Kirkland Lake Discoveries Reports High-Grade Gold at Mirado and Commences Additional 25,000 m Drill Program

Kirkland Lake Discoveries Corp. (KLDC) has released assay results from 14 drill holes at its KL South (Mirado) project and announced the commencement of a minimum 25,000-meter drilling program. This expansion follows the closing of a $20 million financing on October 8, 2026.

Key highlights from the results include significant gold intercepts at Mirado West and Mirado North. At Mirado West, hole KLM26-039 returned 73.86 g/t Au over 1.00 m from 219.00 m downhole, while KLM26-041 intersected 36.43 g/t Au over 1.45 m from 40.55 m downhole. At Mirado North, hole KLM26-032 returned 2.01 g/t Au over 19.00 m from 146.00 m, including a higher-grade interval of 11.22 g/t Au over 3.00 m. Shallower sections of KLM26-032 also returned 2.11 g/t over 2.50 m from 45.40 m, and 0.33 g/t over 29.00 m from 186.00 m.

Intercepts at Mirado South included hole KLM26-036, which returned 7.36 g/t Au over 3.50 m from 257.00 m, along with 0.62 g/t over 14.00 m and 0.50 g/t over 39.00 m. Hole KLM26-038 returned 1.27 g/t Au over 11.00 m from 81.00 m, 0.59 g/t over 16.50 m, 1.54 g/t over 1.00 m, and 1.11 g/t over 3.00 m.

Fill-in drilling at Mirado West yielded the following results: - KLM26-042: 1.48 m @ 0.78; 15.00 m @ 0.23 - KLM26-046: 8.00 m @ 0.35; 0.36 m @ 4.84; 7.73 m @ 0.36 - KLM26-047: 1.00 m @ 1.98; 13.00 m @ 0.40; 1.00 m @ 2.65 - KLM26-049: 1.00 m @ 1.16

Holes KLM26-034 and KLM26-040, -043, and -044 returned no significant values under the reporting criteria.

On a regional scale, an approximately 1.2 km gold-grain-in-till trend northwest of Mirado includes one sample with 235 gold grains. A second till sample returned 145 grains at the "Mirado North Extension." The area also features the historical Gold Hill Mine, which produced 660 oz of Au between 1927 and 1928, though these figures are unverified.

The new drill program consists of approximately 15,000 m at Mirado and approximately 10,000 m on regional targets, with two rigs currently active. Assays are pending for 23 completed holes, including seven regional holes, with updates expected every three to four weeks.

Kirkland Lake Discoveries Corp. (KLDC) released results from its latest drilling campaign, but the data did not materially expand the known system or improve the odds of discovery. The West Zone results consisted of narrow, high-grade hits originating from the same collar area as previously reported holes. In the North Zone, the company identified a broad interval consistent with previous typing but also reported three barren holes. The South Zone provided confirmation-grade hits below the historical envelope, though the company noted that additional drilling is required to define the geometry and continuity of that zone.

The 25,000-meter program and the associated $20 million financing were previously announced, with the financing closing on October 8, 2026. Consequently, the commencement of the program serves as an operational update rather than new information. The release contained no new zones with assays, no resource estimates, no metallurgical data, and no step change in scale.

The best previously reported West result was KLM26-037, which returned 1.22 g/t over 69.5 m (approximately 84.8 g.m), released on September 2, 2026. Another notable result was KLM26-030, which returned 7.24 g/t over 11.10 m, including 25.85 g/t over 3.00 m (approximately 80.4 g.m), released on September 9, 2026. Following those releases, the stock rose from approximately $0.30 on September 1 to $0.45 on September 9, before returning to $0.32 by October 19, effectively erasing the September gains.

Today’s results, featuring intercepts of 73.9 g.m and 52.8 g.m, are narrower than the 84.8 g.m West anchor and do not exceed previously demonstrated grades. At a market capitalization of approximately C$84 million and with approximately C$21 million in cash post-raise, Kirkland Lake Discoveries Corp. remains a well-funded pre-resource explorer with no current resource or reserves. The batch of mixed, narrow, and partly barren follow-up holes does not alter the company's exploration thesis.

Kirkland Lake Discoveries Corp. (TSXV: KLDC; OTCQB: KLKLF) is a gold-focused explorer holding a consolidated land package of approximately 420 square kilometers in the Kirkland Lake camp of Ontario’s Abitibi greenstone belt, a district that has historically produced over 47 million ounces of gold.

The company’s flagship asset is the Kl South / Mirado property, which it acquired 100% from Orecap Invest Corp. in March 2026 for 40,582,767 shares, valued at C$0.215 and representing approximately 19.9% of the then-outstanding equity. Historical data from SRK (2013), which is not a current NI 43-101 resource, indicates an inferred resource of 10.6 million tonnes at 1.29 grams per tonne of gold for approximately 442,000 ounces. A 2018 historical pit-constrained preliminary economic assessment identified 559,000 tonnes indicated at 2.61 grams per tonne and 382,000 tonnes inferred at 2.66 grams per tonne. The North Zone is stratiform sulphide-hosted, while the South and West zones are structurally controlled quartz-chlorite vein arrays.

At KL West, the company completed a campaign of 65 holes totaling 19,161.9 meters. This dataset was integrated into a district framework identifying VMS-style, intrusion-related gold, and structurally controlled gold signatures. Reported grades were low, with the best results including 5.57 grams per tonne over 1.13 meters at Winnie Lake and 1.41 grams per tonne over 3.40 meters at Wolverine Bend.

The company also holds regional targets at Gold Hill, Charest, and Bank, along with till-grain and geophysical targets. The capital structure consists of approximately 261.2 million shares outstanding, 15.7 million options, and 25.1 million warrants, based on presentation figures post-October 8, 2026. The company holds approximately C$21 million in cash following a raise and has no debt.

Notable shareholders include Orecap Invest (approximately 16%), New Found Gold (approximately 10.5%), Eric Sprott (approximately 9.8%), EarthLabs (approximately 6.3%), and Rob McEwen (approximately 3.2%). Management includes CEO Stefan Sklepowicz, Executive Chairman Denis Laviolette, and VP Exploration/Qualified Person Ben Cleland, P.Geo.