 2.07 2.04 0.38 16 0.68 1.68
KMDD0724 56.64 63.50 6.86 5.33 0.11 8 0.96 1.75 K1FW
KMDD0724 71.96 73.66 1.70 1.31 1.67 49 5.00 10.29 K1
KMDD0724 96.24 104.00 7.76 5.97 0.25 10 0.42 1.05 K2
KMDD0726 3.40 5.45 2.05 1.02 0.47 13 0.38 1.25
KMDD0726 17.40 17.70 0.30 0.15 1.29 20 0.35 2.10
KMDD0726 196.60 196.73 0.13 0.08 3.25 42 3.31 9.08
KMDD0726 208.00 209.45 1.45 0.86 5.20 4 0.98 6.82
KMDD0726 213.87 221.03 7.16 4.24 7.07 8 1.64 9.79 K1
KMDD0726 223.40 239.60 16.20 9.69 1.08 27 1.56 3.91 K2
KMDD0726 256.33 257.05 0.72 0.43 0.93 56 6.11 11.43
KMDD0723 221.55 234.30 12.75 1.21 4.21 20 0.18 4.77 K1
KMDD0723 238.60 239.00 0.40 0.04 2.47 420 0.14 7.94 KL
KMDD0723 309.20 325.82 16.62 1.90 0.67 1 0.04 0.74 K2
KMDD0725 8.30 10.55 2.25 2.06 0.18 13 0.41 0.98
KMDD0725 81.00 91.25 10.25 9.31 0.68 38 3.15 6.20 K2
KMDD0725 134.10 134.47 0.37 0.34 18.72 1310 0.06 35.19
KMDD0749 73.15 77.55 4.40 2.98 0.15 3 0.09 0.35
KMDD0749 92.60 97.90 5.30 3.60 1.04 17 4.03 7.70 K1
KMDD0751 197.20 202.10 4.90 4.88 2.07 39 1.56 5.05 K1
KMDD0751 205.60 215.10 9.50 9.47 2.26 42 2.63 7.00 K2
KMDD0750 115.90 127.14 11.24 5.18 0.18 29 3.75 6.56 K1
KMDD0750 130.00 135.00 5.00 2.31 0.07 40 3.95 6.91 K2
KMDD0744 133.18 136.12 2.94 2.31 3.47 2 0.13 3.71 K1
KMDD0744 148.70 152.85 4.15 3.26 1.44 4 0.04 1.55 KL
KMDD0744 159.50 162.40 2.90 2.27 15.96 68 0.15 17.05 K2
KMDD0744 165.80 167.80 2.00 1.57 2.65 33 0.64 4.07 K3
KMDD0729 117.00 118.30 1.30 1.12 16.77 52 3.69 23.33 J1
KMDD0729 255.35 258.00 2.65 2.36 0.98 46 3.56 7.28 K1
KMDD0746 28.95 29.50 0.55 0.50 1.23 1 0.01 1.26
KMDD0746 61.25 63.94 2.69 2.44 5.67 1 0.03 5.74
KMDD0746 70.40 76.13 5.73 5.19 1.41 26 0.61 2.72 J1
KMDD0746 202.10 205.30 3.20 3.00 1.59 1 0.01 1.62 K1
KMDD0746 211.90 216.65 4.75 4.45 2.15 18 0.51 3.20 KL
KMDD0746 217.90 232.30 14.40 13.50 9.58 54 1.15 12.09 K2
KMDD0730 184.90 195.25 10.35 6.81 3.19 7 0.93 4.77 K1
KMDD0730 207.00 209.00 2.00 0.99 1.16 21 0.69 2.53 K2
KMDD0742 80.83 81.73 0.90 0.87 1.99 2 0.30 2.50 J1
KMDD0742 143.24 143.50 0.26 0.25 1.58 26 0.91 3.36
KMDD0742 227.00 230.88 3.88 3.77 5.62 34 0.96 7.59 K2
KMDD0719 74.30 75.00 0.70 0.64 2.05 33 1.57 4.98
KMDD0719 109.15 110.40 1.25 1.14 1.42 43 0.93 3.45 J1
KMDD0719 248.00 253.76 5.76 5.30 6.07 25 1.30 8.46 K1
KMDD0719 254.70 258.30 3.60 3.31 2.10 25 0.90 3.86 K2
KMDD0719 260.70 260.94 0.24 0.22 1.59 2 0.07 1.73
KMDD0741 53.75 54.55 0.80 0.75 1.59 11 0.60 2.69
KMDD0741 85.75 88.70 2.95 2.76 1.75 3 0.39 2.41 J1
KMDD0741 138.40 139.85 1.45 1.36 1.48 28 3.98 8.21
KMDD0741 219.30 225.45 6.15 5.84 3.25 23 1.77 6.38 K2
KMDD0743 68.70 73.80 5.10 4.70 1.37 10 0.33 2.03 J1
KMDD0743 193.80 207.85 14.05 13.10 3.14 56 1.07 5.56 K1
KMDD0743 210.00 216.13 6.13 5.71 2.58 87 1.26 5.69 KL
KMDD0743 217.40 227.40 10.00 9.32 0.70 7 0.59 1.73 K2
KMDD0747 113.86 114.70 0.84 0.74 1.53 7 0.21 1.96 J1
KMDD0747 251.10 255.80 4.70 4.23 4.59 26 1.94 8.03 K2
KMDD0745 107.10 118.45 11.35 10.10 3.80 3 0.41 4.50 K1
KMDD0745 144.10 151.00 6.90 6.11 0.72 8 0.53 1.68 K2
KMDD0748 74.95 75.55 0.60 0.51 0.83 21 2.32 4.81
KMDD0748 112.75 118.00 5.25 4.44 0.85 4 0.68 1.98 J1
KMDD0748 263.50 268.15 4.65 3.90 5.64 12 1.37 7.98 K2
