K2 Gold Corporation: The World Is Running Out of New Gold.

The world's biggest gold miners have a problem most people have not noticed. They are depleting their reserves faster than they can replace them. New large gold discoveries have become increasingly rare over the past two decades — industry exploration budgets have not produced enough new ounces to keep pace with production, and the discoveries that have been made tend to be smaller, deeper, and in more difficult jurisdictions than the deposits the majors were built around.

That gap is why the major producers increasingly buy junior explorers who make the discoveries the majors could not make themselves. The pattern has repeated across every major gold jurisdiction in North America — from the Abitibi in Quebec to the Golden Triangle in British Columbia to the Great Bear discovery in Ontario, which Kinross Gold acquired for $1.8 billion in 2022.

The team behind that Great Bear discovery is now running K2 Gold Corporation (TSXV: KTO), and this time they are drilling four projects across three of North America's top gold jurisdictions.

The company

K2 Gold is a Vancouver-based gold exploration company and a member of the Discovery Group, an alliance of resource companies whose members have generated more than $2.6 billion in acquisition activity across the last decade. Notable exits include Great Bear Resources (acquired by Kinross for $1.8 billion in 2022), Kaminak Gold (acquired by Goldcorp for $520 million in 2016), Northern Empire Resources (acquired by Coeur Mining for $117 million in 2018), and Great Bear Royalties (acquired by Royal Gold for $200 million in 2022). Executive Chairman John Robins has been involved in gold discoveries totaling more than 10 million ounces. Past success at other companies does not guarantee a similar outcome at K2.

The company's portfolio spans four projects across California, Nevada, and Yukon Territory. Each represents a different geological model, a different stage of discovery, and a different type of gold system. This is not a single-project bet.

Mojave, California — the flagship

Mojave is a 6,000-plus-hectare property in Inyo County, California, 100 percent owned, fully permitted, and currently in the middle of a 14,000-metre drill program. On August 18, 2026, K2 announced results from a previously undrilled zone at a target called Dragonfly: 39.62 metres of 5.35 grams per tonne gold, including a higher-grade interval of 25.91 metres of 7.14 grams per tonne. Earlier drilling at Dragonfly returned 86.9 metres of 4.0 grams per tonne gold from surface. (Reported widths are drilled widths and may not represent true thickness.)

Dragonfly is one of several targets on the property. Gold Valley, 1.5 kilometres north along the same 6.5-kilometre gold corridor, has produced surface samples as high as 375 grams per tonne gold. (Those are grab samples — hand-picked rocks from the surface; they show what a target can contain at its best, not the average grade across a whole zone.) Gold Valley has never been drilled.

Si2, Nevada — the geological analogue

Si2 sits in Nevada's Walker Lane trend, in Esmeralda County. K2 describes the project as sitting on the same type of geology as AngloGold Ashanti's 16.3-million-ounce Silicon deposit — one of the larger recent gold discoveries in Nevada. That comparison refers to rock type only, not to how much gold Si2 might contain.

Drilling in 2026 intersected broad gold mineralization, and the deeper "boiling zone" — the geological feature that in comparable Nevada systems has historically hosted higher-grade gold — has not yet been reached. Additional lab results from Si2 are still pending.

Wels, Yukon — the Tintina Gold Belt

Wels is a 7,200-hectare project in the Yukon's Tintina Gold Belt, roughly 60 kilometres south of the Coffee Project (owned by Fuerte Metals). In K2's 2023 drill program, every one of the 12 holes drilled intersected gold, including a highlight interval of 34.7 grams per tonne gold over 1.52 metres. A new mineralized corridor at Saddle South was identified during that work.

Wolf, Yukon — the district-scale exploration play

Wolf is the newest addition to the portfolio, a 21,887-hectare district-scale property in the Yukon, approximately 80 kilometres south of the Coffee Gold Project. Surface work has outlined a gold-in-soil anomaly running more than 10 kilometres, and the property contains greenfield targets across both intrusion-related and epithermal gold models — meaning the property could host different kinds of gold deposits, and further exploration is required to narrow that down. A 2026 reconnaissance program including LiDAR, soil sampling, mapping, and prospecting is now underway.

The portfolio thesis

Four projects, three jurisdictions, all in North America's top gold-producing regions. Each project sits at a different stage of discovery: Mojave is drilling to define what is there, Si2 is intersecting mineralization and waiting on assays, Wels has hit gold in every hole and needs follow-up, and Wolf is the earliest-stage greenfield with the largest land footprint. K2 has not defined a mineral resource at any of these projects and has not completed an economic study on any of them.

The company is fully funded to advance the current work. K2 raised approximately $37 million in the last 18 months, most recently in a C$25.25 million financing in January 2026, and has a treasury of roughly $27.6 million as of today.

Against a backdrop where major gold miners are looking harder than they have in years for the next generation of discoveries, having four different shots on goal in tier-one North American gold jurisdictions — run by the team behind several of the biggest gold acquisitions of the last decade — is an unusual portfolio for a single junior to own at one time. K2 remains at the exploration stage and the standard early-stage project risks apply, but the twelve months ahead are unusually concentrated with milestones the market will be watching.

The tickers are KTO on the TSX Venture Exchange, KTGDF on the OTCQX, and 23K on the Frankfurt Stock Exchange. For additional information, visit k2gold.com or public filings on SEDAR+.

Disclaimer: This content has been paid for by K2 Gold Corp. Cashu Group was compensated by K2 Gold Corp. for the creation and distribution of this content. The creator is not a registered investment advisor. Investing in securities involves significant risk, including the possible loss of all capital invested. Mineral exploration companies face project-specific risks including permitting, financing, geological uncertainty, and market conditions. K2 Gold is an exploration-stage company with no defined mineral resource or economic study at any of its projects (Mojave, Si2, Wels, or Wolf). Drill widths reported are drilled widths and may not represent true thickness. Grab samples and surface samples referenced are selective by nature and are not representative of average grade across a target. Drill results, while encouraging, do not guarantee the existence of an economically viable deposit. Comparisons to other companies' deposits, including AngloGold Ashanti's Silicon deposit referenced in relation to K2's Si2 project, and references to Fuerte Metals' Coffee Project and other nearby operating mines, are geological or geographic in nature and are not indications of similar economic outcomes at K2. References to Discovery Group acquisition activity, including the acquisitions of Kaminak Gold, Northern Empire Resources, Great Bear Resources, and Great Bear Royalties, and to prior work by Executive Chairman John Robins and other team members, are historical and are not an indication of future performance or acquisition activity at K2 Gold. References to U.S. Department of the Interior Secretarial Order 3418 and to K2's Bureau of Land Management Record of Decision reflect current policy and permitting status at the time of publication; federal policy priorities can shift with future administrations, and permitting one project does not mean every project automatically clears the same bar. The 2026 TSX Venture 50 recognition reflects historical trading activity rather than a forecast of future results. Readers should conduct their own due diligence, consult K2 Gold's public filings on SEDAR+, and consult with a qualified financial advisor before making any investment decisions.