Mr. Anthony Margarit reports

K2 GOLD RECEIVES POSITIVE RECORD OF DECISION FOR EXPLORATION DRILLING AT THE MOJAVE PROJECT, CALIFORNIA

The U.S. Bureau of Land Management (BLM) has issued a positive record of decision (ROD), approving K2 Gold Corp.'s proposed exploration drilling program at its flagship Mojave project, located in Inyo county in California.

Receipt of the ROD marks the conclusion of an extensive environmental review process conducted under the National Environmental Policy Act (NEPA) and represents the most significant milestone for the Mojave project and the company's advancement to date.

Key highlights:

• Exploration drilling approved at the Mojave project to further evaluate and expand the high-grade oxide gold discovery at the Dragonfly and Newmont target areas, and allow for K2's first drill holes at the Central target;
• Authorization supports an extensive drill program targeting expansion of the Dragonfly to Newmont zone, where K2's previous drilling returned high-grade oxide gold mineralization from surface, including 4.02 grams per tonne (g/t) gold (Au) over 86.89 metres (m), as well as testing several additional high-priority targets;
• Mobilization of drilling equipment and crews to prepare for the program is now under way;
• Upon completion of mobilization drilling will commence at the Morningstar trend while final clearance surveys are conducted and drill pads are constructed at the Dragonfly and Newmont zones;
• Drilling at the Dragonfly, Central and Newmont targets will begin as soon as pads are prepared.

"Receiving the record of decision for Mojave is a transformative milestone for K2 Gold. The BLM's issuance of a positive ROD reflects the thoroughness of the environmental review process and the strength of the project itself.

"Mojave represents a highly compelling opportunity to explore a large, gold and polymetallic system in a premier U.S. jurisdiction. With the ROD now in hand, we are excited to move forward with drilling aimed at expanding the high-grade Newmont to Dragonfly corridor and unlocking what we believe to be the broader potential of this district-scale system," stated Anthony Margarit, president and chief executive officer of K2 Gold.

Morningstar trend

Drilling will begin at key targets within the Morningstar trend, a 750-metre-wide-by-two-kilometre-long northwest trend of silver, gold, copper and base metal mineralization, which hosts the historical Sunset, Ignacio and Morningstar mines, and sits adjacent to the historical Cerro Gordo silver mine, which produced 4.4 million ounces of silver over its operating life (1865 to 1949)

Drilling will focus on the H zone, B zone, Wheelbarrow adit and Ignacio targets to follow up on K2's recent highlight rock grab samples while simultaneously verifying historical drilling completed by Asamera, Coeur Mining and Phelps-Dodge between 1987 and 1994. Highlight rock samples from within the trend include:

• Morningstar mine: 2.13 g/t Au, 1,405 g/t silver (Ag) and 3.53 per cent copper (Cu);
• H zone: 6.94 g/t Au and 2.72 per cent Cu, as well as 9.09 g/t Au;
• B zone: 11.05 g/t Au, 1,420 g/t Ag and 4.59 per cent Cu;
• Wheelbarrow adit: 18.1 g/t Au;
• Ignacio: 1.40 g/t Au, 426 gt Ag and 1.39 per cent Cu, as well as 5.77 g/t Au and 4.48 per cent Cu;
• Sunset mine: 13.3 g/t Au, 2,260 g/t Ag and 3.85 per cent Cu.

Additional corporate updates:

• 100-per-cent ownership: K2 has executed the option agreement for Mojave and now holds full ownership of the project.
• Strong treasury position: As of March 10, 2026, the company has no warrants outstanding and $33.9-million in its treasury to advance exploration across its projects.

About the Mojave project:

• Located in a historic mining district along the prolific Walker Lane trend;
• Host to multiple mineralization styles over a more-than-100-square-kilometre area;
• Features receptive host rocks, regional structural controls and robust hydrothermal systems with mineralization across more than 1,100 vertical metres;
• Historical exploration is limited, yet K2's drilling in 2020 returned exceptional oxide gold intercepts from surface;
• Eastern target area: near-surface gold oxide targets;
• Western target area: gold, copper, silver and base metal targets;
• Morningstar target area: polymetallic Au-Ag-Cu-Pb-Zn (gold-silver-copper-lead-zinc) system adjacent to one of the largest historical silver producers in California.

Qualified person (QP)

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 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. Notable past drill highlights include: 4.0 g/t Au over 86.9 metres from surface at the Dragonfly zone; and 1.69 g/t Au over 41.15 metres at the Newmont zone.

K2 also holds: the Si2 Gold project in Nevada; and the Wels project in Yukon, Canada.

K2 Gold is committed to responsible exploration, indigenous and community engagement, and advancing high-quality projects through a collaborative and technically disciplined approach.

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 completed a 3,871-metre reverse circulation exploration drilling campaign at Si2 in early 2026 to test the depths of the system and will release results in due course.

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.

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