L1 CAPITAL PTY LTD. REPORTS DECREASE IN HOLDINGS BELOW 10% OF K92 MINING INC.

MELBOURNE, Australia, Oct. 16, 2024 /CNW/ - L1 Capital Pty Ltd ("L1 Capital") announces that on October 11, 2024, it disposed of 513,000 common shares (the "Subject Shares") of K92 Mining Inc. ("K92"), a TSX-listed company (the "Disposition"). The Disposition triggered the requirement to produce an early warning report as the common shares of K92 held by L1 Capital decreased below 10%. Accordingly, following the filing of an early warning report in respect of the Disposition, L1 Capital will no longer file early warning or insider reports in respect of its ownership of the securities of K92, except as may be required by applicable law.

Pursuant to the most recent interim MD&A of K92, as at August 13, 2024, K92 had 237,478,640 common shares issued and outstanding.

Immediately before the Disposition, L1 Capital, through funds for which L1 Capital acts as investment manager, held 24,066,658 common shares of K92, representing approximately 10.13% of the issued and outstanding common shares of K92. Immediately following the Disposition, L1 Capital held 23,552,958 common shares of K92, representing approximately 9.92% of the issued and outstanding common shares of K92.

The Subject Shares were disposed of for consideration of C$9.22 per share, for aggregate proceeds of C$4,736,314.00.

L1 Capital holds shares of K92 for investment purposes. Depending on various factors, L1 Capital may take such actions with respect to its investment in K92 as it deems appropriate, including, without limitation, purchasing additional securities of K92 or selling some or all of its securities, engaging in hedging or similar transactions with respect to securities of K92 and/or otherwise changing its intentions with respect to the purpose of its investment in K92.

The address of L1 Capital is Level 45, 101 Collins Street, Melbourne, Victoria 3000.

The head office of K92 is 488-1090 West Georgia Street, Vancouver, British Columbia V6E 3V7.

For Further Information

A report on Form 62-103F1 – Required Disclosure Under the Early Warning Requirements will be filed by L1 Capital in accordance with National Instrument 62-104 and will be available under K92's profile at www.sedarplus.ca.

You can also request a copy of the report from:

Kevin R. West
SkyLaw Professional Corporation
1.416.759.5299

SOURCE L1 Capital Pty Ltd