K2 Completes 2019 Exploration at Wels; Trenches 2.15 g/t Au over 8m at the Pekoe Target, 0.64 g/t over 36m at the Chai Target

TSX-V: KTO

NEWS RELEASE

K2 Completes 2019 Exploration at Wels; Trenches 2.15 g/t Au over 8m at the

Pekoe Target, 0.64 g/t over 36m at the Chai Target

Vancouver, B.C. – February 20, 2020 – K2 Gold Corporation (“K2” or the “Company”) (KTO:TSX-V) is

pleased to report the results of 2019 exploration at the Wels Gold Property (“Wels” or the “ Property”)

located in west -central Yukon Territory in the Traditional Territory of White River First Nation (“WFRN”) .

The 2019 program focused on the Pekoe and Chai target areas, and included trenching, prospecting, and

soil sampling that was designed to follow up on previously identified anomalies and evaluate the extent of

mineralization.

Highlights Include:

• 3 trenches totaling 92.6m at the Pekoe target returned 2.15 g/t Au over 8m and 0.8 g/t Au over

7.6m.

• 1 trench totaling 71.5m at the Chai target returned 0.64 g/t Au over 36m including 1.2 g/t Au over

15m.

• Additional anomalous float grab samples returned 2.59 g/t and 1.52 g/t at Chai; 1.52 g/t Au

approximately 250m south of the main Saddle zone, 2.18 g/t Au from Pekoe, and 0.68 g/t Au from

a new area located 575m north of Pekoe.

Three trenches at the Pekoe target (19-T1a and b, 19- T2) and one trench at C hai (19-T2) were

completed at Wels using a CanDig portable mini excavator and tested areas of anomalous gold bearing

grab samples as well as Au+A s soil anomalies. A total of 164.1m of trenching was completed and 31

channel samples were collected from the trenches over widths ranging from 1 to 5m.

Trenches 19-T1a and 19-T1b on the Pekoe target returned 2.15 g/t Au over 8m and 0.8 g/t Au over 7.6m.

The mineralisation is associated with quartz-carbonate veined and altered gabbro with arsenopyrite,+ /-

pyrite and chalcopyrite within a broad, E-W trending, fault zone. Trench 19-T2 is located 300m SE of 19-

T1a and returned 0.12 g/t Au over 33.5m. The mineralization occurs in weathered granite, and appears

similar to the rocks which host mineralization at the Saddle zone. This marks the most northerly exposure

of the Saddle zone type granite currently known on the Property , potentially extending the mineralized

granite body by 1.4 kilometers to the northwest. In addition, a series of 12 soil samples were collected at

20m intervals , along strike of the trench and continuing downslope to locate the granitic boundaries .

Granitic in situ weathered rocks were observed in 11 consecutive sites, further extending the granite

approximately 200m downslope and the soil samples assayed from 26 ppb to a maximum of 254 ppb Au,

with 5 of the 12 soils sampling assaying above 100 ppb Au.

Trench 19-T3 located at the Chai target intersected interbedded quartzite, minor siltstone, and a gabbro

with local carbonate alteration and pyrite -arsenopyrite mineralisation. 19 -T3 assayed 0.64 g/t Au over

36m including 1.2 g/t Au over 15m.

Stephen Swatton, President and CEO of K2 commented, “ The first pass trenching at Pekoe and Chai

confirm a robust gold system is present at Wels and we are very encouraged with the discovery of broad

zones of anomalous gold mineralisation at both the Pekoe and Chai Targets, which compares favourably

to the broad low-grade Au halo also observed at the Saddle Zone.”

In addition to trenching, prospecting was conducted in key areas of previous anomalous soil samples. A

total 119 rock grab samples were collected and ranged from below detection to 2.59 g/t Au. Anomalous

float grab samples returned 2.59 and 1.52 g/ t at Chai; 1.52 g/t Au approximately 250m south of the main

Saddle zone, 2.18 g/t Au from Pekoe, and 0.68 g/t Au from a new area located 575m north of Pekoe

potentially extending the Pekoe target further to the north.

The 2019 exploration results demonstrate that Wels is a much larger zone of mineralization than was

previously considered when it was drilled in 2015 and 2017 (1750m total). The current interpretation is

that Wels exhibits strong similarities to structurally controlled gold deposits throughout the Tintina gold

belt of Yukon and Alaska, including Newmont Goldcorp’s Coffee deposit 60km to the north.

Compilation, reassessment, and interpretation of the Company’s extensive database is ongoing and will

form the basis for continued exploration in the 2020 field season.

Option Grant

The Company granted 200,000 incentive stock options (the "Options") to a Consultant of the Company.

The Options are exercisable at $0.23 per share for a period of 5 years from the date of grant and Expire

February 20, 2025. The Options were granted pursuant to the Company's shareholder -approved stock

option plan and are subject to the policies of the TSX Venture Exchange and any applicable regulatory

hold periods.

Qualified Person

Jo Price, P.Geo., Consultant to K2 and a Qualified Person under National Instrument 43- 101 has

reviewed and approved the technical information on this release.

About K2

K2 is a well financed gold and silver exploration company focussed on North America. The Company has

projects in Alaska, Yukon and the SW USA. The most recent addition, the Mojave gold property in

California, is a 5,830 hectare oxide gold project. The acquisition 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 m ajors BHP and Newmont. Besides affording immediate drill targets the property

also includes undrilled historical trench results including 4.2 g/t gold over 42.7m.

For additional information please contact Stephen Swatton at 604-331-5093.

On behalf of the Board of Directors,

“Stephen Swatton”

President and CEO

K2 Gold Corporation

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 201 9 and 2020 exploration program at the Mojave, Wels,

Ladue, McArthur Properties (collectively the “Properties”), including results of drilling, and future

exploration plans at the Properties. 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 reach satisfactory agreements with

First Nations to facilitate its exploration and development plans for the Wels Property, the Company's

inability to obtain any necessary permits, consents or authorizations required for its planned activi ties,

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 jurisdict ion 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 Ac t 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.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT

TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY

FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.