K2 Gold Corporation announced the first assay results from its 2023 Reverse Circulation ("RC") drilling program at the Wels Project, located in west-central Yukon 60km south of Newmont's Coffee gold deposit. Results from a proof-of-concept program consisting of six holes targeting the Saddle, Saddle North, and Saddle South Zones are reported herein, assays from six additional holes across the property are pending. The highest-grade gold assay to date at the Wels Project, was returned from drilling at the Saddle South target in newly defined structures, including multiple high-grade gold intersections: 34.7 g/t Au over 1.52m in WRC23-006 from 82.3m down hole.

1.60 g/t Au over 21.34m in WRC23-005 from 3.05m down hole, including 3.22 g/t Au over 9.14m. High grade gold drilled in a structure 60m south of the Saddle Main target returned 7.14 g/t Au over 3.05m from 60.96m down hole, in WRC23-003. First test hole at the Saddle North target returned 1.17 g/t Au over 7.62m from 25.91m down hole (WRC23-004).

A set of at least 8 steeply-dipping, stacked mineralized structures within a +400m wide corridor which is open to the NW, SE, and at depth, now comprise the Saddle Zone. The program was a successful proof-of-concept and confirms that exploration strategy is working. The results from the greater Saddle Zone demonstrate the presence of a stacked system of approximately east-west trending, high-angle mineralized structures.

The structures are observed to cut all observed rock types, including quartzite found at the Saddle North and South targets as well as the granite hosting the Saddle Main target, with high grade mineralization found in all rock types. The results of the drilling suggest that each mineralized structure drilled to date has the potential to host high grade gold mineralization. The Mojave Project is a 5,830-hectare oxide gold project with base metal targets located in 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, 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 g/t Au over 45.72m from surface at the Dragonfly Zone, and 1.69 g/t Au over 41.15m from 44.20m depth at the Newmont Zone.

The Si2 Gold Project is located in Esmeralda County, approximately 60km northwest of Tonopah, Nevada, and 20km northwest of Allegiant Gold's Eastside deposit (1.4Moz Au over 1.4Moz Au over 2.8m in WRC23-003). The results of the drilling program include 6.68g/t Au over 45. 72m from surface at the Dragon fly Zone, and 1.69g/t Au over 41.

15m from 44.20mdepth at the Newmont Zone.