Kirkland Lake Discoveries Corp. Announces Upsized Brokered Private Placement

Kirkland Lake Discoveries Corp. (KLDC) announced an amendment to its previously announced best-efforts private placement, upsizing the offering from $15.0M to approximately $17.3M in aggregate gross proceeds. The offering is brokered by Canaccord Genuity Corp. and consists of three share classes:

• Flow-through common shares (FT Shares) at $0.40 per share
• Special flow-through common shares (Special FT Shares) at $0.483 per share
• Non-flow-through common shares (HD Shares) at $0.35 per share

The over-allotment option granted to the agents has been increased to allow for the sale of up to C$2,873,278 in additional securities. Proceeds will be allocated to eligible Canadian exploration expenses (FT/Special FT) to be renounced by December 31, 2026, with HD share proceeds designated for general corporate purposes. The offering is expected to close on or about October 8, 2026, subject to TSX Venture Exchange approval and customary conditions. Securities are subject to a statutory hold period of four months and one day from closing.

Kirkland Lake Discoveries Corp. (KLDC) issued a follow-up announcement to its September 17, 2026 disclosure regarding a $15.0 million private placement, upsizing the best-efforts offering by approximately $2.3 million. This adjustment reflects standard market practice when investor demand exceeds initial targets. The financing provides immediate cash to fund the ongoing 2026 drill program at Mirado (KL South) and KL West, addressing the company's reliance on equity financing.

The pricing structure ranges from $0.35 to $0.483, aligning with recent trading ranges and providing a modest premium over the current market price of $0.38, which is typical for flow-through structures. No new strategic investors or first-time institutional commitments were disclosed in this release. The capital raise is incremental and expected, extending the company's cash runway and mitigating near-term going concern risks highlighted in the Q2 2026 MD&A. The announcement does not alter the company's exploration thesis, geological model, or operational timeline.

Kirkland Lake Discoveries Corp. is an exploration-stage gold company operating a 420-square-kilometre land package in the Kirkland Lake region of Ontario's Abitibi greenstone belt. Its flagship asset is the Mirado (KL South) project, a past-producing gold operation that ran from 1937 to 1943. The site holds a historical inferred resource of 10.6 Mt at 1.29 g/t Au, equating to approximately 442 koz of gold. Kirkland Lake Discoveries Corp. acquired 100% of Mirado in March 2026 for approximately $9.7M in shares.

The company is currently executing a district-scale exploration program at KL West, targeting structural gold systems, bulk-tonnage mineralization, and polymetallic VMS/intrusion-related systems. To support these efforts, Kirkland Lake Discoveries Corp. utilizes Chrysos PhotonAssay technology for faster, high-precision gold analysis and integrates MobileMT, VLF, and 3D magnetic surveys to model deep structural controls.

The company remains in a pre-revenue exploration stage with no proven or probable reserves. Management has explicitly noted material uncertainties regarding its going concern status due to a reliance on future equity financing.