Kirkland Lake Discoveries Signs Definitive Agreement to Acquire the Mirado Project with Historical Gold Inferred Resource of 10.6 Mt at 1.29 g/t for 442,000 oz

Core Viewpoint - Kirkland Lake Discoveries (KLDC) has entered into a definitive agreement to acquire the Mirado Gold Project, which has an inferred historical resource of approximately 442,000 ounces of gold, enhancing the company's exploration pipeline while maintaining focus on its primary targets [1][2][3]. Transaction Highlights - The Mirado acquisition is located about 15 km south of KLDC's flagship claim package, providing strategic optionality for shareholders without detracting from the company's core focus [2][3]. - The transaction involves KLDC acquiring a 100% interest in the Mirado Property, free of liens and encumbrances [20]. Financial Considerations - As part of the acquisition, KLDC will issue approximately 40,050,398 common shares to Orecap, representing 19.9% of KLDC's issued and outstanding shares, valued at $0.28 per share as of December 16, 2025 [21]. - The shares will be subject to a four-month hold period and a 12-month lock-up period [21]. Historical Resource Estimates - The Mirado Gold Project has a historical mineral resource estimate of 10.6 million tonnes at a grade of 1.29 g/t Au, containing about 442,000 ounces of gold [6][9]. - A Preliminary Economic Assessment (PEA) from 2018 reported a pit-constrained resource of 559,000 tonnes at 2.61 g/t Au, indicating potential for further resource growth through additional drilling [8][10]. Geological Setting and Mineralization - The Mirado deposit is situated within the Abitibi Greenstone Belt, characterized by a hybrid orogenic-intrusion-related system with mineralization open at depth [12][13]. - Historical high-grade surface samples and an untested IP anomaly suggest significant exploration upside in the region [9][12]. Ongoing Exploration Focus - KLDC's exploration programs and strategic priorities for its flagship claim package remain unchanged, with ongoing drilling and exploration activities expected to yield results in the near future [18][19]. - A second drill rig has been mobilized to target additional anomalies, further advancing exploration efforts [19].