Mr. Anthony Margarit reports

K2 GOLD PROVIDES EXPLORATION UPDATE ON DRILL PROGRAM AT THE MOJAVE PROJECT, CALIFORNIA

K2 Gold Corp. has provided an update on its fully financed 14,000-metre reverse circulation (RC) drill program at its 100-per-cent-owned Mojave project, located in Inyo county, California.

Drilling commenced at the Dragonfly target in late June and is progressing well. To date, 574.5 metres (m) in three drill holes have been completed, with drilling currently under way on the fourth hole. The program has proceeded safely and efficiently, with productivity meeting or exceeding the company's expectations.

The initial 16 holes at Dragonfly have been designed to follow up on encouraging results from K2's 2020 drill program, which included intercepts of 45.72 metres grading 6.68 grams per tonne gold (hole DF20-002) and 30.48 metres grading 7.18 g/t gold (hole DF20-004), with both intervals beginning at surface (see K2 news release of Nov. 30, 2020). The current program is testing both the lateral and vertical continuity of this gold-mineralized system while refining the company's geological model.

The company's drilling program is proceeding under a comprehensive plan of operations that aims to minimize environmental impact. Drill sites are limited in size, pads are constructed out of timber to avoid extensive excavation, and all sites have been precleared by qualified biologists and archaeologists after years of baseline work, avoiding all known cultural and biological resources. In addition, Tribal Monitors from participating tribes are present at each drill site on a 24/seven basis. Drilling is being conducted by Evolve Exploration of Reno, Nev., with a lightweight, helicopter-portable RC drill which does not require water during normal operation.

Samples measuring 1.52 m length (five feet) each from the completed drill holes have been prepared for shipment to an independent analytical laboratory, and assay results will be reported upon receipt and interpretation. Certified standards have been inserted into the sample stream at no less than 10 per cent of the total sample volume.

The fully permitted 14,000 m drill program represents the largest exploration campaign by any company at the Mojave project and is designed to systematically evaluate multiple high-priority target areas across the property.

Continuing exploration

In addition to the drilling program, K2 continues to conduct surficial exploration work throughout the Mojave and Morningstar projects. A campaign of focused rock sampling, prospecting and geological interpretation is under way, with initial focus directed on the Flores and Newmont targets in the eastern portion of the Mojave project, the Morningstar trend at the Morningstar property, and the Stega target in the western regions of Mojave. A total of 797 rock samples have been collected to date over the target areas.

Initial rock sampling focused on the Flores target, located 1.6 kilometres east of the Newmont target, where historical channel sampling returned 3.78 g/t Au over 43 m (see K2 news release of May 13, 2021). First pass sampling was focused on multiple clusters of gold mineralization found at prospective lithological contacts between limestone and siltstone rock packages covering 1.75 km. Geological mapping with the aim of determining key structural controls throughout the trend is ongoing. Minor reconnaissance sampling was also conducted at the Newmont target.

Detailed sampling and geological mapping were completed on the Morningstar trend, a 750 m wide by two km long northwest trend of silver, gold, copper and base metal mineralization, which hosts the historical Sunset, Ignacio and Morningstar mines, and sits adjacent to the historical Cerro Gordo silver mine which reportedly produced 4.4 million ounces of silver over its operating life (1865 to 1949). In this initial phase of rock sampling, K2's geological team collected 615 rock samples over the entirety of the trend, with a focus on extending known mineralization along strike in the H-Zone, B-Zone and Ignacio targets, and revisiting the Soda Ridge target at the southeastern end of the trend. The work to date represents the single largest sample collection campaign conducted by K2 at Morningstar.

The company has also returned to the Stega zone to complete detailed surficial exploration for the first time since 2021. Stega is a district-scale copper-gold target located on the western side of the Mojave project. Historical work by K2 has defined a sediment-hosted and structurally controlled copper-gold system returning results of up to 14.2 per cent Cu in rock grab sampling at the copper zone, which is up to 250 m wide, 1.8 km in length and open to the north-northwest, and results of up to 12.68 g/t Au within the 600 m wide, 1.8 m long gold zone (see K2 news release of June 14, 2021).

Surficial exploration work will continue throughout the drilling program with geological teams poised to visit the Gold Valley, Dragonfly North and Dragonfly West targets in the coming weeks. Results from the sampling program and continuing geological interpretations will be reported as they become available.

Qualified person (QP)

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.

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. In early 2026, K2 completed an eight-hole, 3,871-metre exploration drilling program targeting the depths of the system. Assay results are pending.

The Wels project lies approximately 60 km 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 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.

We seek Safe Harbor.