Mr. Stephen Stewart reports

ORECAP CLOSES SALE OF MIRADO AND ACQUIRES 19.9% OF KIRKLAND LAKE DISCOVERIES CORP.

Orecap Invest Corp. has closed its previously announced sale of its 100-per-cent-owned Mirado property to Kirkland Lake Discoveries Corp. for a 19.9-per-cent ownership of Kirkland Lake Discoveries.

"As we close the sale of Mirado, we continue to retain upside through our material ownership in Kirkland Lake Discoveries, who own the largest land package in the Kirkland Lake district. This investment represents us doubling down on our belief that Kirkland Lake is and continues to be one of Canada's premier gold jurisdictions, still ripe for discovery," said Stephen Stewart, Orecap's chairman.

Value-accretive investment in Kirkland Lake's largest land package

This investment is another example of Orecap creating material value from a physical asset while retaining upside in the asset's development success through an equity position in the acquiror.

As an investment issuer, this transaction aligns with Orecap's portfolio strategy and adds to its existing, high-value investment portfolio. Furthermore, this investment supplements Orecap's high conviction of the Kirkland Lake camp, given the company already owns a material position in Stardust Metal (13.9-per-cent equity interest) -- focused on developing its recently optioned McGarry project and 100-per-cent-owned Omega project along the Cadillac Break.

Retaining Exposure to Mirado through Kirkland Lake Discoveries

While Orecap continues to view Mirado as a high-quality gold asset, vending Mirado allows Orecap to concentrate its portfolio on holding equity positions in exploration companies rather than owning and maintaining physical land packages. Through the acquisition of a 19.9-per-cent interest in Kirkland Lake Discoveries, Orecap gains exposure to an active operator in the Kirkland Lake district with the dedicated focus and capital to advance the Mirado project.

Transaction details

In consideration for the sale of Orecap's 100-per-cent interest in Mirado, Orecap received common shares in the capital of Kirkland Lake Discoveries equal to 19.9 per cent of the issued and outstanding shares of Kirkland Lake Discoveries as of the closing date. The consideration shares will be subject to a statutory four-month hold period until the date that is four months and one day following the closing date.

This transaction is subject to the TSX Venture Exchange final approval. No finders' fees were payable in connection with the transaction.

Early warning report

The company announces that it has filed an early warning report in connection with the entering into of a definitive asset purchase agreement (APA) dated Dec. 16, 2025, pursuant to which it will receive 40,582,767 common shares of Kirkland Lake Discoveries (the issuer) as part of the consideration for the disposition of all of Orecap's property, assets, rights and obligations related to its 100-per-cent-owned Mirado property, located 35 kilometres southeast of Kirkland Lake, Ont.

Prior to the entering into of the APA, Orecap did not hold any securities of the issuer. Upon closing of the transaction, Orecap will hold 40,582,767 shares, representing 19.9 per cent of the issued and outstanding shares (19.9 per cent on a partially diluted basis -- Orecap's holdings only).

The shares will be subject to a statutory four-month hold and a contractual lock-up period of 12 months. Orecap may, depending on market and other conditions, increase or decrease its beneficial ownership of shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise. Depending on various factors, including, without limitation, the issuer's financial position, the price levels of the shares, conditions in the securities markets and general economic and industry conditions, Orecap may, in the future, engage in discussions with advisers to the issuer, members of management or the board of directors of the issuer, and other stakeholders and potential stakeholders of the issuer, with respect to Orecap's plans concerning its investment in the issuer.

This press release is being issued pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bids and Insider Reporting Issues, in connection with the filing of the report by Orecap. The common shares of the issuer trade on the TSX-V under the symbol KLDC.

About Orecap Invest Corp .

Orecap seeks special-situation investments in the natural resource sector that offer shareholders diverse exposure to high returns on precious and critical metal assets and businesses. Orecap has significant equity positions in portfolio companies, such as American Eagle Gold, XXIX Metal Corp., Stardust Metal, Auriginal Mining, Awale Resources and Metal Energy, in addition to owning a broad portfolio of land packages focused on gold, copper and zinc. Agnico Eagle Mines Ltd. is a 9.9-per-cent shareholder.

We seek Safe Harbor.