Mr. Anthony Margarit reports

K2 GOLD COMPLETES REVERSE CIRCULATION DRILL PROGRAM AT SI2 GOLD PROJECT, NEVADA

K2 Gold Corp. has completed its 2026 reverse circulation (RC) drill program at the company's Si2 gold project, located in Esmeralda county, Nevada, in the prolific Walker Lane trend.

The program consisted of eight drill holes totalling 3,871 metres, testing five areas of interest (AOIs) across the project. The campaign represents the first drilling by K2 at the AOI3, AOI4 and AOI5 target areas, expanding exploration beyond the southern targets previously drilled by the company.

Highlights:

• The Si2 property exhibits many similar characteristics to AngloGold Ashanti's 16.3-million-ounce-gold Arthur project (previously named Silicon), which has emerged as one of the most significant new gold discoveries in the southwest United States;
• 3,871 metres of RC drilling completed in eight holes across five priority target areas;
• All holes intersected extensive low-sulphidation epithermal alteration, quartz veining or silica-healed brecciation, and broad zones of adularia flooding across variable host rocks, highlighting a favourable setting for gold (plus or minus silver) mineralization;
• Assays are pending and will be released once received, compiled and interpreted.

"The completion of our 2026 drill program marks an exciting advancement in the evolution of testing the Si2 epithermal system, which we have verified from previous drilling to be a gold-bearing system," stated Anthony Margarit, president and chief executive officer of K2 Gold. "This phase of drilling tested a model inspired by a deep technical dive targeting the boiling zone of the system, which could potentially host significant grades and volume of gold. The model held up extremely well in all holes drilled, the lithologies and textures intercepted are very encouraging, and we look forward to receiving the assay results."

2026 drill program overview

The 2026 drill program was designed to test a series of structural targets generated through an integrated geological model incorporating drilling, alteration mineralogy, fluid inclusion studies, geophysics and structural interpretation. These data sets indicate that Si2 project represents a preserved low-sulphidation epithermal system with the potential for stronger gold mineralization at depth along key fault structures.

Previous work suggests that earlier drilling intersected only the upper levels of the hydrothermal system, above the projected boiling zone. Higher-grade mineralization may occur below this zone.

Five target areas tested across the property

Southern Rhyolite Dome -- AOI1 and AOI2

The Southern Rhyolite Dome target area (AOI1 and AOI2) represents the southernmost drilled target at Si2 and hosts broad, low-tenor gold mineralization drilled in 2023 beneath an extensive steam-heated alteration cap. The 2026 program aimed to test the target within and below the boiling zone beneath the 2023 drilling. A total of four holes were completed (three completed to target depth, one failed) for 1,853 metres drilled at the target area.

Drilling intersected several potential hosts for mineralization, including extensive illite-pyrite-silica-plus-or-minus-adularia alteration within rhyolite, quartz-sulphide veins and veinlets with open-space textures indicative of boiling, fault gouge with significant pyrite and associated pathfinder geochemistry, and hydrothermally altered volcanic breccias.

AOI3

One hole for 475.49 metres was drilled at the AOI3 target, which represents the first drill test of a large zone of steam-heated alteration exposed on the surface and anomalous mercury geochemistry located 1.3 kilometres northeast of the Southern Rhyolite Dome. The target is interpreted to represent the daylighting expression of a large structural corridor extending northeast from the Southern Dome. The hole drilled through multiple intervals of illite-pyrite-silica altered dacite interwoven with strongly altered rhyolite before cutting broad intervals of rhyolite with quartz veins, disseminated pyrite and rare sulphosalts.

AOI4

The AOI4 target is a east-northeast-trending, steeply northwest-dipping zone of strong to intense steam-heated alunite-kaolinite alteration in a dacite host extending for 600 metres along surface. Rock sampling at the target returned strongly anomalous mercury and identified chalcedonic quartz veins within the dacite. The target was tested by one hole for 537.97 metres, which aimed to intersect the downdip extension of the alteration zone/structure. The hole drilled through weakly altered dacite and rhyolite to 360 metres below surface, where am approximately 25-metre drilled thickness of quartz vein was cut. The vein was immediately followed by strongly illite-pyrite-silica-adularia altered rhyolite with common veinlets to end of hole.

AOI5

AOI5 occurs near the northern extent of the main alteration footprint at Si2 and exhibits strong advanced argillic alteration and highly anomalous pathfinder geochemistry, including the strongest mercury observed at surface in the northern targets. Drilling consisted of two holes targeting a steeply west-dipping set of breccias and veinlets observed at surface for a total of 1,004.32 metres. Both drill holes intersected intervals of hydrothermal, silica-cemented breccia and strong illite-pyrite-silica alteration, with adularia flooding observed at depth. Both holes collared in argillized dacite before cutting variably textured (banded, tuffaceous, brecciated and massive) dome-related rhyolite.

Next steps

Samples from the RC drill program have been submitted for laboratory analysis and results are expected in the coming weeks. Upon receipt, the company will complete geological and structural interpretation to guide future exploration at the project.

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 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 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 following projects.

The Mojave project is a greater-than-6,000-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, and 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 gold over 45.72 m 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 (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, inluding 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.