Kainantu Resources Ltd. announced that it made the post-closing payment of $500,000 to Harmony Gold (PNG) Exploration Limited ("HGEL"), being a wholly owned subsidiary of Harmony Gold Mining Company Limited (Harmony), in connection with the release from escrow of the tenement transfer documents of the Kili Teke Gold-Copper Project. Over the next six months, the Company will undertake an optimisation study and establish an
objective framework to complete a preliminary economic assessment of the project. Thereafter, the Company will commission a broader economic study that will most likely involve in-fill drilling amongst other technical assessments. The acquisition of the Kili Teke Gold-Copper Project was carried out pursuant to the terms of the share exchange agreement dated April 6, 2022 among the Company, HGEL and KRL Kili Teke Resources Limited.