K2 Drills 83.82m of 3.40 g/t Au including 19.81m of 7.51 g/t Au at Dragonfly

K2 Gold Corporation has completed the final four holes of Phase 1 at the Dragonfly Zone of its Mojave Project in California. The drilling included three holes from the northernmost pad ever drilled (DF-M) and one from the DF-A pad.

DF26-031, drilled from the DF-M pad at a 010° azimuth and -50° dip to a depth of 83.82 m, returned 83.82 m @ 3.40 g/t Au from surface. This interval includes 48.77 m @ 4.98 g/t Au from 35.05 m, which further includes 19.81 m @ 7.58 g/t Au from 64.01 m. The hole was abandoned in mineralization, with the final 1.52 m returning 9.72 g/t Au.

DF26-030, also from the DF-M pad at a 070° azimuth and -80° dip to 192.02 m, returned 100.58 m @ 1.01 g/t Au from surface. This interval includes 7.62 m @ 2.51 g/t Au, 9.15 m @ 2.84 g/t Au, and 6.10 m @ 4.60 g/t Au.

DF26-029, drilled from the DF-M pad at a 070° azimuth and -60° dip to 175.26 m, returned 38.10 m @ 1.38 g/t Au from surface. This includes 19.81 m @ 2.34 g/t Au, plus 7.62 m @ 2.45 g/t Au and 10.67 m @ 2.09 g/t Au.

DF26-032, drilled from the DF-A pad at a 330° azimuth and -80° dip to 91.44 m, returned 28.95 m @ 3.11 g/t Au, including 9.15 m @ 8.53 g/t Au.

The program status shows 42 holes totaling 8,013 m completed. Results have been reported for 15 holes at Dragonfly, while 27 holes remain pending at Newmont.

The DF-M pad is located 94 m north of the 2020 highlight hole, DF20-002, which returned 45.72 m @ 6.68 g/t Au. DF-M is described as the discovery location, where BHP drilled holes CM97-3 and CM97-4 in 1997.

K2 Gold Corporation (KTO) is a pre-resource gold explorer with no revenue and no NI 43-101 resource, for which drill results serve as the core product. The company’s northernmost pad, positioned 94 meters north of previous targets, delivered the best hole of the 2026 program. Hole DF26-030 reproduced BHP’s 1997 result within tolerance, while the release advances a Carlin-type model characterized by a Tl and As-Sb-Ba signature that could enlarge the interpreted system scale.

The prior program-best hole, DF26-020 reported on August 18, 2026, returned 39.62 m @ 5.35 = 212 g·m. The 2020 discovery hole, DF20-002, returned 45.72 m @ 6.68 = 305 g·m. DF26-031 returned 285 g·m, placing it above the 2026 anchor and roughly on par with the 2020 discovery, though at a lower grade of 3.40 versus 6.68 over a longer, obliquely inflated interval.

From a price context perspective, the stock re-rated from approximately C$0.70 in early August to approximately C$0.89-0.91 on the August-September drilling, before round-tripping to C$0.69 by October 19. The embedded market anchor is therefore largely unwound, as the market is not currently pricing in a repeat of the earlier results. This dynamic raises the odds that the genuinely new, program-best, system-extending hole is under-priced.

The result represents an extension and validation strong enough to be positively differentiated against an unpriced tape, but it is not a district-opening discovery or a new deposit. Its headline width is partly a function of the drilling angle.

K2 Gold Corporation (TSXV: KTO; OTCQX: KTGDF; FSE: 23K) is a gold-focused explorer operating in the southwestern United States and the Yukon, with board and advisory members affiliated with Discovery Group entities including Great Bear, Kaminak, and Northern Empire. The company’s flagship asset is the Mojave Project in Inyo County, California, which comprises approximately 5,830 to 6,000 hectares of 100% owned land. This property features near-surface oxide gold and base-metal targets along the more than 6.5 km Eastside Gold Trend and holds full permitting under a BLM Record of Decision dated 2026, with a 14,000 m Phase 2 program currently underway.

In Nevada’s Walker Lane, the 100% owned Si2 Project hosts a low-sulphidation epithermal system. Drilling confirmed in 2026 identified a large system but did not intersect economic grades. Additionally, the company holds the 7,200 ha Wels and 21,887 ha Wolf projects in the Yukon, which are planned for restructuring into a subsidiary.

K2 Gold has approximately 242.2 million shares outstanding and carries no debt. The company reported cash of approximately C$31.1M at Q2-2026, with the release citing treasury holdings of over $24M. No mineral resource or reserve exists on any of the company’s assets.