KMDD0748 271.15 275.25 4.10 3.44 0.79 22 1.22 3.02
KMDD0752 77.68 79.30 1.62 1.62 3.50 12 1.77 6.48 J1
KMDD0752 200.00 202.65 2.65 2.63 1.32 3 0.01 1.37 K1
KMDD0752 211.80 225.30 13.50 13.42 14.93 199 1.00 19.02 K2
KMDD0752 230.25 231.20 0.95 0.94 1.32 3 0.00 1.36
KMDD0753 167.70 168.00 0.30 0.16 0.48 21 2.77 5.18
KMDD0753 231.56 231.85 0.29 0.15 0.27 7 2.00 3.56
KMDD0753 237.80 248.40 10.60 5.63 27.85 37 3.91 34.57 K1
KMDD0753 250.00 255.20 5.20 2.76 0.24 13 0.79 1.66 KL
KMDD0753 257.40 263.40 6.00 3.19 2.49 19 1.05 4.42 K2
KMDD0753 270.00 273.00 3.00 1.59 0.36 11 1.35 2.67 K2HW
KMDD0753 291.00 294.30 3.30 1.75 0.31 14 0.30 0.97 K3
KMDD0754 169.70 169.97 0.27 0.15 0.83 31 6.14 11.06 K1FW
KMDD0754 243.10 252.45 9.35 5.35 11.51 12 1.27 13.70 K2
KMDD0754 256.66 270.80 14.14 8.14 0.51 23 1.25 2.80 K2HW
KMDD0754 270.80 288.18 17.38 10.05 0.43 17 0.99 2.23 K3
KMDD0756 43.00 52.40 9.40 8.58 5.33 47 1.88 8.92 K2
KMDD0757 23.70 25.70 2.00 1.82 0.71 2 0.16 1.00 K1
KMDD0757 43.40 49.65 6.25 5.69 3.14 16 0.79 4.60 K2
KMDD0755 26.00 28.95 2.95 2.67 7.76 3 0.58 8.74 K1
KMDD0755 32.77 36.80 4.03 3.65 0.78 2 0.50 1.60 KL
KMDD0755 44.94 52.30 7.36 6.68 1.77 11 0.43 2.61 K2
KMDD0766 54.43 56.00 1.57 1.50 1.04 9 0.07 1.26
KMDD0766 82.08 84.75 2.67 2.56 0.36 1 0.32 0.89 J1
KMDD0766 224.30 227.50 3.20 3.08 2.99 16 1.08 4.93 K2
KMDD0761 76.27 76.80 0.53 0.44 1.15 16 2.04 4.62
KMDD0761 123.30 126.40 3.10 2.57 5.67 8 0.16 6.03 J1
KMDD0761 268.00 272.00 4.00 3.38 2.63 17 1.71 5.59 K2
KMDD0761 274.23 277.00 2.77 2.34 0.39 4 1.02 2.08 K2HW
KMDD0761 278.90 283.60 4.70 3.96 0.31 11 0.70 1.57 K3
KMDD0758 18.20 19.00 0.80 0.23 1.36 10 0.29 1.95
KMDD0758 136.20 137.20 1.00 0.29 0.13 24 2.43 4.33
KMDD0758 163.70 179.70 16.00 4.73 0.26 7 0.70 1.48 K1
KMDD0758 190.10 192.00 1.90 0.57 0.12 22 1.74 3.17 KL
KMDD0758 203.00 206.80 3.80 1.14 0.14 16 1.24 2.33 K2
KMDD0760 124.60 128.40 3.80 2.96 0.25 8 0.32 0.86 J1
KMDD0760 268.00 271.65 3.65 2.95 0.26 15 1.05 2.15 K1
KMDD0760 279.75 283.30 3.55 2.55 0.71 32 3.04 5.99 K2
KMDD0760 288.00 288.50 0.50 0.40 6.18 48 1.82 9.69 K3
KMDD0712 66.60 68.75 2.15 2.07 2.34 23 0.76 3.85
KMDD0712 174.45 174.95 0.50 0.48 2.35 7 1.25 4.44
KMDD0712 180.10 180.50 0.40 0.39 4.16 3 0.46 4.94
KMDD0712 184.50 191.75 7.25 6.98 3.05 77 0.98 5.58 K1
KMDD0712 194.30 198.20 3.90 3.76 1.69 4 0.87 3.13 KL
KMDD0712 203.25 204.27 1.02 0.98 0.52 23 6.56 11.33
KMDD0712 206.65 207.50 0.85 0.82 7.05 22 2.63 11.54
KMDD0712 211.65 219.40 7.75 7.47 0.83 23 0.25 1.51 K2
KMDD0773 99.80 107.36 7.56 6.82 3.15 5 0.39 3.85 K1
KMDD0773 108.10 113.35 5.25 4.74 1.42 5 0.32 1.99 KL
KMDD0773 145.40 153.25 7.85 7.08 0.21 4 0.20 0.57 K2
KMDD0772 119.50 123.53 4.03 3.01 2.89 3 0.14 3.14 K1
KMDD0772 156.58 159.00 2.42 1.79 3.35 6 0.47 4.18 K2
KMDD0774 118.80 124.30 5.50 3.93 5.41 1 0.13 5.64 K1
KMDD0775 18.45 21.00 2.55 2.17 9.65 79 0.45 11.36
KMDD0775 66.00 68.80 2.80 2.41 0.40 15 0.54 1.46 J12
KMDD0775 106.25 106.75 0.50 0.43 2.59 4 0.16 2.89 J1
KMDD0775 195.30 199.30 4.00 3.59 11.53 44 2.19 15.58 K1
KMDD0775 209.60 218.60 9.00 8.06 0.71 21 1.47 3.34 KL
KMDD0775 221.80 226.40 4.60 4.10 2.77 28 3.49 8.73 K2


