Kainantu Resources Ltd. announced that it has closed the definitive agreement with Harmony Gold (PNG) Exploration Limited, a wholly-owned subsidiary of Harmony Gold Mining Company Limited to acquire 100% ownership of the Kili Teke Gold-Copper Project in Papua New Guinea. Kili Teke is an advanced porphyry gold-copper development project with an existing NI43-101 compliant mineral resource; and significant potential for re-optimization focusing on higher grade Au skarn mineralisation close to surface in addition to near site exploration potential to increase overall value. Key Highlights: Kili Teke and HGEL have closed the definitive agreement for KRL to acquire 100% of the Kili Teke Project from HGEL as of September 14, 2023), including: HGEL has obtained the necessary approvals from the PNG Mineral Resource Authority ("MRA") to transfer the Project to KRL;.

KRL has paid to HGEL the balance of closing consideration of USD 400,000 less adjustments (for a total payment to acquire 100% of the Project being USD 500,000, inclusive of the original payment made); and KRL has issued to Harmony 11,257,252 warrants equal to 9.9% of the issued capital of KRL on closing, enabling Harmony to become a strategic investor in KRL at its election in the future (upon Harmony exercising such warrants at a price of CAD 0.28 per warrant); closing the Acquisition is a key milestone event for KRL, with the Company having control and ownership of 100% of all its blue-chip portfolio of projects: Kili Teke, May River, KRL North and KRL South (including the highly prospective Ontenu prospect); and community support for KRL's acquisition remains strong, with the Company's external affairs team engaging well with local stakeholders.