Kirkland Lake closes $12.72-million private placement

Oct 23, 2025

2025-10-23 04:09 ET – News Release

Mr. Stefan Sklepowicz reports

KIRKLAND LAKE DISCOVERIES ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT FOR $12,721,316

Kirkland Lake Discoveries Corp. has closed its previously announced non-brokered private placement pursuant to which it has issued: (i) 7.6 million charity flow-through units of the company at a price of 37 cents per FT unit; (ii) 25,529,727 hard-dollar units of the company at a price of 25 cents per unit; and (iii) 11,756,283 flow-through shares of the company at a price of 30 cents per FT share, for aggregate gross proceeds of $12,721,316.65.

Chief executive officer Stefan Sklepowicz commented: “This financing represents a major vote of confidence in our vision and our team. With over $12-million in new capital, KLDC is now fully funded to advance multiple high-priority drill targets across our extensive land position in Kirkland Lake. We’re excited to drive increased momentum and demonstrate the discovery potential of this exceptional district.”

Each unit consists of one common share of the company and one-half of one common share purchase warrant, whereby each whole common share purchase warrant entitles the holder thereof to acquire one additional share of the company (which shall not be a flow-through share) at an exercise price of 40 cents for a period of 36 months from the date of issuance. Each FT unit consists of one flow-through share and one-half of one warrant, whereby each whole warrant entitles the holder thereof to acquire one additional share (which shall not be a flow-through share) at an exercise price of 40 cents for a period of 36 months from the date of issuance. Each of the FT unit shares and FT shares will qualify as a flow-through share for the purposes of the Income Tax Act (Canada).

An insider (greater-than-10-per-cent shareholder) of the company participated in the offering, acquiring four million FT units for aggregate proceeds to the company of $1.48-million. Accordingly, the offering was considered a related-party transaction pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 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 the insider, nor the consideration for the securities paid by such insider exceeded 25 per cent of the company’s market capitalization. A material change report was not filed in connection with the participation of the insider in the offering fewer than 21 days in advance of the closing of the offering as the insider’s participation had not been confirmed at that time and the company wished to complete the offering in an expeditious manner.

In connection with the offering, finders’ fees of aggregate cash commissions of $274,981 and 933,935 broker warrants to eligible finders which assisted with the offering are applicable. Each broker warrant is exercisable to acquire one share at an exercise price of 40 cents for a period of 36 months from the date of issuance.

All securities issued and issuable in connection with the offering are subject to a statutory hold period expiring Feb. 23, 2026, being the date that is four months and one day from the date of closing.

Funds from the issuance of FT units and the FT shares will be used by the company to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada), and funds raised from the issuance of units will be used for general corporate purposes.

The offering remains subject to various closing conditions, including the final approval of the TSX Venture Exchange.

The company is also pleased to announce that it has entered into an advertising and e-marketing contract with Revolution Small Cap Marketing to provide marketing services, including social media engagement through X (formerly Twitter), Facebook, YouTube and Reddit. The initial term of the agreement is 365 days, starting on Oct. 27, 2025, and may be renewed with mutual written agreement. During the initial term, the contractor will be paid $100,000 plus applicable taxes.

About Kirkland Lake Discoveries Corp.

Kirkland Lake has assembled a 400-square-kilometre 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 exploration permits in place, KLDC is positioned to advance a strong pipeline of drill-ready targets at KL East and KL West, supported by multiple anomalous soil trends, historical mineral showings and structurally controlled intersections. The team combines strong technical experience with a focus on smart, efficient exploration designed to deliver results.

We seek Safe Harbor.

https://www.kirklandlakediscoveries.com/