K2 Announces the Appointment of Anthony Margarit as President and Director

Vancouver, British Columbia--(Newsfile Corp. - January 20, 2022) - K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF) (FSE: 23K) ("K2" or the "Company") is pleased to announce that Anthony Margarit, has joined K2 as President and Director of the company. Steve Swatton will remain as CEO of K2.

Anthony holds a BSc. Geology from Lakehead University and has over twenty-five years of management and exploration experience working with both major mining, and junior exploration companies. Over the course of his career, he has explored for a variety of commodities, and deposit types, on projects ranging from greenfields prospecting and project generation to managing multi-drill programs, and advanced development projects. This experience has given him exposure to a variety of exploration methods, as well as business management styles and techniques.

Stated Steve Swatton., CEO of K2: "We are delighted that Anthony has agreed to join K2 as President. Anthony has a strong technical, logistical and operational background and has been evaluating exploration projects for over 25 years as order the course of his career. Anthony will be instrumental in advancing the Mojave project and recently announced Si2 project. 2022 is going to be a milestone year for K2 and Anthony will be integral in getting K2 to the next level."

Stated John Robins of Discovery Group and the Chairman of K2: "I have known Anthony for more than 15 years, and I am extremely pleased that Anthony has joined the team. Strong management is a cornerstone of every company's success and Anthony is a key addition to both K2 and the Discovery Group."

About K2

K2 is a member of the Discovery Group of companies and have projects in SW USA and the Yukon. In the USA, the Company is represented by its 100% subsidiary, Mojave Precious Metals Inc. ("MPM"). The Company is focused on the Mojave property in California, and the Si2 project in Nevada, along with the Wells project in the Yukon.

Mojave is a 5,830-hectare oxide gold project with base metal targets. The location of Mojave enables the Company to have year-round news flow on multiple previously recognized surface gold targets that have been successfully drilled in the past by majors BHP and Newmont. Besides affording immediate drill targets based on the Company's soil data integrated with LiDAR and Worldview-3 data, the property also has undrilled locations with gold enriched historical trench results including one at the Flores zone which recorded 8.4 g/t gold over 25.6m (see October 30, 2013 news release from Great Bear Resources Ltd.).

The Si2 Gold project is a potential analogue to AngloGold Ashanti's Silicon project (one of Nevada's significant new gold discoveries). Si2 Gold was initially identified, and staked by the same exploration team that identified AngloGold Ashanti's Silicon project near Beatty, NV. The property was acquired based on its strong geological similarities to Silicon. Limited historic shallow drilling at Si2 Gold located anomalous gold, and suggests the potential for a buried low-sulphidation epithermal gold deposit planning is underway for K2's first round of exploration activity on the Si2 project.

The Wels was initially identified by regional geochemical surveys in 2002 and initially staked in 2011 and optioned to Gorilla Minerals. This led to the discovery of mineralization within a granitic stock at the Saddle Zone and subsequent sampling and trenching included grabs up to 149 g/t Au and trench samples of 8.8 g/t Au over 45m. Subsequent drilling on the Saddle by Gorilla include results of 3.53 g/t Au over 19.5m. The project was acquired by K2 in 2017 and conducted additional drilling on Saddle returning highlights of 2.37 g/t Au over 28.5m and 10.38 g/t Au over 6m. To date, the Saddle has 1674m of drilling over 15 holes and has been defined over 135m along strike and to 150m depth; and is open in both directions along strike and at depth.

K2 and MPM are committed to transparency, accountability, environmental stewardship, safety, diversity and inclusion, and community engagement.

On behalf of the Board of Directors,

"Stephen Swatton"

President and CEO

K2 Gold Corporation.

For further information about K2 Gold Corporation or this news release, please visit our website at k2gold.com or contact Investor Relations Offices in Canada 604-653-9464, or in the USA at Lone Pine, California +1 (760) 614-5605 or by email at info@k2gold.com.

K2 Gold Corporation is a member of Discovery Group based in Vancouver, Canada. For more information please visit: discoverygroup.ca.

Cautionary Statement on Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the exploration program at Mojave, including results of drilling, and future exploration plans at Mojave. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. No securities of the Company have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

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