Mr. Anthony Margarit reports

K2 GOLD CORPORATION CLOSES C$25.25 MILLION FINANCING

K2 Gold Corp. has closed its offering under the listed issuer financing exemption, previously disclosed in the company's press releases dated Jan. 27, 2026, Jan. 29, 2026, and Feb. 4, 2026. Under the LIFE (listed issuer financing exemption) offering, K2 sold 36,071,429 common shares in the capital of the company, at a subscription price of 70 cents per common share, for gross proceeds of $25.25-million.

The company intends to use the net proceeds from the LIFE offering for exploration at the Mojave and Si2 projects as well as for general corporate purposes.

The common shares sold under the LIFE offering were issued pursuant to the listed issuer financing exemption available 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, in each of the provinces and territories of Canada other than Quebec.

The company paid cash finders' fees, in compliance with the policies of the TSX Venture Exchange and applicable securities legislation, to the following arm's-length finders in connection with subscriptions from subscribers introduced by them for a portion of the LIFE offering: (i) $256,200 to Haywood Securities Inc.; (ii) $700,000 to ATB Capital Markets Corp.; and (iii) $315,000 to Canaccord Genuity Corp.

Closing of the LIFE offering is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX-V. The common shares issued under the LIFE offering will not be subject to a statutory hold period pursuant to applicable Canadian securities laws.

Following closing of the LIFE offering, the company has a total of 234,341,670 common shares outstanding.

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's sale to Goldcorp for approximately $520-million. In addition, K2 is part of Discovery Group, an alliance of companies individually managed and focused on the advancement of global mineral exploration and mining projects with a proven record of generating shareholder value and 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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