K92 Mining Inc. ('K92' or the 'Company') to provide an update on its operations and Stage 2 Expansion at its producing underground Kainantu Gold Mine ('Kainantu') in Papua New Guinea. Since K92 announced the formal decision for the Stage 2 Expansion on March 13, 2019, Kainantu has undergone a significant expansion and modernization of the mining fleet. The fleet expansion includes not only an increase in the quantity of equipment but also a significant increase in equipment size. In late-2019, Kainantu received its latest major equipment delivery including: Sandvik LH517i UG LHD loader on site and operational; Sandvik DL421-15C long hole production drill rig on site and commissioning; Sandvik DD422i Platinum twin boom development (Autodrill capable) jumbo on site and commissioning; and Minecat integrated emulsion charging unit on site and commissioning. The arrival of the Sandvik long hole production drill is of particular importance as it marks the beginning of implementing lower-cost, high-productivity long hole stoping. The Kora and Kora North deposit is especially amenable to this mining method given its sub-vertical orientation, strike lengths and thickness. Cut and fill has been the mining method at Kainantu since it restarted in October 2016 and will continue to be implemented as well. Long hole drilling will focus on Kora North’s K2 Vein, and the potential for long-holing other veins is an opportunity that is being assessed. The late-2019 equipment arrivals, are in addition to the other equipment arrivals in 2019 including: Materials Handling - Two Caterpillar AD45B (45 tonne) low profile trucks on site and operational; One Sandvik LH517i loader on site and operational; Two Caterpillar loaders (930K & 924K) on site and operational; and One Sandvik EJC 430 (30 tonne) low profile on site and operational. Drill and Blast - Two Sandvik twin boom jumbos on site and operational: One Sandvik DD420 twin boom jumbo; One Sandvik DD421 twin boom jumbo; and One Minecat integrated emulsion charging unit on site and operational. Mine Services - One Getman Underground Grader on site and operational. In 2019, Kainantu’s underground mine infrastructure was considerably upgraded and expanded, with several key projects completed including: Installation of two 132 kW fans, which replaced the two 55 kW fans in December 2019. This represents a ~3x increase in fan power. To date, primary underground ventilation flow-rates have increased more than 100%, providing an immediate improvement to the mining cycle and operational flexibility. Main incline debottlenecking program completed in Third Quarter 2019, with areas of the incline widened and the excavation of three bypass drives to improve traffic management and equipment efficiencies. New underground magazine at the 1210 mRL level 90% completed in December 2019 and to be finalized in January 2020. Bulk emulsion charging system implemented in second quarter of 2019, increasing development advance rates by over 0.5m per cut and making Kainantu the first mine in PNG to introduce full underground emulsion charging systems. Establishment of seven sublevels between 1150 mRL to 1245 mRL. This represents a considerable increase to mine operational flexibility. In 2018, Kainantu had only three sublevels established and the majority of production came from the 1205 mRL level.