K2 Gold aims to raise $25.2 million from upsized financing
K2 Gold Corp. [KTO-TSXV, KTGDF-OTCQB, 23K-FSE] has increased the size of a previously announced non-brokered private placement financing that is now expected to raise $25.2 million. Proceeds are earmarked for the company’s Mojave Gold project in California and Si2 Gold Project in Nevada.
Under the upsized offering, the company will now issue 36 million common shares priced at 70 cents each. Completion of the offering is subject to certain customary conditions, including, but not limited to receipt of all necessary regulatory approvals, including any applicable approval by the TSX Venture Exchange.
K2 is led by a team that has delivered over $2.6 billion worth of gold transactions, including Great Bear Resources’ $1.8 billion sale to Kinross Gold Corp. (K-TSX, KGC-NYSE) and Kaminak Gold’s sale to Goldcorp for approximately $520 million.
On Thursday, K2 shares were unchanged at 75 cents. The shares trade in a 52-week range of 86 cents and $0.14.
K2 was in the news recently when its board of directors approved a $9.8 million budge for 2026 as it moves to advance the Mojave and Si2 projects.
The Mojave project is a 5,380-hectare oxide gold project with base metal targets. Multiple previously recognized surface gold targets have been successfully drilled in the past, most notably by Newmont Corp. [ NEM-NYSE, ASX, PNGX] and BHP Group Ltd. [BHP-NYSE, BHPLF-OTCPK]. Since acquiring the property, K2 has completed geochemical and geophysical surveys, geologic mapping, LiDAR, a WorldView 3 alteration survey and completed a 17-hole RC drill program focused on the Dragonfly and Newmont Zones. Highlights from K2’s drilling program include 6.68 g/t gold over 45.72 metres from surface at the Dragonfly Zone and 1.69 g/t gold over 41.15 metres from 44.20 metres depth at the Newmont Zone.
The company said 2025 was highlighted by the publication of the Final Environmental Impact Statement (FEIS) by the U.S. Bureau of Land Management (BLM) for the Mojave exploration drilling project. With the FEIS in hand, the company said Mohave stands among a very small group of U.S. exploration projects that are both technically advanced and federally permitted, significantly reducing development risk and enhancing strategic value.
The Si2 Project is a low-sulphidation epithermal gold system located in Nevada within the Walker Lane Trend. Historical shallow drilling tested only the uppermost levels of the system and returned anomalous gold, silver and pathfinder elements. Since acquiring the project, K2 has completed detailed geologic mapping, surface geochemistry, geophysics, alteration mineralogy studies, fluid inclusion analysis and age dating. These integrated data sets confirm that prior drilling did not test the interpreted boiling zone, where gold grades are typically maximized in epithermal systems.
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