Kainantu Resources Announces Change of Management and Directors

Kainantu Resources Announces Change of

Management and Directors

VANCOUVER, BC

,

Oct. 12, 2023

/CNW/ - Kainantu Resources Ltd. ("KRL" or the "Company")

(TSXV: KRL) (FSE: 6J0) announces that

Adam Clode

has been appointed as interim Chief Executive

Officer of the Company and

Dain Currie

has been appointed as Chairman of the Company. These

appointments fill the vacancies of outgoing Chief Executive Officer and director,

Matthew Salthouse

,

and Chairman and director,

Marcus Engelbrecht

.

With Mr. Clode as Chief Executive Officer of the Company, the Company will focus on managing its

costs, allocating the necessary resources towards its business development efforts, securing further

financing, and maximizing value for its shareholders.

Adam Clode

has a track record of developing resource projects from defined resource through to

operations, across

Africa

,

Asia

, and

Australia

. Graduating from the University of

Western Australia

with Honours; Adam started his career developing a gold asset for Newmont Mining Corporation in

Ghana

before moving to Site Manager for Equinox's Lumwana Copper Project in

Zambia

. Taking his

career forward, Mr. Clode commenced and completed a master's in project management while

concurrently holding the role of Deputy Project Manager developing a Platinum Concentrator in

South

Africa

.

From here, Mr. Clode took on the role of Deputy Project Manager for RWE's £850M Pembroke

Power Station in

West Wales

and later became Manager of Projects for African Minerals' USD

$3B

Tonkolili Iron Development in

Sierra Leone

, spending considerable time in

China

with key offtake

partners as well as funding institutions across

Asia

and

Europe

. As a result of the team's hard work,

African Minerals were able to secure over USD

$2B

in strategic funding.

With successful delivery of Tonkolili Phase 1 and shipping of first ore; Mr. Clode then headed off to

Indonesia

with J Resources to lead the development of their gold portfolio consisting of; two

operations, three execution projects, and three assets in exploration.

Mr. Clode's resource experience has covered a broad base across; studies, development,

execution, operations, as well as corporate management having sat on several board positions as

both Executive and Non-Executive Director.

About KRL

Kainantu Resources 'KRL' is an

Asia-Pacific

focused gold mining company with four highly

prospective gold-copper projects,

Kili Teke

, KRL South, KRL North and the May River Project. All

projects are located in premier mining regions in PNG. Both KRL North and KRL South show

potential to host high-grade epithermal and porphyry mineralisation, as seen elsewhere in the high-

grade Kainantu Gold District. The May River project is near the world-renowned Frieda River

Copper-Gold Project, with historical drilling indicating the potential for significant copper-gold

projects.

Kili Teke

is an advanced development project with an existing NI43-101 compliant inferred

mineral resource. KRL has a highly experienced board and management team with a proven track

record.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of

the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer and Forward-Looking Information

Statements contained in this release that are not historical facts are forward-looking statements

that involve various risks and uncertainty affecting the business of KRL. In making the forward-

looking statements, KRL has applied certain assumptions that are based on information available,

including KRL's strategic plan for the near and mid-term. There can be no assurance that such

information 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 information. KRL does not undertake to update any forward-looking information,

except in accordance with applicable securities laws.

SOURCE

Kainantu Resources Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/October2023/12/c8328.html

%SEDAR: 00046178E

For further information:

Enquiries: Kainantu Resources, Adam Clode, Interim Chief Executive

Officer (Tel: +65 6920 2020), Dain Currie, Chairman (Tel: 604-633-1818), Email: [email protected]

CO: Kainantu Resources Ltd.

CNW 14:17e 12-OCT-23