Table 2
Kainantu Gold Mine – Significant Intercepts from Judd Underground Diamond Drilling
Hole ID From (m) To (m) Interval (m) True width (m) Gold g/t Silver g/t Copper % Gold Eq Vein
JDD0240 111.80 114.60 2.80 1.75 6.00 34 2.08 9.75 J1N
JDD0240 105.75 106.90 1.15 0.72 2.68 5 0.02 2.77 J1L
JDD0240 91.00 93.05 2.05 1.28 3.69 4 0.20 4.06 J1
JDD0240 76.83 77.52 0.69 0.43 0.86 6 0.16 1.19
JDD0240 43.00 45.00 2.00 1.26 4.86 3 0.11 5.07
JDD0229 85.30 86.66 1.36 0.52 5.08 81 1.27 8.13
JDD0229 133.75 134.50 0.75 0.29 6.33 162 0.14 8.59
JDD0229 154.30 155.10 0.80 0.31 0.63 78 2.79 6.09
JDD0229 168.86 169.37 0.51 0.19 0.41 21 2.53 4.72
JDD0229 172.10 179.20 7.10 2.71 1.43 80 2.80 6.93 J1
JDD0229 316.60 317.70 1.10 0.42 1.68 8 1.07 3.50 J1L
JDD0241 40.90 41.30 0.40 0.27 1.63 1 0.03 1.69
JDD0241 42.80 43.37 0.57 0.39 2.32 1 0.04 2.40
JDD0241 61.55 62.30 0.75 0.51 8.92 1 0.13 9.14 J1
JDD0241 92.00 93.55 1.55 1.05 2.49 56 0.10 3.35
JDD0241 97.00 102.37 5.37 3.65 2.09 50 0.28 3.16 J1L
JDD0241 109.00 110.00 1.00 0.68 2.00 10 0.35 2.69
JDD0244 57.95 58.94 0.99 0.56 1.62 1 0.01 1.65 J1HW
JDD0244 64.30 74.80 10.50 5.98 2.86 9 0.47 3.72 J1
JDD0244 98.35 99.25 0.90 0.51 1.10 9 0.10 1.37
JDD0228 92.18 95.57 3.39 1.90 0.99 27 0.36 1.91
JDD0228 128.34 142.25 13.91 7.79 0.80 15 0.25 1.40 J1
JDD0228 169.70 178.12 8.42 4.59 0.51 22 0.74 1.98 J1L
JDD0242 64.63 66.15 1.52 1.00 5.94 6 0.11 6.20 J1
JDD0246 98.66 100.90 2.24 1.70 0.84 8 0.15 1.17 J1
JDD0246 117.75 119.20 1.45 1.37 0.24 3 0.05 0.35 J12
JDD0248 62.85 64.70 1.85 2.39 0.12 2 0.05 0.22 J1
JDD0248 126.90 128.32 1.42 2.47 1.65 1 0.02 1.70 J12
JDD0243 27.60 28.00 0.40 0.30 2.89 42 0.41 4.07
JDD0243 44.34 47.70 3.36 2.51 0.20 27 0.24 0.93
JDD0243 56.60 57.13 0.53 0.40 1.51 79 0.06 2.59
JDD0243 111.33 111.64 0.31 0.24 1.29 33 0.79 2.97
JDD0243 145.68 150.00 4.32 3.32 0.75 19 1.05 2.67 J1
JDD0243 156.00 157.47 1.47 1.13 0.69 41 1.42 3.49 J1FW
JDD0243 189.78 190.00 0.22 0.17 0.78 37 6.26 11.28 J1L
JDD0243 203.00 203.70 0.70 0.55 94.52 159 2.10 99.89
JDD0250 29.28 31.35 2.07 2.01 0.35 4 0.08 0.53 J12
JDD0250 44.08 47.10 3.02 2.93 0.16 3 0.11 0.37 J1
JDD0249 35.60 37.16 1.56 1.48 0.33 3 0.07 0.48 J12
JDD0249 47.00 49.07 2.07 1.96 1.94 6 0.13 2.23 J1
JDD0253 39.22 46.50 7.28 5.93 0.58 3 0.29 1.07 J12
JDD0253 56.62 59.60 2.98 2.43 0.96 4 0.05 1.10 J1
JDD0253 71.20 71.50 0.30 0.25 0.36 30 3.55 6.43
JDD0247 104.78 108.90 4.12 3.28 1.42 12 0.34 2.12 J1
JDD0253A 121.00 122.14 1.14 0.66 0.06 1 0.01 0.08 J12
JDD0253A 141.45 143.30 1.85 1.61 1.51 20 1.03 3.42 J1
JDD0251 56.00 57.00 1.00 0.62 1.43 19 0.05 1.75
JDD0251 105.00 106.00 1.00 0.62 1.83 14 0.06 2.10
JDD0251 123.30 123.90 0.60 0.37 2.63 15 0.19 3.12
JDD0251 152.00 157.00 5.00 3.08 177.69 2 0.54 178.59 J1
JDD0251 163.00 165.00 2.00 1.22 53.21 138 2.44 58.83 J1L
JDD0251 175.30 176.20 0.90 0.55 2.21 1 0.28 2.67 J1N
