HOME | CAREERSKRR: CA $4.40 -$0.05 CORPORATE OPERATIONS INVESTORS SUSTAINABILITY NEWS & EVENTS CONTACT OPERATIONS Overview BETA HUNT UNDERGROUND MINE Beta Hunt Mine Photo Gallery Reserves & Resources Technical Reports HIGGINSVILLE GOLD OPERATIONS Higginsville Mining Higginsville Mill Reserves & Resources Photo Gallery Technical Reports Overview Karora’s primary gold producing operations are its 100% interests in the Beta Hunt Mine, the Higginsville Gold Operations (“HGO”) and Spargos Gold Mine, located in Western Australia approximately 60km from Kalgoorlie along the prolific Norseman-Wiluna Greenstone Belt. Karora is targeting gold production of 185,000 - 205,000 ounces annually by 2024 through its self-funded organic growth plan. The growth capital required (outlined below) is carefully phased over a three-year period to allow for consistent free cash flow generation during the expansion. Karora acquired the HGO operations on June 10, 2019, which is comprised of a central 1.6 million tonnes per annum (“Mtpa”) gold treatment plant, a large historical resource inventory and a substantial portfolio of gold tenements, including open pit and underground mines. The treatment plant is fed by material from the Beta Hunt Mine, Higginsville mining operations and the Spargos Gold Mine, which was brought into production in late 2021. Karora continues to focus on enhancing the operational synergies between its operations as well as exploring additional opportunities in the region. Karora Consolidated Gold Mineral Resources as at September 30, 2020 MINERAL RESOURCE MEASURED INDICATED MEASURED & INDICATED INFERRED Kt g/t Koz Kt g/t Koz Kt g/t Koz Kt g/t Koz Beta Hunt 630 2.4 49 11,369 2.8 1,006 11,999 2.7 1,055 6,146 2.7 537 Higginsville 13,362 1.4 604 16,633 1.6 862 29,994 1.5 1,466 4,581 2.1 310 Total 13,392 1.5 653 28,001 2.1 1,868 41,994 1.9 2,521 10,727 2.5 847 Karora Consolidated Mineral Reserves as at September 30, 2020 MINERAL RESERVE PROVEN PROBABLE PROVEN & PROBABLE Tonnes kt Grade g/t Ounces koz Tonnes kt Grade g/t Ounces koz Tonnes kt Grade g/t Ounces koz Beta Hunt 329 2.4 25 5,451 2.6 456 5,780 2.6 482 Higginsville 8,503 1.3 362 9,249 1.6 483 17,752 1.5 845 Total 8,832 1.4 387 14,700 2.0 940 23,531 1.8 1,327 Detailed Footnotes relating to Mineral Resource Estimates as at September 30, 2020 Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce Mineral Reserves. The Mineral Resource estimates include Inferred Mineral Resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is also no certainty that Inferred Mineral Resources will be converted to Measured and Indicated categories through further drilling, or into Mineral Reserves once economic considerations are applied. The Gold Mineral Resources are estimated using a long term gold price of US$1,600/oz with a US:AUD exchange rate of 0.70. Gold Mineral Resources were estimated using variable cut-off grades taking into account variable operational costs: underground - 1.3 g/t; open pits, 0.4 g/t to 0.5g/t. To best represent “reasonable prospects of eventual economic extraction” the mineral resource for open pits has been reported within an optimized pit shells at A$2,285 (US$1,600) and, for underground resources, areas considered sterilized by historical mining are depleted from the Mineral Resource. The Nickel Mineral Resource is reported above a 1% Ni cut-off grade. Mineral Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding Detailed Footnotes relating to Mineral Reserve Estimates as at September 30, 2020 The Gold Mineral Reserves are estimated using a long term gold price of US$1,400/oz with a US:AUD exchange rate of 0.70. Cut-off grades for open-pit mineral reserves vary from 0.50g/t to 0.85g/t . The cut-off grade takes into account dilution, mine recovery and operating mining, processing/haulage, sustaining capital and G&A costs. Dilution and recovery factors varied by deposit. At Beta Hunt, underground mineral reserves are reported at a 1.6g/t incremental cut-off grade.At Higginsville, underground mineral reserves cut-off grades vary between 1.6g/t (modified and diluted grade) to 2g/t (modified/diluted grade). The cut-off grade takes into account Operating Mining, Processing/Haulage and G&A costs, excluding capital. The Mineral Reserve is depleted for all mining to September 30, 2020. Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding. CORPORATE Corporate Profile Management Directors Governance Legal NEWS & EVENTS News Events Media OPERATIONS Overview BETA HUNT UNDERGROUND MINE HIGGINSVILLE GOLD OPERATIONS CONTACT INVESTORS Investor Centre Presentations Media Events News Financial Reports Analyst Coverage Management’s Discussion and Analysis Regulatory Filings Subscribe SUSTAINABILITY © All rights reserved Karora Resources 2021