Vancouver, British Columbia--(Newsfile Corp. - October 8, 2026) - Kirkland Lake Discoveries Corp. (TSXV: KLDC) (OTCQB: KLKLF) ("Kirkland" or the "Company") is pleased to announce that further to its news releases dated September 17, 2026 and September 22, 2026, it has closed its previously announced upsized brokered private placement (the "Offering"), including the exercise in full of the option granted to the Agents (as defined herein) to increase the size of the Offering. The Offering was conducted pursuant to an agency agreement between the Company, Canaccord Genuity Corp. and CFT Financial Corporation (collectively, the "Agents"), as co-lead agents and co-bookrunners.

Pursuant to the Offering, the Company has issued: (i) an aggregate of 29,457,000 flow-through common shares (the "FT Shares") at a price of $0.40 per FT Share, for gross proceeds of $11,782,800.00; (ii) an aggregate of 5,714,000 special flow-through common shares (the "Special FT Shares") at a price of $0.483 per Special FT Share, for gross proceeds of $2,759,862.00; and (iii) an aggregate of 16,066,510 common shares (the "HD Shares") at a price of $0.35 per HD Share, for gross proceeds of $5,623,278.50, representing aggregate gross proceeds of $20,165,940.50. Each of the FT Shares and Special FT Shares will qualify as a "flow-through share" for the purposes of the Income Tax Act (Canada).

The Offering included a lead order strategic investment from renowned resource investor, Mr. Eric Sprott. "We are thrilled to welcome Eric's continued support as a cornerstone investor," said Stefan Sklepowicz, Chief Executive Officer of the Company. "We view his participation as a strong endorsement of our team and the potential of our Kirkland Lake portfolio, and this Offering positions us well to advance our drill-ready targets."

Pursuant to the provisions in the Income Tax Act (Canada), the gross proceeds received by the Company from the sale of the FT Shares and the Special FT Shares will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") on or before December 31, 2027, and the Company will renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares and the Special FT Shares with an effective date of no later than December 31, 2026. In the event the Company is unable to renounce Qualifying Expenditures effective on or prior to December 31, 2026 for each FT Share and Special FT Share purchased in an aggregate amount not less than the gross proceeds of the sale of the FT Shares and the Special FT Shares and/or the Qualifying Expenditures are otherwise reduced by the Canada Revenue Agency, the Company will indemnify each subscriber for the additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures or as a result of the reduction as agreed. The net proceeds from the issue and sale of the HD Shares are intended to be used for general corporate purposes.

In consideration for their services rendered in connection with the Offering, the Company paid to the Agents a cash commission and issued to the Agents an aggregate of 2,121,460 non-transferable broker warrants, each exercisable to acquire one common share of the Company at a price of $0.35 per common share for a period of 24 months following the closing of the Offering.

All securities issued and issuable pursuant to the Offering are subject to a statutory hold period expiring on February 9, 2027, in accordance with applicable Canadian securities laws. The Offering remains subject to the final approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States unless an exemption from such registration is available.

About Kirkland Lake Discoveries Corp.

Kirkland Lake Discoveries Corp. (TSXV: KLDC) (OTCQB: KLKLF) has assembled a 420 km² 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 massive-sulphide deposits.

With exploration permits in place, the Company is positioned to advance a pipeline of drill-ready targets at KL South, KL West and KL East, supported by anomalous soil trends, historical mineral showings and structurally controlled intersections.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

All statements, other than statements of historical fact, contained in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as "forward-looking statements"). Forward-looking statements include, but are not limited to, the Company's intended use of proceeds from the Offering, the receipt of final approval of the TSX Venture Exchange, the expected incurrence by the Company of eligible Canadian exploration expenses that will qualify as flow-through mining expenditures, the renunciation by the Company of the Canadian exploration expenses (on a pro rata basis) to each subscriber by no later than December 31, 2026, the Company's future exploration plans with respect to its property interests and the timing thereof, the prospective nature of the projects, future price of gold, success of exploration activities and metallurgical test work, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and the receipt of regulatory approvals. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada will continue to support the development of mining projects, and the availability of financing and all applicable regulatory approvals. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Kirkland to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; availability of capital, delays in obtaining government or regulatory approvals or financing; and other risks and uncertainties. These risks and uncertainties and the additional risks described in the Company's most recently filed annual and interim MD&A are not and should not be construed as being exhaustive. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements in this news release are made as of the date hereof and the Company assumes no obligation to update any forward-looking statements, except as required by applicable laws.

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