K92 Mining Inc. announced that it has extended underground development towards the South by an additional 65 metres along the Judd 1235 Level J1 Vein, within the +2.5km strike, sparsely explored Judd Vein System at the Kainantu Gold Mine in Papua New Guinea. The Judd 1235 Level J1 Vein underground development has now been extended 65 metres since the length disclosed in the Company’s November 23, 2020 press release, to a total of 288 metres. As was also observed in the development results from the November 23, 2020 press release, high-grade material has continued to be recorded as development has advanced to the South. The development extension recorded an estimated 3,800 tonnes at 18.70 g/t AuEq or 17.13 g/t Au, 0.82% Cu and 37 g/t Ag of additional undiluted J1 Vein extracted and based on underground channel sampling. Vein thickness averaged 3.8 metres and ranged from 1 metre to drive width at over 6 metres. Since high-grade material was first encountered in September 2020, the latest 179 metres of development has recorded an estimated 10,400 tonnes at 15.39 g/t AuEq or 13.99 g/t Au, 0.80% Cu and 26 g/t Ag of additional undiluted J1 Vein extracted at an average of 3.7 m vein width and based on underground channel sampling. Mineralization continues to be intrusive related, gold-copper-silver, and similar to Kora. Importantly, the 65-metre development extension recorded a significant frequency of high grades with 65% of faces recording J1 Vein average grades greater than 10 g/t AuEq from channel sampling. It is also important to note that the development extension is ~50 metres below hole JDD0006, which recorded 7.25 m at 256.09 g/t Au, 113 g/t Ag and 0.42% Cu (258.01 g/t AuEq) on the J1 Vein. JDD0006 is one of the highest-grade intersections drilled by K92 at Kainantu. The development drive has been designed as a return airway (“RAD”) and as such has been developed with dimensions of 5.5 m x 5.5 m, significantly larger than an ore drive would be developed. Incorporating the resulting excess planned dilution of over 45%, the 65-metre extension mined an estimated 5,600 tonnes at 13.01 g/t AuEq or 11.92 g/t Au, 0.56% Cu and 27 g/t Ag. When incorporating excess dilution for the higher grade latest 179 metres of development, an estimated 15,600 tonnes at 10.41 g/t AuEq or 9.44 g/t Au, 0.56% Cu and 18 g/t Ag was mined. For the entire 288 metres, including the lower grade northern portion and excess dilution, an estimated 25,700 tonnes at 7.68 g/t AuEq or 6.67 g/t Au, 0.61% Cu and 16 g/t was mined. Vein thickness has averaged 3.7 metres over the entire 288 metres.