JDD0255 117.18 119.92 2.74 2.48 2.34 6 0.44 3.12 J12
JDD0255 139.25 140.89 1.64 1.48 3.71 33 0.11 4.31 J1
JDD0252 122.00 123.50 1.50 0.93 48.60 1 0.06 48.71
JDD0252 136.40 138.45 2.05 1.26 2.32 7 0.33 2.95
JDD0252 165.65 172.33 6.68 4.05 0.46 2 0.30 0.96 J1
JDD0252 185.60 188.07 2.47 1.47 1.88 7 0.63 2.98 J1L
JDD0252 198.10 199.70 1.60 0.94 0.68 25 2.24 4.59
JDD0257 139.85 141.40 1.55 1.05 9.43 1 0.13 9.65 J1
JDD0257 157.23 162.60 5.37 3.65 0.77 9 0.78 2.13 J1L
JDD0257 187.34 192.20 4.86 3.34 1.09 41 0.05 1.68 J1FW
JDD0254 123.45 127.60 4.15 4.09 5.71 30 0.91 7.55 J1
JDD0258 133.08 137.03 3.95 2.45 50.06 24 0.81 51.67 J1
JDD0258 156.75 161.60 4.85 3.01 24.37 96 2.26 29.19 J1L
JDD0258 170.10 173.50 3.40 2.11 2.88 12 0.55 3.90
JDD0260 20.60 22.75 2.15 2.00 2.08 9 0.49 2.97 J12
JDD0260 37.00 39.20 2.20 2.05 1.21 14 3.22 6.55 J1
JDD0259 51.60 52.55 0.95 0.63 2.64 10 0.12 2.96
JDD0259 76.05 76.50 0.45 0.30 2.47 117 3.99 10.33
JDD0259 100.12 101.37 1.25 0.83 2.81 9 0.02 2.95
JDD0259 111.60 112.65 1.05 0.70 4.14 2 0.21 4.50
JDD0259 133.80 134.60 0.80 0.53 4.34 18 0.07 4.68
JDD0259 155.60 156.26 0.66 0.44 1.63 46 0.95 3.73 J1
JDD0259 184.80 189.85 5.05 3.38 2.06 21 0.55 3.21 J1L
JDD0259 196.73 198.00 1.27 0.85 1.75 23 0.24 2.41
JDD0259 206.60 207.60 1.00 0.67 1.46 15 1.12 3.44
JDD0261 67.30 69.00 1.70 1.17 21.63 42 0.65 23.20 J1
JDD0262 92.00 93.40 1.40 1.09 24.90 48 0.66 26.54
JDD0262 130.80 135.90 5.10 4.12 2.29 16 0.94 4.01 J1
JDD0262 136.56 139.87 3.31 2.68 0.69 11 0.76 2.04 J1L
JDD0266 29.00 30.50 1.50 0.91 7.75 13 2.59 12.05 J12
JDD0266 77.14 80.61 3.47 2.09 11.41 9 0.22 11.88 J1
JDD0267 46.67 47.50 0.83 0.61 1.20 17 0.12 1.61
JDD0267 96.85 98.10 1.25 0.92 3.74 38 0.58 5.15
JDD0267 118.00 119.30 1.30 0.96 1.26 2 0.03 1.33
JDD0267 126.60 129.78 3.18 2.34 3.24 9 0.13 3.56 J1
JDD0267 142.00 142.79 0.79 0.58 1.70 10 0.00 1.83
JDD0267 148.00 149.76 1.76 1.30 1.18 27 0.20 1.84 J1L
JDD0267 172.60 174.00 1.40 1.03 0.81 42 1.45 3.67 J1FW
JDD0267 181.50 182.10 0.60 0.44 2.44 14 1.86 5.60
JDD0256 131.75 132.70 0.95 0.49 1.72 8 0.69 2.92
JDD0256 141.10 143.10 2.00 1.03 5.02 5 0.08 5.20
JDD0256 152.15 152.60 0.45 0.23 25.60 40 6.64 36.75
JDD0256 169.45 169.80 0.35 0.18 1.23 19 0.61 2.45
JDD0256 191.90 192.80 0.90 0.46 2.98 5 0.25 3.45
JDD0256 201.40 209.84 8.44 4.36 0.74 3 0.20 1.10 J1
JDD0256 217.40 218.20 0.80 0.41 1.92 43 0.55 3.34
JDD0256 224.00 225.70 1.70 0.87 8.03 46 5.25 17.03 J1L
JDD0263 30.00 30.80 0.80 0.63 2.59 11 0.01 2.74
JDD0263 54.10 54.40 0.30 0.24 1.20 47 3.21 6.94
JDD0263 106.60 107.10 0.50 0.40 4.02 1 0.14 4.26
JDD0263 120.40 120.80 0.40 0.32 4.26 3 0.05 4.38
JDD0263 128.10 135.48 7.38 5.84 6.87 14 0.38 7.66 J1
JDD0265 29.23 30.00 0.77 0.53 1.97 14 2.34 5.90 J12
JDD0265 56.80 59.00 2.20 1.51 6.39 78 4.91 15.24 J1
JDD0270 39.62 40.70 1.08 0.61 2.17 2 0.04 2.27 J12
JDD0270 80.70 84.45 3.75 2.18 4.64 8 0.74 5.93 J1


