Kirkland Lake Discoveries Corp. Announces Private Placement

Kirkland Lake Discoveries Corp. has announced a brokered private placement to raise up to approximately $15,000,000. The company will issue flow-through common shares (FT Shares) at a price of $0.40 each and special flow-through common shares (Special FT Shares) at a price of $0.483 each. The total gross proceeds from the sale of these shares are expected to be up to approximately $10,000,000.

In addition, Kirkland Lake Discoveries Corp. will offer up to 14,285,714 common shares (HD Shares) at a price of $0.35 each, for gross proceeds of up to approximately $5,000,000. The HD Shares are intended to be used for general corporate purposes.

The company has granted the agents the option to sell up to $2,250,000 of additional Offered Securities, which can be exercised for FT Shares, Special FT Shares, or HD Shares, or a combination thereof, at the respective offering prices. This option is exercisable in whole or in part at any time up to 48 hours prior to the closing date of the Offering.

The Offering is expected to close on or about October 8, 2026, and is subject to certain conditions, including the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The Offered Securities will be subject to a hold period of four months and one day from the closing of the Offering.

Kirkland Lake Discoveries Corp. has agreed to use the gross proceeds received from the sale of the FT Shares and the Special FT Shares to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” on or before December 31, 2027. The company will renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares and the Special FT Shares with an effective date of no later than December 31, 2026. In the event the company is unable to renounce the Qualifying Expenditures or if the Qualifying Expenditures are otherwise reduced by the Canada Revenue Agency, the company will indemnify each subscriber for the additional taxes payable by such subscriber as a result of the company’s failure to renounce the Qualifying Expenditures or as a result of the reduction as agreed.

The press release notes that the securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States unless an exemption from such registration is available.

Kirkland Lake Discoveries Corp. (TSXV: KLDC) (OTCQB: KLKLF) has assembled a 420 km2 exploration portfolio in the Kirkland Lake region of Ontario’s Abitibi Greenstone Belt, one of the most prolific mining districts in the world. The company’s properties span key fault zones, geophysical anomalies, and volcanic-sedimentary contacts within the Blake River Group, a highly prospective assemblage known to host both gold and polymetallic massive-sulphide deposits.