Mr. Anthony Margarit reports

DRILLING UNDERWAY AT K2 GOLD'S SI2 PROJECT IN NEVADA

Drilling is now under way at K2 Gold Corp.'s 100-per-cent-owned Si2 gold project, located approximately 59 kilometres west of Tonopah, Nev., in the prolific Walker Lane trend.

This drill program represents the culmination of significant technical studies and reinterpretation at Si2. The project is now understood to be an intact low-sulphidation epithermal gold system, with prior drilling having tested only the shallow upper expression. For the first time, K2 is drilling high-priority targets at depth, where stronger gold mineralization is commonly developed in epithermal systems.

"The commencement of this drill program is a direct result of our technical team's strength," said Anthony Margarit, president and chief executive officer of K2 Gold. "Their work has fundamentally upgraded the Si2 geological model. We are now drilling the most compelling targets identified to date -- testing both previously undrilled structures and the depths where our studies indicate the most productive levels of the Si2 epithermal system should lie. Si2 gives K2 a second, high-conviction discovery opportunity in one of the most proven gold districts in the U.S.A."

Key drivers behind the Si2 drill program

• Diligent scientific and technical studies reveal untapped potential;
• First-ever testing of newly defined, deeper structural targets property-wide;
• Si2 exhibits many similar characteristics to AngloGold Ashanti's Arthur project (previously named Silicon);
• The right address: located in the prolific Walker Lane of Nevada -- host to several world-class epithermal systems.

Establishes Si2 as a near-term discovery catalyst, alongside the company's flagship Mojave project.

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 led by a team that has delivered over $2.6-billion worth of gold transactions, including Great Bear Resources' $1.8-billion sale to Kinross and Kaminak Gold's sale to Goldcorp for approximately $520-million. Chairman John Robins, who also chaired Kaminak, is now poised to deliver yet again for K2 Gold. In addition, 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 Mojave project is a 6,000-plus-hectare oxide gold project with base metal targets located in Inyo county, California. Multiple previously recognized surface gold targets have been successfully drilled in the past, 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 successfully completed a 17-hole RC drill program focused on the Dragonfly and Newmont zones. Highlights from K2's drilling program include 6.68 grams per tonne Au (gold) over 45.72 metres from surface at the Dragonfly zone, and 1.69 g/t Au over 41.15 m from 44.20 m depth at the Newmont zone.

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 Wels land position consists of 350 contiguous quartz claims covering 7,200 hectares and lies within the traditional territory of White River First Nation.

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.