Cashu Research Initiates Coverage on K2 Gold Corporation

Mojave drilling returns 39.62m at 5.35 g/t and 27.43m at 4.08 g/t gold as K2 advances a fully permitted and funded 14,000-metre campaign in California

Cashu Research today initiated coverage on K2 Gold Corporation (TSXV: KTO,OTC:KTGDF) (OTCQX: KTGDF), focused on the company's 100%-owned Mojave Project in Inyo County, California.

Read the full report: https://research.cashugroup.com/research-reports/k2-gold-corp-tsxv-kto

Cashu Research Initiates Coverage on K2 Gold (TSXV: KTO,OTC:KTGDF)

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The report incorporates K2 Gold's August 18 and September 9, 2026 Dragonfly drill results from the company's largest drill program at Mojave to date. As of September 9, K2 had completed 23 holes for 4,182 metres of a fully permitted and funded 14,000-metre campaign, with results from 16 additional holes pending and drilling underway at the Newmont Zone. The full Cashu Research report is available free at research.cashugroup.com.

High-grade oxide gold from two pads

K2 reported 39.62 metres at 5.35 g/t gold in hole DF26-020, including 25.91 metres at 7.14 g/t gold, from a completely oxidised interval beginning at 51.82 metres downhole. The company also reported 10.67 metres at 7.75 g/t gold from 16.76 metres in DF26-019 and 18.29 metres at 3.77 g/t gold in DF26-018.

Those first three holes were drilled from site DF-A, approximately 40 metres north of K2's 2020 discovery hole, into previously untested ground.

On September 9, K2 reported four additional holes from site DF-F, approximately 40 metres west of the 2020 discovery hole. DF26-023 returned 27.43 metres at 4.08 g/t gold, including 15.24 metres at 5.30 g/t; DF26-021 returned 32.01 metres at 2.02 g/t; DF26-022 returned 33.53 metres at 1.63 g/t; and DF26-024 returned 3.05 metres at 17.55 g/t followed by 28.95 metres at 2.03 g/t.

All seven reported 2026 Dragonfly holes have intersected high-grade oxide gold. Reported widths are drilled widths; K2 has stated that true widths are not yet known.

Why Mojave stands out

Cashu Research's report focuses on three features of the current program:

• Oxide mineralisation near surface. The Dragonfly intercepts are oxidised and begin close to surface. K2 has not yet published metallurgical testwork.
• A major exploration permit is in place. The U.S. Bureau of Land Management issued a Record of Decision in early 2026 authorising drilling from up to 22 sites.
• The program is funded. K2 reported more than C$27 million in cash as at August 18, 2026, no warrants outstanding and a C$9.8 million 2026 budget.

K2's current program contemplates approximately 14,000 metres of drilling across Mojave. The Eastside Gold Trend extends for more than 6.5 kilometres and includes Dragonfly, the undrilled Gold Valley target and the Newmont Zone.

What comes next for K2 Gold

The report identifies upcoming drill results as the principal near-term catalyst. As of September 9, eight Dragonfly holes from pads DF-G, DF-M and DF-A were pending assay, while eight holes had been completed at the Newmont Zone with assays pending. Cashu Research is watching:

• additional assays from eight Dragonfly holes;
• results from eight holes drilled at the Newmont Zone;
• continuity of grade and mineralised widths away from the discovery area;
• further Dragonfly drilling; and
• future metallurgical work.

The Newmont Zone was previously tested by Newmont Exploration and BHP Minerals. Historical drilling includes hole NM20-011, which returned 1.64 g/t gold over 41.15 metres.

The broader Mojave thesis remains early-stage. The project currently has no mineral resource or reserve, true widths remain unknown and metallurgy has not yet been established. Permitting a future mine in California would also require a separate and substantially more extensive process than the current exploration approvals.

Read the full report: https://research.cashugroup.com/research-reports/k2-gold-corp-tsxv-kto

The complete Cashu Research initiation report includes the investment thesis, drill summary, valuation framework, risk analysis and full disclosures and is available free of charge at research.cashugroup.com.

About Cashu Research

Cashu Research is the equity research division of Cashu Group, publishing research on publicly listed resource companies for retail, professional and institutional investors.

Cashu Research is a Corporate Authorised Representative (AR No. 001318029) of Adviser Solutions Group Pty Ltd (AFSL 485946).

About K2 Gold Corporation

K2 Gold Corporation (TSXV: KTO,OTC:KTGDF) (OTCQX: KTGDF) is an exploration company advancing the 100%-owned Mojave gold project in Inyo County, California, together with the Si2 project in Nevada and the Wels and Wolf projects in Yukon. Further information is available at k2gold.com.

Disclosure

This is paid research. Cashu Research and/or Cashu Group receives compensation from K2 Gold Corporation in connection with research, investor awareness and related services and therefore has a material commercial relationship with the company.

This release is a summary only. Readers should review the full Cashu Research report for compensation, conflicts, methodology, risk and regulatory disclosures, and K2 Gold's public filings before making any investment decision. Cashu Research provides general financial product advice only, without reference to any reader's objectives, financial situation or needs. K2 Gold is a pre-resource exploration company and its securities carry a high risk of loss.

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