Mr. Anthony Margarit reports

K2 MOBILIZES DRILL - MOJAVE PROJECT

K2 Gold Corp. has moved the drill rig to the Dragonfly target at the company's 100-per-cent-owned Mojave project located in Inyo county, California.

The Dragonfly target was selected as the starting point for the program based on high-grade results from K2's previous drilling and continuing geological interpretation (see K2 news release dated Nov. 30, 2020). The target area hosts a broad zone of high-grade gold mineralization beginning at surface and remains one of several priority targets identified across the Mojave project.

"The mobilization of the drill rig to the Dragonfly target marks a long-awaited milestone for K2. We appreciate the efforts of our contractors, regulators and stakeholders who have assisted in advancing the project to this stage, as well as the patience of our dedicated shareholders who have believed in the project. We look forward to drilling and systematically evaluating the significant exploration potential identified across the Mojave project," stated Anthony Margarit, president and chief executive officer of K2 Gold.

The Mojave project is located in Inyo county, California, and consists of approximately 5,830 hectares of mining claims and patented ground prospective for gold and polymetallic mineralization. Historical and recent exploration has identified multiple target areas across the property, including Dragonfly, Newmont, Gold Valley, Soda Valley and Morningstar.

Further updates will be provided when drilling commences, and as assay results become available.

Qualified person (QP) and QA/QC (quality assurance/quality control)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101, and reviewed and approved by Eric Buitenhuis, MSc, PGeo, K2's QP and vice-president of exploration.

About K2 Gold Corp.

K2 Gold is part of Discovery Group, an alliance of companies responsible for the discovery of over 10 million ounces of gold.

K2 also holds:

The Si2 project is a low-sulphidation epithermal gold system located in Nevada within the Walker Lane trend. Historical shallow drilling tested only the uppermost levels of the system, and returned anomalous gold, silver and pathfinder elements. Since acquiring the project, K2 has completed detailed geologic mapping, surface geochemistry, geophysics, alteration mineralogy studies, fluid inclusion analysis and age dating. These integrated data sets confirm that prior drilling did not test the interpreted boiling zone, where gold grades are typically maximized in epithermal systems. K2's work has delineated multiple priority structural targets at depth, positioning Si2 for systematic drill testing of higher-grade potential below historical intercepts.

The Wels project lies approximately 60 kilometres south of Fuerte Metals Coffee project discovered by Kaminak Gold Corp. (formerly a Discovery Group company prior to its acquisition by Goldcorp-Newmont). Both the Coffee project and the Wels project lie within the Tintina gold belt, share similar characteristics, and are host to structurally controlled gold mineralization within intrusive rocks exhibiting multiple trends of mineralization. K2's 2023 reverse circulation drilling program at the Wels project intersected gold in each of 12 drill holes, including the discovery of a new mineralized corridor at the Saddle South target.

The Wolf project is a new district-scale gold exploration project in west-central Yukon Territory, Canada, located 80 km south of the 3.0 Moz (million ounce) Au Coffee gold project currently under development by Fuerte Metals. Wolf consists of the Wolf South block, a greater than 10 km long gold-in-soil anomaly previously held by multiple operators and consolidated by K2, and the Wolf North claim blocks which host greenfield intrusion-related and epithermal gold targets.

K2 Gold is committed to responsible exploration, safety, indigenous and community engagement, and advancing high-quality projects through a collaborative and technically disciplined approach.

We seek Safe Harbor.