Mr. Anthony Margarit reports

K2 GOLD APPROVES $9.8 MILLION 2026 BUDGET

K2 Gold Corp.'s board of directors has approved a $9.8-million budget for 2026. The approved budget is designed to aggressively advance the Mojave project upon receipt of the final record of decision while also financing drill testing of new high-priority targets recently defined at the Si2 project in Nevada.

"With a $9.8-million exploration budget now approved, 2026 is shaping up to be a pivotal year for K2," stated Anthony Margarit, president and chief executive officer of K2 Gold. "The board's approval is a clear endorsement of the progress we have made across the portfolio. At Mojave, we continue to demonstrate compelling scale, with multiple kilometres of high-grade gold, copper and polymetallic gold-silver-lead-zinc trends now defined, positioning the project for a return to drilling -- something our team has been working toward for several years and which will be particularly meaningful for us. In parallel, our work at Si2 has generated a very compelling pipeline of new targets that we expect to see drill tested in the near term, while the Wels project presents an opportunity to reignite value in Yukon. Together, we believe these projects place K2 in a strong position to deliver multiple discovery-oriented catalysts through 2026."

Mojave project -- large-scale polymetallic system with multiple high-grade targets

Mojave represents a polymetallic mineralized system, hosting a five-kilometre-long corridor of high-grade gold mineralization in the east (Newmont/Dragonfly/Gold Valley) and five kilometres of strike of high-grade copper mineralization in the west.

Mojave sample result highlights:

• Bonanza-grade gold at the Gold Valley target, including rock samples up to 375 grams per tonne gold and the first-ever visible gold reported at Mojave;
• Gold Valley lies along a 1.5-kilometre structural trend extending north-northwest from the Dragonfly target, where K2 drilled 86.9 metres of 4.0 g/t Au from surface (2020);
• A five-kilometre-long copper corridor on the western side of the project, with samples from:
  • The Stega target area, which has generated grab samples up to 14.2 per cent copper and 15.79 g/t Au;
  • The Soda Valley target returning grab samples 2.91 per cent, 2.61 per cent and 2.47 per cent copper and associated silver up to 125 g/t silver in quartz-carbonate structures;
• A third major target area at Cerro Gordo, hosting gold-silver-lead-zinc mineralization, remains the least tested zone and lies strategically on trend with both the eastern gold and western copper corridors.

Exploration overview at Mojave

These highlights reinforce K2's 2020 drilling as well as earlier work that interpreted the entire Mojave project area as part a large multicommodity mineral zone that hosts gold, silver, copper and other base metals. The broader district has seen exploration and mining activity from the mid-1800s to present. This includes the Cerro Gordo district, which produced an estimated 4.4 million ounces of silver, 37 tons of lead and 12,000 tons of zinc with lesser amounts of gold and copper (Merriam, 1963); the Santa Rosa mine, which produced 76,584 tons of ore averaging 0.45 g/t gold, 397.7 g/t silver, 16.3 per cent lead and 0.7 per cent copper (MacKevatt, 1953, and Dixon, 1991); and numerous other high-grade gold, silver and base metal mines and prospects. The gold, as reported by K2 from the eastern target areas was discovered only more recently (1980s and 1990s).

Si2 project: new high-priority targets

K2's Si2 project is a compelling analogue to other significant low-sulphidation epithermal gold deposits, including AngloGold Ashanti's Expanded Silicon project (16.3 million ounces Au). Both K2 Gold's Si2 project and AngloGold Ashanti's Silicon project were originally identified by the same project generator using its proprietary geological targeting methodology, securing first-mover access to this previously overlooked epithermal target style].

Recent studies and interpretation have defined new targets interpreted to point to potential boiling-zone-level (potential gold deposition) mineralization within a preserved epithermal system. Drilling in 2026 at Si2 will represent the first systematic test of these new targets. (The company notes that Silicon is not necessarily representative of mineralization at Si2 and no resource has been defined.)

Wels project -- Yukon

The Wels project lies approximately 40 kilometres east of the community of Beaver Creek and 60 kilometres south of Fuerte Minerals' Coffee deposit discovered by Kaminak Gold Corp. (a former Discovery Group company and K2's predecessor).

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. The Wels land position consists of 350 contiguous quartz claims covering 7,200 hectares.

Highlights from K2's previous drilling at Wels included near-surface high-grade intervals:

• 10.38 g/t Au over six m (DDH17-08);
• 3.53 g/t Au over 19.5 m (DDH15-01);
• 2.37 g/t Au over 28.5 m (DDH17-06);
• 34.7 g/t Au over 1.52 m in (WRC23-006);
• 1.60 g/t Au over 21.34 m in (WRC23-005) from 3.05m, including 3.22 g/t Au over 9.14 m.

Marketing agreements

The company announced today that it has retained Machai Capital Inc. to provide digital marketing services on behalf of the company. Machai will provide digital marketing services with branding, content and data optimization to assist the company to create in-depth marketing campaigns, tracking, organizing and executing the services through search engine optimization (SEO), search engine marketing (SEM), lead generation, digital marketing, social media marketing, e-mail marketing and brand marketing. The services will be conducted in accordance with the applicable TSX Venture Exchange policies. The marketing campaign will be launched immediately and continue for three months, pursuant to which Machai will receive $200,000 plus GST (goods and services tax) and grant 100,000 stock options issued at 81 cents per share, expiring Jan. 2, 2029. The company and Machai act at arm's length and Machai has no present interest, directly or indirectly, in the company or its securities. The marketing agreement is subject to TSX-V approval.

The company also announced today that it has retained Winning Media LLC to provide digital marketing services on behalf of the company. Pursuant to the terms of the digital marketing services agreement between the company and Winning Media, Winning Media will provide digital media services, including omnichannel programmatic advertising, SMS and e-mail marketing, ticker tagging, and digital podcasts, for a term of one month and will receive a fee of $100,000 (U.S.) as consideration for its services during the term of the agreement. Neither Winning Media nor any of its principals currently owns any interest, directly or indirectly, in the company or its securities or has any right or intent to acquire such an interest. Winning Media is based in Houston, Tex. The agreement is subject to TSX-V approval.

Incentive stock options

In addition to the 100,000 stock options granted to Machai as noted above, the company has granted an additional 50,000 stock options to a consultant, at an exercise price of 81 cents per common share, for a term of five years. The options were granted in accordance with and are subject to the terms of the company's stock option plan and the policies of the TSX-V. The options will best in accordance with the company's stock option plan.

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 qualified person and vice-president of exploration.

About K2 Gold Corp.

K2 Gold is a member of 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 RC (reverse circulation) drilling.

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.