Karora Resources : FOURTH QUARTER 2023 RESULTS CONFERENCE CALL AND WEBCAST

DISCLAIMER

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This presentation contains "forward-looking information" including without limitation statements relating to the liquidity and capital resources of Karora, consolidated full year production, cost and capital guidance, and the potential of the Beta Hunt Mine, Higginsville Gold Operation, the Two Boys Mine, the Pioneer Mine, the Spargos Gold Project, the Lakewood Mill, the HGO Mill and the completion of the Beta Hunt growth plan.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Karora to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Karora 's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR+ at www.sedarplus.ca.

Although Karora has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Karora disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

NON-IFRS MEASURES

Certain non-IFRS measures are included in this Presentation, including Working Capital, Adjusted EBITDA, Adjusted Earnings and AISC. The non-IFRS measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. A definition and reconciliation of these measures is included in the Non-IFRS Measures section of Karora's news release dated March 22, 2024 and MD&A for the period ended December 31, 2023.

CAUTIONARY NOTE

CAUTIONARY NOTES - PRODUCTION, COST AND CAPITAL GUIDANCE (2024)

1. 2024 guidance was announced in March 2023 (see Karora news release March 23, 2023) and updated on March 11, 2024.
2. The Corporation's guidance assumes targeted mining rates and costs, availability of personnel, contractors, equipment and supplies, the receipt on a timely basis of required permits and licenses, cash availability for capital investments from cash balances, cash flow from operations, or from a third-party debt financing source on terms acceptable to the Corporation, no significant events which impact operations, an A$ to US$ exchange rate of 0.67 and A$ to C$ exchange rate of 0.90. Assumptions used for the purposes of guidance may prove to be incorrect and actual results may differ from those anticipated. See below "Cautionary Statement Concerning Forward-Looking Statements".
3. Exploration expenditures include capital expenditures related to infill drilling for Mineral Resource conversion, capital expenditures for extension drilling outside of existing Mineral Resources and expensed exploration. Exploration expenditures also includes capital expenditures for the development of exploration drifts.
4. Capital expenditures exclude capitalized depreciation and leased equipment.
5. AISC calculations are for the Australian operations only, and exclude non-cashshare-based payments expense, derivative settlements, and net realizable value adjustments to prior period stockpiles. The Company acquired the Lakewood mill in 2022 and embarked on an expansion program to grow the Beta Hunt gold mine to 2Mtpa mining rate during 2024. Mine development for projects with greater than 1 year mine life and equipment acquisition are being attributed to growth capital during this growth phase.
6. See "Risk Factors" and "Non-IFRS Measures" described in the Corporation's MD&A for the period end December 31, 2023.

HIGHLIGHTS

1. Record annual production of 160,492 gold ounces and strong quarterly production of 40,295 gold ounces

1. Continued exploration success at Beta Hunt, highlighted by strong drill results from the Fletcher and Mason zones

1. Mineral Resource and Mineral Reserve Growth

1. Kali Metals transaction to unlock HGO lithium exploration potential

PRODUCTION, COST AND CAPITAL GUIDANCE (2024)

1. See caution regarding non-IFRS measures on slide 3
2. See caution on slide 4