K2 Gold sets $9.8 million budget for U.S. gold exploration
K2 Gold Corp. [KTO-TSXV, KTGDF-OTCQB, 23K-FSE] said Monday its board of directors has approved a $9.8 million budget for 2026, as it moves to aggressively advance its Mojave Gold Project located in Inyo County, California upon the receipt of the final Record of Decision. The budget for this year will also be used to fund drill testing of new high-priority targets at the Si2 Gold Project in Nevada.
“With a $9.8 million exploration budget now approved, 2026 is shaping up to be a pivotal year for K2,” said Anthony Margarit, President and CEO of K2 Gold. “The board’s approval is a clear endorsement of the progress we have made across the portfolio.’’
On Monday, K2 shares eased 2.5% or $0.02 to 79 cents. The shares trade in a 52-week range of 83 cents and $0.12.
A member of the Discovery Group, K2 currently has projects in the southwest U.S. and the Yukon.
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 Billiton Ltd. [BHP-NYSE]. 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.
“At Mojave, we continue to demonstrate compelling scale, with multiple kilometres of high-grade gold, copper and polymetallic gold-silver-lead-zinc trends now defined, positioning the project for a return to drilling – something our team has been working toward for several years, and which will be particularly meaningful to us,’’ said Margarit. During 2025, K2 completed all remaining obligations under its option agreement and secured 100% ownership of Mohave.
The company recently announced the completion of the amended and restated purchase and sale agreement with Orogen Royalties Inc. [OGN-TSXV, OGNNF-OTC] and its Genex Exploration Inc. unit to acquire a 100% interest in the Si2 project. The property consists of 53 lode claims located on BLM ground which were under option from Orogen and 65 contiguous claims staked by K2 in 2022.
The company said Si2 is a compelling analogue to other significant low-sulphidation epithermal gold deposits.
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