Table 3
Kainantu Gold Mine – Significant Intercepts from Kora South, Judd and Judd South Surface Diamond Drilling
Hole ID From (m) To (m) Interval (m) True width (m) Gold g/t Silver g/t Copper % Gold Eq Vein
KUDD0065 145.90 146.90 1.00 0.67 0.35 52 0.04 1.08 K2HW
KUDD0065 148.20 153.60 5.40 3.62 0.62 79 0.12 1.84 K2
KUDD0065 199.30 200.10 0.80 0.54 2.42 11 0.61 3.52 K1FW
KUDD0065 210.30 217.00 6.70 4.49 0.58 10 0.35 1.25 KLS
KUDD0065 226.30 233.00 6.70 4.49 0.39 22 2.68 4.89 KLSFW
KUDD0066 190.10 191.00 0.90 0.47 0.58 195 0.08 3.23 K2
KUDD0066 226.40 228.20 1.80 0.94 0.27 20 0.01 0.55 K1
KUDD0066 252.40 259.00 6.60 3.43 0.71 66 2.06 4.78 KLS
KUDD0066 197.10 197.80 0.70 0.36 0.04 94 0.01 1.28 K2FW
KUDD0067 167.50 169.70 2.20 1.14 0.20 32 2.48 4.49 K2FW
KUDD0067 217.70 220.00 2.30 1.20 0.60 29 9.08 15.21 K2HW
KUDD0067 203.10 209.30 6.20 3.22 0.08 51 1.76 3.50 K2
KUDD0067 107.70 110.00 2.30 1.20 0.49 42 1.09 2.74 K1
KUDD0067 87.50 89.70 2.20 1.14 1.04 7 0.26 1.54 K1FW
KUDD0067 133.70 137.30 3.60 1.87 1.54 5 0.31 2.08 K1HW
KUDD0068 136.80 137.20 0.40 0.21 0.02 15 0.65 1.23 K2HW
KUDD0068 114.60 115.10 0.50 0.27 20.91 16 0.06 21.21 K2FW
KUDD0068 117.60 119.70 2.10 1.11 5.26 67 3.48 11.57 K2
KUDD0068 99.60 106.40 6.80 3.60 1.39 118 6.18 12.60 K1
KUDD0068 111.00 112.00 1.00 0.53 0.51 19 0.87 2.12 K1HW
KUDD0069 179.20 187.70 8.50 2.47 1.66 50 4.41 9.21 K2
KUDD0069 134.40 147.20 12.80 3.71 0.19 16 1.14 2.18 K1
KUDD0070 141.00 149.00 8.00 3.28 0.43 121 2.58 6.04 K1
KUDD0070 160.00 178.00 18.00 7.38 0.38 24 2.04 3.89 K2


