K92 Mining Announces Expansion of Near-Mine Infrastructure Dilatant Zone, High-Grade Zone Extensions and Potential New High-Grade Zone Along Strike

VANCOUVER, British Columbia, June 05, 2025 (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 with broadening widths, referred to as dilatant zones, recorded at Kora’s K2 Vein. The intersections have extended the interpreted dilatant zone up-dip from the area defined in late-2024 (see Dec 3, 2024 press release). Importantly, this dilatant zone is near mine infrastructure, located approximately 100 metres from current underground workings, further expanding the potential for bulk mining near-term. The intersections were also in an area previously interpreted to be narrow vein in the mineral resource estimate (September 12, 2023 effective date, “2023 MRE”), while also recording high-grade intersections.
  • Dilatant zone highlights from the K2 Vein include:
    • KMDD0844: 12.80 m at 31.89 g/t gold equivalent (“AuEq”) (25.97 g/t Au, 58 g/t Ag, 3.35% Cu)^(1,2)
    • KMDD0843: 10.10 m at 16.29 g/t AuEq (14.01 g/t Au, 82 g/t Ag, 0.84% Cu)
  • Previously reported dilatant zone intersections down-dip of the above, highlights include⁽³⁾:
    • KMDD0752: 13.50 m at 19.02 g/t AuEq (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)

• High-grade zones within Kora’s K1 and K2 veins continue to be extended up-dip from the main mine, recording multiple intersections exceeding resource model grades, including:
  
  • K2 Vein high-grade extension up-dip from main underground mining area:
    • KMDD0845: 12.30 m at 18.58 g/t AuEq (18.14 g/t Au, 23 g/t Ag, 0.11% Cu)
    • KMDD0830: 7.17 m at 39.50 g/t AuEq (37.93 g/t Au, 69 g/t Ag, 0.50% Cu)
    • KMDD0847: 4.00 m at 43.89 g/t AuEq (39.23 g/t Au, 72 g/t Ag, 2.44% Cu)
  • K1 Vein high-grade extension up-dip from main underground mining area:
    • KMDD0847: 4.08 m at 30.95 g/t AuEq (30.29 g/t Au, 30 g/t Ag, 0.21% Cu)
    • KMDD0828: 2.80 m at 28.67 g/t AuEq (27.91 g/t Au, 18 g/t Ag, 0.36% Cu)

• High-grade copper zone delineated to the south at the K2 Vein over a +300-metre vertical extent from the latest drilling results, with many intersections exceeding 2023 MRE AuEq grades.
  • K2 Vein high-grade copper intersection highlights include:
    • KMDD0865: 10.05 m at 12.25 g/t AuEq (0.97 g/t Au, 84 g/t Ag, 6.58% Cu)
    • KMDD0832: 21.86 m at 8.56 g/t AuEq (4.05 g/t Au, 41 g/t Ag, 2.58% Cu)
    • KMDD0771: 11.70 m at 15.85 g/t AuEq (7.43 g/t Au, 162 g/t Ag, 4.17% Cu)
    • KMDD0770: 14.50 m at 9.22 g/t AuEq (0.47 g/t Au, 47 g/t Ag, 5.24% Cu)
    • KMDD0826: 10.50 m at 9.19 g/t AuEq (4.58 g/t Au, 44 g/t Ag, 2.61% Cu)
    • KMDD0829: 10.60 m at 11.51 g/t AuEq (2.28 g/t Au, 87 g/t Ag, 5.26% Cu)
    • KMDD0835: 4.00 m at 5.70 g/t AuEq (0.54 g/t Au, 26 g/t Ag, 3.10% Cu)
    • KMDD0836: 4.14 m at 6.40 g/t AuEq (0.47 g/t Au, 37 g/t Ag, 3.52% Cu)
  • K1 Vein also recorded multiple high-grade copper intersections to the south, either outside of the 2023 MRE or at higher than 2023 MRE grades. Highlights include:
    • KMDD0825: 26.15m at 20.22 g/t AuEq (7.32 g/t Au, 165 g/t Ag, 7.01% Cu)
    • KMDD0770: 10.60 m at 5.14 g/t AuEq (0.40 g/t Au, 38 g/t Ag, 2.74% Cu)
    • KMDD0865: 4.10 m at 12.49 g/t AuEq (0.63 g/t Au, 69 g/t Ag, 7.06% Cu)

• Potential northern high-grade zone identified at the K1 Vein outside of the 2023 MRE and near-mine infrastructure. Highlights include:
  • KMDD0848: 3.90 m at 16.55 g/t AuEq (16.41 g/t Au, 5 g/t Ag, 0.05% Cu)
  • KMDD0823: 6.00 m at 6.25 g/t AuEq (6.17 g/t Au, 4 g/t Ag, 0.02% Cu)
  • KMDD0837: 2.40 m at 8.04 g/t AuEq (7.23 g/t Au, 6 g/t Ag, 0.47% Cu)

