Mr. Anthony Margarit reports

K2 GOLD ANNOUNCES UPSIZE OF NON-BROKERED PRIVATE PLACEMENT TO UP TO CDN$25 MILLION

Due to strong investor demand, K2 Gold Corp. has increased the size of its previously announced non-brokered private placement, whereby the company will issue up to 35,714,286 common shares in the capital of the company at a price of 70 cents per share for total gross proceeds of up to approximately $25-million.

The offered shares will be offered for sale to purchasers resident in each of the provinces and territories of Canada, other than Quebec, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The offered shares will not be subject to a statutory hold period in Canada (except to the extent the four-month hold period of the TSX Venture Exchange applies).

There is an amended and restated offering document related to the offering that can be accessed under the company's profile on SEDAR+ ca and on the company's website. Prospective investors should read the offering document before making an investment decision.

The offering may also be offered in jurisdictions outside of Canada on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction. All securities not issued pursuant to the listed issuer financing exemption will be subject to a hold period of four months under applicable securities laws in Canada, in addition to any resale restrictions applicable in the purchaser's jurisdiction.

The company intends to use the net proceeds from the offering for exploration at the Mojave and Si2 projects as well as for general corporate purposes. Closing of the offering is expected to occur as soon as practicable. The company may pay finders' fees in connection with the offering to eligible arm's-length finders in accordance with applicable securities laws and the policies of the TSX-V.

Completion of the offering is subject to certain customary closing conditions, including, but not limited to, receipt of all necessary regulatory approvals, including any applicable approval of the TSX-V.

Clarification on Si2 acquisition

K2 also clarifies the news release issued on Dec. 22, 2025, due to an administrative error: The Si2 property consists of 65 lode claims located on BLM (Bureau of Land Management) ground, which were under option from Orogen Royalties Inc., and 53 contiguous claims staked by K2 in 2022.

About K2 Gold Corp.

K2 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 Corp.'s sale to Goldcorp for approximately $520-million. Chairman John Robins, who also chaired Kaminak, is now poised to deliver yet again for K2. In addition, K2 is part of Discovery Group, an alliance of companies responsible for the discovery of over 10 million ounces of gold.

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 in the past, most notably by Newmont and BHP. Since acquiring the property, K2 has completed geochemical and geophysical surveys, geologic mapping, lidar and a WorldView 3 alteration survey and successfully completed a 17-hole RC (reverse circulation) drill program focused on the Dragonfly and Newmont zones. Highlights from K2's drilling program include 6.68 grams per tonne gold over 45.72 metres from surface at the Dragonfly zone and 1.69 grams per tonne gold over 41.15 metres from 44.20 metres depth at the Newmont zone.

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. K2's work has delineated multiple priority structural targets at depth, positioning Si2 for systematic drill testing of higher-grade potential below historical intercepts.

The Wels project lies approximately 60 kilometres south of Fuerte Metals' Coffee project discovered by Kaminak Gold (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 is committed to responsible exploration, safety, indigenous and community engagement, and advancing high-quality projects through a collaborative and technically disciplined approach.

Qualified person

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Eric Buitenhuis, MSc, PGeo, K2's qualified person and vice-president of exploration.

K2 Gold is a member of Discovery Group based in Vancouver, Canada.

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