K92 MINING INC. REPORTS STRONG FOURTH QUARTER AND FULL-YEAR 2019 RESULTS AND RECORD ANNUAL PRODUCTION AND COSTS

VANCOUVER, British Columbia, March 27, 2020 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSXV: KNT; OTCQB: KNTNF) is pleased to announce results from its financial statements for the three and twelve months ended December 31, 2019.

Fourth Quarter 2019 Highlights

• Record quarterly cash costs of US$461 per gold ounce and all-in sustaining costs (AISC) of US$658 per gold ounce.
• Record quarterly gold equivalent (AuEq) production of 23,646 AuEq ounces, exceeding budget by 30% and increasing 23% from the third quarter.
• Record quarterly revenue totaling US$33.4 million, increasing 59% from the third quarter. The financial results do not include 4,167 oz of gold ounces held in inventory, which was sold in January due to longer concentrate drying times.
• Record net income for the three months ended December 31, 2019 of US$22.5 million or US$0.10 per share.
• Record operating cash flow (before working capital adjustments) for the three months ended December 31, 2019 of US$18,061,639 or US$0.09 per share.
• Record quarterly gross margin of 58%.

Full Year 2019 Highlights:

• Record annual cash costs of US$494 per gold ounce and AISC of US$680 per gold ounce. This was significantly below the upgraded guidance of US$560-$600/oz Au (originally $580-620/oz Au) and AISC of US$720-760/oz Au (originally US$780-820/oz Au).
• Record AuEq production of 82,256 AuEq ounces, increasing 91% from 2018. This exceeded the top end of the upgraded production guidance range of 72,000 to 80,000 AuEq oz.
• Record annual revenue of US$101.7 million, increasing 91% from 2018.
• Record net income for the twelve months ended December 31, 2019 of US$32.5 million or US$0.16 per share.
• Record operating cash flow (before working capital adjustments) for the twelve months ended December 31, 2019 of US$49,713,822 or US$0.24 per share.
• Record annual gross margin of 53%.

For complete details of the annual audited consolidated financial statements and associated management's discussion and analysis, please refer to the Company's profile on SEDAR (www.sedar.com).  All amounts are in U.S. dollars unless otherwise indicated.