Announcement • Sep 09

K2 Gold Corporation Reports Drilling Results At Dragonfly Zone At Mojave Project

K2 Gold Corporation announced the results from four additional drill holes completed at the Dragonfly Zone at its 100% owned Mojave Project. Results from these four holes drilled off the second pad of the 2026 program confirm the presence of multiple stacked structures hosting high-grade oxide gold in a 40m step back to the west of K2’s 2020 discovery intercept. The Dragonfly Zone is located 1.5km south of the undrilled Gold Valley target, 2km north of the Newmont target, and midway along the >6.5km long Eastside Gold Trend, a broad mineralized trend which has been identified by K2 sampling and limited historical drilling. 23 holes have been completed to date for 4182m of a fully permitted and fully funded 14,000m campaign, with drilling currently in progress at the Newmont Zone. Results from 16 additional K2 drill holes are pending. Results from all four holes reported herein are from site DF-F, a drill pad placed 40m to the west of K2’s 2020 highlight hole in the Dragonfly Zone, DF20-002: 45.72m of 6.68 g/t Au and designed to target the down-dip and lateral extension of the exceptional 2020 intercept, reporting the following: DF26-023: 27.43m of 4.08 g/t Au from 82.30m down hole, including 15.24m of 5.30 g/t Au; DF26-024: 3.05m of 17.55 g/t Au from 62.48m followed by 28.95m of 2.03 g/t Au, including 16.76m of 3.03 g/t Au from 97.54m down hole; DF26-021: 32.01m of 2.02 g/t Au from 50.29m down hole, including 4.57m of 8.81 g/t Au; DF26-022: 33.53m of 1.63 g/t Au from 102.11m down hole, including 6.10m of 4.97 g/t Au from 109.73m and 4.58m of 3.67 g/t Au from 131.06m. Results continue to confirm that the Dragonfly zone consists of multiple stacked west-dipping gold-bearing structures and remains open in all directions. Individual structures appear to widen at depth, with all structures drilled to date demonstrating the potential to host high-grade oxide gold mineralization, with 2026 drill samples returning up to 19.00 g/t Au. Dragonfly is centrally located in the middle of the Eastside Gold Trend 1.5km south of Gold Valley and 2km north of Newmont and hosts high-grade oxide gold mineralization within a steeply west-dipping structural corridor. Ribs of silicified and strongly oxidized conglomerate and limestone plus recessive but strongly gold mineralized siltstone are exposed at surface in the core of the target area and carry gold values of up to 22.53 g/t Au. Surrounding the currently drilled portion of the target, stacked, subparallel, primarily steep and west dipping structures are observed over a 400 m wide corridor, with the majority undrilled to date. Drill holes reported in this release were collared from pad DF-F, a 40m step back to the west from the high-grade gold drilled by K2 in 2020 (45.72m of 6.68 g/t Au in hole DF20-002). Two holes were drilled to undercut the 2020 drilling at a 070° azimuth in an angled fan: DF26-021 (-50° dip) and DF26-022 (-70° dip). Two additional holes were drilled at a 035-degree azimuth to test for possible northwest plunging ore shoots and test an undrilled pocket within the target area: DF26-023 (-50 dip) and DF26-024 (-70 dip). All four holes intersected an upper, high-grade structure (gold to 19.00 g/t Au in DF26-024) approximately 50m below surface. This zone may correlate with low-grade gold mineralization intersected at surface in the previously reported drilling, indicating that low-grade mineralization may increase with depth. Each hole then intersected a middle zone believed to represent the main Dragonfly structural corridor; this gold-mineralized corridor appears to have increased in width at depth, as observed in DF26-023 and DF26-024 when compared to intersections observed in adjacent drilling. An alternating mixture of sandstone and siltstone continues to final depth with pure calcite veins, quartz veinlets and silicification, and oxidized finely disseminated sulphides. The sandstone/siltstone mixture hosts strong gold mineralization with a moderate amount of iron oxides within the 32.01m structural corridor starting at 50.29m that carries 2.02 g/t gold with a high-grade interval of 8.81 g/t gold over 4.57m from 50.29m depth. Other notable observations include the development of gypsum halos around quartz-oxidized sulphides, deep yellow, orange, and red phyllitic siltstone. Increased iron oxides and fine-grained muscovite/illite are associated with the phyllitic siltstones. Additional intercepts starting at 118.82m contain 3.05m of 1.20 g/t gold followed by 4.58m of 1.34 g/t at a depth of 138.68m within hematitic and partly veined sandstone. A lower structure returning 7.62m of 0.99 g/t Au was cut at 156.97m, with the interval including 1.53m of 3.99 g/t Au. Geochemical associations to Au include elevated As, Ag, Sb, Tl and typically depleted Ca. Hole 022 collared on the same site as DF26-021 and drilled through a similar initial sequence of conglomerate and sandstone. An upper intercept within siltstone and sandstone returning 4.57m of 2.60 g/t Au was cut at 71.63m down hole, before a broad alteration envelope returning 33.53m of 1.63 g/t Au was intersected at 102.11m, including 6.09m of 4.97 g/t Au from 109.73m and 4.58m of 3.67 g/t Au from 94.49m. Starting at 79.25m the lithologies alternate from shale, siltstone, and sandstone with moderate to locally strong iron oxides (goethite, hematite) in fractures, veinlets, and disseminated with or without quartz veinlets. The gold intervals noted above are associated with a significant increase in iron oxide content. Drill hole 023 collared in bedrock, cutting siltstone, sandstone, and a pebble conglomerate. The strongest gold mineralized intervals vary in alteration style, some of which are hosted in strongly foliated siltstone/shale units with strong goethite and hematite, whereas other horizons contain quartz and minor calcite veining, disseminated oxidized sulphides to goethite and hematite, plus thin horizons of pure gossan. The best interval is 27.43m with 4.08 g/t Au starting at 82.30m down hole, including a core of 15.24m of 5.30 g/t Au, and crosses both strong foliated siltstone and quartz replaced/altered siltstone with iron oxides. Minor vuggy silica occurs in high-grade gold intervals with two separate samples hosting 5.59 and 6.75 g/t Au, revealing the strong affinity between gold and silica.

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