K2 Gold Corporation announced the results of its 2022 Extremely Low Frequency Electromagnetic (ELF) geophysical survey at its Si2 Gold Project (Si2), located 60 km northwest of Tonopah Nevada. Additionally, K2 has staked 53 new claims surrounding the project area, adding 443 hectares of prospective ground and bringing the total project size to 986 hectares. ELF Survey Confirms Structural Continuity: K2 engaged Aurora Geosciences to execute the ELF survey at the Si2 Property.

A total of 24.8 line-km was surveyed, with lines-oriented northwest-southeast and spaced at 200m intervals. Two of the survey lines effectively twinned the previously announced IP lines at L400 and L1600, allowing for the higher- resolution IP data to act as a reference point. At Si2, northeast trending structures observed at surface and in multiple geophysical surveys are coincident with prominent areas of advanced argillic alteration and mercury anomalism in rock where exposed.

Exploration work completed to date supports the concept that these northeast trending fault structures acted as the conduits for a hydrothermal fluid that created an extensive zone of steam-heated alteration at present day surface. At depth, these structures may have controlled the emplacement of precious metal mineralization beneath the water table within the boiling zone. New Claims Staked: The company is also pleased to announce that a total of 53 new claims have been staked at the project, adding 443 hectares of prospective ground to the Si2 project.

The claims were staked contiguously with the existing land position under option to K2 from Orogen Royalties Inc. and were selected to cover the potential extension of structures identified during the 2022 season. The total land position at Si2 now consists of 118 claims, covering 986 hectares. Next Steps: The Si2 Project is now drill-ready.

K2 is preparing a Notice of Intent for submission to the Federal Bureau of Land Management (BLM) to support drilling activities and intends to drill test key targets in early 2023.