K92 Mining Inc. Achieves Record Gold Equivalent Production of 26,847 Oz From Kainantu Gold Mine in Second Quarter - Seite 3

John Lewins, K92 Chief Executive Officer and Director, stated, “It is a testament to the extraordinary commitment of our workforce and the quality of the Kora deposit that in Q2 Kainantu was able to achieve record gold production and mill throughput despite the COVID-19 State of Emergency in Papua New Guinea. The State of Emergency was lifted on June 16^th and has resulted in further easing of restrictions that has benefited our operation.

We are especially excited about the second half of this year for Kainantu. On production, the Stage 2 plant expansion commissioning to double mill capacity is expected to be completed by the end of Q3. Looking to the future, the Stage 3 Expansion PEA based on the recently released updated resource is expected to be completed later this month. On exploration, activities have significantly ramped up with the lifting of the State of Emergency. There are now six diamond drill rigs operating; three underground and three on the surface, and we are targeting nine rigs by the end of Q3 and ten rigs by year end. The drill rigs are planned to drill multiple targets concurrently, including Kora, Kora South, Blue Lake and Karempe.

Finally, it is important to recognize the support of all levels of Government in Papua New Guinea, especially during this COVID-19 pandemic, which has been a major positive factor in all our achievements to date.”

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.  Data verification by Mr. Kohler includes significant time onsite reviewing drill core, face sampling, underground workings, and discussing work programs and results with geology and mining personnel.

On Behalf of the Company,

John Lewins, Chief Executive Officer and Director

For further information, please contact David Medilek, P.Eng., CFA at [phone].

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the realization of the preliminary economic analysis for the Kainantu Project, expectations of future cash flows, the planned plant expansion, production results, cost of sales, sales of production, potential expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations in PNG, mitigation of the Covid-19 pandemic, continuation of the lifted state of emergency, and regulations and other matters. 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.