Mr. Anthony Margarit reports

K2 GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT TO RAISE CAD $2 MILLION

K2 Gold Corp. has arranged a non-brokered private placement, whereby the company will issue up to 13,333,333 units at a price of 15 cents per share for total gross proceeds of up to $2-million.

Each unit will consist of one common share in the capital of the company and one-half non-transferable common share purchase warrant. Each warrant will be exercisable to acquire one share at a price of 30 cents per share for a period of 12 months from the date of issuance, subject to an acceleration clause. If the five-day volume-weighted average trading price of the shares as quoted on the TSX-V is equal to or greater than 35 cents at the close of any trading day, then the company may, at its option, accelerate the expiry date of the warrants by issuing a press release announcing that the expiry date of the warrants shall be deemed to be on the 30th day following the issuance of the warrant acceleration press release. All warrants that remain unexercised following the accelerated expiry date shall immediately expire and all rights of holders of such warrants shall be terminated without any compensation to such holder.

K2 intends to use the net proceeds raised from the offering for exploration and to complete permitting at the company's Mojave gold project located in Inyo county, California, United States, as well as for general working capital.

The company may pay finders' fees on a portion of the offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation.

The closing of the offering is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX-V. All securities issued pursuant to the offering will be subject to a four-month hold period, in accordance with applicable Canadian securities laws. There are no material facts or material changes regarding the company that have not been generally disclosed.

Qualified person

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 qualified person and vice-president of exploration.

About K2 Gold Corp.

K2 is a proud member of Discovery Group and currently has projects in the southwestern United States and Yukon.

The Wels project is located in western Yukon, approximately 40 kilometres east of the community of Beaver Creek and 60 km south of Newmont Goldcorp's four-million-gold-ounce Coffee deposit, within the traditional territory of White River First Nation. The land position consists of 350 contiguous quartz claims covering 7,200 hectares. Wels is underlain by metasedimentary and metavolcanic rocks of the White River formation that have been intruded by a series of Triassic gabbroic sills and Cretaceous granitic plugs. This package has been cut by a series of west-northwest-trending, high-angle structures that host alteration and gold mineralization. Mineralization is noted in all rock types observed on the property to date and is associated with quartz veining, brecciation and sericite alteration with anomalous arsenic, antimony and, locally, visible gold. Four discrete mineralized trends are currently known, with only one trend drilled to date, delivering encouraging assay results of 2.37 grams per tonne Au over 28.5 metres and 10.38 g/t Au over 6.0 m. All mineralized trends remain open along strike, and approximately 80 per cent of the property is currently unexplored.

The Mojave project is a 5,830-hectare oxide gold project with base metal targets located in California. Multiple previously recognized surface gold targets have been successfully drilled, most notably by Newmont and BHP. Since acquiring the property, K2 has completed geochemical and geophysical surveys, geologic mapping, lidar (light detection and ranging), a WorldView 3 alteration survey, and a 17-hole reverse circulation drill program focused on the Dragonfly and Newmont zones. Highlights from K2's drilling program include 6.68 g/t Au over 45.72 m from surface at the Dragonfly zone, and 1.69 g/t Au over 41.15 m from 44.2 m depth at the Newmont zone.

K2 is committed to transparency, accountability, environmental stewardship, safety, diversity, inclusion and community engagement.

We seek Safe Harbor.