Kirkland Lake closes acquisition of Mirado project

Executive Summary

• Kirkland Lake Discoveries Corp. has completed the acquisition of the Mirado gold project, securing a 100% undivided interest in the mineral claims free and clear of liens.
• The transaction was finalized via the issuance of 40,582,767 common shares to Orecap Invest Corp., representing approximately 19.9% of the company's post-closing issued and outstanding shares.
• The acquisition is described as a pivotal step to expand the known footprint of the KL South deposit, with the company immediately initiating a 25,000-metre drill program at KL West.

Key Details

• Transaction Completion: The company completed the previously announced acquisition of the Mirado gold project.
• Counterparty: Orecap Invest Corp.
• Asset Acquired: 100% undivided interest in the mineral claims collectively known as the Mirado property, free and clear of all liens and encumbrances.
• Consideration Structure: Issuance of 40,582,767 common shares.
• Share Valuation: The consideration shares were valued at 21.5 cents per share.
• Dilution Impact: The issued shares represent 19.9% of the issued and outstanding common shares of Kirkland Lake calculated immediately following the closing.
• Lock-up Terms:
  • Statutory hold period: 4 months, expiring on July 3, 2026.
  • Contractual lock-up period: 12 months.
• Fees: No finders' fees were paid in connection with the transaction.
• Strategic Context: The acquisition allows the company to aggressively test high-priority targets and expand the known footprint of the KL South deposit.
• Immediate Operational Update: Following the acquisition and building on summer 2025 drill results, the company has initiated a 25,000-metre drill program targeting drill-ready sites at KL West.

Notable Quotes

• "The acquisition of the Mirado gold project is a pivotal step for Kirkland Lake Discoveries. While the historical data is compelling, we believe we've only scratched the surface of what this property truly holds. By securing a 100-per-cent undivided interest, we now have the flexibility to aggressively test high-priority targets and expand the known footprint of the deposit. Our team is eager to get the drills turning and demonstrate the significant exploration upside we see at KL South." — Stefan Sklepowicz, Chief Executive Officer