Table 4
Kainantu Gold Mine – Collar Locations for Kora and Judd Surface and Underground Drilling
Hole ID

 Collar location Collar orientation Lode

Local North Local East mRL Dip Local azimuth EOH depth (m)
JDD02285802229845122615141300Judd
JDD02295802229845122832140338Judd
JDD02405864329934134327133138Judd
JDD0241586452993411513590140Judd
JDD0242586452993413433473110Judd
JDD024358028298451225-5192227Judd
JDD0244586462993413432855122Judd
JDD0246588273001490435305194Judd
JDD0247588263001490542268168Judd
JDD0248588253001390427237180Judd
JDD024958867299181112-511582Judd
JDD025058867299191112-485116Judd
JDD0251586482988713348248190Judd
JDD02525864729886133418142212Judd
JDD02535887029915111206495Judd
JDD0253A58858298461111-389195Judd
JDD025458858298461111-2197145Judd
JDD025558858298461111-2880141Judd
JDD02565864729886133529141241Judd
JDD02575864829887133640107208Judd
JDD0258586512988813354081196Judd
JDD02595865029887133535125228Judd
JDD026058939299401122211349Judd
JDD026158940299391121-53116112Judd
JDD02625865029887133416128176Judd
JDD0263586482988613353594161Judd
JDD026558942299411122452110Judd
JDD026658942299401120-3949121Judd
JDD02675865029887133533106182Judd
JDD027058941299411122-1641129Judd
KMDD0653A58022298391224-30209253Kora
KMDD0687A590062994889828285216Kora
KMDD0692587582989591020253154Kora
KMDD0696A590062994889713301234Kora
KMDD0698A589512993989825236231Kora
KMDD0699589502993989713237182Kora
KMDD0700587602989590914282165Kora
KMDD0701A587592989590914265156Kora
KMDD07025864829926134439288197Kora
KMDD07035802529838122733276153Kora
KMDD070458025298381225-33275200Kora
KMDD07055864729926134442265188Kora
KMDD0709587582989590911238187Kora
KMDD071058025298391224-61271197Kora
KMDD0711587442996590520284250Kora
KMDD0712587422996590520266239Kora
KMDD071358025298391224-77263327Kora
KMDD07145864429926134437246196Kora
KMDD071558623299639065266243Kora
KMDD07165862329963907142622307Kora
KMDD0717586232996390724268271Kora
KMDD071858615299839068253278Kora
KMDD0719586152998390617253274Kora
KMDD07205864429926134333239180Kora
KMDD07215864329927134330225226Kora
KMDD07225802229840122845204296Kora
KMDD072358023298401224-62210367Kora
KMDD072458215298391225422881225Kora
KMDD072558215298381222-15288135Kora
KMDD07265864329927134327216291Kora
KMDD0727587412996590520248274Kora
KMDD072958615299839063247274Kora
KMDD07305864329927134220224239Kora
KMDD07315864329927134217218278Kora
KMDD074158622299639064257245Kora
KMDD0742586232996390719263249Kora
KMDD0743587412996590519258241Kora
KMDD074458936299321121-28248174Kora
KMDD074558936299321121-20261172Kora
KMDD0746587412996590521250267Kora
KMDD0747586152998390618137258Kora
KMDD0748586152998390721248288Kora
KMDD074958215298381221-38290183Kora
KMDD075058214298391222-52290215Kora
KMDD075158623299639064272253Kora
KMDD0752586232996390713273244Kora
KMDD07535864329927134219211353Kora
KMDD0754586432992713428211349Kora
KMDD075558623299639071926378Kora
KMDD075658722298201135-1726762Kora
KMDD075758707298171135-1927076Kora
KMDD075858215298391221-67286304Kora
KMDD076058615299839068242298Kora
KMDD0761586152998390716242315Kora
KMDD0766586222996390714257239Kora
KMDD077258937299331120-31270166Kora
KMDD077358937299341121-20276172Kora
KMDD077458938299321121-31302158Kora
KMDD07755862329965905-17263261Kora
KUDD006557961297361857-48085262Kora South
KUDD006657961297361857-58111280Kora South
KUDD006758095298811848-72248277Kora South
KUDD006858095298811848-58306138Kora South
KUDD006958099298811835-73303258Kora South
KUDD007058099298821833-66320261Kora South

