Significant Increases In Beta Hunt Gold Mineral Resources And Gold Mineral Reserves

TORONTO - Karora Resources Inc. reported that Gold Measured and Indicated (M&I) Mineral Resource, net of depletions, at its Beta Hunt Mine, in Western Australia, has increased by 20% and the Inferred Mineral Resources have increased by 34%. This is highlighted by the net additions to the Western Flanks zone of 146,000 ounces in Measured and Indicated Resources and 338,000 ounces of Inferred Mineral Resources. Gold Proven and Probable Reserves also increased by 12%, or 56,000 ounces, to 538,000 ounces. Both resources and reserves have an effective date of September 30, 2022.

Paul Andre Huet, Chairman & CEO, said, "During our 2022 drilling campaign, we were squarely focused on expanding our resource inventory at Beta Hunt, with significant step out and infill drilling completed to bring potentially mineralized zones identified via exploration drilling into the resource categories. We were very successful in our efforts, with major contributions to both Measured and Indicated and Inferred Resources, increasing by 20% and 34%, respectively.

The bulk of our mined tonnes and ounces at Beta Hunt are currently sourced from Western Flanks, our largest mineralized shear zone. In 2022, we significantly expanded this zone both along strike and at depth, resulting in a 19% increase in Measured and Indicated Resources and an increase of 77% in Inferred Resources at Western Flanks, net of mining depletion. The large primary shear zone has now been delineated to a strike length of 1.8 kilometers and over 550 meters down-dip but still remains open at depth providing significant potential for further expansion.

Our success in expanding the Beta Hunt Mineral Resource is a critical step in continuing to feed an extended mine life as we increase production rates over the next couple years. Once the expanded Beta Hunt mining capacity is fully ramped up to its targeted capacity of 2 Mtpa, approximately 80% of our mill feed will come from our flagship Beta Hunt mine.

While we remained focused on turning exploration into Inferred resources over the last two years, I am also very pleased to announce a 12% increase to the Beta Hunt Gold Proven and Probable Reserve. Our new Reserve adds 56,000 ounces, net of mining depletions of approximately 164,000 ounces, compared to our prior estimate. Our new increased total of 538,000 ounces positions us well for many years of mining ahead as we continue to expand our resources and convert resources to reserves. In 2023, we will be focusing both on upgrading Inferred Mineral Resources to the Measured and Indicated categories and on continued expansion of our Reserve base, net of mining depletions.

Beta Hunt is a very large system comprised of extensive, wide and continuous mineralized shear zones which have been extended both along strike and at depth. We have also discovered numerous parallel shear zones over the last several years including Larkin, Fletcher and now Mason and Cowcill. We have built a tremendous track record of continued resource growth via the drill bit at Beta Hunt with inventories rising over 500% since 2016. As we continue to execute on our aggressive underground drilling program in 2023, leveraging the +400km of extensive infrastructure already in place, we look forward to continued potential ounce additions supporting an extended mine life at Beta Hunt."

The updated Gold Mineral Resource represents an update to the previously released Beta Hunt Mineral Resource in January, 2022. The updated Inferred Gold Mineral Resource now totals 1.05 million ounces, representing a 34% (266,000 ounces) increase. The result continues the trend of increasing Mineral Resources. The Beta Hunt Mineral Resource estimate is net of mine production depletion of 0.76 million tonnes grading 2.3 g/t for 56,000 ounces over the period February 1, 2022 to September 30, 2022 period.

At Western Flanks, resource definition and exploration drilling focused on upgrading the margins of the existing Mineral Resource and testing the down-dip extension of the mineralization. This work successfully extended the Mineral Resource up to 250 meters below the previous resource limit resulting in the zone contributing the bulk of the updated Mineral Resource increase. The Western Flanks Measured and Indicated Resources increased by 19% (143,000 ounces) and the Inferred Resource increased by 77% (338,000 ounces).

A Zone drilling concentrated on upgrading and extending the northern margin of the existing resource. This work resulted in the A Zone Measured and Indicated Resource increasing by 31% (72,000 ounces) and the Inferred Resource increasing by 9% (16,000 ounces).

Larkin drilling focused on upgrading the existing resource. This work resulted in the Larkin Measured and Indicated Resource increasing by 10% (12,000 ounces) with a decrease of 54% (88,000 ounces) in the Inferred Resource. The reduction in Inferred ounces at Larkin mostly reflects a geological re-interpretation of the north end of the resource which downgraded the size and grade of the previous interpretation based on new drilling data.

For 2023, gold drilling will be focused on upgrading Inferred Resources to Indicated status to provide the opportunity for increased Mineral Reserves. Significant exploration drilling is also planned to be undertaken targeting previously defined mineralized zones.

In the Hunt Block, exploration drilling is planned to test the along strike continuity of the Fletcher Zone and the northern up-plunge potential of A Zone. In the Beta Block, infill and extensional drilling of the Cowcill and Mason Zones is aimed at following up some of the recently reported drill intersections including 12 g/t over 17 meters and 6.0 g/t over 13.0 meters with the aim of adding these mineralized zones to the Beta Hunt Resource Inventory.