• Multiple high-grade intersections recorded at Judd’s J1 Vein, continuing to extend high-grade mineralization up-dip from the main mine and extending high-grade intersections below the main mine.
  • J1 Vein intersections extending high-grade mineralization above the main mine include:
    • JDD0221: 6.10 m at 20.03 g/t AuEq (19.02 g/t Au, 7 g/t Ag, 0.59% Cu)
    • JDD0273: 3.66 m at 17.48 g/t AuEq (12.94 g/t Au, 57 g/t Ag, 2.48% Cu)
    • JDD0269: 1.70 m at 21.62 g/t AuEq (19.95 g/t Au, 19 g/t Ag, 0.93% Cu)
  • J1 Vein intersections extending high-grade mineralization below the main mine include:
    • JDD0279: 6.10 m at 11.99 g/t AuEq (8.80 g/t Au, 41 g/t Ag, 1.74% Cu)
    • JDD0294: 2.20 m at 16.13 g/t AuEq (10.00 g/t Au, 109 g/t Ag, 3.11% Cu)

Notes
(1) Drill highlights presented above are core lengths (not true widths).
(2) Gold equivalent exploration results are calculated using longer-term commodity prices with a copper price of US$4.50/lb, a silver price of US$27.50/oz and a gold price of US$2,000/oz. The following recoveries were applied in-line with the Updated Definitive Feasibility Study: Au – 92.6%, Cu – 94.0%, and; Ag – 78.0%.
(3) See December 3, 2024 press release; K92 Mining Announces Multiple New Near-Mine Infrastructure Dilatant Zones Identified and High-Grade Zones Extended.

John Lewins, K92 Chief Executive Officer and Director, stated, “The latest drilling results at Kora and Judd further reinforce the substantial potential for high-grade resource growth at Kainantu. At Kora’s K2 Vein, drilling has significantly expanded the previously interpreted dilatant zone up-dip, returning broad, high-grade intercepts in areas previously interpreted as narrow vein. Importantly, this dilatant zone is located near mine infrastructure, offering meaningful near-term bulk mining potential to support the Stage 3 Expansion ramp-up.

Drilling has also continued to extend high-grade mineralization in multiple areas, with many intersections recording grades well above the 2023 mineral resource estimate at the K1, K2 and J1 veins in addition to defining a potential new high-grade zone at K1 to the north. At K2, to the south towards the A1 Porphyry, a significant high-grade copper zone with a vertical extent of over 300 metres has also been delineated – plans are in place to continue to expand this zone at higher drill density.

Regionally, our program continues to ramp-up, with plans to have five rigs operating at Arakompa in the coming weeks. We are also expanding our drill fleet further, with two additional surface drill rigs on order. We look forward to providing further updates in due course.”

The results for the latest 90 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 24 intersections exceeding 10 g/t AuEq and 65 intersections exceeding 5 g/t AuEq.

At Judd-Judd South (including Judd Deeps), all drill holes intersected mineralization, with 12 intersections exceeding 10 g/t AuEq and 21 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 long section showing Kora drilling to date is provided in Figure 4.

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

Core photographs from drill holes KMDD0830 and KMDD0777 are provided in Figure 6 and Figure 7, respectively.

Table 1
Kainantu Gold Mine – Significant Intercepts from Kora Underground Diamond Drilling

Table 2
Kainantu Gold Mine – Significant Intercepts from Judd Underground Diamond Drilling

Table 3
Kainantu Gold Mine – Significant Intercepts from Kora South Surface Diamond Drilling

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

Table 5
Kora and Judd Mineral Resource Estimate (Effective Date September 12, 2023, 3 g/t gold equivalent cut-off)

• 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 Definitive Feasibility Study, Kainantu Project, Papua New Guinea” dated March 21, 2025, 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/m³) 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 93% 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 Mining Chief Geologist, Andrew Kohler, PGeo, MAIG, Qualified Person under the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and is 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, 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 epidemic or pandemic viruses; 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 2 – K2 Vein Long Section

Figure 3 – J1 Vein Long Section

Figure 4 – Kora-Irumafimpa Long Section

Figure 5 – Judd Long Section

Figure 6 – KMDD0830 Core Photograph, 161.48 – 169.25 m; within intersection of 7.17 m at 39.50 g/t AuEq or 37.93 g/t Au, 69 g/t Ag and 0.50% Cu from the K2 Vein.

Figure 7 – KMDD0777 Core Photograph, 413.40 – 418.65 m; within intersection of 1.35 m at 23.97 g/t AuEq or 14.38 g/t Au, 147 g/t Ag and 5.04% Cu from the K2 Vein.

Photos accompanying this announcement are available at:
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