Table 5
Kora and Judd Mineral Resource Estimate (Effective Date September 12, 2023, 3 g/t gold equivalent cut-off)
TonnesGoldSilverCopperAuEq
Mtg/tmozg/tmoz%ktg/tmoz
Kora
Measured3.78.741.020.52.51.2145.010.961.3
Indicated3.16.990.721.92.21.3141.39.401.0
Total M&I 6.9 7.94 1.8 21.1 4.7 1.25 86.2 10.24 2.3
Inferred14.35.602.628.713.21.62231.28.603.9
Judd
Measured0.49.050.1219.00.250.803.210.580.14
Indicated0.86.370.1715.60.420.736.27.760.21
Total M&I 1.2 7.24 0.29 16.7 0.67 0.75 9.4 8.68 0.35
Inferred2.36.270.4515.81.150.7617.27.720.56
Kora and Judd
Measured4.18.771.220.42.71.1748.210.921.5
Indicated4.06.860.920.62.61.1947.49.051.2
Total M&I 8.1 7.83 2.0 20.5 5.3 1.18 95.6 10.00 2.6
Inferred16.55.693.027.014.31.50248.38.484.5
  • The Independent Qualified Person responsible for the Mineral Resource estimate is Simon Tear, P.Geo. of H & S Consultants Pty. Ltd., Sydney, Australia, and the effective date of the estimate is September 12, 2023. (Refer to technical report, titled, “Independent Technical Report, Kainantu Gold Mine, Updated Integrated Development Plan, Kainantu Project, Papua New Guinea” dated November 28, 2024, with an effective date of January 1, 2024.)
  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  • Geological interpretation has generated a series of narrow, sub-vertical vein structures based on delineated wireframes on 10m, 20m and 25m spaced cross sections. The design of the lode wireframes is based on a combination of logged geology, Au, Cu & Ag assay grades and locally on a nominal minimum mining width of 5.2m, all coupled with geological sense.
  • Resources were compiled at 3 g/t gold equivalent cut-off grades for Kora and Judd.
  • Density (t/m 3 ) was modelled using Ordinary Kriging on 2,778 sample measurements. Areas within the mineral wireframes where no density grades were interpolated had average default values inserted at appropriate levels.
  • Reported tonnage and grade figures are rounded from raw estimates to reflect the order of accuracy of the estimate.
  • Minor variations may occur during the addition of rounded numbers.
  • Estimations used metric units (metres, tonnes and g/t).
  • Gold equivalents are calculated as AuEq = Au g/t + Cu%*1.6481+ Ag g/t*0.0114. Gold price US$1,700/oz; Silver US$22.5/oz; Copper US$4.00/lb. Metal payabilities and recoveries are incorporated into the AuEq formula. Recoveries of 95% for copper and 80% for silver were used.

Drill Hole Sampling Methodology, QA/QC and Qualified Person

The diamond drill hole is first logged to determine the sampling intervals, which range from a minimum of 0.1 metres to generally 1 metre. The drill core is sawn half core cut along a reference line, with the remainder of the core returned to the core tray. Core samples are then placed in numbered calico and plastic bags, with a numbered sample ticket for dispatch to the assay laboratory. Samples are separately assayed for gold, copper and silver. K92’s procedure includes the insertion standards, blanks and duplicates. Gold assays are by the fire assay method. Copper and silver assays are by three-acid-digestion method (nitric, perchloric and hydrochloric mix).

K92 maintains an industry-standard analytical quality assurance and quality control (QA/QC) and data verification program to monitor laboratory performance and ensure high quality assays. Results from this program confirm reliability of the assay results. All sampling and analytical work for the mine exploration program is performed by Intertek Testing Services (PNG) Ltd, an independent accredited laboratory that is located on site. External check assays for QA/QC purposes are performed at SGS Australia Pty Ltd in Townsville, Queensland, Australia.

K92 Executive Vice President, Exploration, Mr. Chris Muller, PGeo, and K92 Mine Geology Manager and Mine Exploration Manager, Andrew Kohler, MAIG, both Qualified Persons under the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects , have reviewed and are responsible for the technical content of this news release. In addition to the analytical QA/QC program outlined above, data verification also includes significant time onsite reviewing drill core, soil and outcrop sampling, artisanal workings, as well as discussing work programs and results with geology personnel and external consultants.

About K92

K92 Mining Inc. is engaged in the production of gold, copper and silver 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, is in a strong financial position, and is working to become a Tier 1 mid-tier producer through ongoing plant expansions. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.

