Mr. Anthony Margarit reports

K2 GOLD ADVANCES TOWARD FINAL EIS AND CONTINUES TO UNCOVER HIGH-GRADE GOLD AT MOJAVE PROJECT

K2 Gold Corp. has provided an update on exploration and permitting progress at its 100-per-cent-owned Mojave project, a highly prospective oxide gold project located in Inyo county, California.

Highlights:

• Permitting nears key milestone: The Bureau of Land Management is preparing the final environmental impact statement for K2's Mojave project following the close of the public comment period. The final EIS will address all substantive public input and support the advancement of the phase 2 drill program.
• High-grade gold confirmed at new zones: Continuing surface exploration continues to expand the footprint of known mineralization:
  • Gold Valley: Rock samples, collected over 100 metres south of the original discovery zone, returned values of 27.6 grams per tonne gold and 21.5 g/t Au.
  • Flores area (East zone): Reconnaissance sampling returned 3.07 g/t Au and 4.02 g/t Au in the vicinity of K2's high-grade chip channel sampling at the target (3.78 g/t Au over 43 metres in channel 19-MOT-006).
• Phase 3 drill targets taking shape: Fieldwork has focused on targets beyond the current drill permit boundary, targeting future drilling at Gold Valley and East zone -- two areas with significant discovery potential.

"As we move closer to finalizing the EIS, our confidence in the scale and quality of the Mojave project continues to grow," stated Anthony Margarit, president and chief executive officer of K2 Gold. "These new high-grade surface results reinforce our belief that Mojave represents one of the most compelling underexplored oxide gold systems in the western U.S."

Mojave rock sampling program overview

During the most recent program, 74 rock samples were collected from the Eastern target area, focused on extending and integrating emerging zones into a broader geologic framework. The effort was designed to prioritize high-potential drill targets for a future phase 3 campaign.

Gold Valley zone

High-grade grab samples* (27.6 g/t and 21.5 g/t Au) were recovered from quartz-rich boulders approximately 130 m south-southeast of previous Gold Valley discovery samples. This marks the first example of high-grade, quartz-hosted gold at this target, expanding the known styles of mineralization at Mojave.

* Grab samples are selective in nature and may not represent underlying mineralization.

East zone/Flores target

Located east of the primary Dragonfly-Newmont-Gold Valley corridor, the East zone hosts multiple structurally controlled gold targets. Sampling in the vicinity of the Flores target (where K2 collected a chip channel sample which returned 3.78 g/t Au over 43 m in 2019) confirmed contact-hosted gold mineralization over 280 m to the southwest (3.07 g/t Au) and 750 m to the southeast (4.02 g/t Au) of the discovery channel sample. The samples were collected at structural contacts between a panel of graded limestone and two separate packages of siltstone. The broader East zone includes additional anomalous zones such as Broken Hill and several unnamed clusters of surficial gold anomalism.

Permitting progress -- final EIS in preparation

K2 remains on track in its permitting process for phase 2 drilling. The company is working closely with the BLM and technical consultants to incorporate public feedback received during the 45-day comment period for the draft EIS. The final EIS will ensure regulatory compliance and environmental stewardship, and its completion represents a significant milestone for advancing exploration activities at Mojave.

Qualified person and 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.

The analytical work for the rock sampling programs was performed by ALS Laboratories in Reno, Nev., and North Vancouver, B.C. Samples were submitted to ALS's Reno, Nev., facility, where they were prepared using procedure PREP-31 (crush, split and pulverize 250 grams to better than 85 per cent passing 75 microns). Pulp samples were then analyzed for gold by method Au-AA23, a 30-gram fire assay fusion with an atomic absorption finish. A 0.5-gram pulp was analyzed by aqua-regia acid digestion and inductively coupled plasma-atomic emission spectrometry (ICP-AES) for 36 elements using method ME-ICP41. Samples containing greater than 10 g/t Au were analyzed by Au-GRA21, a 30-gram fire assay fusion with gravimetric finish. Samples containing overlimit silver, copper, lead or zinc were analyzed by methods Ag-OG62, Cu-OG62, Pb-OG62 and Zn-OG62, which are aqua regia digests with ore grade ICP finishes.

About K2 Gold Corp.

K2 Gold is a member of the Discovery Group and is focused on advancing gold exploration projects in mining-friendly jurisdictions across the western United States and Canada. The company's flagship Mojave project covers 5,830 hectares and includes multiple previously drilled oxide gold targets. Since acquiring the project, K2 has advanced exploration through geochemical, geophysical and remote sensing surveys, as well as reverse circulation drilling.

Notable past drill highlights include:

• 4.0 g/t Au over 86.9 m from surface at the Dragonfly zone;
• 1.69 g/t Au over 41.15 m at the Newmont zone.

K2 also holds:

• The Si2 gold project in Nevada, a large steam-heated alteration system with confirmed gold mineralization and compelling similarities to AngloGold Ashanti's Expanded Silicon project (3.40 million ounces Au at 0.87 g/t Au -- indicated resource, and 12.91 Moz Au at 1.03 g/t Au -- inferred resource);
• The Wels project in Yukon, Canada, where recent drilling intersected gold in all holes and outlined a new mineralized corridor at the Saddle South target.

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

We seek Safe Harbor.