Karora Resources announces that Beta Hunt’s second sinking is progressing faster than planned, the discovery of a new shear zone and new drill results including 198.5 GT over 4.5 meters

TORONTOKarora Resources Inc. (TSX: KRR) (OTCQX: KRRGF) (‘Karora’ or the ‘Corporation’) is pleased to announce that development of the second mine at Beta Hunt is on budget and ahead of schedule with an estimated completion date now being brought forward to Q1 2023 onwards mid 2023.

The second decline at Beta Hunt is integral to Karora’s production growth plan to double Beta Hunt throughput to 2 Mtpa and increase gold production to 185,000-205,000 ounces by 2024.

198.5 g/t over 4.5 meters (AW17LN-01AE); 18.6 g/t over 15.0 meters (AF-AZDDC1-11AE) and 18.3 g/t over 4.0 meters (AW-AZDDC1-02AR).

Interval lengths are borehole widths. Estimated true widths cannot be determined with currently available information

Results from the surface drilling program also support the interpretation of a newly discovered shear zone called “Sorrenson” located to the east and parallel to the A Zone and western flanks. The discovery of the Sorrenson Shear Zone follows the success of the Larkin and Fletcher Shear Zone discoveries and complements the rapidly expanding mineralized system at Beta Hunt.

Paul André HuetChairman and CEO, commented, ‘I am delighted with the progress our teams have made to date in advancing the development of the second decline well ahead of schedule Beta Hunting Mine. The effort to secure DMIR permits, followed by the rapid implementation of our reverse development plan, all on budget, is a tremendous achievement given the current inflationary environment that is adversely affecting many operations and development projects in our sector. A job well done.

I am also very pleased with the drill results at Western Flanks, A Zone North, Fletcher and the reinterpreted Sorrenson Shear Zone which further confirm Beta Hunt’s tremendous growth potential. With our aggressive exploration drilling program, we continue to identify new shear zones and, as illustrated by the success at Larkin, are converting them into a resource inventory. The continued discovery of these new shear zones is one of many reasons we are excited about the long-lived potential of the Beta Hunt operation.

Overall, we continue to build on Beta Hunt’s world-class exploration potential as our development teams execute on our second mining plans to double throughput to 2 Mtpa.’

Exploration drilling at Western Flanks returned significant high-grade results of 198.5 g/t over 4.5 meters in hole AW17LN-01AE in holes designed to test the northern extension of the zone and 18.6 g/t over 15, 0 meters in hole AF-AZDDC1-11AE and 18.3 g/t over 4.0 meters in hole AW-AZDDC1-02AR in holes designed to support and expand the existing mineral resource.

Recent exploration drill results at Zone A North include an intercept of 20.3 g/t over 2.0 meters in hole SAZ-002-AE which supports the extension of A Zone North. Importantly, this extension is close to the site of the second decline and is expected to provide early access to potential near-surface mining blocks to support the growth plan

Above Karora Resources

Karora is focused on increasing gold production to a target range of 185,000 to 205,000 ounces by 2024 at its integrated company Beta Hunt Gold Mine and Higginsville Gold Operations (“HGO”) in Western Australia. The Higginsville processing plant is a low cost processing plant with a capacity of 1.6 Mtpa, to be expanded to a planned 2.5 Mtpa by 2024, fed at full capacity from Karora’s underground Beta Hunt mine and the Higginsville mines. A robust gold mineral resource and reserve is hosted at Beta Hunt in multiple gold shears, with gold intervals remaining open along a 4 km strike length in multiple directions. HGO has a significant mineral gold resource and reserve and a prospective land package totaling approximately 1,900 square kilometers. The Company also owns the high-grade Spargos Reward project, which entered production in 2021. Karora has a strong board and management team focused on delivering shareholder value and responsible mining, as demonstrated by Karora’s commitment to reducing emissions across its operations. Karora’s common stock trades on the TSX under the symbol KRR and also trades on the OTCQX market under the symbol KRRGF.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking information,” including, but not limited to, statements regarding production policies and the potential of the Beta Hunting MineGold Operation Higginsville, the Aquarius Project and the Spargos Gold Projectthe beginning of mining at the Spargos Gold Project and the completion of the resource estimate.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Karora’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect results include, but are not limited to: future prices and supply of metals; the drilling results; inability to raise the money necessary to incur the expenses necessary to maintain and develop the properties; environmental liability (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labor disputes and other hazards of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining regulatory approvals, projected cash operating expenses, failure to obtain regulatory or shareholder approvals. For a more detailed discussion of these risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, please see Karora’s filings with Canadian securities regulators, including its most recent annual information form, which is available on SEDAR at www.sedar.com.

Although Karora has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated , estimated or intended . The forward-looking statements contained herein are made as of the date of this press release, and Karora disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, or otherwise, except as required by applicable securities legislation.

Contact:

Rob Buchanan

Phone: 416-363-0649

Email: [email protected]

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