On Behalf of the Company,

John Lewins, Chief Executive Officer and Director

For further information, please contact David Medilek, P.Eng., CFA, President and Chief Operating Officer at +1-604-416-4445

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Such forward-looking statements include, without limitation: (i) the results of the Kainantu Mine Definitive Feasibility Study, and the Kainantu Preliminary Economic Assessment, including the Stage 3 Expansion, a new standalone 1.2 mtpa process plant and supporting infrastructure; (ii) statements regarding the expansion of the mine and development of any of the deposits; (iii) the Kainantu Stage 4 Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs; and (iv) the potential extended life of the Kainantu Mine.

All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, without limitation, Public Health Crises, including the COVID-19 virus; changes in the price of gold, silver, copper and other metals in the world markets; fluctuations in the price and availability of infrastructure and energy and other commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares; inherent risks associated with the mining industry, including problems related to weather and climate in remote areas in which certain of the Company’s operations are located; failure to achieve production, cost and other estimates; risks and uncertainties associated with exploration and development; uncertainties relating to estimates of mineral resources including uncertainty that mineral resources may never be converted into mineral reserves; the Company’s ability to carry on current and future operations, including development and exploration activities at the Arakompa, Kora, Judd and other projects; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the availability and costs of achieving the Stage 3 Expansion or the Stage 4 Expansion; the ability of the Company to achieve the inputs the price and market for outputs, including gold, silver and copper; failures of information systems or information security threats; political, economic and other risks associated with the Company’s foreign operations; geopolitical events and other uncertainties, such as the conflicts in Ukraine, Israel and Palestine; compliance with various laws and regulatory requirements to which the Company is subject to, including taxation; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions, including relationship with the communities in Papua New Guinea and other jurisdictions it operates; other assumptions and factors generally associated with the mining industry; and the risks, uncertainties and other factors referred to in the Company’s Annual Information Form under the heading “Risk Factors”.

Estimates of mineral resources are also forward-looking statements because they constitute projections, based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in the future and/or the anticipated economics of production. The estimation of mineral resources and mineral reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, Forward-looking statements are not a guarantee of future performance, and actual results and future events could materially differ from those anticipated in such statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause actual results to differ materially from those that are anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Figure 1 – K1 Vein Long Section

Figure 1 – K1 Vein Long Section

Figure 2 – K2 Vein Long Section

Figure 2 – K2 Vein Long Section

Figure 3 – J1 Vein Long Section

Figure 3 – J1 Vein Long Section

Figure 4 – K1 and K2 Vein Plan Map (950 Level)

Figure 4 – K1 and K2 Vein Plan Map (950 Level)

Figure 5 – Kora-Irumafimpa Long Section

Figure 5 – Kora-Irumafimpa Long Section

Figure 6 – Judd Long Section

Figure 6 – Judd Long Section

Figure 7 – JDD0251 Core Photograph, 151.59 – 156.45m; within intersection of 5.00 m at 178.59 g/t AuEq or 177.69 g/t Au, 2 g/t Ag and 0.54% Cu from the J1 Vein.

Figure 8 - JDD0251 Core Photograph

Figure 8 – KMDD0753 Core Photograph, 237.10 – 248.62m; within intersection of 10.60 m at 34.57 g/t AuEq or 27.85 g/t Au, 37 g/t Ag and 3.91% Cu from the K1 Vein.

Figure 9 - KMDD0753 Core Photograph

Figure 9 – KMDD0702 Core Photograph, 123.00 – 128.24m; within intersection of 4.37 m at 33.27g/t AuEq or 32.16 g/t Au, 10 g/t Ag and 0.61% Cu from the K1 Vein.

Figure 10 - KMDD0702 Core Photograph

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/064a9c40-fada-4234-95db-4c39d433638e

https://www.globenewswire.com/NewsRoom/AttachmentNg/413e3218-7e10-44d2-a0bb-5faaaa9969d7

https://www.globenewswire.com/NewsRoom/AttachmentNg/7cc7a0d3-1619-46fd-9fb2-05f096957a89

https://www.globenewswire.com/NewsRoom/AttachmentNg/7fa60ea0-cdff-4f31-b8f3-5427b875b07f

https://www.globenewswire.com/NewsRoom/AttachmentNg/8f594a08-f037-4bea-a7cb-4100bba460dc

https://www.globenewswire.com/NewsRoom/AttachmentNg/9d0e873c-d8e7-4e33-9048-5c1059e4d509

https://www.globenewswire.com/NewsRoom/AttachmentNg/7ff1e4ac-504c-4e80-b8c6-a54647c4998a

https://www.globenewswire.com/NewsRoom/AttachmentNg/57b10fbe-eb32-45f8-8ded-23821ed0748b

https://www.globenewswire.com/NewsRoom/AttachmentNg/72ba22ab-9608-4734-a07a-9817f53e6032


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