K92 Mining Closes CAN$50 Million Bought Deal Financing

Suite 488 – 1090 West Georgia Street

Vancouver, British Columbia

Canada V6E 3V7

Telephone: +1 (604) 416-4445

Facsimile: +1 (604) 608-9110

www.k92mining.com

NEWS RELEASE

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE

UNITED STATES

K92 MINING CLOSES CAN$50 MILLION BOUGHT DEAL FINANCING

Vancouver, British Columbia, July 6, 2022 - K92 Mining Inc . (“K92” or the “ Company”)

(TSX: KNT) is pleased to announce that, further to the Company’s press release dated June 13,

2022, the Company has closed its bought deal public offering for aggregate gross proceeds of

CAN$50,000,875, pursuant to which the Company issued 5,405,500 common shares (the

“Shares”) at a price of CAN$9.25 per Share (the “Offering”).

The Offering was led by Clarus Securities Inc. and Cormark Securities Inc. , (together the “ Co-

lead Underwriters”) as co-lead underwriters and co-bookrunners, and a syndicate of underwriters

that included National Bank Financial Inc., Stifel Nicolaus Canada Inc., BMO Capital Markets,

Scotia Capital Inc., Desjardins Securities Inc., Eight Capital, PI Financial Corp., Raymond James

Ltd., Haywood Securities Inc. and TD Securities Inc., (together with the Co-Lead Underwriters,

the “ Underwriters”). The Underwriters were paid a cash fee of 5.0% of the aggregate gross

proceeds of the Offering.

The Company has also granted to the Underwriters an over-allotment option, exercisable in whole

or in part in the sole discretion of the Underwriters at any time until August 5, 2022, to purchase

up to an additional 810,825 Shares, at a price of CAN$9.25 per Share, to cover over-allotments.

The Company intends to use the net proceeds of the Offering for continued exploration near the

Kainantu Mine and regionally, continued expansion of the Kainantu Mine, for public company

operating and administrative expenses and working capital purposes.

The Company filed a short form prospectus dated June 27, 2022 (the " Prospectus") in the

provinces of British Columbia, Alberta and Ontario, Canada, pursuant to National Instrument 44-

101 - Short Form Prospectus Distributions to qualify the distribution of the Shares offered

pursuant to the Offering. Copies of the Prospectus and documents inco rporated by reference

therein are available electronically on SEDAR (www.sedar.com) under the Company’s issuer

profile.

The securities have not been, and will not be, registered under the United States Securities Act of

1933, as amended (the “ U.S. Securities Act”), or any U.S. state securities laws, and may not be

offered or sold in the United States without registration under the U.S. Securities Act and all

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applicable state securities laws or compliance with the requirements of an applicable exemption

therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to

buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction

in which such offer, solicitation or sale would be unlawful.

About K92

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

deposits 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 and is in a strong

financial position.

K92 is operated by a team of mining company professionals with extensi ve 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 +1-604-416-4445

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release

includes certain “forward -looking statements” under applicable Canadian securities legislation. 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 an d 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 COVID-19 Pandemic; 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 currenc y 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;

the fact that a feasibility studying of mineral reserves demonstrating economic and technical viability has

not been prepared for the Kainantu Mine; 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; 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 price and market for outputs, including gold, silver and copper; inability of the Company to

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identify appropriate acquisition targets or complete desirable acquisitions; 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 conflict in Ukraine; 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 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 miner al 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, should mining occur. 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 t hat 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.