Kirkland Lake Discoveries Intersects 10.53 g/t Au over 9.20 M in Step-Out Drilling at Mirado West

Kirkland Lake Discoveries Corp. (KLDC) reported drill results from four holes in the Mirado West zone of its 100%-owned KL South property in Kirkland Lake, Ontario. The holes were drilled as step-outs to test the lateral extent of the deposit. Reported intervals represent downhole core lengths with a 0.2 g/t Au cutoff and are uncut.

• KLM26-048: 9.20 m @ 10.53 g/t Au from 209.20 m, including 3.00 m @ 31.93 g/t from 210.50 m
• KLM26-048: 68.00 m @ 0.64 g/t Au from 312.00 m, including 26.50 m @ 1.25 g/t from 342.00 m, which includes 1.00 m @ 12.35 g/t
• KLM26-048 (deeper): 7.00 m @ 0.37 g/t from 402.00 m; 4.75 m @ 1.25 g/t from 436.25 m; 4.20 m @ 0.73 g/t from 475.30 m
• KLM26-048 (shallower, unreported in highlights): 1.60 m @ 0.47 g/t; 6.00 m @ 0.29 g/t; 2.60 m @ 0.30 g/t
• KLM26-051: 1.15 m @ 4.03 g/t from 90.00 m; 1.00 m @ 2.91 g/t from 203.00 m; 19.00 m @ 0.39 g/t; 24.70 m @ 0.46 g/t (incl. 9.25 m @ 0.74 g/t); 26.00 m @ 0.41 g/t
• KLM26-052: 9.93 m @ 0.29 g/t from 7.50 m; 26.58 m @ 0.34 g/t from 138.50 m; 5.00 m @ 0.51 g/t; 16.00 m @ 0.35 g/t
• KLM26-050: 9.50 m @ 0.26 g/t from 92.50 m

In a separate development unrelated to the drilling results, the company entered into a 12-month, C$100,000 consulting contract with Euroswiss Capital Partners. The agreement covers European investor relations and work aimed at "brand recognition and liquidity." A principal of Euroswiss owns 285,500 shares of the company.

Kirkland Lake Discoveries Corp. (KLDC) reported a comprehensive loss of $2.99 million for the quarter ended 30 June 2026, with exploration spending reaching $2.95 million and an operating cash outflow of $4.18 million. Cash on hand stood at $4.26 million at 30 June, a figure that included going-concern language predating the closing of a approximately $20.2 million placement on 8 October. Following that placement, the company’s cash position is estimated at roughly $21 million, providing approximately five quarters of runway at the Q2 burn rate.

The company’s Mirado West zone has defined a genuine high-grade shoot measuring 3 m @ ~32 g/t, with a true width of approximately 2.4 m. This represents the first instance of such material at the site, moving beyond the single-metre spikes and broad low-grade envelopes previously reported. The discovery also demonstrates that stacked wide zones repeat across three collar locations, indicating geological continuity.

The interpreted footprint at Mirado West spans approximately 1,300 x 930 m horizontally and 550 m vertically, as disclosed on 20 October. The wide zones identified in this release grade between 0.34 g/t and 0.46 g/t. There is currently no metallurgy, true width data, resource estimate, or economic study associated with these results.

KLDC shares are trading at C$0.28, within a 52-week range of C$0.15 to C$0.64. The stock previously rallied from C$0.19 to C$0.64 during an April-May period driven by results from holes KLM26-002 (121 m @ 1.01 g/t), KLM26-004 (645 g·m), and KLM26-001. A discovery on 2 September involving hole KLM26-037 (69.5 m @ 1.22 g/t, ~85 g·m) briefly lifted the price from C$0.30 to C$0.45. The current price of C$0.28 is below the pre-release level.

The latest results include 97 g·m at 10.53 g/t, compared to the prior Mirado West best of approximately 85 g·m at 1.22 g/t. Additionally, 68 m of 0.64 g/t was intersected. The company has issued approximately 51 million new shares at C$0.35-0.483 in the October placement, along with 25.1 million warrants and 15.7 million options.

Kirkland Lake Discoveries Corp. (TSXV: KLDC; OTCQB: KLKLF) is a gold-focused explorer operating within the Kirkland Lake camp of Ontario's Abitibi greenstone belt. The company holds a consolidated land package of approximately 40,000 to 42,000 hectares across the KL South, KL West, and KL East zones, positioned around structural splays of the Larder Lake-Cadillac deformation zone.

The company’s flagship asset is the Mirado property in KL South, which it acquired 100% from Orecap Invest Corp. in March 2026 for 40,582,767 shares, representing approximately 19.9% of the company. Mirado carries a historical inferred estimate from SRK in 2013 of 10.6 million tonnes at 1.29 g/t for 442,000 ounces, as well as a 2018 historical pit-constrained preliminary economic assessment. The company does not treat the historical estimate as a current mineral resource, and both the estimate and the PEA are non-current and non-43-101-compliant as presented. The system comprises the North Zone, characterized by stratiform sulphides; the South Zone, featuring structurally controlled quartz-chlorite veins; and Mirado West, which was discovered in 2026.

KL West is a separate district-scale package exhibiting intrusion-related gold and VMS-style polymetallic signatures, while KL East is in an earlier stage of exploration.

Per the company presentation as of 8 October 2026, the capital structure included 261.2 million shares outstanding, 15.7 million options as of 30 September, and 25.1 million warrants. The company held approximately $21 million in cash following the closing of a $20.17 million placement. Notable holders include Orecap with approximately 16%, New Found Gold with 10.5%, Eric Sprott with 9.8%, EarthLabs with 6.3%, and Rob McEwen with 3.2%. Management includes Stefan Sklepowicz as CEO, Ben Cleland as VP Exploration and Qualified Person, and Denis Laviolette as Executive Chairman.