Worth the wait: The high-grade discovery years in the making…

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Worth The Wait:
The High-Grade Discovery Years In The Making

Back in 2020, K2 Gold Corporation (KTO.V; KTGDF.OTC) drilled a headline-making intercept: 86.9 meters of 4.0 g/t gold from surface at its Mojave Project…
 

…A discovery hole strong enough to justify a years-long march through federal permitting.
 

That patience just paid off.
 

Because K2’s first assays from its long-awaited follow-up drill campaign hit more bonanza grades, confirming this exciting gold discovery.
 

Better yet: Twelve more holes are already completed and awaiting results, with the drill now turning toward other targets and more news on the way.

When a company spends years working through federal permitting for an expanded drill program, you have to ask what they saw in the ground to make that wait worth it.

At K2 Gold’s (KTO.V; KTGDF.OTC) Mojave Project in California, the answer was an amazing 86.9 meters of 4.0 g/t gold from surface, including a richer core of 45.7 meters of 6.7 g/t gold.

That intercept, drilled back in 2020, sat waiting for a Bureau of Land Management Record of Decision before the Company could return and test it further.

As you’re about to see, that decision finally arrived…and the drill bit found exactly what K2 was hoping for.

A Step-Out Straight Into High-Grade Gold

Drilling from a single pad 40 meters north of the original discovery hole, K2 completed three holes at the Dragonfly Zone within its flagship Mojave Project. Every one of them hit gold…and lots of it.

• Hole 20: 39.62 meters of 5.35 g/t gold from 51.82 meters downhole, including 25.91 meters of 7.14 g/t gold
• Hole 19: 10.67 meters of 7.75 g/t gold starting at just 16.76 meters downhole
• Hole 18: 18.29 meters of 3.77 g/t gold, including 7.62 meters of 7.48 g/t gold

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The first three holes of K2’s new 14,000-meter campaign, stepped out from the 2020 discovery, confirm high-grade gold continues along strike at Dragonfly.

Not only that, but all three holes also passed through a separate, previously unrecognized zone near surface at this location, grading up to 0.96 g/t gold — a distinct, lower-grade horizon sitting above the higher-grade structure tested below it.

And It’s Just Getting Started…

Mineralization at Dragonfly has now been confirmed over 400 meters of drilled strike length through both these new holes and historic drilling.
 

This high-grade gold mineralization remains completely open along strike and at depth.

There’s more to come, and soon: At this moment, 12 more holes have already been drilled and are awaiting assay in this fully-permitted, fully-funded 14,000-meter program.
 

This is a major effort that will spin out news for months: Dozens of holes will immediately probe for more high-grade gold along a 3.5-kilometer trend toward the Newmont discovery to the south…and the many outlying targets along trend to the north and throughout the property will get drilled as well in follow-up programs.

The rig is now stepping south toward the Newmont target, where K2 previously drilled another big hit of 41.15 meters of 1.64 g/t gold, following only limited historical work over previous decades.

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Mojave hosts a number of exciting, defined targets across its extensive, 6,000-hectare land package, with Dragonfly just the first to be drill-tested so far.

Again, this is a project with an array of defined exploration targets across its 6,000-plus hectares. The Dragonfly, Newmont, Gold Valley and Stega targets could each carry a typical junior mining company on their own.
 

K2 holds all four — plus base metal targets tied to the same buried intrusive system — on a single land package.

The Wait Never Scared Off Smart Money

A years-long wait for federal permitting is exactly the kind of uncertainty that keeps short-term capital on the sidelines. It didn’t keep K2’s investors there.
 

K2 first announced a C$15 million private placement on January 27, 2026, priced at C$0.70 per share — at that time essentially the market price, with no warrant coverage attached and no added discount.

Two days later, on strong investor demand, the Company upsized it to C$25 million. Less than a week after that, it upsized again, to C$25.25 million.

The financing closed on February 10 at that final size, having grown by nearly 70% in barely two weeks without ever needing to sweeten the terms — because investors kept lining up at the same price point.

Financings priced at the market with no warrants, and increased rather than discounted to fill demand, are not the norm for a junior still waiting on a federal permit.

No, this is the signature of investors who looked past the regulatory timeline entirely and priced the ground on its own merits — the historic 86.9-meter, 4.0 g/t discovery hole was enough on its own.
 

That capital committed months before this week’s results were even drilled, based on the strength of that intercept and K2’s ability to eventually get back into it.

Beyond The Flagship

Mojave is the part of the story that matters most right now. However, K2 is not a one-project company.
 

At the Si2 Gold Project in Nevada, an eight-hole, 3,871-meter program confirmed a large, fertile epithermal gold system across a 1.6-kilometer by 1-kilometer footprint, including a gold-silver bearing quartz vein at the AOI4 target and a high-grade vein hit of 2.37 g/t gold with 8.13 g/t silver at AOI3.
 

In the Yukon, the Wels Project has returned high-grade gold across every trend drilled to date, including 10.38 g/t gold over 6.0 meters and a standout 34.7 g/t gold over 1.52 meters at the Saddle South target.
 

And in May, K2 staked the 21,887-hectare Wolf Project, consolidating a gold-in-soil anomaly stretching more than 10 kilometers that had previously been fragmented across three different operators.
 

Obviously, the option of spinning out the Yukon projects in particular is something K2 is looking at. That could provide a valuable added lottery ticket for shareholders.

Still Early In A Big Story

Consider what we have here: Mojave alone hosts a 5-kilometer corridor of high-grade gold…and a separate 5-kilometer corridor of high-grade copper…and it has only just returned to the drill after a years-long regulatory process most companies never survive.

That permitting process is behind it now. Twelve more assays are pending. Sixteen more holes are already permitted for a second phase at Dragonfly alone.
 

And the rig hasn’t even reached Newmont yet.

Remember, too, that the smart money didn’t wait for these results to get positioned. K2’s C$25.25 million financing closed in February, priced at the market with no warrants attached, months before the Record of Decision arrived and even longer before this week’s assays came back.
 

That capital moved in on the strength of the story and the historic intercept alone, without waiting for a green light or a single new assay to confirm it.

Consider it now confirmed.
 

With a fully-funded, fully-permitted campaign turning up more high-grade gold on its very first follow-up hole, this is now one of the mining market’s next big discovery stories.
 

Better yet: These new drill results were released on a day when gold dropped and the market was distracted. It seems obvious that the market missed their significance…
 

…And it’s apparent that this is the time to take a close look at K2 Gold.

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