Karora Resources : First Quarter 2021 Results Conference Call and Webcast

FIRST QUARTER 2021

CONFERENCE CALL AND WEBCAST

OTCQX KRRGF

Q1 2021 CONFERENCE CALL

Chairman & CEO:

Paul Andre Huet

Managing Director,

Australian Operations:

Graeme Sloan

Chief Financial Officer:

Barry Dahl

Executive Vice President,
Corporate Development:	Oliver Turner

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DISCLAIMER

Cautionary Statements Concerning Forward-Looking Statements

This news release contains "forward-looking information" including without limitation statements relating to the liquidity and capital resources of Karora, production guidance and the potential of the Beta Hunt Mine, Higginsville Gold Operation and Spargos Gold Project.

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.sedar.com.

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 Adjusted Earnings, Adjusted EBITDA and All-in Sustaining Costs ("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. Refer to the Corporation's Management Discussion and Analysis("MD&A") for additional details on non-IFRS measures. A definition and reconciliation of these measures is included in the Non-IFRS Measures section of Karora's MD&A dated May 7, 2021.

Cautionary Statement Regarding the Higginsville Mining Operations

A production decision at the Higginsville gold operations was made by previous operators of the mine, prior to the completion of the acquisition of the Higginsville gold operations by Karora and Karora made a decision to continue production subsequent to the acquisition. This decision by Karora to continue production and, to the knowledge of Karora, the prior production decision were not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, which include increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Corporation's cash flow and future profitability. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.

Cautionary Note - Resources

In accordance with applicable Canadian securities regulatory requirements, all mineral resource estimates of Karora disclosed in this Presentation have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum's "CIM Standards on Mineral Resources and Reserves Definitions and Guidelines" (the "CIM Guidelines").

Pursuant to the CIM Guidelines, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it is reasonably expected the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered. Premier is not aware of any environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the mineral resource estimate. The definitions under NI 43-101 and the CIM guidelines differ from the definitions in Guide 7 of the U.S. Securities and Exchange Commission. Accordingly, information regarding mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States Securities laws and the policies and regulations thereunder.

The technical and scientific information contained in this presentation related to Beta Hunt and HGO has been reviewed and approved by Steve Devlin, Group Geologist, Karora Resources Inc., and a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Technical Report

Technical Report on the Higginsville-Beta Hunt Operation Eastern Goldfields, Western Australia), dated January 29, 2021, available under Karora's profile at www.sedar.com

All dollar amounts in millions of Canadian dollars unless otherwise stated

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FIRST QUARTER 2021 HIGHLIGHTS

• Gold production of 24,694 oz and AISC of
  US$1,049/oz sold, in line with 2021 guidance of 105-115,000 oz at AISC of US$985-$1,085/oz (2021 production is weighted to second half of the year)1,2
• Adjusted net earnings of $8.1 million ($0.06/sh), and adjusted EBITDA of $21.2 million ($0.15/sh)1
• March 31, 2021 cash balance of $76.7 million, and working capital of $63.2 million
• Phase I mill expansion to 1.6 mtpa ahead of schedule
• • 15% or 550 tpd expansion from 1.4 mtpa
  • Run rate of 1.5 mtpa already achieved

1. See caution regarding non-IFRS measures on slide 3
2. Guidance assumes no significant interruption in operations as a result of the COVID 19 virus.

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Q1 2021 CONFERENCE CALL

Chairman & CEO:

Paul Andre Huet

Managing Director,

Australian Operations:

Graeme Sloan

Chief Financial Officer:

Barry Dahl

Executive Vice President,
Corporate Development:	Oliver Turner

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