K92 Mining Responds to South Pacific Metals Corp. / Kainantu Resources Limited Claims Regarding Their Exploration Licence 2558

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

K92 MINING RESPONDS TO SOUTH PACIFIC METALS CORP. / KAINANTU

RESOURCES LIMITED CLAIMS REGARDING THEIR EXPLORATION LICENCE 2558

Vancouver, British Columbia, September 18, 2025 – K92 Mining Inc. (“K92” or the

“Company”) (TSX: KNT; OTCQB: KNTNF) responds to recent legal correspondence and press

releases from South Pacific Metals Corp. (“SPMC”) and its subsidiary , Kainantu Resources

Limited (“KRL”) regarding Exploration Licence 2558 (“EL2558”) in Papua New Guinea. SPMC

initiated proceedings in the National Court of Papua New Guinea against both K92 Mining and

the Mineral Resources Authority (“MRA”) seeking confirmation that KRL is the exclusive holder

of EL2558 and that it alone holds surface and subsurface mineral exploration rights within the

licence boundaries. An interim injunction has been in place since August 15, 2025.

K92 categorically rejects all allegations made by SPMC and KRL against K92 in connection with

such proceedings.

Activities Compliant with Papua New Guinea Law

All activities conducted by K92 within E L2558 have been fully compliant with Papua New

Guinea’s Mining Act 1992 (“Mining Act”) and associated legislation. K92’s activities have

consisted of collecting water samples for baseline environmental monitoring, as recommended by

the Conservation and Environment Protection Authority (CEPA). These activities were carried out

with proper landowner access and are permitted under the Mining Act.

Furthermore, a n Exploration Licence grants subsurface mineral rights, not ownership of the

surface. Surface rights remain vested with the custodial landowners. The Mining Act explicitly

permits the granting of a Lease for Mining Purposes (“LMP”) for surface infrastructure

development, including over land subject to a third -party Exploration Licence , provided

sterilization drilling is completed . K92 has not submitted an application for an LMP on EL2558

but has confirmed with the MRA ( Regulator) that such applications are permissible under the

current legislation.

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Significantly Larger TSF Site Selected Well Within K92’s Own Exploration Licences

K92 has formally notified the Board of Directors of S PMC that one of the multiple alternate site

options for the Tailings Storage Facility (“TSF”) has been selected, in part due to a higher capacity

potential. This option, like the majority of other options, is totally within K92’s existing

exploration licences. K92 has no interest in purchasing EL2558, or any other SPMC license as

they are of no strategic or commercial interest. Therefore, despite being fully entitled under PNG

law to do so, it no longer intends to apply for a L MP within the boundaries of EL2558. The

determination in trial as to whether SPMC has exclusive right to an LMP over EL2558 has no

practical implication on K92’s short, medium or long-term operations or growth strategies.

The future need for increased long-term TSF capacity is primarily driven by expected continued

high-potential resource growth at Kora, Judd, and Arakompa and several near-mine targets. The

Company’s operation is located in the expansive Markham Valley, w hich offers multiple

alternative TSF sites, located entirely within K92’s existing exploration licen ses and several

kilometres from the EL2558 boundary.

We reiterate that K92’s current TSF has sufficient capacity to support the full life of mine outlined

in the Updated Definitive Feasibility Study , a lthough the construction of a new TSF will be

required in the long term.

Evidence Filed by the Regulator

The Regulator has also filed evidence confirming that SPMC has not conducted any drilling or

reported any discoveries on EL2558. Prior to initiating legal proceedings against K92, SPMC

approached K92 regarding acquiring EL2558 , but did not provide K92 with any non -public

information, and K92 has indicated that it had no interest in pursuing such an acquisition.

False and Misleading Article

K92 Mining has also become aware of an article recently published on Substack under the Penny

Queen’s newsletter titled , “Can K92 expand without stealing?” which contains false and

misleading information about the Company.

We understand that the author of the article owns stock in SPMC and that a related company, 45

Degrees, Inc., has a business relationship with SPMC, having been retained to provide advertising

services in consideration of incentive stock options of SPMC.

K92 considers the article to be potentially defamatory, misleading to investors, and po ssibly in

contravention of applicable securities regulatory policies. The Company is actively reviewing its

legal options and intends to pursue all available remedies against both the author and SPMC to

protect its reputation and its shareholders.

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Commitment to Responsible Development

K92 remains committed to advancing the Kainantu Gold Mine in a transparent and socially

responsible manner, with full respect for Papua New Guinea’s laws and in close consultation with

government, landowners, and other stakeholders.

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 million tonnes per annum 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, id entified 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”, “wo uld”,

“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 assumption s 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 r elated 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;

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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 activ ities 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 ind ustry; 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 a ctual 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 a s a result of new information,

future events or otherwise, except as required by law.