K2 Gold Provides Exploration Update on Drill Program at the Mojave Project, California

Vancouver, British Columbia–(Newsfile Corp. – July 7, 2026) – K2 Gold Corporation (TSXV: KTOV) (OTCQX: KTGDF) (“K2 Gold” or the “Company”) today announced an update on its fully funded 14,000 metre reverse circulation (“RC”) drill program at its 100%-owned Mojave Project, located in Inyo County, California.

Drilling commenced at the Dragonfly Target in late June and is progressing well. To date, 574.5 metres (“m”) in three drill holes have been completed, with drilling currently underway on the fourth hole. The program has proceeded safely and efficiently, with productivity meeting or exceeding the Company’s expectations.

The initial 16 holes at Dragonfly have been designed to follow up on encouraging results from K2’s 2020 drill program, which included intercepts of 45.72 metres grading 6.68 g/t gold (hole DF20-002) and 30.48 metres grading 7.18 g/t gold (hole DF20-004), with both intervals beginning at surface. (See K2 news release of 11/30/2020) The current program is testing both the lateral and vertical continuity of this gold-mineralized system while refining the Company’s geological model.

The Company’s drilling program is proceeding under a comprehensive Plan of Operations that aims to minimize environmental impact. Drill sites are limited in size, pads are constructed out of timber to avoid extensive excavation, and all sites have been pre-cleared by qualified biologists and archaeologists after years of baseline work, avoiding all known cultural and biological resources. In addition, Tribal Monitors from participating tribes are present at each drill site on a 24/7 basis. Drilling is being conducted by Evolve Exploration of Reno, NV, with a lightweight, helicopter-portable RC drill which does not require water during normal operation.

Samples measuring 1.52m length (5 feet) each from the completed drill holes have been prepared for shipment to an independent analytical laboratory, and assay results will be reported upon receipt and interpretation. Certified standards have been inserted into the sample stream at no less than 10% of the total sample volume.

The fully permitted 14,000m drill program represents the largest exploration campaign by any company at the Mojave project and is designed to systematically evaluate multiple high-priority target areas across the property.

Figure 1: Plan map of current and planned drilling at the Dragonfly target.

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Ongoing Exploration

In addition to the drilling program, K2 continues to conduct surficial exploration work throughout the Mojave and Morningstar projects. A campaign of focused rock sampling, prospecting, and geological interpretation is underway, with initial focus directed on the Flores and Newmont targets in the eastern portion of the Mojave Project, the Morningstar Trend at the Morningstar Property, and the Stega target in the western regions of Mojave. A total of 797 rock samples have been collected to date over the target areas.

Figure 2: Overview of the 2026 rock sampling program; blue triangles are newly collected samples.

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Initial rock sampling focused on the Flores target, located 1.6 km east of the Newmont target, where historical channel sampling returned 3.78 g/t Au over 43m (See K2 news release of 05/13/2021). First pass sampling was focused on multiple clusters of gold mineralization found at prospective lithological contacts between limestone and siltstone rock packages covering 1.75km. Geological mapping with the aim of determining key structural controls throughout the trend is ongoing. Minor reconnaissance sampling was also conducted at the Newmont target.

Detailed sampling and geological mapping were completed on the Morningstar Trend, a 750m wide x 2km 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 reportedly produced 4.4 million ounces of silver over its operating life (1865-1949)¹. In this initial phase of rock sampling, K2’s geological team collected 615 rock samples over the entirety of the trend, with a focus on extending known mineralization along strike in the H-Zone, B-Zone, and Ignacio targets, and re-visiting the Soda Ridge target at the southeastern end of the trend. The work to date represents the single largest sample collection campaign conducted by K2 at Morningstar.

The Company has also returned to the Stega Zone to complete detailed surficial exploration for the first time since 2021. Stega is a district-scale copper-gold target located on the western side of the Mojave Project. Historical work by K2 has defined a sediment-hosted and structurally controlled copper-gold system returning results of up to 14.2% Cu in rock grab sampling at the Copper Zone, which is up to 250m wide, 1.8km in length and open to the north-northwest, and results of up to 12.68 g/t Au within the 600m wide, 1.8km long Gold Zone (see K2 news release of 06/14/2021).

Surficial exploration work will continue throughout the drilling program with geological teams poised to visit the Gold Valley, Dragonfly North, and Dragonfly West targets in the coming weeks. Results from the sampling program and ongoing geological interpretations will be reported as they become available.

1. Merriam, C.W., 1963, Geology of the Cerro Gordo mining district, Inyo County, California: U.S. Geological Survey Professional Paper 408, iv, 83p.

Qualified Person (“QP”)

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, M.Sc., P.Geo., K2’s QP and Vice President of Exploration.

About K2 Gold Corporation

K2 Gold is part of Discovery Group, an alliance of companies responsible for the discovery of over 10 million ounces of gold.

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 datasets confirm that prior drilling did not test the interpreted boiling zone, where gold grades are typically maximized in epithermal systems. In early 2026, K2 completed an 8-hole, 3,871m exploration drilling program targeting the depths of the system. Assay results are pending.

The Wels Project lies approximately 60km south of Fuerte Metals Coffee project discovered by Kaminak Gold Corporation (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 Wolf Project is a new district-scale gold exploration project in west-central Yukon Territory, Canada, located 80 km south of the 3.0 Moz Au Coffee Gold Project currently under development by Fuerte Metals. Wolf consists of the Wolf South block, a >10km long gold-in-soil anomaly previously held by multiple operators and consolidated by K2, and the Wolf North claim blocks which host greenfield intrusion-related and epithermal gold targets.

Cautionary Statement on Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts. Forward- looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the exploration program at Si2, Wels, and Mojave, including results of drilling, and future exploration plans at Si2, Wels, and Mojave. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company’s inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company’s public disclosure record which is available on SEDAR+ (sedarplus.ca). Although the Company believes that the assumptions and factors used in preparing the forward looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. No securities of the Company have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold an within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or exemption from such registration requirements is available.

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