Kirkland Lake increases private placement to $10M

Mr. Stefan Sklepowicz reports KIRKLAND LAKE DISCOVERIES CORP. ANNOUNCES UPSIZING OF PRIVATE PLACEMENT TO $10M Further to the press release dated Sept. 22, 2025, Kirkland Lake Discoveries Inc. has upsized its previously announced non-brokered private placement due to strong investor demand. The offering will consist of the issuance of: (i) flow-through shares at a price of 30 cents per FT share; and (ii) units at a price of 25 cents per unit, in any combination, to raise aggregate gross proceeds of up to $10-million. Each unit will consist of one common share of the company and one-half of one common share purchase warrant, with each whole warrant exercisable to acquire one additional common share at an exercise price of 40 cents for a period of 36 months from the date of issuance. The FT shares issued under the offering are intended to qualify as flow-through shares within the meaning of the Income Tax Act (Canada). The company previously announced that it had secured lead orders from new and existing investors, including Eric Sprott, Rob McEwen and Crescat Capital. The net proceeds raised from the issuance of units will be used to finance exploration activities on the company's projects and for general working capital purposes. The gross proceeds from the sale of FT shares will be used to incur Canadian exploration expenses that are intended to qualify as flow-through mining expenditures as those terms are defined in the tax act. Closing of the offering remains subject to customary conditions, including the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the offering will be subject to a statutory hold period under applicable Canadian securities laws of four months and one day from the date of closing. The company may pay a finder's fee in connection with the offering to eligible finders in accordance with TSX-V policies and applicable securities laws. Related-party participation in the offering Certain insiders of the company are expected to participate in the offering. Their participation constitutes a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on the exemptions from the valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the securities purchased by insiders, nor the consideration paid by such insiders will exceed 25 per cent of the company's market capitalization. The company expects that closing of the offering will occur within 21 days of this announcement. It will not file a material change report in respect of the related-party transaction at least 21 days before closing as it deems this circumstance reasonable to complete the offering on an expeditious basis. The offering has been unanimously approved by the company's board of directors. Further details regarding insider participation will be provided once finalized. About Kirkland Lake Discoveries Corp. Kirkland Lake has assembled a 40,000-hectare 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 volcanogenic massive sulphide deposits. With multiple anomalous soil trends, historical showings and structural intersections permitted for exploration, Kirkland Lake is advancing a pipeline of drill-ready targets across its KL East and KL West project areas. The team combines strong technical experience with a focus on smart, efficient exploration designed to deliver results. We seek Safe Harbor.