K92 Mining Announces Grant of Stock Options

Suite 488 – 1090 West Georgia Street

Vancouver, British Columbia

Canada V6E 3V7

Telephone: +1 (604) 687-7130

Facsimile: +1 (604) 608-9110

www.k92mining.com

NEWS RELEASE

K92 MINING ANNOUNCES GRANT OF STOCK OPTIONS

Vancouver, British Columbia, February 3, 2020 - K92 Mining Inc. (“K92” or the “Company”)

(TSXV: KNT; OTCQB: KNTNF) announces the grant of 2,234,000 stock options to employees,

directors and consultants of the Company, pursuant to the terms of the Company’s Stock Option

Plan. The options are exercisable at $3.85 per share, expire five years from the date of grant, and

vest in increments over twelve months from the date of grant.

About K92

K92 Mining Inc. is engaged in the production of gold, copper and silver from the Kora and Kora

North deposits of 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 and

has commenced an expansion of the mine. An updated Preliminary Economic Assessment on the

property was published in January 2019. K92 is operat ed 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 at +1-604-687-7130.

www.k92mining.com

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER

(AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE)

ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

2

This news release includes certain “forward -looking statements” under applicable Canadian

securities legislation. Forward -looking statements are necessar ily based upon a number of

estimates and assumptions regarding K92 Mining Inc.’s future financial , and current and

projected operating performance 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 forward-looking statements in this news release are based on the opinions and estimates of

management as of the date such statements are made and are subject to important risk factors and

uncertainties, many of which are beyond the Company ’s ability to contr ol or predict. 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 Gold Mine; the

generation of further drilling results ; expectations of future cash flows ; expectations of future

production results ; expected success of the proposed plant expansion ; potential expansion of

resources; any which may or may not occur. Forward -looking statements and information

contained herein are based on certain factors and assumptions regarding, among other things :

there being no significant disruptions affecting the Company’s operations; political and legal

developments in Papua New Guinea being consistent with the Company’s current expectations ;

the accuracy of K92’s current mineral reserve and mineral resource estimates; the exchange rate

between the Canadian dollar and U.S. dollar, and th e Papua New Guinea Kina , being

approximately consistent with current levels ; prices for fuel , electricity and other key supplies

being approximately consistent with current levels ; equipment, labour and materials costs

increasing on a basis consistent wit h K92’s current expectations; all required permits, licenses

and authorizations being obtained from the relevant governments and other relevant stakeholders

within the expected timelines and the absence of material negative comments during the applicable

regulatory processes; the market price of the Company’s securities ; metal price; taxation; the

estimation, timing and amount of future exploration and development; capital and operating costs;

the availability of financing ; the receipt of regulatory approva ls; 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 ; and regulations and

other matters.

There can be no assurance that such statements will prove t o 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.